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McDonald’s Corp. (MCD)


Income Statement

Difficulty: Beginner

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

USD $ in thousands

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12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Sales by Company-operated restaurants 10,012,700  12,718,900  15,295,000  16,488,300  18,169,300 
Revenues from franchised restaurants 11,012,500  10,101,500  9,326,900  8,924,700  9,272,000 
Revenues 21,025,200  22,820,400  24,621,900  25,413,000  27,441,300 
Food & paper (3,153,800) (4,033,500) (4,896,900) (5,552,200) (6,129,700)
Payroll & employee benefits (2,937,900) (3,528,500) (4,134,200) (4,400,000) (4,756,000)
Occupancy & other operating expenses (2,174,200) (2,847,600) (3,667,700) (4,024,700) (4,402,600)
Company-operated restaurant expenses (8,265,900) (10,409,600) (12,698,800) (13,976,900) (15,288,300)
Franchised restaurants, occupancy expenses (1,973,300) (1,790,000) (1,718,400) (1,646,900) (1,697,300)
Gross margin 10,786,000  10,620,800  10,204,700  9,789,200  10,455,700 
Selling, general & administrative expenses (2,200,200) (2,231,300) (2,384,500) (2,434,300) (2,487,900)
Gains on sales of restaurant businesses 304,100  295,400  283,400  145,900  137,000 
Equity in earnings (losses) of unconsolidated affiliates 151,500  183,700  54,800  (146,800) (9,000)
Asset dispositions and other income (expense), net 12,900  (18,700) (72,300) 26,600  (107,700)
Impairment and other gains (charges), net (231,700) 702,800  (341,600) (235,100) (38,900)
Other operating income (expense), net 236,800  1,163,200  (75,700) (209,400) (18,600)
Operating income 8,822,600  9,552,700  7,744,500  7,145,500  7,949,200 
Interest expense, net of capitalized interest (981,200) (921,300) (884,800) (638,300) (570,500)
Nonoperating income (expense), net (25,300) (57,900) 6,300  48,500  (6,700)
Income before provision for income taxes 7,816,100  8,573,500  6,866,000  6,555,700  7,372,000 
Provision for income taxes (1,891,800) (3,381,200) (2,179,500) (2,026,400) (2,614,200)
Net income 5,924,300  5,192,300  4,686,500  4,529,300  4,757,800 

Based on: 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), 10-K (filing date: 2015-02-24).

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 declined from 2016 to 2017 and from 2017 to 2018.
Operating income The net result for the period of deducting operating expenses from operating revenues. McDonald’s Corp.’s operating income increased from 2016 to 2017 but then slightly declined from 2017 to 2018.
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 2016 to 2017 but then slightly declined from 2017 to 2018.
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 2016 to 2017 and from 2017 to 2018.