Stock Analysis on Net
Stock Analysis on Net
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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, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Sales by Company-operated restaurants 8,139,200  9,420,800  10,012,700  12,718,900  15,295,000 
Revenues from franchised restaurants 10,726,100  11,655,700  11,012,500  10,101,500  9,326,900 
Other revenues 342,500  —  —  —  — 
Revenues 19,207,800  21,076,500  21,025,200  22,820,400  24,621,900 
Food & paper (2,564,200) (2,980,300) (3,153,800) (4,033,500) (4,896,900)
Payroll & employee benefits (2,416,400) (2,704,400) (2,937,900) (3,528,500) (4,134,200)
Occupancy & other operating expenses (2,000,600) (2,075,900) (2,174,200) (2,847,600) (3,667,700)
Company-operated restaurant expenses (6,981,200) (7,760,600) (8,265,900) (10,409,600) (12,698,800)
Franchised restaurants, occupancy expenses (2,207,500) (2,200,600) (1,973,300) (1,790,000) (1,718,400)
Other restaurant expenses (267,000) —  —  —  — 
Gross margin 9,752,100  11,115,300  10,786,000  10,620,800  10,204,700 
Depreciation and amortization (300,600) (262,500) (214,800) —  — 
Other (2,245,000) (1,966,900) (1,985,400) (2,231,300) (2,384,500)
Selling, general & administrative expenses (2,545,600) (2,229,400) (2,200,200) (2,231,300) (2,384,500)
Gains on sales of restaurant businesses 23,300  127,500  304,100  295,400  283,400 
Equity in earnings of unconsolidated affiliates 117,400  153,800  151,500  183,700  54,800 
Asset dispositions and other income (expense), net (290,700) (23,100) 12,900  (18,700) (72,300)
Impairment and other gains (charges), net 267,500  (74,300) (231,700) 702,800  (341,600)
Other operating income (expense), net 117,500  183,900  236,800  1,163,200  (75,700)
Operating income 7,324,000  9,069,800  8,822,600  9,552,700  7,744,500 
Interest expense, net of capitalized interest (1,218,100) (1,121,900) (981,200) (921,300) (884,800)
Nonoperating income (expense), net 34,800  70,200  (25,300) (57,900) 6,300 
Income before provision for income taxes 6,140,700  8,018,100  7,816,100  8,573,500  6,866,000 
Provision for income taxes (1,410,200) (1,992,700) (1,891,800) (3,381,200) (2,179,500)
Net income 4,730,500  6,025,400  5,924,300  5,192,300  4,686,500 

Based on: 10-K (filing date: 2021-02-23), 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).

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 increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Operating income The net result for the period of deducting operating expenses from operating revenues. McDonald’s Corp.’s operating income increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
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 increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
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 2018 to 2019 but then decreased significantly from 2019 to 2020.