- Price
- $232.45 → $235.23(+1.2%)
- Discount
- 13.9% → 12.9%(−1.0 pts)
- Balance sheet
- Cash: $822M
Debt: $39.9B
Net debt: $39.1B
EBITDA, last 12 months: $15.1B
Net debt / EBITDA: 2.6× (medium)
Interest cover: 7.8×
Undrawn credit line: $4.0B, to June 2028
Ratings: S&P BBB+, Moody's Baa1
McDonald's shows negative shareholders' equity: a deficit of $1.0 billion at June 30, 2026. Over many years, it has used cash flow and debt to buy back $80.5 billion of its own stock (treasury stock at cost). This is not a sign of distress. The, because the company owns much of the land and buildings that franchisees rent, and it carries this property at old cost. Rent, and royalties givegets a steady cash flow from rent and royalties. Debt wasOver many years, it has used cash flow and debt to buy back $3980.95 billion of its own stock (treasury stock at June 30, 2026,cost). Debt is mostly unsecured notes of the parent, plus. It does not include $14.0 billion of long-term lease liabilities. At December 31, 2025, 97% of the debt had a fixed rate, the average rate was 4.0%, and 39% was in foreign currencies. Net debt of about $39.1 billion was about 2.6 times EBITDA of about $15.1 billion overis for the 12 months to June 2026. In, and interest cover is for the first half of 2026, operating income of $6.29 billion covered interest expense of $809 million about 7.8 times. Liquidity also comes from cash of $822 million, a $5.0 billion commercial paper program and an unused $4.0 billion committed credit line to June 2028. About $3.2 billion of debt matures in 2027 and $5.2 billion in 2028. S&P ratesThe ratings are from the long-term debt BBB+ and Moody's rates it Baa1 (10-K, of February 2026). In 2025, dividends of $5.1 billion and buybacks of $2.1 billion used almost all of the $7.2 billion of free cash flow. In September 2026, McDonald's set a plan to give franchisees about $8.5 billion of rent relief and capital support through 2036. This leaves less cash for buybacks, unless debt rises.
As of 2026-06-30.