McDonald's

MCD Consumer Discretionary Market cap $182B as of Sep 14, 2026 16:00 ET S&P 500

Q2 FY26 Apr 1 – Jun 30, 2026 reported Aug 7, 2026

Revenue$7.1B +4% year over year

Gross profit$6.4B 90% margin

Operating profit$3.3B 47% margin

Net profit$2.4B 33% margin

Sankey diagram of McDonald's income statement for Q2 FY26: revenue of $7.1 billion splits into segments and flows out into costs, taxes and net profit.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	7.1	100%	+4%
Operated markets	3.6	51%	+4%
US market	2.8	40%	+2%
International developmental	0.7	9%	+12%
Cost of revenue	−0.7	10%
Gross profit	6.4	90% margin	+0pp
SG&A	−0.8	11%	+1pp
Other	−2.3	32%	+0pp
Operating profit	3.3	47% margin	+0pp
Interest & other costs	−0.4
Tax	−0.6
Net profit	2.4	33% margin	+0pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	6.5	100%	+9%
Operated markets	3.3	51%	+14%
US market	2.6	40%	+4%
International developmental	0.6	9%	+12%
Cost of revenue	−0.7	10%
Gross profit	5.8	90% margin	+0pp
SG&A	−0.8	11%	+0pp
Other	−2.1	33%	+0pp
Operating profit	3.0	45% margin	+1pp
Interest & other costs	−0.4
Tax	−0.6
Net profit	2.0	30% margin	−1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	7.01	100%	+10%
Operated markets	3.60	51%	+13%
US market	2.78	40%	+5%
International developmental	0.63	9%	+11%
Cost of revenue	−2.86	41%
Gross profit	4.15	59% margin	+0pp
SG&A	−0.87	12%	+0pp
Other	−0.12	2%	+0pp
Operating profit	3.16	45% margin	+0pp
Interest & other costs	−0.40
Tax	−0.59
Net profit	2.16	31% margin	−1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	7.1	100%	+3%
Operated markets	3.7	52%	+11%
US market	2.8	39%	+1%
International developmental	0.6	9%	−21%
Cost of revenue	−0.7	9%
Gross profit	6.4	91% margin	+0pp
SG&A	−0.8	11%	+2pp
Other	−2.3	32%	+0pp
Operating profit	3.4	47% margin	+1pp
Interest & other costs	−0.4
Tax	−0.7
Net profit	2.3	32% margin	−1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	6.8	100%	+5%
Operated markets	3.5	50%	+10%
US market	2.8	41%	+3%
International developmental	0.6	9%	−7%
Cost of revenue	−0.7	10%
Gross profit	6.2	90% margin	+0pp
SG&A	−0.7	10%	+0pp
Other	−2.3	33%	+0pp
Operating profit	3.2	47% margin	+2pp
Interest & other costs	−0.4
Tax	−0.6
Net profit	2.3	33% margin	+2pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Balance sheet of McDonald's, Q2 FY26: assets of $59.92B against liabilities and equity.

Assets $59.92B Liabilities $60.94B Equity −$1.02B as of Jun 30, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share
Assets	$59.92B	100%
Cash	$0.82B	1%
Receivables	$2.49B	4%
Inventory	$0.06B	0%
Other current assets	$0.98B	2%
Property & equipment	$28.48B	48%
Lease right-of-use	$14.46B	24%
Goodwill	$3.35B	6%
Long-term investments	$2.90B	5%
Other assets	$6.39B	11%
Liabilities	$60.94B	102%
Payables	$1.11B	2%
Long-term debt	$39.86B	67%
Lease liabilities	$14.04B	23%
Deferred tax	$1.22B	2%
Other liabilities	$4.71B	8%
Equity	−$1.02B	−2%
Stockholders' deficit	−$1.02B	−2%

Capital flow of McDonald's, Q2 FY26: $3.76B moved from its sources to its uses.

