McDonald’s: How Does the Burger Giant Actually Make Its Money?
McDonald’s shares (WKN: 856958 | ISIN: US5801351017 | Ticker: MCD) are currently trading at around USD 271 and are down just under 10% since the start of the year and over the past 52 weeks. With a market capitalization of nearly USD 193 billion, McDonald’s is nonetheless one of the 100 most valuable publicly traded companies in the world. Most recently, the stock rose back above its 20-day moving average, but the broader downtrend has not yet been overcome. To understand McDonald’s, one must distinguish between system sales and consolidated revenue. System sales reached an impressive USD 139.4 billion in 2025. This represents the total revenue of all more than 45,000 McDonald’s restaurants worldwide. However, approximately 95% of these are owned by independent franchisees. For example, if a customer purchases a meal there for USD 10, the franchisee initially records that USD 10. McDonald’s receives only a contractually specified share of this amount through rent, royalty fees, and other charges.
As a result, the company’s 2025 income statement showed revenue of only USD 26.89 billion. Of this amount, USD 16.55 billion came from the franchise business—primarily USD 10.44 billion in rent revenue and USD 6.02 billion in licensing fees. The company-owned restaurants generated USD 9.69 billion, with an additional USD 647 million coming from other revenues. It is precisely this model that makes McDonald’s so profitable. The franchise margin stood at 84.2%, while the margin for company-owned restaurants was only 14.7%. McDonald’s does not report a traditional gross margin separately. If one subtracts the directly attributable restaurant costs, the resulting margin is approximately 57%. The operating margin reached 46.1%, while the net margin was as high as 31.9%. Of every USD 100 in reported revenue, nearly USD 32 remained as net income. In total, McDonald’s earned approximately USD 8.56 billion in 2025, up from USD 8.22 billion the previous year.
A simple breakdown is also helpful when it comes to cash flow. In 2025, ongoing operations generated operating cash flow of USD 10.55 billion. After deducting capital expenditures of USD 3.37 billion, free cash flow of USD 7.19 billion remained. This amount was then available, for example, for dividends, share buybacks, or debt reduction. McDonald’s used USD 5.12 billion of this for dividends and approximately USD 2.06 billion for share buybacks—effectively returning virtually all of its free cash flow to its shareholders. Other investments and financing transactions resulted in a total decrease in cash reserves of approximately USD 310 million in 2025.
The high-margin franchise business, international expansion, and the customer loyalty program, with nearly 210 million active users, are performing well. Risks include weaker demand from lower-income customers, rising costs, and the high valuation. Growth continued in the first quarter of 2026. Revenue rose 9% to USD 6.52 billion, and net income increased 6% to USD 1.98 billion.
Fun Fact: According to McDonald’s, one in eight Americans has worked at one of the company’s restaurants at some point. Opening your own McDonald’s, however, is difficult. In the US, applicants are typically required to have at least USD 750,000 in unencumbered equity and complete a six- to twelve-month training program. The current annualized dividend is USD 7.44 per share, corresponding to a dividend yield of approximately 2.7%. Q2 results are expected on August 4.
dynaCERT: Hydrogen as a Bridge Technology in the Cyclical Logistics Market
The global logistics sector is under significant cost and emissions pressure due to stricter climate regulations and geopolitical supply risks. The months-long blockade of the Strait of Hormuz is exacerbating dependence on fossil fuels and increasing political pressure to permanently reduce consumption and CO₂ emissions. In this environment, the Canadian cleantech company dynaCERT (WKN: A1KBAV | ISIN: CA26780A1084 | Ticker Symbol: DMJ) is relying on a combination of hardware solutions and telematics software. HydraGEN™ is used as a retrofittable injection system for a hydrogen-oxygen mixture in diesel engines, while HydraLytica tracks the savings via telematics and makes the CO₂ savings tradable through emissions credits. Even small efficiency gains in existing fleets thus yield immediate cost savings and revenue through CO₂ credit trading. This combination is currently finding significant traction, particularly in high-growth markets such as Southeast Asia.
