The biggest changes in the 10-K filed 2026-02-24, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
+11.7% Big change FY to 2025-12-31 vs 2024-12-31“Cash provided by operations totaled $10.6 billion in 2025, an increase of $1.1 billion driven by favorable working capital movement and improved operating results.”
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Operating margin
45.2% → 46.1% (+0.9 pts) FY to 2025-12-31 vs 2024-12-31“In 2025, consolidated selling, general and administrative expense increased 6% (6% in constant currencies), primarily reflecting higher employee costs, including incentive-based compensation.”
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Net income
+4.1% FY to 2025-12-31 vs 2024-12-31“The increase in 2025 net income and diluted earnings per common share was primarily driven by higher sales-driven Franchised margins.”
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Revenue
+3.7% FY to 2025-12-31 vs 2024-12-31“Comparable sales in the International Operated Markets increased 3.2%, reflecting positive comparable sales in nearly all markets, led by Germany and Australia.”
Read it in the 10-K ↗
“In 2025, total restaurant margins increased 5% (3% in constant currencies), which benefited from sales-driven growth in the International Operated Markets and sales-driven Franchised margins in the U.S. and International Developmental Licensed Markets & Corporate, partly offset by negative Company-owned and operated sales performance in the U.S.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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