Money moved $3.76B Free cash flow $1.98B Apr 1 – Jun 30, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share
Where the money came from	$3.76B	100%
Operating cash flow	$2.81B	75%
Debt raised	$0.49B	13%
Shares issued	$0.01B	0%
Currency effect	$0.10B	3%
Taken from cash	$0.35B	9%
Where it went	−$3.76B	100%
Capital expenditure	−$0.83B	22%
Other investing	−$0.04B	1%
Debt repaid	−$0.58B	15%
Share buybacks	−$0.86B	23%
Dividends	−$1.32B	35%
Other financing	−$0.14B	4%

Debt and liquidity of McDonald's, Q2 FY26: total debt $39.86B against cash and cash flow.

Total debt $39.86B Cash & short-term investments $0.82B Net debt $39.04B Operating cash flow, last 4 quarters $11.34B Interest expense, last 4 quarters $1.63B

Maturities as filed as of Dec 31, 2025; debt and cash as of Jun 30, 2026.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$0.00B
2027	$3.20B
2028	$5.17B
2029	$3.64B
2030	$3.01B
after 2030	$25.13B

Instruments, as of Dec 31, 2025
Due	Item	Value
–	Currency US dollar	$24.53B
–	Currency US dollar, fixed rate debt	$23.23B
–	Currency euro, fixed rate debt	$11.49B
–	Currency euro	$11.49B
–	Currency british pound sterling, fixed rate debt	$1.68B
–	Currency US dollar, floating rate debt	$1.30B
–	Currency canadian dollar member domain, fixed rate debt	$1.28B
–	Other foreign currency denominated debt, fixed rate debt	$0.69B
–	Other foreign currency denominated debt	$0.69B
–	AUD, fixed rate debt	$0.40B
–	AUD	$0.40B
–	JPY, fixed rate debt	$0.08B

Capital structure of McDonald's, Q2 FY26: debt of $39.9B against book equity of −$1.0B.

Debt to equity – equity is negative, see the Structure tab Net debt to EBITDA 2.94× Interest coverage 7.88× Return on invested capital 34.2% (not tagged in the filing) Cost of debt, after tax 4.0% (not tagged in the filing) Book values as of Jun 30, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Jul 1, 2025 to Jun 30, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of McDonald's, Q1 FY26: assets of $60.04B against liabilities and equity.

Assets $60.04B Liabilities $61.32B Equity −$1.29B as of Mar 31, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share
Assets	$60.04B	100%
Cash	$1.17B	2%
Receivables	$2.43B	4%
Inventory	$0.06B	0%
Other current assets	$1.05B	2%
Property & equipment	$28.25B	47%
Lease right-of-use	$14.51B	24%
Goodwill	$3.35B	6%
Long-term investments	$2.87B	5%
Other assets	$6.36B	11%
Liabilities	$61.32B	102%
Payables	$1.09B	2%
Long-term debt	$40.11B	67%
Lease liabilities	$14.07B	23%
Deferred tax	$1.22B	2%
Other liabilities	$4.84B	8%
Equity	−$1.29B	−2%
Stockholders' deficit	−$1.29B	−2%

Capital flow of McDonald's, Q1 FY26: $3.70B moved from its sources to its uses.

Money moved $3.70B Free cash flow $1.73B Jan 1 – Mar 31, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share
Where the money came from	$3.70B	100%
Operating cash flow	$2.41B	65%
Debt raised	$1.16B	31%
Shares issued	$0.13B	3%
Where it went	−$3.70B	100%
Capital expenditure	−$0.68B	18%
Other investing	−$0.10B	3%
Debt repaid	−$0.79B	21%
Share buybacks	−$0.40B	11%
Dividends	−$1.32B	36%
Other financing	−$<0.01B	0%
Currency effect	−$0.01B	0%
Added to cash	−$0.40B	11%

Debt and liquidity of McDonald's, Q1 FY26: total debt $40.11B against cash and cash flow.

