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Side-by-side financial comparison of McDonald's (MCD) and PPG Industries (PPG). Click either name above to swap in a different company.
McDonald's is the larger business by last-quarter revenue ($7.0B vs $3.9B, roughly 1.8× PPG Industries). McDonald's runs the higher net margin — 30.9% vs 9.8%, a 21.1% gap on every dollar of revenue. On growth, McDonald's posted the faster year-over-year revenue change (9.7% vs 6.7%). Over the past eight quarters, McDonald's's revenue compounded faster (6.6% CAGR vs -9.5%).
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.
PPG Industries, Inc. is an American supplier of paints, coatings, and specialty materials based in Pittsburgh, Pennsylvania. It operates in more than 70 countries globally. A member of the Fortune 500, PPG is the second largest coatings company in the world by revenue, behind Sherwin-Williams. It is headquartered in PPG Place, an office and retail complex in downtown Pittsburgh, and is known for its glass facade designed by Postmodern architect Philip Johnson.
MCD vs PPG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.0B | $3.9B |
| Net Profit | $2.2B | $385.0M |
| Gross Margin | — | — |
| Operating Margin | 45.0% | — |
| Net Margin | 30.9% | 9.8% |
| Revenue YoY | 9.7% | 6.7% |
| Net Profit YoY | 7.3% | 1.9% |
| 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.
| Q1 26 | — | $3.9B | ||
| Q4 25 | $7.0B | $3.9B | ||
| Q3 25 | $7.1B | $4.1B | ||
| Q2 25 | $6.8B | $4.2B | ||
| Q1 25 | $6.0B | $3.7B | ||
| Q4 24 | $6.4B | $2.2B | ||
| Q3 24 | $6.9B | $4.6B | ||
| Q2 24 | $6.5B | $4.8B |
| Q1 26 | — | $385.0M | ||
| Q4 25 | $2.2B | $300.0M | ||
| Q3 25 | $2.3B | $453.0M | ||
| Q2 25 | $2.3B | $450.0M | ||
| Q1 25 | $1.9B | $373.0M | ||
| Q4 24 | $2.0B | $-280.0M | ||
| Q3 24 | $2.3B | $468.0M | ||
| Q2 24 | $2.0B | $528.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 40.8% | ||
| Q3 25 | 90.6% | 40.6% | ||
| Q2 25 | 90.4% | 42.0% | ||
| Q1 25 | 89.6% | 41.9% | ||
| Q4 24 | — | 34.9% | ||
| Q3 24 | 90.6% | 41.8% | ||
| Q2 24 | 90.3% | 43.0% |
| Q1 26 | — | — | ||
| Q4 25 | 45.0% | 9.9% | ||
| Q3 25 | 47.4% | 16.9% | ||
| Q2 25 | 47.2% | 17.7% | ||
| Q1 25 | 44.5% | 16.5% | ||
| Q4 24 | 44.9% | 0.5% | ||
| Q3 24 | 46.4% | 15.6% | ||
| Q2 24 | 45.0% | 17.3% |
| Q1 26 | — | 9.8% | ||
| Q4 25 | 30.9% | 7.7% | ||
| Q3 25 | 32.2% | 11.1% | ||
| Q2 25 | 32.9% | 10.7% | ||
| Q1 25 | 31.4% | 10.1% | ||
| Q4 24 | 31.6% | -12.9% | ||
| Q3 24 | 32.8% | 10.2% | ||
| Q2 24 | 31.2% | 11.0% |
| Q1 26 | — | — | ||
| Q4 25 | $3.03 | $1.33 | ||
| Q3 25 | $3.18 | $2.00 | ||
| Q2 25 | $3.14 | $1.98 | ||
| Q1 25 | $2.60 | $1.63 | ||
| Q4 24 | $2.80 | $-1.18 | ||
| Q3 24 | $3.13 | $2.00 | ||
| Q2 24 | $2.80 | $2.24 |
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 | $1.6B |
