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Side-by-side financial comparison of Athene Holding Ltd. (ATHS) and McDonald's (MCD). Click either name above to swap in a different company.
Athene Holding Ltd. is the larger business by last-quarter revenue ($8.1B vs $7.0B, roughly 1.2× McDonald's). McDonald's runs the higher net margin — 30.9% vs 6.4%, a 24.4% gap on every dollar of revenue. On growth, Athene Holding Ltd. posted the faster year-over-year revenue change (115.1% vs 9.7%). Over the past eight quarters, Athene Holding Ltd.'s revenue compounded faster (19.2% CAGR vs 6.6%).
Athene Holding Ltd. is a leading US-focused retirement services provider. It offers fixed, indexed and variable annuity products plus tailored retirement savings solutions for individual consumers and institutional clients, aiming to help customers secure long-term financial stability for their retirement.
McDonald's Corporation, doing business as McDonald's, is an American multinational fast food restaurant chain. As of 2024, it is the second-largest by number of locations in the world, behind the Chinese chain Mixue Ice Cream & Tea.
ATHS vs MCD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1B | $7.0B |
| Net Profit | $523.0M | $2.2B |
| Gross Margin | — | — |
| Operating Margin | 16.9% | 45.0% |
| Net Margin | 6.4% | 30.9% |
| Revenue YoY | 115.1% | 9.7% |
| Net Profit YoY | -48.5% | 7.3% |
| EPS (diluted) | — | $3.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $8.1B | $7.0B | ||
| Q3 25 | $8.0B | $7.1B | ||
| Q2 25 | $5.4B | $6.8B | ||
| Q1 25 | $4.2B | $6.0B | ||
| Q4 24 | $3.8B | $6.4B | ||
| Q3 24 | $6.5B | $6.9B | ||
| Q2 24 | $4.7B | $6.5B | ||
| Q1 24 | $5.7B | $6.2B |
| Q4 25 | $523.0M | $2.2B | ||
| Q3 25 | $1.3B | $2.3B | ||
| Q2 25 | $464.0M | $2.3B | ||
| Q1 25 | $465.0M | $1.9B | ||
| Q4 24 | $1.0B | $2.0B | ||
| Q3 24 | $625.0M | $2.3B | ||
| Q2 24 | $629.0M | $2.0B | ||
| Q1 24 | $1.2B | $1.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% | ||
| Q1 24 | — | 89.8% |
| Q4 25 | 16.9% | 45.0% | ||
| Q3 25 | 26.8% | 47.4% | ||
| Q2 25 | 12.2% | 47.2% | ||
| Q1 25 | 22.3% | 44.5% | ||
| Q4 24 | 30.4% | 44.9% | ||
| Q3 24 | 25.7% | 46.4% | ||
| Q2 24 | 22.0% | 45.0% | ||
| Q1 24 | 31.1% | 44.4% |
| Q4 25 | 6.4% | 30.9% | ||
| Q3 25 | 15.7% | 32.2% | ||
| Q2 25 | 8.7% | 32.9% | ||
| Q1 25 | 11.1% | 31.4% | ||
| Q4 24 | 26.8% | 31.6% | ||
| Q3 24 | 9.6% | 32.8% | ||
| Q2 24 | 13.5% | 31.2% | ||
| Q1 24 | 20.8% | 31.3% |
| Q4 25 | — | $3.03 | ||
| Q3 25 | — | $3.18 | ||
| Q2 25 | — | $3.14 | ||
| Q1 25 | — | $2.60 | ||
| Q4 24 | — | $2.80 | ||
| Q3 24 | — | $3.13 | ||
| Q2 24 | — | $2.80 | ||
| Q1 24 | — | $2.66 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $774.0M |
| Total DebtLower is stronger | $7.8B | $40.0B |
| Stockholders' EquityBook value | $20.5B | $-1.8B |
| Total Assets | $442.2B | $59.5B |
| Debt / EquityLower = less leverage | 0.38× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $774.0M | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $792.0M | ||
| Q1 24 | $15.3B | $838.0M |
| Q4 25 | $7.8B | $40.0B | ||
| Q3 25 | $7.9B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $6.3B | — | ||
| Q4 24 | $6.3B | $38.4B | ||
| Q3 24 | $5.7B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
| Q4 25 | $20.5B | $-1.8B | ||
| Q3 25 | $20.4B | $-2.2B | ||
| Q2 25 | $18.1B | $-2.8B | ||
| Q1 25 | $17.5B | $-3.5B | ||
| Q4 24 | $16.4B | $-3.8B | ||
| Q3 24 | $17.4B | $-5.2B | ||
| Q2 24 | $15.0B | $-4.8B | ||
| Q1 24 | $14.8B | $-4.8B |
| Q4 25 | $442.2B | $59.5B | ||
| Q3 25 | $429.9B | $60.6B | ||
| Q2 25 | $405.3B | $59.6B | ||
| Q1 25 | $381.5B | $56.3B | ||
| Q4 24 | $363.3B | $55.2B | ||
| Q3 24 | $355.0B | $56.2B | ||
| Q2 24 | $332.6B | $53.8B | ||
| Q1 24 | $320.6B | $53.5B |
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | 0.38× | — | ||
| Q1 24 | 0.39× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.0B | $2.7B |
| Free Cash FlowOCF − Capex | — | $1.6B |
| FCF MarginFCF / Revenue | — | 23.4% |
| Capex IntensityCapex / Revenue | — | 15.1% |
| Cash ConversionOCF / Net Profit | 5.82× | 1.25× |
| TTM Free Cash FlowTrailing 4 quarters | — | $7.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0B | $2.7B | ||
| Q3 25 | $636.0M | $3.4B | ||
| Q2 25 | $1.1B | $2.0B | ||
| Q1 25 | $426.0M | $2.4B | ||
| Q4 24 | $386.0M | $2.6B | ||
| Q3 24 | $780.0M | $2.7B | ||
| Q2 24 | $525.0M | $1.7B | ||
| Q1 24 | $185.0M | $2.4B |
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.8B |
| Q4 25 | — | 23.4% | ||
| Q3 25 | — | 34.1% | ||
| Q2 25 | — | 18.3% | ||
| Q1 25 | — | 31.5% | ||
| Q4 24 | — | 28.6% | ||
| Q3 24 | — | 28.3% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 29.9% |
| Q4 25 | — | 15.1% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 10.9% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 8.9% |
| Q4 25 | 5.82× | 1.25× | ||
| Q3 25 | 0.51× | 1.50× | ||
| Q2 25 | 2.28× | 0.89× | ||
| Q1 25 | 0.92× | 1.30× | ||
| Q4 24 | 0.38× | 1.30× | ||
| Q3 24 | 1.25× | 1.21× | ||
| Q2 24 | 0.83× | 0.84× | ||
| Q1 24 | 0.16× | 1.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATHS
Segment breakdown not available.
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