Total debt $40.11B Cash & short-term investments $1.17B Net debt $38.94B Operating cash flow, last 4 quarters $10.54B Interest expense, last 4 quarters $1.61B

Maturities as filed as of Dec 31, 2025; debt and cash as of Mar 31, 2026.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$0.00B
2027	$3.20B
2028	$5.17B
2029	$3.64B
2030	$3.01B
after 2030	$25.13B

Instruments, as of Dec 31, 2025
Due	Item	Value
–	Currency US dollar	$24.53B
–	Currency US dollar, fixed rate debt	$23.23B
–	Currency euro, fixed rate debt	$11.49B
–	Currency euro	$11.49B
–	Currency british pound sterling, fixed rate debt	$1.68B
–	Currency US dollar, floating rate debt	$1.30B
–	Currency canadian dollar member domain, fixed rate debt	$1.28B
–	Other foreign currency denominated debt, fixed rate debt	$0.69B
–	Other foreign currency denominated debt	$0.69B
–	AUD, fixed rate debt	$0.40B
–	AUD	$0.40B
–	JPY, fixed rate debt	$0.08B

Capital structure of McDonald's, Q1 FY26: debt of $40.1B against book equity of −$1.3B.

Debt to equity – equity is negative, see the Structure tab Net debt to EBITDA 2.96× Interest coverage 7.91× Return on invested capital 35.3% (not tagged in the filing) Cost of debt, after tax 4.1% (not tagged in the filing) Book values as of Mar 31, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Apr 1, 2025 to Mar 31, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of McDonald's, Q4 FY25: assets of $59.52B against liabilities and equity.

Assets $59.52B Liabilities $61.31B Equity −$1.79B as of Dec 31, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share
Assets	$59.52B	100%
Cash	$0.77B	1%
Receivables	$2.47B	4%
Inventory	$0.06B	0%
Other current assets	$0.86B	1%
Property & equipment	$28.24B	47%
Lease right-of-use	$14.61B	25%
Goodwill	$3.35B	6%
Long-term investments	$2.82B	5%
Other assets	$6.33B	11%
Liabilities	$61.31B	103%
Payables	$1.15B	2%
Short-term debt	$0.73B	1%
Long-term debt	$39.97B	67%
Lease liabilities	$14.15B	24%
Deferred tax	$1.04B	2%
Other liabilities	$4.27B	7%
Equity	−$1.79B	−3%
Stockholders' deficit	−$1.79B	−3%

Capital flow of McDonald's, Q4 FY25: $5.21B moved from its sources to its uses.

Money moved $5.21B Free cash flow $1.64B Oct 1 – Dec 31, 2025 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share
Where the money came from	$5.21B	100%
Operating cash flow	$2.70B	52%
Debt raised	$0.81B	16%
Shares issued	$0.07B	1%
Taken from cash	$1.64B	31%
Where it went	−$5.21B	100%
Capital expenditure	−$1.06B	20%
Other investing	−$0.01B	0%
Debt repaid	−$2.16B	41%
Share buybacks	−$0.57B	11%
Dividends	−$1.32B	25%
Other financing	−$0.07B	1%
Currency effect	−$0.02B	0%

Debt and liquidity of McDonald's, Q4 FY25: total debt $41.50B against cash and cash flow.

Total debt $41.50B Cash & short-term investments $0.77B Net debt $40.72B Operating cash flow, last 4 quarters $10.55B Interest expense, last 4 quarters $1.58B

Maturities as filed as of Dec 31, 2025; debt and cash as of Dec 31, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$0.00B
2027	$3.20B
2028	$5.17B
2029	$3.64B
2030	$3.01B
after 2030	$25.13B

Instruments, as of Dec 31, 2025
Due	Item	Value
–	Currency US dollar	$24.53B
–	Currency US dollar, fixed rate debt	$23.23B
–	Currency euro, fixed rate debt	$11.49B
–	Currency euro	$11.49B
–	Currency british pound sterling, fixed rate debt	$1.68B
–	Currency US dollar, floating rate debt	$1.30B
–	Currency canadian dollar member domain, fixed rate debt	$1.28B
–	Other foreign currency denominated debt, fixed rate debt	$0.69B
–	Other foreign currency denominated debt	$0.69B
–	AUD, fixed rate debt	$0.40B
–	AUD	$0.40B
–	JPY, fixed rate debt	$0.08B

Capital structure of McDonald's, Q4 FY25: debt of $41.5B against book equity of −$1.8B.

