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McDonald's MCD Food and paper costs

Food and paper costs at other companies

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$100.02M+16.3%
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$52.4M+1.7%
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$46.85M+6.5%
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$133M+9.9%
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Darden RestaurantsDRI
$528.7M+5.5%
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$212.25M+4.9%

Other financials

Income statement

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Revenue$6.5B+9.4%
Gross profit$5.8B+9.5%
Operating income$3.0B+11.5%
Net income$2.0B+6.2%
EPS (diluted)$2.78+6.9%

Balance sheet

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Cash & equivalents$1.2B-5.5%
Total debt$54.9B+4.0%
Total equity-$1.3B+62.8%
Total assets$60.0B+6.6%

Cash flow

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Operating cash flow$2.4B-0.7%
CapEx$682.0M+23.8%
Free cash flow$1.7B-7.8%

Valuation

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Market cap$191.67B-5.9%
Enterprise value$245.38B-4.8%
P/E22.1×-2.2×
P/S-0.8×

Profitability

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Gross margin86.6%
Operating margin46.3%+1.0pp
Net margin31.6%-0.1pp
FCF margin25.6%-0.4pp

Returns & leverage

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Return on equity45.4%
Debt / equity6.5×
Current ratio1.1×0.0×

Where this comes from

Reported directly by McDonald's in its filing.

Tagged under the XBRL concept mcd:FoodAndPaperCosts.

The official record: McDonald's’s 10-K, filed February 24, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is McDonald's's food and paper costs?
McDonald's (MCD) reported food and paper costs of $751.5M in Q4 2025.
How has McDonald's's food and paper costs changed year-over-year?
McDonald's's food and paper costs increased by 0.4% year-over-year, from $748.75M to $751.5M.
What is the long-term trend for McDonald's's food and paper costs?
Over 4 years (2021 to 2025), McDonald's's food and paper costs has grown at a -0.7% compound annual growth rate (CAGR), from $3.1B to $3.01B.
What does food and paper costs mean?
This metric represents the direct costs associated with food, beverage ingredients, and packaging materials utilized in company-operated restaurant locations. It serves as a primary component of the cost of goods sold, reflecting the firm's exposure to commodity price fluctuations and supply chain efficiency. Monitoring this figure helps assess the impact of inflation on restaurant-level margins.