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McDonald’s Corp. (NYSE:MCD)


Income Statement

Beginner level

The income statement presents information on the financial results of a company’s business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

McDonald’s Corp., consolidated income statement

US$ in thousands

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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 9,420,800  10,012,700  12,718,900  15,295,000  16,488,300 
Revenues from franchised restaurants 11,655,700  11,012,500  10,101,500  9,326,900  8,924,700 
Revenues 21,076,500  21,025,200  22,820,400  24,621,900  25,413,000 
Food & paper (2,980,300) (3,153,800) (4,033,500) (4,896,900) (5,552,200)
Payroll & employee benefits (2,704,400) (2,937,900) (3,528,500) (4,134,200) (4,400,000)
Occupancy & other operating expenses (2,075,900) (2,174,200) (2,847,600) (3,667,700) (4,024,700)
Company-operated restaurant expenses (7,760,600) (8,265,900) (10,409,600) (12,698,800) (13,976,900)
Franchised restaurants, occupancy expenses (2,200,600) (1,973,300) (1,790,000) (1,718,400) (1,646,900)
Gross margin 11,115,300  10,786,000  10,620,800  10,204,700  9,789,200 
Selling, general & administrative expenses (2,229,400) (2,200,200) (2,231,300) (2,384,500) (2,434,300)
Gains on sales of restaurant businesses 127,500  304,100  295,400  283,400  145,900 
Equity in earnings (losses) of unconsolidated affiliates 153,800  151,500  183,700  54,800  (146,800)
Asset dispositions and other income (expense), net (23,100) 12,900  (18,700) (72,300) 26,600 
Impairment and other gains (charges), net (74,300) (231,700) 702,800  (341,600) (235,100)
Other operating income (expense), net 183,900  236,800  1,163,200  (75,700) (209,400)
Operating income 9,069,800  8,822,600  9,552,700  7,744,500  7,145,500 
Interest expense, net of capitalized interest (1,121,900) (981,200) (921,300) (884,800) (638,300)
Nonoperating income (expense), net 70,200  (25,300) (57,900) 6,300  48,500 
Income before provision for income taxes 8,018,100  7,816,100  8,573,500  6,866,000  6,555,700 
Provision for income taxes (1,992,700) (1,891,800) (3,381,200) (2,179,500) (2,026,400)
Net income 6,025,400  5,924,300  5,192,300  4,686,500  4,529,300 

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
Revenues Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. McDonald’s Corp.’s revenues decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
Operating income The net result for the period of deducting operating expenses from operating revenues. McDonald’s Corp.’s operating income decreased from 2017 to 2018 but then slightly increased 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 decreased from 2017 to 2018 but then slightly increased from 2018 to 2019.
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 increased from 2017 to 2018 and from 2018 to 2019.