# McDonald's Holdings Company(Japan),Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第55期(2025/01/01－2025/12/31) (S100XS22)
> Page: https://vizora.meequs.com/en/company/mcdonald-s-holdings-company-japan
> Retrieved: 2026-09-30T20:46:43.459Z

## Company

McDonald's Holdings Company(Japan), founded in 1977, is a company in Fast Food & Quick Service listed on TSE Standard. It has 2,454 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | McDonald's Holdings Company (Japan), Ltd. |
| Ticker | 2702 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2702.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿六丁目5番1号 |
| Representative (per filing) | 代表取締役社長 トーマス・コウ |
| Founded | Jan 1977 |
| Share capital | ¥24.1B |
| Employees (consolidated) | 2,454 |
| Average salary (parent only) | ¥12.9M |
| Fiscal year end | December |
| Website | www.mcd-holdings.co.jp (https://www.mcd-holdings.co.jp/) |
| Corporate number | 8011101029028 |
| EDINET | E03366 |
| Industries (Vizora) | Fast Food & Quick Service |

> Profile source: annual securities report (S100XS22, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.6 | 18 |
| Profitability | 97.7 | 22 |
| Cash conversion | 16.7 | 21 |
| Efficiency | 15.9 | 22 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- McDonald's Holdings Company(Japan) brought in ¥416.6B in revenue.
- 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%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥416602000000 → ¥33909000000
- Net income → operating cash flow: ¥33909000000 → ¥53240000000（difference ¥19331000000）
- Main uses of operating cash flow: CapEx ¥40824000000 / dividends ¥6514000000 / buybacks ¥0
- Change in cash: ¥4094000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥416.6B |  |
| Operating income | ¥53.3B | Margin 12.8% |
| Net income | ¥33.9B | Margin 8.1% |
| Free cash flow | ¥12.4B |  |
| Employees (consolidated) | 2,454 |  |
| EPS | ¥50.47 |  |
| Book value per share | ¥1041.42 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 132,960,000 |  |
| Treasury shares | 1,200 |  |
| Shareholders | 361,904 |  |
| Average salary (parent only) | ¥12.9M | Filing company only |
| Cash ratio | 19.6% | Cash ÷ revenue 17.1% |
| Vs. industry median margin | +7.3 pp | Fast Food & Quick Service |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 9.7% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -3% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥288332000000 | ¥416602000000 | +44.5% |
| Operating income | ¥31290000000 | ¥53257000000 | +70.2% |
| Operating margin | 10.9% | 12.8% | +1.9 pp |
| Employees | 2,083 people | 2,454 people | +17.8% |
| Cash and equivalents | ¥37741000000 | ¥71422000000 | +89.2% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 416,602 | 100.0% | S100XS22 |
| Cost of revenue | 330,031 | 79.2% | S100XS22 |
| Gross profit | 86,571 | 20.8% | S100XS22 |
| SG&A | 33,313 | 8.0% | S100XS22 |
| Operating income | 53,257 | 12.8% | S100XS22 |
| Ordinary income | 52,051 | 12.5% | S100XS22 |
| Pretax income | 50,406 | 12.1% | S100XS22 |
| Income tax | 16,496 | 4.0% | S100XS22 |
| Net income | 33,909 | 8.1% | S100XS22 |
| Net income attributable to owners | 33,909 | 8.1% | S100XS22 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 8 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 20.8% → Operating margin 12.8% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +10.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.97×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 405,477 | 416,602 | 11,125 | +2.7% |
| Gross profit | 80,987 | 86,571 | 5,584 | +6.9% |
| Operating income | 48,021 | 53,257 | 5,236 | +10.9% |
| Net income attributable to owners | 31,961 | 33,909 | 1,948 | +6.1% |
| Operating cash flow | 52,689 | 53,240 | 551 | +1.0% |
| Free cash flow | 10,669 | 12,416 | 1,747 | +16.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 281,763 | 28,018 | 9.9% | 16,885 | 44,952 | 28,452 | S100L1YL |
| FY ending Dec 2020 | 288,332 | 31,290 | 10.9% | 20,186 | 27,881 | 6,841 | S100NS5N |
| FY ending Dec 2021 | 317,695 | 34,518 | 10.9% | 23,945 | 38,860 | 17,432 | S100QGTM |
| FY ending Dec 2022 | 352,300 | 33,807 | 9.6% | 19,937 | 23,775 | -3,954 | S100T4LQ |
| FY ending Dec 2023 | 381,989 | 40,877 | 10.7% | 25,163 | 48,474 | 16,064 | S100VH4I |
| FY ending Dec 2024 | 405,477 | 48,021 | 11.8% | 31,961 | 52,689 | 10,669 | S100XS22 |
| FY ending Dec 2025 | 416,602 | 53,257 | 12.8% | 33,909 | 53,240 | 12,416 | S100XS22 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥169.8M |
| Operating income per employee (consolidated) | ¥21.7M |
| Net income per employee (consolidated) | ¥13.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,272 | 2,475 | 2,566 | 2,517 | 2,454 |
| Average salary (parent company) | — | — | — | — | ¥12.9M |
| Average age (parent company) | — | — | — | — | 48.3 years |
| Average tenure (parent company) | — | — | — | — | 13.2 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) +2.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 53,240 | 12.8% | S100XS22 |
| Capital expenditure | 40,824 | 9.8% | S100XS22 |
| Free cash flow | 12,416 | 3.0% | 算出 |
| Investing cash flow | -42,474 | -10.2% | S100XS22 |
| Financing cash flow | -6,672 | -1.6% | S100XS22 |
| Dividends paid | 6,514 | 1.6% | S100XS22 |
| Share buyback | 0 | 0.0% | S100XS22 |
| Change in cash | 4,094 | 1.0% | S100XS22 |
| Cash and equivalents | 71,422 | 17.1% | S100XS22 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 50,266 | 36,362 | 65,240 | 67,327 | 71,422 | S100T4LQ, S100VH4I, S100XS22 |
| Total assets | 260,113 | 277,365 | 311,393 | 337,094 | 364,473 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Net assets | 194,222 | 206,724 | 226,673 | 253,044 | 280,467 | S100T4LQ, S100VH4I, S100XS22 |
| Share capital | 24,113 | 24,113 | 24,113 | 24,113 | 24,113 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Property, plant and equipment | 103,029 | 113,234 | 130,108 | 149,512 | 165,431 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Intangible assets excluding goodwill | 9,898 | 11,314 | 11,175 | 10,850 | 11,129 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Goodwill | 518 | 596 | 435 | 640 | 920 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Investment securities | 56 | 4,056 | 8,056 | 12,056 | 20,020 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Current assets | 102,894 | 90,768 | 106,913 | 111,677 | 108,910 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Current liabilities | 58,628 | 63,826 | 77,024 | 76,069 | 77,341 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Total liabilities | 65,890 | 70,641 | 84,720 | 84,050 | 84,005 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Equity attributable to owners of parent | 198,414 | 210,815 | 230,794 | 257,171 | 284,536 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Retained earnings | 132,179 | 144,580 | 164,558 | 190,936 | 218,302 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |
| Treasury stock | -2 | -3 | -3 | -3 | -3 | S100QGTM, S100T4LQ, S100VH4I, S100XS22 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XS22 |
| Property, plant and equipment | 45% | S100XS22 |
| Intangibles and goodwill | 3% | S100XS22 |
| Investment securities | 6% | S100XS22 |
| Other assets | 26% | S100XS22 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XS22 |
| Equity | 77% | S100XS22 |
| Other liabilities | 0% | S100XS22 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 260,113 | 277,365 | 311,393 | 337,094 | 364,473 |
| Equity | 194,222 | 206,724 | 226,673 | 253,044 | 280,467 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 50,266 | 36,362 | 65,240 | 67,327 | 71,422 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 39.7% | S100XS22 |
| Fixed assets ÷ total assets | 45.4% | S100XS22 |
| Goodwill ÷ parent equity | 0.3% | S100XS22 |

