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McDonald's Holdings Company(Japan)McDonald's Holdings Company(Japan),Ltd.2702東証スタンダード小売業FY ending Dec 2025, consolidated, J-GAAP

McDonald's Holdings Company(Japan) revenue and profit

Out of every ¥100 of sales, about ¥13 is left as operating profit. Revenue changed +2.7% from the prior year, operating profit +10.9%.

Five-year trend

Revenue¥416.6B
FY ending Dec 2021: ¥317.7B¥317.7BFY ending Dec 2022: ¥352.3B¥352.3BFY ending Dec 2023: ¥382B¥382BFY ending Dec 2024: ¥405.5B¥405.5BFY ending Dec 2025: ¥416.6B¥416.6BFY21FY22FY23FY24FY25
Operating income¥53.3B
FY ending Dec 2021: ¥34.5B¥34.5BFY ending Dec 2022: ¥33.8B¥33.8BFY ending Dec 2023: ¥40.9B¥40.9BFY ending Dec 2024: ¥48B¥48BFY ending Dec 2025: ¥53.3B¥53.3BFY21FY22FY23FY24FY25
Operating margin12.8%
FY ending Dec 2021: 10.9%10.9%FY ending Dec 2022: 9.6%9.6%FY ending Dec 2023: 10.7%10.7%FY ending Dec 2024: 11.8%11.8%FY ending Dec 2025: 12.8%12.8%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin8.1%
Asset turnover1.19×
ROA9.7%
ROA9.7%
Financial leverage1.30×
ROE12.5%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin8.1%
2021: 7.5%7.5%2022: 5.7%5.7%2023: 6.6%6.6%2024: 7.9%7.9%2025: 8.1%8.1%2122232425
Asset turnover1.19×
2021: 1.22×1.22×2022: 1.31×1.31×2023: 1.30×1.30×2024: 1.25×1.25×2025: 1.19×1.19×2122232425
ROA9.7%
2021: 9.2%9.2%2022: 7.4%7.4%2023: 8.5%8.5%2024: 9.9%9.9%2025: 9.7%9.7%2122232425
Financial leverage1.30×
2021: 1.31×1.31×2022: 1.31×1.31×2023: 1.33×1.33×2024: 1.33×1.33×2025: 1.30×1.30×2122232425
ROE12.5%
2021: 12.1%12.1%2022: 9.7%9.7%2023: 11.4%11.4%2024: 13.1%13.1%2025: 12.5%12.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20217.5%1.22×9.2%1.31×12.1%
20225.7%1.31×7.4%1.31×9.7%
20236.6%1.30×8.5%1.33×11.4%
20247.9%1.25×9.9%1.33×13.1%
20258.1%1.19×9.7%1.30×12.5%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue39.7%
2020: 31.8%31.8%2021: 32.4%32.4%2022: 32.1%32.1%2023: 34.1%34.1%2024: 36.9%36.9%2025: 39.7%39.7%202122232425
PPE ÷ total assets45.4%
2020: 39.3%39.3%2021: 39.6%39.6%2022: 40.8%40.8%2023: 41.8%41.8%2024: 44.4%44.4%2025: 45.4%45.4%202122232425
Goodwill ÷ parent equity0.3%
2020: 0.3%0.3%2021: 0.3%0.3%2022: 0.3%0.3%2023: 0.2%0.2%2024: 0.2%0.2%2025: 0.3%0.3%202122232425
Goodwill balance¥920M
2020: ¥467M¥467M2021: ¥518M¥518M2022: ¥596M¥596M2023: ¥435M¥435M2024: ¥640M¥640M2025: ¥920M¥920M202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue317,695352,300381,989405,477416,602
Cost of revenue254,265287,969309,698324,489330,031
Gross profit63,42964,33072,29180,98786,571
SG&A28,91130,52331,41332,96633,313
Operating income34,51833,80740,87748,02153,257
Pretax income32,71131,17738,76847,22650,406
Income tax8,76511,23913,60515,26416,496
Net income attributable to owners23,94519,93725,16331,96133,909
Operating margin10.9%9.6%10.7%11.8%12.8%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 20%
Property, plant and equipment 45%
3%
6%
Other assets 26%

Funding

Other liabilities 23%
Equity 77%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥50.3B¥36.4B¥65.2B¥67.3B¥71.4B
Total assets¥260.1B¥277.4B¥311.4B¥337.1B¥364.5B
Net assets¥194.2B¥206.7B¥226.7B¥253B¥280.5B
Share capital¥24.1B¥24.1B¥24.1B¥24.1B¥24.1B
Property, plant and equipment¥103B¥113.2B¥130.1B¥149.5B¥165.4B
Intangible assets excluding goodwill¥9.9B¥11.3B¥11.2B¥10.8B¥11.1B
Goodwill¥518M¥596M¥435M¥640M¥920M
Investment securities¥56M¥4.06B¥8.06B¥12.1B¥20B
Current assets¥102.9B¥90.8B¥106.9B¥111.7B¥108.9B
Current liabilities¥58.6B¥63.8B¥77B¥76.1B¥77.3B
Total liabilities¥65.9B¥70.6B¥84.7B¥84B¥84B
Equity attributable to owners of parent¥198.4B¥210.8B¥230.8B¥257.2B¥284.5B
Retained earnings¥132.2B¥144.6B¥164.6B¥190.9B¥218.3B
Treasury stock-¥2M-¥3M-¥3M-¥3M-¥3M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第55期(2025/01/01－2025/12/31)

    ID S100XS222026-03-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第54期(2024/01/01－2024/12/31)

    ID S100VH4I2025-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第53期(2023/01/01－2023/12/31)

    ID S100T4LQ2024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第52期(2022/01/01－2022/12/31)

    ID S100QGTM2023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第51期(令和3年1月1日－令和3年12月31日)

    ID S100NS5N2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第50期(令和2年1月1日－令和2年12月31日)

    ID S100L1YL2021-03-29Open

Extracted from XBRL: 48 / Derived from other figures: 1

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