Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

McDonald’s Corp., consolidated balance sheet: assets (quarterly data)

US$ in millions

	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021
Cash and equivalents	774)	2,413)	1,876)	1,238)	1,085)	1,221)	792)	838)	4,579)	3,496)	1,626)	3,708)	2,584)	2,828)	1,873)	2,336)	4,709)	4,306)	3,049)	3,020)
Accounts and notes receivable	2,466)	2,579)	2,550)	2,387)	2,383)	2,460)	2,404)	2,238)	2,488)	2,247)	2,194)	2,076)	2,115)	1,890)	1,837)	1,674)	1,872)	1,829)	1,808)	1,734)
Inventories, at cost, not in excess of market	61)	55)	55)	51)	56)	54)	46)	46)	53)	48)	52)	52)	52)	43)	43)	50)	56)	50)	48)	45)
Prepaid expenses and other current assets	862)	1,032)	1,120)	1,059)	1,075)	1,177)	963)	935)	866)	1,059)	1,074)	964)	673)	979)	1,167)	597)	511)	612)	796)	669)
Current assets	4,163)	6,079)	5,601)	4,735)	4,599)	4,912)	4,205)	4,057)	7,986)	6,850)	4,945)	6,799)	5,424)	5,741)	4,919)	4,656)	7,149)	6,796)	5,701)	5,468)
Investments in affiliates	2,820)	2,864)	2,827)	2,751)	2,710)	2,960)	2,876)	2,883)	1,080)	1,038)	1,039)	1,088)	1,065)	964)	1,074)	1,177)	1,201)	1,171)	1,197)	1,211)
Goodwill	3,354)	3,306)	3,308)	3,186)	3,145)	3,220)	3,048)	3,028)	3,040)	2,965)	2,969)	2,931)	2,900)	2,651)	2,722)	2,814)	2,783)	2,744)	2,778)	2,746)
Miscellaneous	6,331)	6,588)	6,494)	6,266)	6,094)	5,673)	5,627)	5,586)	5,618)	5,063)	4,869)	4,795)	4,707)	4,255)	4,403)	4,417)	4,450)	4,058)	3,890)	3,499)
Other assets	12,505)	12,758)	12,629)	12,203)	11,949)	11,853)	11,551)	11,497)	9,738)	9,066)	8,876)	8,813)	8,672)	7,870)	8,200)	8,408)	8,433)	7,974)	7,864)	7,456)
Lease right-of-use asset, net	14,606)	14,285)	14,286)	13,642)	13,339)	13,632)	13,234)	13,277)	13,514)	12,250)	12,519)	12,544)	12,566)	12,193)	12,794)	13,379)	13,552)	13,529)	13,707)	13,629)
Property and equipment, at cost	49,290)	48,215)	47,609)	45,258)	44,177)	45,178)	43,846)	43,432)	43,570)	41,967)	42,131)	41,487)	41,038)	39,097)	40,114)	41,773)	41,917)	41,424)	41,536)	41,082)
Accumulated depreciation and amortization	(21,049)	(20,729)	(20,570)	(19,509)	(18,882)	(19,403)	(19,035)	(18,750)	(18,662)	(18,043)	(18,030)	(17,629)	(17,264)	(16,399)	(16,780)	(17,338)	(17,196)	(16,995)	(16,915)	(16,532)
Net property and equipment	28,241)	27,486)	27,039)	25,749)	25,295)	25,775)	24,811)	24,682)	24,908)	23,924)	24,102)	23,859)	23,774)	22,698)	23,335)	24,435)	24,721)	24,429)	24,620)	24,550)
Long-term assets	55,352)	54,529)	53,954)	51,594)	50,583)	51,260)	49,596)	49,456)	48,160)	45,239)	45,497)	45,216)	45,011)	42,761)	44,329)	46,221)	46,706)	45,931)	46,192)	45,635)
Total assets	59,515)	60,608)	59,555)	56,329)	55,182)	56,172)	53,801)	53,513)	56,147)	52,089)	50,442)	52,014)	50,436)	48,502)	49,248)	50,878)	53,854)	52,727)	51,893)	51,103)

The company’s total assets exhibited fluctuations over the observed period, spanning from March 31, 2021, to December 31, 2025. Initial growth in total assets occurred through June 30, 2021, followed by a period of decline through June 30, 2022. A subsequent increase was noted through December 31, 2023, before stabilizing and then increasing again through December 31, 2025.

Current Assets: Current assets demonstrated a peak in September 2021, followed by a significant decrease in the first half of 2022. A recovery was observed through December 2023, but levels then decreased again in the first half of 2024 before a moderate increase through the end of 2025. Fluctuations within current assets were driven primarily by changes in cash and equivalents, and prepaid expenses and other current assets.
Cash and Equivalents: Cash and equivalents experienced substantial volatility. A notable increase occurred between March and September 2021. A significant decline was then observed through June 2022, followed by a recovery. Another substantial decrease occurred in early 2024, with a subsequent, more moderate recovery through December 2025. This suggests active cash management or significant capital deployment activities.
Accounts and Notes Receivable: Accounts and notes receivable generally trended upward throughout the period, with a consistent increase from March 2021 to December 2023. Growth slowed in 2024 and 2025, remaining relatively stable. This indicates a consistent level of credit sales with minimal collection issues.
Inventories: Inventory levels remained relatively stable and low throughout the period, with minor fluctuations. The values remained consistently below US$61 million, suggesting efficient inventory management practices.
Prepaid Expenses and Other Current Assets: Prepaid expenses and other current assets showed a significant increase from March to June 2021, followed by a decline. A substantial increase occurred in June 2022, before decreasing again. This suggests timing differences in expense recognition or changes in short-term operational needs.
Long-Term Assets: Long-term assets, encompassing investments in affiliates, goodwill, miscellaneous assets, lease right-of-use assets, and net property and equipment, constituted the majority of total assets. Goodwill remained relatively stable, with a moderate increase towards the end of the period. Net property and equipment showed a consistent upward trend, driven by increases in property and equipment at cost, offset by accumulated depreciation. Lease right-of-use assets also increased over time. Miscellaneous assets showed a general upward trend.
Investments in Affiliates: Investments in affiliates experienced a slight decline from March 2021 to December 2022, followed by a moderate increase and stabilization through December 2025. This suggests a relatively stable investment strategy in affiliated companies.
Goodwill: Goodwill remained relatively consistent throughout the period, with a slight increase towards the end of the observation window. This indicates no significant impairment charges or acquisitions impacting goodwill.
Net Property and Equipment: Net property and equipment demonstrated a consistent upward trend, indicating ongoing investment in fixed assets. The increase in net property and equipment was partially offset by accumulated depreciation and amortization, which also increased steadily.

Overall, the asset composition suggests a company focused on long-term investments in property, equipment, and affiliated businesses, alongside active management of current assets, particularly cash and equivalents. The fluctuations in current assets warrant further investigation to understand the underlying drivers of these changes.

McDonald’s Corp. (NYSE:MCD)

Balance Sheet: Assets
Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

McDonald’s Corp. (NYSE:MCD)

Balance Sheet: Assets Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data