MCDONALDS CORP
MCD · Retail-Eating Places · 710.5M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $2.9B (gross $3.1B, SBC $175M)
Reference price $284.32 · est. market cap ~$202.0B — last insider sale, 2026-06-10 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A90Dominant, asset-light global franchise with best-in-class margins and cash generation.
Strengths
- Sector-topping operating margin 46.1%, net margin 31.9%, FCF margin 26.7% and ROA 14.4% (90th) — all 100th-pct profitability
- Wide moat: 45,000+ restaurants, 95% franchised, iconic brand, pricing power and $7.2B free cash flow
Risks
- Negative book equity/ROE are buyback artifacts, not distress; high net leverage
- Discretionary IEO demand sensitive to value perception and macro pressure on consumers
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Negative equityNegative book equity (debt/equity -22.32)
- Weak liquidityCurrent ratio 0.95 (<1)
- Strong balance sheetStrong balance sheet — $774M cash & investments
- Insider sellingInsider selling — 16 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$27M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
46.1%
Net margin
31.9%
Return on equity
-478.1%
Return on assets
14.4%
ROIC
25.6%
Revenue growth (QoQ)
-7.0%
Net-income growth
4.1%
Debt / equity
-22.3×
Net debt / EBITDA
3.1×
Interest coverage
7.8×
Current ratio
1.0×
Free cash flow
$7.2B
EBITDA
$12.8B
Tangible book value
-$5.1B
Cash & investments
$774M
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-10 | Erlinger Joseph M. | Sell | 5.3K | $284.32 |
| 2026-06-10 | Erlinger Joseph M. | Option exercise | 5.3K | $157.79 |
| 2026-05-28 | Ralls-Morrison Desiree | Sell | 2.8K | $278.36 |
| 2026-05-26 | Erlinger Joseph M. | Sell | 333 | $280.11 |
| 2026-04-23 | Erlinger Joseph M. | Sell | 333 | $302.72 |
| 2026-04-10 | Erlinger Joseph M. | Option exercise | 2.6K | $157.79 |
| 2026-04-10 | Erlinger Joseph M. | Sell | 2.6K | $307.00 |
| 2026-03-23 | Erlinger Joseph M. | Sell | 333 | $313.47 |
| 2026-03-18 | Baroni Dario | Sell | 600 | $323.77 |
| 2026-03-10 | Erlinger Joseph M. | Option exercise | 2.6K | $157.79 |
| 2026-03-10 | Erlinger Joseph M. | Sell | 2.6K | $328.34 |
| 2026-02-23 | Banner Jonathan | Sell | 4.6K | $333.24 |
| 2026-02-23 | Erlinger Joseph M. | Sell | 333 | $330.43 |
| 2026-02-23 | Banner Jonathan | Option exercise | 4.6K | $266.20 |
| 2026-02-23 | Banner Jonathan | Sell | 1.6K | $333.42 |
| 2026-02-13 | Boyd Tiffanie L. | Tax withheld | 304 | $327.58 |
| 2026-02-13 | Rice Brian S | Tax withheld | 808 | $327.58 |
| 2026-02-13 | Baroni Dario | Option exercise | 1.9K | — |
| 2026-02-13 | Baroni Dario | Option exercise | 136 | — |
| 2026-02-13 | Baroni Dario | Tax withheld | 901 | $327.58 |
| 2026-02-13 | Baroni Dario | Option exercise | 517 | — |
| 2026-02-13 | Baroni Dario | Option exercise | 38 | — |
| 2026-02-13 | Baroni Dario | Tax withheld | 248 | $327.58 |
| 2026-02-13 | Baroni Dario | Option exercise | 409 | — |
| 2026-02-13 | Baroni Dario | Option exercise | 30 | — |
| 2026-02-13 | Baroni Dario | Tax withheld | 196 | $327.58 |
| 2026-02-13 | Boyd Tiffanie L. | Option exercise | 1.2K | — |
| 2026-02-13 | Boyd Tiffanie L. | Option exercise | 89 | — |
| 2026-02-13 | Boyd Tiffanie L. | Tax withheld | 399 | $327.58 |
