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.

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

US$ in millions

3 months ended:	Jun 30, 2026	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	4,392)	4,007)	4,310)	4,364)	4,213)	3,661)	3,958)	4,094)	3,940)	3,723)	3,869)	4,047)	3,933)	3,588)	3,645)	3,671)	3,527)	3,263)	3,392)	3,510)	3,306)	2,877)
Sales by Company-owned and operated restaurants	2,525)	2,317)	2,537)	2,563)	2,458)	2,132)	2,310)	2,656)	2,461)	2,355)	2,474)	2,556)	2,487)	2,224)	2,208)	2,125)	2,113)	2,302)	2,539)	2,598)	2,489)	2,162)
Other revenues	182)	193)	161)	151)	172)	163)	120)	123)	89)	91)	64)	89)	77)	86)	73)	76)	79)	100)	79)	93)	93)	86)
Revenues	7,099)	6,517)	7,008)	7,078)	6,843)	5,956)	6,388)	6,873)	6,490)	6,169)	6,406)	6,692)	6,498)	5,898)	5,927)	5,872)	5,718)	5,666)	6,009)	6,201)	5,888)	5,125)
Franchised restaurants-occupancy expenses	(680)	(676)	(678)	(666)	(654)	(620)	(634)	(646)	(629)	(627)	(633)	(625)	(618)	(598)	(588)	(589)	(589)	(584)	(592)	(593)	(579)	(572)
Company-owned and operated restaurant expenses	(2,138)	(2,032)	(2,160)	(2,172)	(2,078)	(1,859)	(1,978)	(2,248)	(2,074)	(2,035)	(2,075)	(2,135)	(2,091)	(1,923)	(1,872)	(1,780)	(1,770)	(1,959)	(2,100)	(2,108)	(2,021)	(1,818)
Other restaurant expenses	(163)	(166)	(140)	(135)	(149)	(140)	(98)	(104)	(69)	(68)	(45)	(68)	(57)	(63)	(57)	(57)	(58)	(72)	(56)	(69)	(68)	(67)
Gross margin	4,118)	3,643)	4,030)	4,105)	3,962)	3,337)	3,678)	3,875)	3,718)	3,439)	3,654)	3,864)	3,731)	3,314)	3,409)	3,446)	3,302)	3,050)	3,261)	3,431)	3,220)	2,668)
Depreciation and amortization	(111)	(111)	(123)	(121)	(106)	(107)	(136)	(111)	(101)	(99)	(91)	(97)	(95)	(99)	(91)	(93)	(93)	(93)	(87)	(84)	(83)	(76)
Other	(706)	(648)	(749)	(664)	(595)	(575)	(664)	(536)	(590)	(622)	(731)	(584)	(568)	(553)	(720)	(576)	(611)	(584)	(755)	(560)	(572)	(490)
Selling, general & administrative expenses	(817)	(759)	(872)	(785)	(701)	(682)	(800)	(647)	(691)	(721)	(821)	(680)	(663)	(653)	(812)	(670)	(704)	(677)	(842)	(644)	(656)	(566)
Other operating income (expense), net	37)	69)	(2)	37)	(29)	(7)	(10)	(40)	(107)	18)	(31)	25)	36)	(129)	(15)	(13)	(886)	(61)	(22)	199)	127)	179)
Operating income	3,338)	2,953)	3,156)	3,357)	3,232)	2,648)	2,868)	3,188)	2,920)	2,736)	2,802)	3,208)	3,104)	2,532)	2,583)	2,764)	1,712)	2,313)	2,397)	2,987)	2,691)	2,281)
Interest expense	(409)	(400)	(410)	(406)	(390)	(376)	(380)	(381)	(373)	(372)	(360)	(341)	(330)	(330)	(323)	(306)	(291)	(287)	(296)	(294)	(297)	(300)
Nonoperating income (expense), net	7)	(11)	11)	(2)	19)	58)	50)	36)	8)	45)	73)	56)	43)	64)	79)	79)	(12)	(484)	6)	(1)	(19)	(29)
Income before provision for income taxes	2,936)	2,542)	2,757)	2,949)	2,861)	2,330)	2,538)	2,843)	2,555)	2,409)	2,515)	2,924)	2,817)	2,267)	2,339)	2,536)	1,409)	1,541)	2,108)	2,691)	2,376)	1,953)
Provision for income taxes	(574)	(559)	(593)	(671)	(608)	(462)	(521)	(588)	(533)	(480)	(476)	(606)	(506)	(465)	(436)	(555)	(221)	(437)	(469)	(542)	(157)	(416)
Net income	2,362)	1,983)	2,164)	2,278)	2,253)	1,868)	2,017)	2,255)	2,022)	1,929)	2,039)	2,317)	2,310)	1,802)	1,903)	1,982)	1,188)	1,104)	1,639)	2,150)	2,219)	1,537)

Total revenues exhibit a consistent long-term growth trajectory, increasing from 5,125 million US dollars in March 2021 to 7,099 million US dollars by June 2026. This expansion is primarily driven by a significant increase in revenues from franchised restaurants, which grew from 2,877 million US dollars to 4,392 million US dollars over the analyzed period. In contrast, sales from company-owned and operated restaurants show more modest growth and higher volatility, rising from 2,162 million US dollars to 2,525 million US dollars.

Revenue Composition and Growth: A structural shift toward franchised revenue is evident. Franchised restaurant revenues grew by approximately 52%, while company-owned sales grew by only 16% over the same period. This indicates a strategic pivot toward a higher-margin, asset-light business model. Other revenues also showed a notable increase, particularly starting in 2024, rising from an average of under 100 million US dollars per quarter to peaks of 193 million US dollars in March 2026.
Gross Margin and Cost Management: Gross margins have expanded significantly, rising from 2,668 million US dollars in March 2021 to 4,118 million US dollars in June 2026. While franchised restaurant occupancy expenses and company-owned restaurant expenses have both increased in absolute terms, they have not scaled at the same rate as total revenues. For instance, company-owned restaurant expenses rose from 1,818 million US dollars to 2,138 million US dollars, representing a slower growth rate than the corresponding revenue stream.
Operating Income and Expense Trends: Operating income demonstrates a general upward trend, moving from 2,281 million US dollars to 3,338 million US dollars. However, this growth is tempered by rising operating costs. Selling, general, and administrative (SG&A) expenses increased from 566 million US dollars to 817 million US dollars. Depreciation and amortization also trended upward, from 76 million US dollars to 111 million US dollars, suggesting continued investment in infrastructure or equipment.
Net Profitability and Financial Obligations: Net income has grown from 1,537 million US dollars in March 2021 to 2,362 million US dollars in June 2026. A critical observation is the steady increase in interest expense, which rose from 300 million US dollars to 409 million US dollars. This suggests an increase in the cost of debt or a higher total debt load over the five-year period. Despite these rising financial costs and a fluctuating provision for income taxes, the overall bottom-line profitability has remained robust.

The financial data reveals a company successfully scaling its top line through franchise expansion while maintaining strong gross margin growth. The ability to increase net income despite rising interest expenses and SG&A costs suggests efficient operational leverage and a successful transition toward a more scalable revenue model.

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McDonald’s Corp. (NYSE:MCD)

Income Statement Quarterly Data

Income Statement
Quarterly Data