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.

Paying user area

Try for free

McDonald’s Corp. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

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

US$ in millions

Microsoft Excel
3 months ended: 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-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).

The financial performance, as indicated by the income statement, reveals a complex pattern of growth, fluctuation, and stabilization over the observed period. Revenues demonstrate an overall upward trajectory, though not consistently linear. Gross margin exhibits significant variability, influenced by changes in both revenue streams and associated expenses. Operating income shows a similar pattern of fluctuation before stabilizing in recent quarters. Net income mirrors these trends, with notable peaks and valleys throughout the period.

Revenue Trends
Total revenues increased from US$5,125 million in March 2021 to US$7,008 million in December 2023, before decreasing to US$7,078 million in June 2025. Revenues from franchised restaurants generally increased, with a peak in September 2025 at US$4,364 million. Sales from company-owned and operated restaurants experienced more volatility, peaking in September 2023 at US$2,556 million and declining to US$2,537 million in December 2023, before a slight recovery. Other revenues show a consistent, albeit smaller, increase over the period, reaching US$172 million in June 2025.
Expense Analysis
Franchised restaurants-occupancy expenses remained relatively stable, fluctuating between approximately US$-572 million and US$-678 million. Company-owned and operated restaurant expenses generally tracked revenue, peaking at US$-2,135 million in September 2023 and declining to US$-2,160 million in December 2023. Other restaurant expenses also showed a general increase, with a notable rise to US$-149 million in June 2025. Selling, general & administrative expenses consistently represent a significant portion of expenses, increasing from US$-566 million to US$-872 million over the period.
Profitability Metrics
Gross margin peaked at US$3,864 million in September 2023, but experienced fluctuations throughout the period. Depreciation and amortization expenses increased steadily, reaching US$-136 million in December 2022 and US$-123 million in December 2025. Other expenses exhibited significant volatility, particularly a large expense in December 2021 (US$-755 million) and in June 2025 (US$-785 million). Operating income peaked at US$3,208 million in September 2023, before stabilizing around US$3,188 million in September 2024. Net income followed a similar pattern, peaking at US$2,317 million in September 2023.
Non-Operating Items
Interest expense remained relatively consistent, fluctuating between approximately US$-287 million and US$-410 million. Nonoperating income (expense), net, was highly variable, swinging from positive values to significant negative values, particularly in June 2022 (US$-886 million). This volatility impacted income before provision for income taxes. The provision for income taxes generally tracked net income, with higher provisions corresponding to higher net income.

In summary, the period demonstrates a generally positive revenue trend, but with considerable expense-related volatility impacting profitability. The fluctuations in non-operating items, particularly the significant negative impact in June 2022, warrant further investigation. While operating income and net income show a stabilizing trend in the most recent quarters, continued monitoring of expense management and non-operating items is crucial.