Debt to equity – equity is negative, see the Structure tab Net debt to EBITDA 3.17× Interest coverage 7.83× Return on invested capital 26.9% Cost of debt, after tax 3.1% Book values as of Dec 31, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Jan 1, 2025 to Dec 31, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of McDonald's, Q3 FY25: assets of $60.61B against liabilities and equity.

Assets $60.61B Liabilities $62.77B Equity −$2.16B as of Sep 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share
Assets	$60.61B	100%
Cash	$2.41B	4%
Receivables	$2.58B	4%
Inventory	$0.06B	0%
Other current assets	$1.03B	2%
Property & equipment	$27.49B	45%
Lease right-of-use	$14.29B	24%
Goodwill	$3.31B	5%
Long-term investments	$2.86B	5%
Other assets	$6.59B	11%
Liabilities	$62.77B	104%
Payables	$0.97B	2%
Short-term debt	$1.80B	3%
Long-term debt	$39.48B	65%
Lease liabilities	$13.84B	23%
Deferred tax	$1.46B	2%
Other liabilities	$5.22B	9%
Equity	−$2.16B	−4%
Stockholders' deficit	−$2.16B	−4%

Capital flow of McDonald's, Q3 FY25: $5.30B moved from its sources to its uses.

Money moved $5.30B Free cash flow $2.42B Jul 1 – Sep 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share
Where the money came from	$5.30B	100%
Operating cash flow	$3.43B	65%
Debt raised	$1.83B	35%
Shares issued	$0.03B	1%
Currency effect	$0.01B	0%
Where it went	−$5.30B	100%
Capital expenditure	−$1.01B	19%
Other investing	−$0.10B	2%
Debt repaid	−$1.85B	35%
Share buybacks	−$0.50B	9%
Dividends	−$1.26B	24%
Other financing	−$0.04B	1%
Added to cash	−$0.54B	10%

Debt and liquidity of McDonald's, Q3 FY25: total debt $41.28B against cash and cash flow.

Total debt $41.28B Cash & short-term investments $2.41B Net debt $38.87B Operating cash flow, last 4 quarters $10.49B Interest expense, last 4 quarters $1.55B

Maturities as filed as of Dec 31, 2024; debt and cash as of Sep 30, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2024
Due	Value
2025	$0.00B
2026	$2.39B
2027	$3.04B
2028	$7.22B
2029	$3.39B
after 2029	$22.57B

Instruments, as of Dec 31, 2024
Due	Item	Value
–	Currency US dollar	$25.42B
–	Currency US dollar, fixed rate debt	$24.13B
–	Currency euro	$9.19B
–	Currency euro, fixed rate debt	$8.88B
–	Currency british pound sterling, fixed rate debt	$1.56B
–	Currency canadian dollar member domain, fixed rate debt	$1.39B
–	Currency US dollar, floating rate debt	$1.29B
–	Other foreign currency denominated debt	$0.61B
–	Other foreign currency denominated debt, fixed rate debt	$0.61B
–	AUD, fixed rate debt	$0.37B
–	AUD	$0.37B
–	Currency euro, floating rate debt	$0.31B
–	JPY, fixed rate debt	$0.08B
–	Other foreign currency denominated debt, floating rate debt	$<0.01B

Capital structure of McDonald's, Q3 FY25: debt of $41.3B against book equity of −$2.2B.

Debt to equity – equity is negative, see the Structure tab Net debt to EBITDA 3.09× Interest coverage 7.80× Return on invested capital 34.6% (not tagged in the filing) Cost of debt, after tax 3.8% (not tagged in the filing) Book values as of Sep 30, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Oct 1, 2024 to Sep 30, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of McDonald's, Q2 FY25: assets of $59.56B against liabilities and equity.

