McDonald’s Corp., adjusted total assets

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total assets	55,182)	56,147)	50,436)	53,854)	52,627)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax assets (included in Other assets, miscellaneous)²	3,543)	3,023)	2,477)	2,357)	2,136)
After Adjustment
Adjusted total assets	51,639)	53,124)	47,959)	51,497)	50,491)

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² Deferred tax assets (included in Other assets, miscellaneous). See details »

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McDonald’s Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Total liabilities	58,980)	60,854)	56,439)	58,455)	60,452)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred tax liabilities²	1,914)	1,681)	1,998)	2,076)	2,026)
Less: Deferred revenues, initial franchise fees	778)	790)	758)	738)	702)
After Adjustment
Adjusted total liabilities	56,288)	58,383)	53,684)	55,641)	57,724)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred tax liabilities. See details »

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McDonald’s Corp., adjusted shareholders’ equity (deficit)

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Shareholders’ equity (deficit)	(3,797)	(4,707)	(6,003)	(4,601)	(7,825)
Adjustments
Less: Net deferred tax assets (liabilities)¹	1,629)	1,342)	480)	281)	110)
Add: Deferred revenues, initial franchise fees	778)	790)	758)	738)	702)
After Adjustment
Adjusted shareholders’ equity (deficit)	(4,648)	(5,259)	(5,725)	(4,144)	(7,233)

¹ Net deferred tax assets (liabilities). See details »

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McDonald’s Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Short-term borrowings and current maturities of long-term debt	—)	2,192)	—)	—)	2,244)
Current finance lease liability	11)	46)	22)	—)	—)
Long-term debt, excluding current maturities	38,424)	37,153)	35,904)	35,623)	35,197)
Long-term finance lease liability	1,770)	1,530)	1,300)	—)	—)
Total reported debt	40,205)	40,921)	37,225)	35,623)	37,440)
Shareholders’ equity (deficit)	(3,797)	(4,707)	(6,003)	(4,601)	(7,825)
Total reported capital	36,408)	36,214)	31,222)	31,022)	29,616)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liability²	625)	643)	640)	706)	702)
Add: Long-term operating lease liability³	11,118)	11,528)	10,834)	13,021)	13,321)
Adjusted total debt	51,948)	53,091)	48,699)	49,349)	51,463)
Adjustments to Equity
Less: Net deferred tax assets (liabilities)⁴	1,629)	1,342)	480)	281)	110)
Add: Deferred revenues, initial franchise fees	778)	790)	758)	738)	702)
Adjusted shareholders’ equity (deficit)	(4,648)	(5,259)	(5,725)	(4,144)	(7,233)
After Adjustment
Adjusted total capital	47,300)	47,833)	42,974)	45,205)	44,230)

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liability. See details »

³ Long-term operating lease liability. See details »

⁴ Net deferred tax assets (liabilities). See details »

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McDonald’s Corp., adjusted revenues

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Revenues	25,920)	25,494)	23,183)	23,223)	19,208)
Adjustment
Add: Increase (decrease) in deferred revenues, initial franchise fees	(12)	32)	20)	36)	41)
After Adjustment
Adjusted revenues	25,908)	25,526)	23,202)	23,259)	19,249)

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McDonald’s Corp., adjusted net income

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Net income	8,223)	8,469)	6,177)	7,545)	4,731)
Adjustments
Add: Deferred income tax expense (benefit)¹	(574)	(686)	(346)	(428)	6)
Add: Increase (decrease) in deferred revenues, initial franchise fees	(12)	32)	20)	36)	41)
Add: Other comprehensive income (loss), net of tax	(96)	31)	87)	13)	(104)
After Adjustment
Adjusted net income	7,541)	7,845)	5,938)	7,166)	4,674)

¹ Deferred income tax expense (benefit). See details »

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McDonald’s Corp. (NYSE:MCD)

Adjustments to Financial Statements