| 2026-02-13 | Boyd Tiffanie L. | Option exercise | 967 | — |
| 2026-02-13 | Boyd Tiffanie L. | Option exercise | 70 | — |
| 2026-02-13 | Steijaert Manuel JM | Option exercise | 3.3K | — |
| 2026-02-13 | Steijaert Manuel JM | Option exercise | 237 | — |
| 2026-02-13 | Steijaert Manuel JM | Tax withheld | 1.6K | $327.58 |
| 2026-02-13 | Rice Brian S | Option exercise | 2.6K | — |
| 2026-02-13 | Rice Brian S | Option exercise | 188 | — |
| 2026-02-13 | Ralls-Morrison Desiree | Option exercise | 3.9K | — |
| 2026-02-13 | Ralls-Morrison Desiree | Option exercise | 279 | — |
| 2026-02-13 | Ralls-Morrison Desiree | Tax withheld | 1.4K | $327.58 |
| 2026-02-13 | Erlinger Joseph M. | Option exercise | 5.6K | — |
| 2026-02-13 | Erlinger Joseph M. | Option exercise | 403 | — |
| 2026-02-13 | Erlinger Joseph M. | Tax withheld | 2.3K | $327.58 |
| 2026-02-13 | Borden Ian Frederick | Option exercise | 5.9K | — |
| 2026-02-13 | Borden Ian Frederick | Option exercise | 430 | — |
| 2026-02-13 | Borden Ian Frederick | Tax withheld | 2.4K | $327.58 |
| 2026-02-13 | Kempczinski Christopher J | Option exercise | 26K | $128.09 |
| 2026-02-13 | Kempczinski Christopher J | Sell | 26K | $333.54 |
| 2026-02-13 | Kempczinski Christopher J | Option exercise | 19K | — |
| 2026-02-13 | Kempczinski Christopher J | Option exercise | 1.4K | — |
| 2026-02-13 | Kempczinski Christopher J | Tax withheld | 9.2K | $327.58 |
| 2026-02-13 | Flatley Edith Morgan | Option exercise | 1.9K | — |
| 2026-02-13 | Flatley Edith Morgan | Option exercise | 135 | — |
| 2026-02-13 | Flatley Edith Morgan | Tax withheld | 798 | $327.58 |
| 2026-02-13 | Banner Jonathan | Option exercise | 4.0K | — |
| 2026-02-13 | Banner Jonathan | Option exercise | 290 | — |
| 2026-02-13 | Banner Jonathan | Tax withheld | 1.9K | $327.58 |
| 2026-02-13 | Banner Jonathan | Option exercise | 3.0K | — |
| 2026-02-13 | Banner Jonathan | Option exercise | 215 | — |
| 2026-02-13 | Banner Jonathan | Tax withheld | 1.8K | $327.58 |
| 2026-02-13 | McDonald Gillian | Option exercise | 4.1K | — |
| 2026-02-13 | McDonald Gillian | Option exercise | 296 | — |
| 2026-02-13 | McDonald Gillian | Tax withheld | 2.0K | $327.58 |
| 2026-02-13 | McDonald Gillian | Option exercise | 2.2K | — |
| 2026-02-13 | McDonald Gillian | Option exercise | 161 | — |
| 2026-02-13 | McDonald Gillian | Tax withheld | 1.1K | $327.58 |
| 2026-02-12 | Kempczinski Christopher J | Sell | 26K | $331.35 |
| 2026-02-12 | Kempczinski Christopher J | Option exercise | 26K | $128.09 |
| 2026-02-12 | Flatley Edith Morgan | Option exercise | 4.7K | $157.79 |
| 2026-02-12 | Flatley Edith Morgan | Sell | 4.7K | $331.00 |
| 2026-02-10 | Erlinger Joseph M. | Sell | 2.6K | $325.25 |
| 2026-02-10 | Erlinger Joseph M. | Option exercise | 2.6K | $157.79 |
| 2026-01-12 | Erlinger Joseph M. | Option exercise | 2.6K | $157.79 |
| 2026-01-12 | Erlinger Joseph M. | Sell | 2.6K | $306.58 |
| 2025-12-16 | Ralls-Morrison Desiree | Sell | 2.5K | $320.00 |
| 2025-12-12 | Flatley Edith Morgan | Sell | 658 | $315.00 |
| 2025-12-01 | Steijaert Manuel JM | Option exercise | 6.6K | $266.20 |
| 2025-12-01 | Steijaert Manuel JM | Sell | 6.6K | $305.50 |
| 2025-11-21 | Borden Ian Frederick | Sell | 17K | $310.00 |