| Total DebtLower is stronger | $40.0B | $6.4B |
| Stockholders' EquityBook value | $-1.8B | — |
| Total Assets | $59.5B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.6B | ||
| Q4 25 | $774.0M | $2.2B | ||
| Q3 25 | $2.4B | $1.9B | ||
| Q2 25 | $1.9B | $1.6B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.1B | $1.4B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $792.0M | $1.2B |
| Q1 26 | — | $6.4B | ||
| Q4 25 | $40.0B | $7.3B | ||
| Q3 25 | — | $7.3B | ||
| Q2 25 | — | $7.3B | ||
| Q1 25 | — | $7.2B | ||
| Q4 24 | $38.4B | $5.8B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.4B |
| Q1 26 | — | — | ||
| Q4 25 | $-1.8B | $7.9B | ||
| Q3 25 | $-2.2B | $7.8B | ||
| Q2 25 | $-2.8B | $7.6B | ||
| Q1 25 | $-3.5B | $6.9B | ||
| Q4 24 | $-3.8B | $6.8B | ||
| Q3 24 | $-5.2B | $7.8B | ||
| Q2 24 | $-4.8B | $7.8B |
| Q1 26 | — | — | ||
| Q4 25 | $59.5B | $22.1B | ||
| Q3 25 | $60.6B | $22.1B | ||
| Q2 25 | $59.6B | $22.1B | ||
| Q1 25 | $56.3B | $21.1B | ||
| Q4 24 | $55.2B | $19.4B | ||
| Q3 24 | $56.2B | $21.9B | ||
| Q2 24 | $53.8B | $21.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.94× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.82× |
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 | — |
| Free Cash FlowOCF − Capex | $1.6B | — |
| FCF MarginFCF / Revenue | 23.4% | — |
| Capex IntensityCapex / Revenue | 15.1% | 5.0% |
| Cash ConversionOCF / Net Profit | 1.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $7.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $887.0M | ||
| Q3 25 | $3.4B | $685.0M | ||
| Q2 25 | $2.0B | $387.0M | ||
| Q1 25 | $2.4B | $-18.0M | ||
| Q4 24 | $2.6B | $346.0M | ||
| Q3 24 | $2.7B | $769.0M | ||
| Q2 24 | $1.7B | $365.0M |
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $586.0M | ||
| Q3 25 | $2.4B | $538.0M | ||
| Q2 25 | $1.3B | $266.0M | ||
| Q1 25 | $1.9B | $-227.0M | ||
| Q4 24 | $1.8B | $148.0M | ||
| Q3 24 | $1.9B | $620.0M | ||
| Q2 24 | $1.1B | $247.0M |
| Q1 26 | — | — | ||
| Q4 25 | 23.4% | 15.0% | ||
| Q3 25 | 34.1% | 13.2% | ||
| Q2 25 | 18.3% | 6.3% | ||
| Q1 25 | 31.5% | -6.2% | ||
| Q4 24 | 28.6% | 6.8% | ||
| Q3 24 | 28.3% | 13.6% | ||
| Q2 24 | 16.3% | 5.2% |
| Q1 26 | — | 5.0% | ||
| Q4 25 | 15.1% | 7.7% | ||
| Q3 25 | 14.3% | 3.6% | ||
| Q2 25 | 10.9% | 2.9% | ||
| Q1 25 | 9.3% | 5.7% | ||
| Q4 24 | 12.6% | 9.1% | ||
| Q3 24 | 11.6% | 3.3% | ||
| Q2 24 | 9.7% | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.25× | 2.96× | ||
| Q3 25 | 1.50× | 1.51× | ||
| Q2 25 | 0.89× | 0.86× | ||
| Q1 25 | 1.30× | -0.05× | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 1.21× | 1.64× | ||
| Q2 24 | 0.84× | 0.69× |
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% |
PPG
| Industrial Coatings | $1.6B | 42% |
| Performance Coatings | $1.3B | 34% |
| Global Architectural Coatings | $965.0M | 25% |