Financially, the company’s most recent capital raise has strengthened its operational flexibility. At the end of June 2026, a broker-free private placement of CAD 5 million was recorded. This was structured as a 6% convertible bond with a conversion price of CAD 0.15, which would correspond to a 25% premium over the last trading price. Analysts view the transaction as a sign of investor confidence and welcome the operational realignment under CEO Kevin Unrath. The financing aims to expand the global sales structure in key regions and transition pilot projects in Vietnam into series orders. From today’s perspective, dynaCERT’s revenue profile is almost exclusively project-driven. The company must now transition from pilot to series sales to generate recurring revenue.
A key focus of the growth strategy is Vietnam. In this market, which is heavily dependent on imports, more than 3.5 million diesel commercial vehicles are registered. Vietnamese policy supports fuel and emissions reductions, and the first commercial production orders from regionally significant logistics companies underscore the technological robustness of the HydraGEN systems even under tropical conditions. The commissioning of these systems at a port facility and on the first truck fleet strengthens acceptance in Southeast Asia and serves as a strategic foothold for the Canadian company. At the same time, the company is working with German authorities on obtaining general type approval (ABE) for distribution (currently limited to MAN vehicle models), which would reduce the significant effort required for individual approvals. Nevertheless, in bureaucracy-driven Germany, the timeframe leading up to potential broad market penetration in the EU cannot yet be estimated.
dynaCERT’s turnaround is therefore closely linked to demand from the heavy-duty logistics sector, government subsidy programs for emissions reduction, and the price level of CO₂ credits. The combination of short-term cost savings and long-term revenues from emissions trading could bring the Toronto-based company back into the spotlight for investors during the next growth cycle.
TeamViewer Shares Take Off: Heading Back Toward EUR 8?
TeamViewer shares (WKN: A2YN90 | ISIN: DE000A2YN900 | Ticker: TMV) have risen sharply in recent trading days and are currently trading at around EUR 6.20. This brings the company’s market capitalization back to approximately EUR 1.05 billion. Since the start of the year, the stock is up about 3%, but is still down about 35% over the past 52 weeks. The new optimism was triggered not only by a major partnership but also by the quarterly results released on Tuesday. Revenue fell 4.1% year-over-year to EUR 182.7 million. Excluding currency effects, the decline was smaller at 1.4%. Recurring revenue, primarily income from ongoing subscriptions, remained nearly stable at EUR 736.8 million.
Adjusted operating profit did decline by 6% to EUR 78.9 million. However, the corresponding profit margin remained at a high level of 43.2%. Bottom line, net income actually rose by 33% to EUR 30.1 million. Business with larger companies performed particularly well. There, recurring revenue, excluding currency effects, increased by 8.3% to EUR 235.5 million. At the same time, customer retention stabilized over the course of the quarter. In contrast, challenges persist in the business with small and medium-sized businesses. There, recurring revenue declined by 3.6%. Overall, the number of customers fell by 7% to just under 612,000.
The new TeamViewer ONE platform also offers cause for optimism. Approximately 49,000 customers have now used at least one AI feature. In the first quarter, that figure was only 26,000. Additionally, TeamViewer is gaining momentum from a new multi-year partnership with the US software company ServiceNow (WKN: A1JX4P | ISIN: US81762P1021 | Ticker Symbol: 4S0). TeamViewer’s remote maintenance and IT solutions are to be integrated into ServiceNow’s AI platform and marketed worldwide as an add-on offering. However, no specific revenue targets have been announced yet. For the full year, TeamViewer continues to expect revenue growth of 0 to 3% excluding currency effects and an adjusted profit margin of around 43%. The company anticipates stronger performance in the second half of the year. The high net debt of EUR 832.8 million remains a risk. In addition, free cash flow fell by 31% to EUR 40.8 million in the second quarter.
From a technical analysis perspective, the picture has improved significantly. The stock is once again trading above all key moving averages. The EUR 7 mark is particularly important. If it is sustainably breached, the price could move toward EUR 8. On October 21 and 22, 2025, a large price gap formed during the market crash. This gap has not yet been closed. Above EUR 8, the range between approximately EUR 8.50 and 8.80 could therefore become the next major target.
With a P/E ratio of around 22.5, McDonald’s is not a bargain, but it remains a highly profitable quality and dividend stock.
In a market characterized by geopolitical tensions and volatile energy prices, dynaCERT serves as a pragmatic bridge technology. This is not a panacea, but it has the potential to be a key building block for lower-emission logistics in the coming years.
TeamViewer’s recovery is gaining momentum—but for a true turnaround, the company must now also return to revenue growth.
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