Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

$24.99

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company 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.

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McDonald’s Corp., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Revenues from franchised restaurants
Sales by Company-owned and operated restaurants
Other revenues
Revenues
Franchised restaurants-occupancy expenses
Company-owned and operated restaurant expenses
Other restaurant expenses
Gross margin
Depreciation and amortization
Other
Selling, general & administrative expenses
Other operating income (expense), net
Operating income
Interest expense
Nonoperating income (expense), net
Income before provision for income taxes
Provision for income taxes
Net income

Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

Total revenues exhibit a general upward trajectory over the analyzed period, increasing from 5,125 million US dollars in March 2021 to 6,517 million US dollars by March 2026. This growth is primarily driven by a consistent rise in revenues from franchised restaurants, which grew from 2,877 million US dollars to 4,007 million US dollars. In contrast, sales from company-owned and operated restaurants demonstrated higher volatility, peaking in September 2024 at 2,656 million US dollars before moderating to 2,317 million US dollars by the end of the period.

Revenue Composition and Gross Margin
A structural shift toward franchised revenue is observable, as this segment provided a more stable and aggressive growth curve compared to company-operated stores. Gross margin expanded accordingly, rising from 2,668 million US dollars in the first quarter of 2021 to 3,643 million US dollars in the first quarter of 2026. This expansion suggests an improvement in the efficiency of revenue generation relative to the direct costs of restaurant operations.
Operational Expense Trends
Franchised restaurant occupancy expenses showed a steady incremental increase, rising from 572 million US dollars to 676 million US dollars. Company-owned restaurant expenses remained relatively range-bound, despite fluctuations in sales. Selling, general, and administrative (SG&A) expenses displayed a recurring seasonal pattern, with significant peaks typically occurring in the December quarter of each year, reaching a high of 872 million US dollars in December 2025.
Operating Income and Profitability
Operating income generally trended upward, moving from 2,281 million US dollars in March 2021 to 2,953 million US dollars in March 2026. A notable anomaly occurred in June 2022, where operating income dropped to 1,712 million US dollars due to a substantial one-time other operating expense of 886 million US dollars. Excluding this outlier, the operational performance remained robust.
Financial Costs and Net Income
Interest expenses climbed steadily from 300 million US dollars in early 2021 to 400 million US dollars by early 2026, indicating an increase in the cost of debt or higher leverage. Despite these rising interest costs, net income showed overall growth, ending at 1,983 million US dollars in March 2026 compared to 1,537 million US dollars in March 2021, with peak quarterly net income reaching 2,317 million US dollars in June 2023.