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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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McDonald’s Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The quarterly financial data reveals several notable trends and fluctuations across the key performance indicators over the observed periods.
- Revenues
- Overall revenues display a generally upward trajectory with some fluctuation. Revenues from franchised restaurants increased from $2,608 million in March 2020 to a peak of $4,094 million in September 2024 before declining to $3,661 million by March 2025. Sales by company-owned restaurants showed irregular patterns, initially rising but experiencing declines in several quarters, ending at $2,132 million in March 2025, below the starting point of $2,026 million in March 2020. Other revenues showed gradual growth, especially notable in the final quarters, peaking at $163 million in March 2025. Consolidated revenues rose substantially from $4,714 million in March 2020 to a high of $6,873 million in September 2024, then declined to $5,956 million in March 2025.
- Expenses
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- Franchised Restaurant Occupancy Expenses
- These expenses generally increased moderately from -$554 million in March 2020 to approximately -$646 million by September 2024, indicating rising occupancy costs consistent with revenue expansion.
- Company-Owned Restaurant Expenses
- Expenses initially rose from -$1,753 million in March 2020 to a peak of -$2,248 million in September 2024 but decreased again to -$1,859 million by March 2025, suggesting cost management or operational adjustments.
- Other Restaurant Expenses
- These showed a relatively stable pattern with minor fluctuations before a sharp increase to -$140 million in March 2025, potentially indicating one-time or increasing miscellaneous costs.
- Depreciation and Amortization
- There is a gradual increase in depreciation and amortization expenses, growing from -$74 million in March 2020 to a peak of -$136 million in December 2024, then easing to -$107 million by March 2025, reflecting capital investment trends.
- Selling, General & Administrative Expenses
- These expenses experienced volatility, peaking in quarters such as December 2020 (-$778 million) and remaining elevated, with a maximum of -$842 million in December 2021, then fluctuating around -$680 to -$820 million in recent periods.
- Other Operating Income (Expense), Net
- This item showed significant variability, with notably large negative values (-$886 million in June 2022) and positive spikes in other quarters (e.g., $199 million in September 2021), indicating episodic gains or losses.
- Profitability Measures
-
- Gross Margin
- Gross margin increased overall from $2,342 million in March 2020 to a high of $3,875 million in September 2024, reflecting robust revenue growth and operational efficiency, though it declined slightly to $3,337 million by March 2025.
- Operating Income
- Operating income trends mirrored gross margin growth, rising from $1,694 million in March 2020 to a peak of $3,208 million in September 2023, with intermittent declines notably during mid-2022. The figure dropped to $2,648 million by March 2025, still above early period levels.
- Interest Expense
- Interest expenses remained relatively stable around the -$280 million to -$380 million range, with a slight upward trend towards the later quarters, suggesting consistent debt servicing costs.
- Nonoperating Income (Expense), Net
- This category showed wide fluctuations, including a substantial negative impact of -$484 million in March 2022, but mostly remained closer to zero or positive in other periods, potentially reflecting investment or market-related gains and losses.
- Income Before Taxes
- Income before taxes rose considerably overall, from $1,445 million in March 2020 to $2,843 million in September 2024, demonstrating improved profitability. However, subsequent periods show some decline to $2,330 million by March 2025.
- Provision for Income Taxes
- Tax provisions fluctuated somewhat in line with pre-tax income, with heavier provisions during higher profit quarters but no clear trend other than generally increasing absolute values, reaching -$588 million in September 2024 and slightly reducing afterwards.
- Net Income
- Net income followed the pattern of overall profitability improvement, growing from $1,107 million in March 2020 to a maximum of $2,317 million in September 2023. The figure declined modestly in the last quarters to $1,868 million by March 2025, maintaining profitability above earlier levels.
In summary, the financial data show a strong recovery and growth phase post-2020, with revenues and profits generally improving through 2023 and 2024. Cost pressures in company-owned restaurant operations and other expenses showed periodic increases but were largely managed in line with revenue growth. Volatility in certain nonoperating and other income components introduced variability in operating results. Overall, the company sustained profitability growth despite some declines in the last quarters of the observed period.