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Side-by-side financial comparison of McDonald's (MCD) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
McDonald's is the larger business by last-quarter revenue ($7.0B vs $6.2B, roughly 1.1× Union Pacific Corporation). McDonald's runs the higher net margin — 30.9% vs 27.4%, a 3.5% gap on every dollar of revenue. On growth, McDonald's posted the faster year-over-year revenue change (9.7% vs 3.2%). McDonald's produced more free cash flow last quarter ($1.6B vs $631.0M). Over the past eight quarters, McDonald's's revenue compounded faster (6.6% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
MCD vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $7.0B | $6.2B |
| Net Profit | $2.2B | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 45.0% | 39.5% |
| Net Margin | 30.9% | 27.4% |
| Revenue YoY | 9.7% | 3.2% |
| Net Profit YoY | 7.3% | -2.1% |
| EPS (diluted) | $3.03 | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $7.0B | $6.1B | ||
| Q3 25 | $7.1B | $6.2B | ||
| Q2 25 | $6.8B | $6.2B | ||
| Q1 25 | $6.0B | $6.0B | ||
| Q4 24 | $6.4B | $6.1B | ||
| Q3 24 | $6.9B | $6.1B | ||
| Q2 24 | $6.5B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.2B | $1.8B | ||
| Q3 25 | $2.3B | $1.8B | ||
| Q2 25 | $2.3B | $1.9B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $2.0B | $1.8B | ||
| Q3 24 | $2.3B | $1.7B | ||
| Q2 24 | $2.0B | $1.7B |
| Q1 26 | — | — | ||
| 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 26 | — | 39.5% | ||
| Q4 25 | 45.0% | 39.5% | ||
| Q3 25 | 47.4% | 40.8% | ||
| Q2 25 | 47.2% | 41.0% | ||
| Q1 25 | 44.5% | 39.3% | ||
| Q4 24 | 44.9% | 41.3% | ||
| Q3 24 | 46.4% | 39.7% | ||
| Q2 24 | 45.0% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 30.9% | 30.4% | ||
| Q3 25 | 32.2% | 28.6% | ||
| Q2 25 | 32.9% | 30.5% | ||
| Q1 25 | 31.4% | 27.0% | ||
| Q4 24 | 31.6% | 28.8% | ||
| Q3 24 | 32.8% | 27.4% | ||
| Q2 24 | 31.2% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $3.03 | $3.12 | ||
| Q3 25 | $3.18 | $3.01 | ||
| Q2 25 | $3.14 | $3.15 | ||
| Q1 25 | $2.60 | $2.70 | ||
| Q4 24 | $2.80 | $2.91 | ||
| Q3 24 | $3.13 | $2.75 | ||
| Q2 24 | $2.80 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | $40.0B | — |
| Stockholders' EquityBook value | $-1.8B | — |
| Total Assets | $59.5B | $69.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $774.0M | $1.3B | ||
| Q3 25 | $2.4B | $808.0M | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.2B | $947.0M | ||
| Q2 24 | $792.0M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | $40.0B | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | $38.4B | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $-1.8B | $18.5B | ||
| Q3 25 | $-2.2B | $17.3B | ||
| Q2 25 | $-2.8B | $16.3B | ||
| Q1 25 | $-3.5B | $16.0B | ||
| Q4 24 | $-3.8B | $16.9B | ||
| Q3 24 | $-5.2B | $16.6B | ||
| Q2 24 | $-4.8B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $59.5B | $69.7B | ||
| Q3 25 | $60.6B | $68.6B | ||
| Q2 25 | $59.6B | $68.6B | ||
| Q1 25 | $56.3B | $68.5B | ||
| Q4 24 | $55.2B | $67.7B | ||
| Q3 24 | $56.2B | $67.6B | ||
| Q2 24 | $53.8B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | $631.0M |
| FCF MarginFCF / Revenue | 23.4% | 10.1% |
| Capex IntensityCapex / Revenue | 15.1% | — |
| Cash ConversionOCF / Net Profit | 1.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $7.2B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.7B | $2.2B | ||
| Q3 25 | $3.4B | $2.5B | ||
| Q2 25 | $2.0B | $2.3B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $2.6B | $2.7B | ||
| Q3 24 | $2.7B | $2.7B | ||
| Q2 24 | $1.7B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $2.4B | $1.6B | ||
| Q2 25 | $1.3B | $1.4B | ||
| Q1 25 | $1.9B | $1.3B | ||
| Q4 24 | $1.8B | $1.7B | ||
| Q3 24 | $1.9B | $1.8B | ||
| Q2 24 | $1.1B | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 23.4% | 20.1% | ||
| Q3 25 | 34.1% | 25.2% | ||
| Q2 25 | 18.3% | 22.7% | ||
| Q1 25 | 31.5% | 21.6% | ||
| Q4 24 | 28.6% | 28.4% | ||
| Q3 24 | 28.3% | 29.9% | ||
| Q2 24 | 16.3% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 15.1% | 16.4% | ||
| Q3 25 | 14.3% | 15.2% | ||
| Q2 25 | 10.9% | 15.2% | ||
| Q1 25 | 9.3% | 15.0% | ||
| Q4 24 | 12.6% | 15.1% | ||
| Q3 24 | 11.6% | 13.6% | ||
| Q2 24 | 9.7% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.25× | 1.20× | ||
| Q3 25 | 1.50× | 1.41× | ||
| Q2 25 | 0.89× | 1.24× | ||
| Q1 25 | 1.30× | 1.36× | ||
| Q4 24 | 1.30× | 1.51× | ||
| Q3 24 | 1.21× | 1.59× | ||
| Q2 24 | 0.84× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
