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. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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McDonald’s Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 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).
- Revenue Trends
- Revenues from franchised restaurants showed notable fluctuation throughout the periods, with an initial dip during mid-2020, followed by a consistent recovery and growth, reaching a peak around late 2025. Sales by company-owned and operated restaurants exhibited a similar pattern, dropping sharply in early 2020 but gradually improving after, though with some intermittent declines in later quarters. Other revenues remained relatively stable but demonstrated an upward movement towards the end of the analyzed periods, indicating diversification or growth in alternative revenue sources. Overall total revenues displayed strong cyclical trends, with dips likely correlated to challenging economic conditions, and robust recovery phases leading to higher revenue levels in late 2024 and 2025.
- Expense Patterns
- Occupancy expenses related to franchised restaurants were relatively consistent with slight increases over time, reflecting perhaps adjustments in leasing or operational costs. Expenses for company-owned and operated restaurants followed revenue trends but maintained a more stable trajectory, indicating controlled cost management notwithstanding fluctuations in sales. Other restaurant expenses remained comparatively low but showed occasional spikes, signaling possible increases in specific operational costs or exceptional items. Gross margins oscillated in correspondence with revenues and expenses, showing healthy rebounds post early-2020 dips, and overall margin improvements towards the end of the periods, suggesting effective cost control combined with revenue growth.
- Operating Income and Related Costs
- Operating income experienced a substantial drop in early 2020, reflecting the impacts of market disruptions, but rebounded strongly with several peaks observed throughout 2021 to 2025. Depreciation and amortization expenses showed a gradual increase, indicating either asset growth or shifts in depreciation policy. Selling, general, and administrative expenses generally rose in line with higher revenues, maintaining operational leverage but with some volatility. Other operating income and expenses fluctuated, with some periods of significant negative impact late in 2021 and mid-2022, which may have dampened operating performance temporarily.
- Non-Operating and Financial Expenses
- Interest expenses remained relatively stable with a slight upward trend, suggesting modest increases in debt levels or borrowing costs. Nonoperating income and expense figures were inconsistent, featuring a severe negative value in late 2021 indicating a one-time or unusual event, but otherwise oscillated near neutral. Such volatility in non-operating items occasionally influenced pre-tax income results.
- Profitability and Taxation
- Income before provision for income taxes mirrored operating income trends but was notably affected by non-operating activities, leading to some volatility in pre-tax earnings. The provision for income taxes fluctuated considerably, with some quarters showing large increases, potentially due to changes in effective tax rates or taxable income structures. Net income followed the overall earnings pattern, with a significant recovery after early 2020 lows and achieving strong profitability towards the end of the evaluated periods. This pattern reflects resilience and effective management through uncertain economic conditions and recovery phases.
- Summary
- The financial data reveal a strong resilience pattern following early disruptions in 2020, with both revenue streams and profitability steadily improving over the subsequent quarters. Costs were generally managed in alignment with revenues, maintaining healthy gross margins and supporting robust operating income growth. Occasional fluctuations in non-operating income and tax provisions introduced some variability in net results, but the overall trajectory points to a positive recovery and strengthening financial position by 2025. The company demonstrates effective operational adjustments and cost control in an evolving market environment.