Assets $59.56B Liabilities $62.32B Equity −$2.76B as of Jun 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share
Assets	$59.56B	100%
Cash	$1.88B	3%
Receivables	$2.55B	4%
Inventory	$0.06B	0%
Other current assets	$1.12B	2%
Property & equipment	$27.04B	45%
Lease right-of-use	$14.29B	24%
Goodwill	$3.31B	6%
Long-term investments	$2.83B	5%
Other assets	$6.49B	11%
Liabilities	$62.32B	105%
Payables	$0.84B	1%
Short-term debt	$0.60B	1%
Long-term debt	$40.80B	69%
Lease liabilities	$13.78B	23%
Deferred tax	$1.42B	2%
Other liabilities	$4.87B	8%
Equity	−$2.76B	−5%
Stockholders' deficit	−$2.76B	−5%

Capital flow of McDonald's, Q2 FY25: $4.10B moved from its sources to its uses.

Money moved $4.10B Free cash flow $1.25B Apr 1 – Jun 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share
Where the money came from	$4.10B	100%
Operating cash flow	$2.00B	49%
Debt raised	$2.00B	49%
Shares issued	$0.04B	1%
Currency effect	$0.07B	2%
Where it went	−$4.10B	100%
Capital expenditure	−$0.74B	18%
Other investing	−$0.13B	3%
Debt repaid	−$0.70B	17%
Share buybacks	−$0.51B	12%
Dividends	−$1.27B	31%
Other financing	−$0.13B	3%
Added to cash	−$0.64B	16%

Debt and liquidity of McDonald's, Q2 FY25: total debt $41.40B against cash and cash flow.

Total debt $41.40B Cash & short-term investments $1.88B Net debt $39.53B Operating cash flow, last 4 quarters $9.79B Interest expense, last 4 quarters $1.53B

Maturities as filed as of Dec 31, 2024; debt and cash as of Jun 30, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2024
Due	Value
2025	$0.00B
2026	$2.39B
2027	$3.04B
2028	$7.22B
2029	$3.39B
after 2029	$22.57B

Instruments, as of Dec 31, 2024
Due	Item	Value
–	Currency US dollar	$25.42B
–	Currency US dollar, fixed rate debt	$24.13B
–	Currency euro	$9.19B
–	Currency euro, fixed rate debt	$8.88B
–	Currency british pound sterling, fixed rate debt	$1.56B
–	Currency canadian dollar member domain, fixed rate debt	$1.39B
–	Currency US dollar, floating rate debt	$1.29B
–	Other foreign currency denominated debt	$0.61B
–	Other foreign currency denominated debt, fixed rate debt	$0.61B
–	AUD, fixed rate debt	$0.37B
–	AUD	$0.37B
–	Currency euro, floating rate debt	$0.31B
–	JPY, fixed rate debt	$0.08B
–	Other foreign currency denominated debt, floating rate debt	$<0.01B

Capital structure of McDonald's, Q2 FY25: debt of $41.4B against book equity of −$2.8B.

Debt to equity – equity is negative, see the Structure tab Net debt to EBITDA 3.19× Interest coverage 7.82× Return on invested capital 34.3% (not tagged in the filing) Cost of debt, after tax 3.8% (not tagged in the filing) Book values as of Jun 30, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Jul 1, 2024 to Jun 30, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Quarter by quarter

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26 Apr 1 – Jun 30, 2026 reported Aug 7, 2026 Operating margin 47% Net profit $2.36B	Apr 1 – Jun 30, 2026	Aug 7, 2026	$7.10B	+4%	47%	$2.36B	33%
Q1 FY26 Jan 1 – Mar 31, 2026 reported May 7, 2026 Operating margin 45% Net profit $1.98B	Jan 1 – Mar 31, 2026	May 7, 2026	$6.52B	+9%	45%	$1.98B	30%
Q4 FY25 Oct 1 – Dec 31, 2025 reported Feb 24, 2026 Operating margin 45% Net profit $2.16B	Oct 1 – Dec 31, 2025	Feb 24, 2026	$7.01B	+10%	45%	$2.16B	31%
Q3 FY25 Jul 1 – Sep 30, 2025 reported Nov 5, 2025 Operating margin 47% Net profit $2.28B	Jul 1 – Sep 30, 2025	Nov 5, 2025	$7.08B	+3%	47%	$2.28B	32%
Q2 FY25 Apr 1 – Jun 30, 2025 reported Aug 6, 2025 Operating margin 47% Net profit $2.25B	Apr 1 – Jun 30, 2025	Aug 6, 2025	$6.84B	+5%	47%	$2.25B	33%

