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Side-by-side financial comparison of McDonald's (MCD) and Warner Bros. Discovery (WBD). Click either name above to swap in a different company.
Warner Bros. Discovery is the larger business by last-quarter revenue ($9.5B vs $7.0B, roughly 1.3× McDonald's). McDonald's runs the higher net margin — 30.9% vs -2.7%, a 33.5% gap on every dollar of revenue. On growth, McDonald's posted the faster year-over-year revenue change (9.7% vs -5.7%). McDonald's produced more free cash flow last quarter ($1.6B vs $1.4B). Over the past eight quarters, McDonald's's revenue compounded faster (6.6% CAGR vs -2.5%).
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.
Warner Bros. Discovery, Inc. (WBD) is an American multinational mass media and entertainment conglomerate headquartered in New York City. It was formed from WarnerMedia's spin-off by AT&T and merger with Discovery, Inc. on April 8, 2022.
MCD vs WBD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.0B | $9.5B |
| Net Profit | $2.2B | $-252.0M |
| Gross Margin | — | — |
| Operating Margin | 45.0% | 3.7% |
| Net Margin | 30.9% | -2.7% |
| Revenue YoY | 9.7% | -5.7% |
| Net Profit YoY | 7.3% | 49.0% |
| EPS (diluted) | $3.03 | $-0.10 |
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 | $9.5B | ||
| Q3 25 | $7.1B | $9.0B | ||
| Q2 25 | $6.8B | $9.8B | ||
| Q1 25 | $6.0B | $9.0B | ||
| Q4 24 | $6.4B | $10.0B | ||
| Q3 24 | $6.9B | $9.6B | ||
| Q2 24 | $6.5B | $9.7B | ||
| Q1 24 | $6.2B | $10.0B |
| Q4 25 | $2.2B | $-252.0M | ||
| Q3 25 | $2.3B | $-148.0M | ||
| Q2 25 | $2.3B | $1.6B | ||
| Q1 25 | $1.9B | $-453.0M | ||
| Q4 24 | $2.0B | $-494.0M | ||
| Q3 24 | $2.3B | $135.0M | ||
| Q2 24 | $2.0B | $-10.0B | ||
| Q1 24 | $1.9B | $-966.0M |
| 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 | 45.0% | 3.7% | ||
| Q3 25 | 47.4% | 6.8% | ||
| Q2 25 | 47.2% | -1.9% | ||
| Q1 25 | 44.5% | -0.4% | ||
| Q4 24 | 44.9% | 1.6% | ||
| Q3 24 | 46.4% | 2.9% | ||
| Q2 24 | 45.0% | -105.1% | ||
| Q1 24 | 44.4% | -2.7% |
| Q4 25 | 30.9% | -2.7% | ||
| Q3 25 | 32.2% | -1.6% | ||
| Q2 25 | 32.9% | 16.1% | ||
| Q1 25 | 31.4% | -5.0% | ||
| Q4 24 | 31.6% | -4.9% | ||
| Q3 24 | 32.8% | 1.4% | ||
| Q2 24 | 31.2% | -102.8% | ||
| Q1 24 | 31.3% | -9.7% |
| Q4 25 | $3.03 | $-0.10 | ||
| Q3 25 | $3.18 | $-0.06 | ||
| Q2 25 | $3.14 | $0.63 | ||
| Q1 25 | $2.60 | $-0.18 | ||
| Q4 24 | $2.80 | $-0.20 | ||
| Q3 24 | $3.13 | $0.05 | ||
| Q2 24 | $2.80 | $-4.07 | ||
| Q1 24 | $2.66 | $-0.40 |
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 | $4.6B |
| Total DebtLower is stronger | $40.0B | $32.4B |
| Stockholders' EquityBook value | $-1.8B | $35.9B |
| Total Assets | $59.5B | $100.1B |
| Debt / EquityLower = less leverage | — | 0.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $774.0M | $4.6B | ||
