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Side-by-side financial comparison of McDonald's (MCD) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
McDonald's is the larger business by last-quarter revenue ($7.0B vs $4.0B, roughly 1.8× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 30.9%, a 0.1% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $1.6B). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% CAGR vs 6.6%).
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.
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
MCD vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.0B | $4.0B |
| Net Profit | $2.2B | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 45.0% | 28.3% |
| Net Margin | 30.9% | 31.0% |
| Revenue YoY | 9.7% | — |
| Net Profit YoY | 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 | $7.0B | — | ||
| Q3 25 | $7.1B | $4.0B | ||
| Q2 25 | $6.8B | $3.9B | ||
| Q1 25 | $6.0B | $4.0B | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.9B | $3.7B | ||
| Q2 24 | $6.5B | $3.5B | ||
| Q1 24 | $6.2B | $3.7B |
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.3B | $1.2B | ||
| Q2 25 | $2.3B | $1.3B | ||
| Q1 25 | $1.9B | $1.5B | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.3B | $955.7M | ||
| Q2 24 | $2.0B | $939.6M | ||
| Q1 24 | $1.9B | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | 90.6% | 64.1% | ||
| Q2 25 | 90.4% | 64.7% | ||
| Q1 25 | 89.6% | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 90.6% | 62.9% | ||
| Q2 24 | 90.3% | 62.9% | ||
| Q1 24 | 89.8% | 63.4% |
| Q4 25 | 45.0% | — | ||
| Q3 25 | 47.4% | 28.3% | ||
| Q2 25 | 47.2% | 32.5% | ||
| Q1 25 | 44.5% | 36.2% | ||
| Q4 24 | 44.9% | — | ||
| Q3 24 | 46.4% | 27.3% | ||
| Q2 24 | 45.0% | 27.4% | ||
| Q1 24 | 44.4% | 28.4% |
| Q4 25 | 30.9% | — | ||
| Q3 25 | 32.2% | 31.0% | ||
| Q2 25 | 32.9% | 32.6% | ||
| Q1 25 | 31.4% | 36.6% | ||
| Q4 24 | 31.6% | — | ||
| Q3 24 | 32.8% | 25.6% | ||
| Q2 24 | 31.2% | 26.8% | ||
| Q1 24 | 31.3% | 29.1% |
| 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 | $31.3B |
| Total DebtLower is stronger | $40.0B | — |
| Stockholders' EquityBook value | $-1.8B | $160.8B |
| Total Assets | $59.5B | $214.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $774.0M | — | ||
| Q3 25 | $2.4B | $31.3B | ||
| Q2 25 | $1.9B | $54.4B | ||
| Q1 25 | $1.2B | $41.7B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $20.2B | ||
| Q2 24 | $792.0M | $19.0B | ||
| Q1 24 | $838.0M | $43.0B |
| Q4 25 | $40.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $38.4B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-1.8B | — | ||
| Q3 25 | $-2.2B | $160.8B | ||
| Q2 25 | $-2.8B | $154.0B | ||
| Q1 25 | $-3.5B | $147.8B | ||
| Q4 24 | $-3.8B | — | ||
| Q3 24 | $-5.2B | $135.6B | ||
| Q2 24 | $-4.8B | $134.2B | ||
| Q1 24 | $-4.8B | $130.5B |
| Q4 25 | $59.5B | — | ||
| Q3 25 | $60.6B | $214.5B | ||
| Q2 25 | $59.6B | $208.5B | ||
| Q1 25 | $56.3B | $200.9B | ||
| Q4 24 | $55.2B | — | ||
| Q3 24 | $56.2B | $184.9B | ||
| Q2 24 | $53.8B | $183.3B | ||
| Q1 24 | $53.5B | $195.1B |
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 | $2.7B | $1.8B |
| Free Cash FlowOCF − Capex | $1.6B | $1.8B |
| FCF MarginFCF / Revenue | 23.4% | 44.7% |
| Capex IntensityCapex / Revenue | 15.1% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.25× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $7.2B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.7B | — | ||
| Q3 25 | $3.4B | $1.8B | ||
| Q2 25 | $2.0B | $1.5B | ||
| Q1 25 | $2.4B | $1.7B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $1.7B | $898.8M | ||
| Q1 24 | $2.4B | $1.3B |
| Q4 25 | $1.6B | — | ||
| Q3 25 | $2.4B | $1.8B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.9B | $1.5B | ||
| Q2 24 | $1.1B | $875.6M | ||
| Q1 24 | $1.8B | $1.3B |
| Q4 25 | 23.4% | — | ||
| Q3 25 | 34.1% | 44.7% | ||
| Q2 25 | 18.3% | 38.3% | ||
| Q1 25 | 31.5% | 40.4% | ||
| Q4 24 | 28.6% | — | ||
| Q3 24 | 28.3% | 38.9% | ||
| Q2 24 | 16.3% | 25.0% | ||
| Q1 24 | 29.9% | 34.0% |
| Q4 25 | 15.1% | — | ||
| Q3 25 | 14.3% | 1.0% | ||
| Q2 25 | 10.9% | 0.7% | ||
| Q1 25 | 9.3% | 1.6% | ||
| Q4 24 | 12.6% | — | ||
| Q3 24 | 11.6% | 1.4% | ||
| Q2 24 | 9.7% | 0.7% | ||
| Q1 24 | 8.9% | 1.5% |
| Q4 25 | 1.25× | — | ||
| Q3 25 | 1.50× | 1.47× | ||
| Q2 25 | 0.89× | 1.20× | ||
| Q1 25 | 1.30× | 1.15× | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 1.21× | 1.58× | ||
| Q2 24 | 0.84× | 0.96× | ||
| Q1 24 | 1.24× | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