Goodwill over 4 years: 518 → 920 JPY; total investing cash flow: -154,403 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 19.6% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.0% |
| Cash vs. profit gap | 19,331 JPY mn (of net income 57.0%) |
| Shareholder returns / net income | 19.2% |
| Shareholder returns / FCF | 52.5% |
| Shareholder payments — dividends / net income | 19.2% |
| Shareholder payments — dividends / FCF | 52.5% |
| CapEx intensity (capex ÷ revenue) | 9.8% |
| Investing CF relative to operating CF | 79.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.5% | 1.22× | 9.2% | 1.31× | 12.1% | S100QGTM |
| 2022 | 5.7% | 1.31× | 7.4% | 1.31× | 9.7% | S100T4LQ |
| 2023 | 6.6% | 1.30× | 8.5% | 1.33× | 11.4% | S100VH4I |
| 2024 | 7.9% | 1.25× | 9.9% | 1.33× | 13.1% | S100XS22 |
| 2025 | 8.1% | 1.19× | 9.7% | 1.30× | 12.5% | S100XS22 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＭＣＤＯＮＡＬＤ’Ｓ ＲＥＳＴＡＵＲＡＮＴＳ ＯＦ ＣＡＮＡＤＡ ＬＩＭＩＴＥＤ （常任代理人 スキャデン・アープス法律事務所） | Major shareholder | 25.3% | 2025-12-31 |
| ＭＣＤ ＡＰＭＥＡ ＳＩＮＧＡＰＯＲＥ ＩＮＶＥＳＴＭＥＮＴＳ ＰＴＥ．ＬＴＤ． （常任代理人 スキャデン・アープス法律事務所） | Major shareholder | 10.1% | 2025-12-31 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴＳ Ｍ ＬＳＣＢ ＲＤ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-12-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.6% | 2025-12-31 |
| 日本マクドナルドグループ持株会 | Major shareholder | 0.5% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.5% | 2025-12-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５８６４ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.4% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥416.6B, up +2.7% from ¥405.5B.
- Operating income grew faster, rising +10.9% from ¥48B to ¥53.3B.
- Net income attributable to owners reached ¥33.9B (+6.1%), and free cash flow was ¥12.4B (+16.4%).

### Drivers

- Efforts to improve the in-store experience lifted same-store sales, and combined sales across company-run and franchised stores beat the prior year
- Store costs, led by ingredients, kept rising, but more efficient store operations and cost reviews still pushed profit up
- The cost ratio at company-run stores fell thanks to higher sales and better store profitability

### Risks

- Prices of ingredients such as beef and potatoes move with global commodity markets, and imports are exposed to exchange rates
- It competes not only with fast-food chains but also with convenience stores and ready-meal sellers
- Most store sites are leased, so a landlord's decision not to renew can force even a well-performing store to close

Cited: Annual securities report (55th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (55th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/01/01－2025/12/31) | S100XS22 | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS22,, |
| 有価証券報告書－第54期(2024/01/01－2024/12/31) | S100VH4I | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH4I,, |
| 有価証券報告書－第53期(2023/01/01－2023/12/31) | S100T4LQ | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4LQ,, |
| 有価証券報告書－第52期(2022/01/01－2022/12/31) | S100QGTM | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGTM,, |
| 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) | S100NS5N | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS5N,, |
| 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) | S100L1YL | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1YL,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).