As of Q4'25, McDonald's reported Cash & Short-term Investments of USD 774M and total Debt of USD 68.3B. This latest data point highlights a continued low cash position relative to the company's substantial debt load at the end of the period. Over the period from Q1'23 to Q4'25, Cash & Short-term Investments showed significant volatility, peaking at USD 4.6B in Q4'23 before declining sharply and remaining below USD 2.5B throughout 2024 and 2025. In contrast, Debt levels remained consistently high, with a notable increase from USD 53.1B in Q4'23 to USD 68.3B by Q4'25. The persistent gap between cash reserves and debt suggests increasing leverage and potential liquidity concerns for McDonald's over the analyzed timeframe.