Mcdonalds
Mcdonalds returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | 23.04% | — | — | 14.71% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | 23.47% | — | — | 14.92% | — |
| FY 2025 Q4 | Dec 31, 2025 | 26.88% | 23.28% | 7.94% | — | 14.93% | 19.2 pp |
| FY 2025 Q3 | Sep 30, 2025 | — | 23.19% | — | — | 14.41% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | 22.7% | — | — | 14.81% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | 23.03% | — | — | 14.86% | — |
| FY 2024 Q4 | Dec 31, 2024 | 29.28% | 23.28% | -1.81% | — | 14.77% | 21.6 pp |
| FY 2024 Q3 | Sep 30, 2024 | — | 23.78% | — | — | 15.23% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 24.14% | — | — | 15.94% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 24.68% | — | — | 16.29% | — |
| FY 2023 Q4 | Dec 31, 2023 | 32.68% | 24.28% | 72.05% | — | 15.89% | 25 pp |
| FY 2023 Q3 | Sep 30, 2023 | — | 24.55% | — | — | 16.57% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | 23.74% | — | — | 16.05% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | 20.4% | — | — | 13.36% | — |
| FY 2022 Q4 | Dec 31, 2022 | 27.59% | 19.43% | -115.85% | — | 11.85% | 19.9 pp |
| FY 2022 Q3 | Sep 30, 2022 | — | 19.83% | — | — | 11.68% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 20.08% | — | — | 12.03% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 22.3% | — | — | 13.95% | — |
| FY 2021 Q4 | Dec 31, 2021 | 32.62% | 21.51% | 1,997.47% | — | 14.17% | 24.9 pp |
| FY 2021 Q3 | Sep 30, 2021 | — | 21.95% | — | — | 14.08% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | 21.27% | — | — | 13.54% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 17% | — | — | 10.15% | — |
| FY 2020 Q4 | Dec 31, 2020 | 22.02% | 16.22% | -106.89% | — | 9.45% | 14.3 pp |
| FY 2020 Q3 | Sep 30, 2020 | — | 17.39% | — | — | 10.21% | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 17.18% | — | — | 9.92% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 19.34% | — | — | 11.96% | — |
| FY 2019 Q4 | Dec 31, 2019 | 27.81% | 24.6% | 11.5% | — | 15% | 20.1 pp |
| FY 2019 Q3 | Sep 30, 2019 | — | 24.39% | — | — | 14.7% | — |
| FY 2019 Q2 | Jun 30, 2019 | — | 24.17% | — | — | 14.95% | — |
| FY 2019 Q1 | Mar 31, 2019 | — | 23.72% | — | — | 14.66% | — |
| FY 2018 Q4 | Dec 31, 2018 | 28.01% | 29.05% | 616.45% | — | 17.79% | 20.3 pp |
| FY 2018 Q3 | Sep 30, 2018 | — | 30.27% | — | — | 15.64% | — |
| FY 2018 Q2 | Jun 30, 2018 | — | 32.21% | — | — | 16.66% | — |
| FY 2018 Q1 | Mar 31, 2018 | — | 32.31% | — | — | 16.26% | — |
| FY 2017 Q4 | Dec 31, 2017 | 24.97% | 32.68% | 39.1% | — | 16.02% | 17.3 pp |
| FY 2017 Q3 | Sep 30, 2017 | — | 33% | — | — | 17.49% | — |
| FY 2017 Q2 | Jun 30, 2017 | — | 27.88% | — | — | 15.41% | — |
| FY 2017 Q1 | Mar 31, 2017 | — | 26.73% | — | 521.4% | 14.49% | — |
| FY 2016 Q4 | Dec 31, 2016 | 22.96% | 24.77% | — | 191.93% | 13.59% | 15.3 pp |
| FY 2016 Q3 | Sep 30, 2016 | — | 26.39% | — | 139.79% | 14.28% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 24.09% | — | 84.05% | 13.82% | — |
| FY 2016 Q1 | Mar 31, 2016 | — | 24.99% | — | 63.1% | 14.61% | — |
| FY 2015 Q4 | Dec 31, 2015 | 20.03% | 21.48% | — | 45.43% | 12.54% | 12.3 pp |
| FY 2015 Q3 | Sep 30, 2015 | — | 22.69% | — | 40.31% | 12.82% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 21.21% | — | 31.29% | 11.49% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 23.61% | — | 31.68% | 12.74% | — |
| FY 2014 Q4 | Dec 31, 2014 | 19.32% | 24.46% | — | 32.97% | 13.42% | 11.6 pp |
| FY 2014 Q3 | Sep 30, 2014 | — | 26.42% | — | 35.13% | 14.13% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 26.48% | — | 35.19% | 15.26% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 27.19% | — | 35.19% | 15.66% | — |
| FY 2013 Q4 | Dec 31, 2013 | 22.13% | 26.79% | 19.54% | 35.69% | 15.51% | 14.4 pp |
| FY 2013 Q3 | Sep 30, 2013 | — | 28.54% | — | 38.45% | 16.1% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 28.14% | — | 37.79% | 16.28% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 28.26% | — | 36.59% | 16.21% | — |
| FY 2012 Q4 | Dec 31, 2012 | 22.76% | 28% | -1.88% | 36.82% | 15.98% | 15.1 pp |
| FY 2012 Q3 | Sep 30, 2012 | — | 29.99% | — | 40.01% | 16.48% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 29.47% | — | 37.93% | 16.62% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | 30.14% | — | 38.2% | 17% | — |
| FY 2011 Q4 | Dec 31, 2011 | 24.26% | 29.15% | 72.05% | 37.92% | 16.94% | 16.6 pp |
| FY 2011 Q3 | Sep 30, 2011 | — | 30.01% | — | 39.8% | 16.92% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 28.99% | — | 37.39% | 17.07% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 27.69% | — | 35.46% | 16.37% | — |
| FY 2010 Q4 | Dec 31, 2010 | 22.68% | 26.55% | 51.38% | 34.51% | 15.9% | 15 pp |
| FY 2010 Q3 | Sep 30, 2010 | — | 27.34% | — | 36.68% | 16.07% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 27.75% | — | 36.35% | 16.56% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · MCD, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.