How has McDonald's's international operated markets — goodwill changed year-over-year?

McDonald's's international operated markets — goodwill increased by 16.5% year-over-year, from $1.13B to $1.32B.

What does international operated markets — goodwill mean?

Represents the intangible asset value recorded when the company acquires restaurant operations or franchise rights in international markets at a premium over fair market value. It reflects the long-term strategic value of brand presence and established customer bases in these specific geographic regions.

McDonald's MCD International Operated Markets — Goodwill

Other segment segments

U.S.

$1.85B-0.1%

International Developmental Licensed Marketsand Corporate

$185M+14.2%

Similar metrics at other companies

CNKInternational Operating — Goodwill

$64.7M+7.7%

EXLSInternational Growth Markets — Goodwill

$52.24M-1.5%

ANGIInternational — Goodwill

$77.74M+9.3%

CARInternational — Goodwill

$579M+10.7%

KHCInternational Developed Markets — Goodwill

$1.44B-34.7%

LCUTInternational — Goodwill

$0—

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$192.31B-10.1%

Enterprise value$246.02B-8.2%

P/E22.2×-3.3×

P/S7×-1.2×

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 us-gaap:Goodwill.

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 international operated markets — goodwill?: McDonald's (MCD) reported international operated markets — goodwill of $1.32B in Q4 2025.
How has McDonald's's international operated markets — goodwill changed year-over-year?: McDonald's's international operated markets — goodwill increased by 16.5% year-over-year, from $1.13B to $1.32B.
What does international operated markets — goodwill mean?: Represents the intangible asset value recorded when the company acquires restaurant operations or franchise rights in international markets at a premium over fair market value. It reflects the long-term strategic value of brand presence and established customer bases in these specific geographic regions.