McDonald's Corporation
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $8.56B | $8.22B | $8.47B | $6.18B | $7.55B | $4.73B | $6.03B | $5.92B |
| Depreciation & Amortization | $457.0M | $447.0M | $382.0M | $370.0M | $329.7M | $300.6M | $262.5M | $214.8M |
| Depreciation | $1.60B | $1.50B | $1.50B | $1.45B | $1.53B | $1.47B | $1.39B | $1.30B |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $165.0M | $172.0M | $175.0M | $167.0M | $139.2M | $92.4M | $109.6M | $125.1M |
| Net Cash from Operating Activities | $10.55B | $9.45B | $9.61B | $7.39B | $9.14B | $6.27B | $8.12B | $6.97B |
| Investing Activities | ||||||||
| Capital Expenditures | $3.37B | $2.78B | $2.36B | $1.90B | $2.04B | $1.64B | $2.39B | $2.74B |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-3.82B | $-5.35B | $-3.19B | $-2.68B | $-2.17B | $-1.55B | $-3.07B | $-2.46B |
| Financing Activities | ||||||||
| Dividends Paid | $5.12B | $4.87B | $4.53B | $4.17B | $3.92B | $3.75B | $3.58B | $3.26B |
| Stock Repurchases | $2.06B | $2.82B | $3.05B | $3.90B | $845.5M | $907.8M | $4.98B | $5.21B |
| Net Cash from Financing Activities | $-7.13B | $-7.50B | $-4.37B | $-6.58B | $-5.60B | $-2.25B | $-4.99B | $-5.95B |
| Net Change in Cash | $-311.0M | $-3.49B | $2.00B | $-2.13B | $1.26B | $2.55B | $32.5M | $-1.60B |
| Free Cash Flow | $7.19B | $6.67B | $7.26B | $5.49B | $7.10B | $4.62B | $5.73B | $4.23B |