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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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McDonald’s Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 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
- The revenues from franchised restaurants show a generally increasing trend from March 2020 through June 2025, with some fluctuations, particularly a dip in March 2021 and March 2025. Sales by company-owned and operated restaurants fluctuate more notably, peaking in late 2021 and early 2023, with a downward trend towards mid-2025. Other revenues generally increase over the period, showing significant growth towards the end of the timeline, especially in 2024 and 2025.
- Total revenues follow a growth pattern from 2020 to 2025, despite periodic declines, maintaining a generally upward trajectory. The highest total revenue figures occur in the later years, reflecting recovery and growth after the initial 2020 downturn.
- Expenses Analysis
- Franchised restaurants' occupancy expenses remain relatively stable, with slight increases over time, but no sharp changes. Expenses associated with company-owned and operated restaurants fluctuate with peaks usually coinciding with revenue peaks, indicating correlation with sales volumes. These expenses decrease slightly toward mid-2025.
- Other restaurant expenses show volatility, with a marked increase in the last two years, reaching notable highs in 2024 and 2025, which may suggest rising operational costs or other specific factors impacting these expenses.
- Gross margin closely follows revenue trends, increasing over time but with visible dips during quarters with lower revenues. It reaches its peak in the periods corresponding to high revenue quarters, affirming operational efficiency or successful cost management in those periods.
- Depreciation and amortization steadily increase over the period, reflecting possibly increased capital investments or asset acquisitions. Similarly, selling, general, and administrative expenses maintain a rising trend with certain periods of spikes, particularly late 2020 and late 2021, implying increased overhead costs or strategic investments in administrative functions.
- The 'Other' expenses category shows considerable volatility and occasional spikes, notably high in late 2020, late 2021, and 2023, which may indicate extraordinary items or non-recurring costs during these periods.
- Operating Income and Profitability
- Operating income displays significant fluctuations over the quarters. There is strong growth observed from early 2020 into 2021, followed by some variability but generally maintaining higher levels than initial quarters. Peaks in operating income align with periods of increased revenues and controlled expenses.
- Interest expense remains relatively stable with a slight upward movement over time, reflecting consistent debt levels or cost of borrowing.
- Non-operating income and expenses exhibit variability with some notable negative impacts in early 2022, likely influencing net profitability in those periods. The fluctuations suggest exposure to financial or investment-related gains and losses.
- Income before provision for income taxes mirrors operating income trends but is more sensitive to non-operating factors, especially evident in the sharp decline in early 2022, followed by recovery and growth through to mid-2025.
- The provision for income taxes fluctuates significantly, without a clear trend, though generally higher in quarters with increased income before taxes, indicating proportionate taxation aligned with earnings.
- Net Income Dynamics
- Net income follows a similar pattern to income before taxes, with strong gains after the initial 2020 downturn. Although volatile, the overall trend is positive, with the highest net income figures recorded in mid-2023 and maintaining solid performance through 2024 and into 2025.
- Notable declines in net income are scarcest and generally correspond to periods of decreased operating income or increased expenses.
- Summary
- The data reveals that McDonald’s Corp. experienced initial disruption likely related to external factors in early 2020, with recovery and subsequent growth in revenue and profitability through 2025. Revenue streams from franchised and company-owned restaurants show differing volatility, with franchised revenues generally more stable.
- Operating efficiency appears to have improved over the period, supported by an increasing gross margin despite rising expenses. Expense volatility, especially in 'other' categories, intermittently impacts operating results, while interest expenses remain manageable.
- Overall, the financial trends indicate resilience and growth capacity, with profits expanding amid fluctuating market and operational conditions, reflecting effective cost control and revenue management strategies.