Stock Analysis on Net
Stock Analysis on Net
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McDonald’s Corp. (NYSE:MCD)

Common-Size Income Statement

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McDonald’s Corp., common-size consolidated income statement

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12 months ended: Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Sales by Company-operated restaurants 44.70 47.62 55.73 62.12 64.88
Revenues from franchised restaurants 55.30 52.38 44.27 37.88 35.12
Revenues 100.00% 100.00% 100.00% 100.00% 100.00%
Food & paper -14.14 -15.00 -17.67 -19.89 -21.85
Payroll & employee benefits -12.83 -13.97 -15.46 -16.79 -17.31
Occupancy & other operating expenses -9.85 -10.34 -12.48 -14.90 -15.84
Company-operated restaurant expenses -36.82% -39.31% -45.62% -51.58% -55.00%
Franchised restaurants, occupancy expenses -10.44 -9.39 -7.84 -6.98 -6.48
Gross margin 52.74% 51.30% 46.54% 41.45% 38.52%
Selling, general & administrative expenses -10.58 -10.46 -9.78 -9.68 -9.58
Gains on sales of restaurant businesses 0.60 1.45 1.29 1.15 0.57
Equity in earnings (losses) of unconsolidated affiliates 0.73 0.72 0.80 0.22 -0.58
Asset dispositions and other income (expense), net -0.11 0.06 -0.08 -0.29 0.10
Impairment and other gains (charges), net -0.35 -1.10 3.08 -1.39 -0.93
Other operating income (expense), net 0.87% 1.13% 5.10% -0.31% -0.82%
Operating income 43.03% 41.96% 41.86% 31.45% 28.12%
Interest expense, net of capitalized interest -5.32 -4.67 -4.04 -3.59 -2.51
Nonoperating income (expense), net 0.33 -0.12 -0.25 0.03 0.19
Income before provision for income taxes 38.04% 37.17% 37.57% 27.89% 25.80%
Provision for income taxes -9.45 -9.00 -14.82 -8.85 -7.97
Net income 28.59% 28.18% 22.75% 19.03% 17.82%

Based on: 10-K (filing date: 2020-02-26), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-03-01), 10-K (filing date: 2016-02-25).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. McDonald’s Corp.’s operating income as a percentage of revenues increased from 2017 to 2018 and from 2018 to 2019.
Income before provision for income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. McDonald’s Corp.’s income before provision for income taxes as a percentage of revenues decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. McDonald’s Corp.’s net income as a percentage of revenues increased from 2017 to 2018 and from 2018 to 2019.