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Side-by-side financial comparison of McDonald's (MCD) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
McDonald's is the larger business by last-quarter revenue ($7.0B vs $3.7B, roughly 1.9× SHOPIFY INC.). McDonald's runs the higher net margin — 30.9% vs 20.2%, a 10.6% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs 9.7%). McDonald's produced more free cash flow last quarter ($1.6B vs $715.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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.
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
MCD vs SHOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.0B | $3.7B |
| Net Profit | $2.2B | $743.0M |
| Gross Margin | — | 46.1% |
| Operating Margin | 45.0% | 17.2% |
| Net Margin | 30.9% | 20.2% |
| Revenue YoY | 9.7% | 30.6% |
| Net Profit YoY | 7.3% | -42.5% |
| EPS (diluted) | $3.03 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $7.1B | $2.8B | ||
| Q2 25 | $6.8B | $2.7B | ||
| Q1 25 | $6.0B | $2.4B | ||
| Q4 24 | $6.4B | $2.8B | ||
| Q3 24 | $6.9B | $2.2B | ||
| Q2 24 | $6.5B | $2.0B | ||
| Q1 24 | $6.2B | $1.9B |
| Q4 25 | $2.2B | $743.0M | ||
| Q3 25 | $2.3B | $264.0M | ||
| Q2 25 | $2.3B | $906.0M | ||
| Q1 25 | $1.9B | $-682.0M | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $2.3B | $828.0M | ||
| Q2 24 | $2.0B | $171.0M | ||
| Q1 24 | $1.9B | $-273.0M |
| Q4 25 | — | 46.1% | ||
| Q3 25 | 90.6% | 48.9% | ||
| Q2 25 | 90.4% | 48.6% | ||
| Q1 25 | 89.6% | 49.5% | ||
| Q4 24 | — | 48.1% | ||
| Q3 24 | 90.6% | 51.7% | ||
| Q2 24 | 90.3% | 51.1% | ||
| Q1 24 | 89.8% | 51.4% |
| Q4 25 | 45.0% | 17.2% | ||
| Q3 25 | 47.4% | 12.1% | ||
| Q2 25 | 47.2% | 10.9% | ||
| Q1 25 | 44.5% | 8.6% | ||
| Q4 24 | 44.9% | 16.5% | ||
| Q3 24 | 46.4% | 13.1% | ||
| Q2 24 | 45.0% | 11.8% | ||
| Q1 24 | 44.4% | 4.6% |
| Q4 25 | 30.9% | 20.2% | ||
| Q3 25 | 32.2% | 9.3% | ||
| Q2 25 | 32.9% | 33.8% | ||
| Q1 25 | 31.4% | -28.9% | ||
| Q4 24 | 31.6% | 46.0% | ||
| Q3 24 | 32.8% | 38.3% | ||
| Q2 24 | 31.2% | 8.4% | ||
| Q1 24 | 31.3% | -14.7% |
| Q4 25 | $3.03 | $0.58 | ||
| Q3 25 | $3.18 | $0.20 | ||
| Q2 25 | $3.14 | $0.69 | ||
| Q1 25 | $2.60 | $-0.53 | ||
| Q4 24 | $2.80 | $0.99 | ||
| Q3 24 | $3.13 | $0.64 | ||
| Q2 24 | $2.80 | $0.13 | ||
| Q1 24 | $2.66 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | $40.0B | — |
| Stockholders' EquityBook value | $-1.8B | $13.5B |
| Total Assets | $59.5B | $15.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $774.0M | $5.8B | ||
| Q3 25 | $2.4B | $6.3B | ||
| Q2 25 | $1.9B | $5.8B | ||
| Q1 25 | $1.2B | $5.5B | ||
| Q4 24 | $1.1B | $5.5B | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $792.0M | — | ||
| Q1 24 | $838.0M | — |
| Q4 25 | $40.0B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $38.4B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-1.8B | $13.5B | ||
| Q3 25 | $-2.2B | $12.5B | ||
| Q2 25 | $-2.8B | $12.1B | ||
| Q1 25 | $-3.5B | $11.1B | ||
| Q4 24 | $-3.8B | $11.6B | ||
| Q3 24 | $-5.2B | $10.1B | ||
| Q2 24 | $-4.8B | $9.2B | ||
| Q1 24 | $-4.8B | $8.9B |
| Q4 25 | $59.5B | $15.2B | ||
| Q3 25 | $60.6B | $15.0B | ||
| Q2 25 | $59.6B | $14.6B | ||
| Q1 25 | $56.3B | $13.4B | ||
| Q4 24 | $55.2B | $13.9B | ||
| Q3 24 | $56.2B | — | ||
| Q2 24 | $53.8B | — | ||
| Q1 24 | $53.5B | — |
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 | $725.0M |
| Free Cash FlowOCF − Capex | $1.6B | $715.0M |
| FCF MarginFCF / Revenue | 23.4% | 19.5% |
| Capex IntensityCapex / Revenue | 15.1% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.25× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $7.2B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.7B | $725.0M | ||
| Q3 25 | $3.4B | $513.0M | ||
| Q2 25 | $2.0B | $428.0M | ||
| Q1 25 | $2.4B | $367.0M | ||
| Q4 24 | $2.6B | $615.0M | ||
| Q3 24 | $2.7B | $423.0M | ||
| Q2 24 | $1.7B | $340.0M | ||
| Q1 24 | $2.4B | $238.0M |
| Q4 25 | $1.6B | $715.0M | ||
| Q3 25 | $2.4B | $507.0M | ||
| Q2 25 | $1.3B | $422.0M | ||
| Q1 25 | $1.9B | $363.0M | ||
| Q4 24 | $1.8B | $611.0M | ||
| Q3 24 | $1.9B | $421.0M | ||
| Q2 24 | $1.1B | $333.0M | ||
| Q1 24 | $1.8B | $232.0M |
| Q4 25 | 23.4% | 19.5% | ||
| Q3 25 | 34.1% | 17.8% | ||
| Q2 25 | 18.3% | 15.7% | ||
| Q1 25 | 31.5% | 15.4% | ||
| Q4 24 | 28.6% | 21.7% | ||
| Q3 24 | 28.3% | 19.5% | ||
| Q2 24 | 16.3% | 16.3% | ||
| Q1 24 | 29.9% | 12.5% |
| Q4 25 | 15.1% | 0.3% | ||
| Q3 25 | 14.3% | 0.2% | ||
| Q2 25 | 10.9% | 0.2% | ||
| Q1 25 | 9.3% | 0.2% | ||
| Q4 24 | 12.6% | 0.1% | ||
| Q3 24 | 11.6% | 0.1% | ||
| Q2 24 | 9.7% | 0.3% | ||
| Q1 24 | 8.9% | 0.3% |
| Q4 25 | 1.25× | 0.98× | ||
| Q3 25 | 1.50× | 1.94× | ||
| Q2 25 | 0.89× | 0.47× | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.30× | 0.48× | ||
| Q3 24 | 1.21× | 0.51× | ||
| Q2 24 | 0.84× | 1.99× | ||
| Q1 24 | 1.24× | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