| 2025-11-21 | Borden Ian Frederick | Option exercise | 17K | $116.73 |
| 2025-11-20 | Erlinger Joseph M. | Gift | 690 | — |
| 2025-11-14 | Erlinger Joseph M. | Sell | 3.2K | $305.82 |
| 2025-11-05 | Steijaert Manuel JM | Sell | 13K | $300.42 |
| 2025-11-05 | Steijaert Manuel JM | Option exercise | 9.6K | $253.39 |
| 2025-11-05 | Steijaert Manuel JM | Option exercise | 3.6K | $266.20 |
| 2025-10-14 | Rice Brian S | Gift | 3.7K | — |
| 2025-10-14 | Rice Brian S | Gift | 3.7K | — |
| 2025-09-02 | Flatley Edith Morgan | Sell | 1.0K | $315.00 |
| 2025-08-31 | Rice Brian S | Option exercise | 394 | — |
| 2025-08-31 | Rice Brian S | Option exercise | 5.5K | — |
| 2025-08-31 | Rice Brian S | Tax withheld | 2.2K | $313.54 |
| 2025-08-20 | Flatley Edith Morgan | Option exercise | 4.7K | $157.79 |
| 2025-08-20 | Flatley Edith Morgan | Sell | 4.7K | $315.00 |
| 2025-08-20 | Flatley Edith Morgan | Sell | 24 | $315.00 |
| 2025-08-19 | Banner Jonathan | Sell | 1.0K | $310.00 |
| 2025-08-11 | Boyd Tiffanie L. | Option exercise | 2.9K | — |
| 2025-08-11 | Boyd Tiffanie L. | Option exercise | 207 | — |
| 2025-08-11 | Boyd Tiffanie L. | Tax withheld | 1.4K | $304.36 |
| 2025-08-07 | Elting Lauren B | Option exercise | 990 | — |
| 2025-08-07 | Elting Lauren B | Option exercise | 24 | — |
| 2025-08-07 | Elting Lauren B | Tax withheld | 297 | $307.91 |
| 2025-08-06 | Ralls-Morrison Desiree | Sell | 2.5K | $310.00 |
| 2025-08-01 | Flatley Edith Morgan | Sell | 976 | $303.50 |
| 2025-07-23 | Erlinger Joseph M. | Sell | 939 | $299.49 |
| 2025-07-10 | Flatley Edith Morgan | Sell | 1.0K | $300.00 |
| 2025-06-23 | Erlinger Joseph M. | Sell | 939 | $288.52 |
| 2025-05-23 | Erlinger Joseph M. | Sell | 939 | $315.07 |
| 2025-05-20 | Steijaert Manuel JM | Sell | 6.0K | $319.66 |
| 2025-05-20 | Steijaert Manuel JM | Option exercise | 6.0K | $253.39 |
| 2025-05-07 | Kempczinski Christopher J | Gift | 32K | — |
| 2025-04-23 | Erlinger Joseph M. | Sell | 939 | $318.50 |
| 2025-03-24 | Erlinger Joseph M. | Sell | 939 | $306.30 |
| 2025-02-27 | Boyd Tiffanie L. | Sell | 1.0K | $309.27 |
| 2025-02-24 | Steijaert Manuel JM | Option exercise | 6.4K | $174.15 |
| 2025-02-24 | Steijaert Manuel JM | Sell | 10K | $308.71 |
| 2025-02-24 | Erlinger Joseph M. | Sell | 939 | $305.00 |
| 2025-02-24 | Steijaert Manuel JM | Option exercise | 2.4K | $157.79 |
| 2025-02-24 | Steijaert Manuel JM | Option exercise | 1.7K | $128.09 |
| 2025-02-21 | Gross Marion K. | Sell | 1.1K | $304.60 |
| 2025-02-21 | Banner Jonathan | Sell | 1.5K | $304.33 |
| 2025-02-19 | Flatley Edith Morgan | Sell | 3.2K | $300.76 |
| 2025-02-14 | Borden Ian Frederick | Option exercise | 728 | — |
| 2025-02-14 | Borden Ian Frederick | Tax withheld | 5.0K | $308.55 |
| 2025-02-14 | Flatley Edith Morgan | Option exercise | 2.0K | — |
| 2025-02-14 | Steijaert Manuel JM | Option exercise | 5.5K | — |
| 2025-02-14 | Steijaert Manuel JM | Option exercise | 392 | — |
| 2025-02-14 | Steijaert Manuel JM | Tax withheld | 2.9K | $308.55 |
| 2025-02-14 | Sempels Jo | Option exercise | 1.4K | — |
| 2025-02-14 | Sempels Jo | Option exercise | 102 | — |
| 2025-02-14 | Sempels Jo | Tax withheld | 815 | $308.55 |
| 2025-02-14 | Ralls-Morrison Desiree | Option exercise | 7.5K | — |
| 2025-02-14 | Ralls-Morrison Desiree | Option exercise | 538 | — |