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Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$39.9B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	−$1.0B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$38.8B	total debt + equity
Debt share total debt / total capital	–equity is negative, see the Structure tab	total debt / total capital
Equity share equity / total capital	–equity is negative, see the Structure tab	equity / total capital
Net debt total debt − cash and short-term investments	$39.0B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$12.8B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$0.5B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$13.3B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$1.6B	four quarters summed
Debt to equity total debt / equity	–equity is negative, see the Structure tab	total debt / equity
Net debt to EBITDA net debt / EBITDA	2.94×	net debt / EBITDA
Interest coverage EBIT / interest expense	7.88×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	–	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$12.8B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025)	$37.4B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025)
Return on invested capital NOPAT / average invested capital	34.2%(not tagged in the filing)	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	4.0%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	4.0%(not tagged in the filing)	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$40.1B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	−$1.3B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$38.8B	total debt + equity
Debt share total debt / total capital	–equity is negative, see the Structure tab	total debt / total capital
Equity share equity / total capital	–equity is negative, see the Structure tab	equity / total capital
Net debt total debt − cash and short-term investments	$38.9B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$12.7B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$0.5B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$13.2B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$1.6B	four quarters summed
Debt to equity total debt / equity	–equity is negative, see the Structure tab	total debt / equity
Net debt to EBITDA net debt / EBITDA	2.96×	net debt / EBITDA
Interest coverage EBIT / interest expense	7.91×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	–	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$12.7B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025)	$35.9B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025)
Return on invested capital NOPAT / average invested capital	35.3%(not tagged in the filing)	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	4.1%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	4.1%(not tagged in the filing)	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$41.5B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	−$1.8B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$39.7B	total debt + equity
Debt share total debt / total capital	–equity is negative, see the Structure tab	total debt / total capital
Equity share equity / total capital	–equity is negative, see the Structure tab	equity / total capital
Net debt total debt − cash and short-term investments	$40.7B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$12.4B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$0.5B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$12.9B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$1.6B	four quarters summed
Debt to equity total debt / equity	–equity is negative, see the Structure tab	total debt / equity
Net debt to EBITDA net debt / EBITDA	3.17×	net debt / EBITDA
Interest coverage EBIT / interest expense	7.83×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	21.4%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$9.7B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 31, 2024)	$36.2B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 31, 2024)
Return on invested capital NOPAT / average invested capital	26.9%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	4.0%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	3.1%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$41.3B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	−$2.2B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$39.1B	total debt + equity
Debt share total debt / total capital	–equity is negative, see the Structure tab	total debt / total capital
Equity share equity / total capital	–equity is negative, see the Structure tab	equity / total capital
Net debt total debt − cash and short-term investments	$38.9B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$12.1B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$0.5B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$12.6B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$1.6B	four quarters summed
Debt to equity total debt / equity	–equity is negative, see the Structure tab	total debt / equity
Net debt to EBITDA net debt / EBITDA	3.09×	net debt / EBITDA
Interest coverage EBIT / interest expense	7.80×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	–	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$12.1B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024)	$34.9B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 30, 2024)
Return on invested capital NOPAT / average invested capital	34.6%(not tagged in the filing)	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.8%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	3.8%(not tagged in the filing)	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$41.4B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	−$2.8B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$38.6B	total debt + equity
Debt share total debt / total capital	–equity is negative, see the Structure tab	total debt / total capital
Equity share equity / total capital	–equity is negative, see the Structure tab	equity / total capital
Net debt total debt − cash and short-term investments	$39.5B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$11.9B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$0.5B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$12.4B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$1.5B	four quarters summed
Debt to equity total debt / equity	–equity is negative, see the Structure tab	total debt / equity
Net debt to EBITDA net debt / EBITDA	3.19×	net debt / EBITDA
Interest coverage EBIT / interest expense	7.82×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	–	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$11.9B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2024)	$34.8B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2024)
Return on invested capital NOPAT / average invested capital	34.3%(not tagged in the filing)	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.8%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	3.8%(not tagged in the filing)	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

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