| Q3 25 | $2.4B | $4.3B | ||
| Q2 25 | $1.9B | $4.9B | ||
| Q1 25 | $1.2B | $3.9B | ||
| Q4 24 | $1.1B | $5.3B | ||
| Q3 24 | $1.2B | $3.3B | ||
| Q2 24 | $792.0M | $3.6B | ||
| Q1 24 | $838.0M | $3.0B |
| Q4 25 | $40.0B | $32.4B | ||
| Q3 25 | — | $33.4B | ||
| Q2 25 | — | $34.4B | ||
| Q1 25 | — | $34.6B | ||
| Q4 24 | $38.4B | $36.8B | ||
| Q3 24 | — | $37.2B | ||
| Q2 24 | — | $37.3B | ||
| Q1 24 | — | $39.1B |
| Q4 25 | $-1.8B | $35.9B | ||
| Q3 25 | $-2.2B | $36.0B | ||
| Q2 25 | $-2.8B | $36.0B | ||
| Q1 25 | $-3.5B | $33.8B | ||
| Q4 24 | $-3.8B | $34.0B | ||
| Q3 24 | $-5.2B | $35.1B | ||
| Q2 24 | $-4.8B | $34.3B | ||
| Q1 24 | $-4.8B | $44.2B |
| Q4 25 | $59.5B | $100.1B | ||
| Q3 25 | $60.6B | $100.5B | ||
| Q2 25 | $59.6B | $101.7B | ||
| Q1 25 | $56.3B | $101.7B | ||
| Q4 24 | $55.2B | $104.6B | ||
| Q3 24 | $56.2B | $106.3B | ||
| Q2 24 | $53.8B | $108.0B | ||
| Q1 24 | $53.5B | $119.8B |
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.95× | ||
| Q1 25 | — | 1.02× | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | 1.06× | ||
| Q2 24 | — | 1.09× | ||
| Q1 24 | — | 0.89× |
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 | $1.8B |
| Free Cash FlowOCF − Capex | $1.6B | $1.4B |
| FCF MarginFCF / Revenue | 23.4% | 14.6% |
| Capex IntensityCapex / Revenue | 15.1% | 4.5% |
| Cash ConversionOCF / Net Profit | 1.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $7.2B | $3.1B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.7B | $1.8B | ||
| Q3 25 | $3.4B | $979.0M | ||
| Q2 25 | $2.0B | $983.0M | ||
| Q1 25 | $2.4B | $553.0M | ||
| Q4 24 | $2.6B | $2.7B | ||
| Q3 24 | $2.7B | $847.0M | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $2.4B | $585.0M |
| Q4 25 | $1.6B | $1.4B | ||
| Q3 25 | $2.4B | $701.0M | ||
| Q2 25 | $1.3B | $702.0M | ||
| Q1 25 | $1.9B | $302.0M | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.9B | $632.0M | ||
| Q2 24 | $1.1B | $976.0M | ||
| Q1 24 | $1.8B | $390.0M |
| Q4 25 | 23.4% | 14.6% | ||
| Q3 25 | 34.1% | 7.8% | ||
| Q2 25 | 18.3% | 7.2% | ||
| Q1 25 | 31.5% | 3.4% | ||
| Q4 24 | 28.6% | 24.2% | ||
| Q3 24 | 28.3% | 6.6% | ||
| Q2 24 | 16.3% | 10.0% | ||
| Q1 24 | 29.9% | 3.9% |
| Q4 25 | 15.1% | 4.5% | ||
| Q3 25 | 14.3% | 3.1% | ||
| Q2 25 | 10.9% | 2.9% | ||
| Q1 25 | 9.3% | 2.8% | ||
| Q4 24 | 12.6% | 2.9% | ||
| Q3 24 | 11.6% | 2.2% | ||
| Q2 24 | 9.7% | 2.6% | ||
| Q1 24 | 8.9% | 2.0% |
| Q4 25 | 1.25× | — | ||
| Q3 25 | 1.50× | — | ||
| Q2 25 | 0.89× | 0.62× | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 1.21× | 6.27× | ||
| Q2 24 | 0.84× | — | ||
| 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% |
WBD
| Distribution Revenue | $4.8B | 51% |
| Global Linear Networks | $4.2B | 44% |
| Service Other | $307.0M | 3% |
| Related Party | $204.0M | 2% |
| Other | $7.0M | 0% |