| 2025-02-14 | Ralls-Morrison Desiree | Tax withheld | 3.1K | $308.55 |
| 2025-02-14 | Kempczinski Christopher J | Option exercise | 36K | — |
| 2025-02-14 | Kempczinski Christopher J | Option exercise | 2.6K | — |
| 2025-02-14 | Kempczinski Christopher J | Tax withheld | 17K | $308.55 |
| 2025-02-14 | Gross Marion K. | Option exercise | 1.5K | — |
| 2025-02-14 | Gross Marion K. | Option exercise | 104 | — |
| 2025-02-14 | Gross Marion K. | Tax withheld | 456 | $308.55 |
| 2025-02-14 | Flatley Edith Morgan | Option exercise | 2.1K | — |
| 2025-02-14 | Flatley Edith Morgan | Option exercise | 149 | — |
| 2025-02-14 | Flatley Edith Morgan | Tax withheld | 653 | $308.55 |
| 2025-02-14 | Flatley Edith Morgan | Option exercise | 141 | — |
| 2025-02-14 | Flatley Edith Morgan | Tax withheld | 786 | $308.55 |
| 2025-02-14 | Flatley Edith Morgan | Option exercise | 1.5K | — |
| 2025-02-14 | Flatley Edith Morgan | Option exercise | 106 | — |
| 2025-02-14 | Flatley Edith Morgan | Tax withheld | 703 | $308.55 |
| 2025-02-14 | Erlinger Joseph M. | Option exercise | 11K | — |
| 2025-02-14 | Erlinger Joseph M. | Option exercise | 784 | — |
| 2025-02-14 | Erlinger Joseph M. | Tax withheld | 4.7K | $308.55 |
| 2025-02-14 | Boyd Tiffanie L. | Option exercise | 1.9K | — |
| 2025-02-14 | Boyd Tiffanie L. | Option exercise | 134 | — |
| 2025-02-14 | Boyd Tiffanie L. | Tax withheld | 601 | $308.55 |
| 2025-02-14 | Boyd Tiffanie L. | Option exercise | 1.3K | — |
| 2025-02-14 | Boyd Tiffanie L. | Option exercise | 96 | — |
| 2025-02-14 | Boyd Tiffanie L. | Tax withheld | 446 | $308.55 |
| 2025-02-14 | Borden Ian Frederick | Option exercise | 10K | — |
| 2025-02-13 | McDonald Gillian | Option exercise | 3.8K | — |
| 2025-02-13 | McDonald Gillian | Option exercise | 178 | — |
| 2025-02-13 | McDonald Gillian | Tax withheld | 1.8K | $310.02 |
| 2025-02-13 | Banner Jonathan | Option exercise | 9.2K | $266.20 |
| 2025-02-13 | Banner Jonathan | Sell | 9.2K | $307.41 |
| 2025-02-13 | Banner Jonathan | Option exercise | 4.5K | — |
| 2025-02-13 | Banner Jonathan | Option exercise | 214 | — |
| 2025-02-13 | Banner Jonathan | Tax withheld | 2.1K | $310.02 |
| 2025-02-11 | Kempczinski Christopher J | Sell | 10K | $310.05 |
| 2025-01-23 | Erlinger Joseph M. | Sell | 300 | $280.75 |
| 2025-01-02 | Gross Marion K. | Option exercise | 1.5K | $97.15 |
| 2025-01-02 | Gross Marion K. | Sell | 1.5K | $290.95 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-22 | 2026-05-20 | 0000063908-26-000055 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0000063908-26-000048 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0000063908-26-000051 ↗ |
| 8-K/A | 2026-04-02 | 2026-03-30 | 0000063908-26-000042 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0000063908-26-000035 ↗ |
| 8-K | 2026-02-11 | 2026-02-11 | 0000063908-26-000032 ↗ |
| 8-K | 2026-02-10 | 2026-02-04 | 0000063908-26-000028 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0000063908-25-000059 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0000063908-25-000057 ↗ |
| 8-K | 2025-08-27 | 2025-08-27 | 0000063908-25-000042 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0000063908-25-000039 ↗ |
| 8-K | 2025-08-06 | 2025-08-06 | 0000063908-25-000036 ↗ |