Selected Financial Data
since 2005
Income Statement
McDonald’s Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2024 | 25,920) | 11,712) | 8,223) |
| Dec 31, 2023 | 25,494) | 11,647) | 8,469) |
| Dec 31, 2022 | 23,183) | 9,371) | 6,177) |
| Dec 31, 2021 | 23,223) | 10,356) | 7,545) |
| Dec 31, 2020 | 19,208) | 7,324) | 4,731) |
| Dec 31, 2019 | 21,077) | 9,070) | 6,025) |
| Dec 31, 2018 | 21,025) | 8,823) | 5,924) |
| Dec 31, 2017 | 22,820) | 9,553) | 5,192) |
| Dec 31, 2016 | 24,622) | 7,745) | 4,687) |
| Dec 31, 2015 | 25,413) | 7,146) | 4,529) |
| Dec 31, 2014 | 27,441) | 7,949) | 4,758) |
| Dec 31, 2013 | 28,106) | 8,764) | 5,586) |
| Dec 31, 2012 | 27,567) | 8,605) | 5,465) |
| Dec 31, 2011 | 27,006) | 8,530) | 5,503) |
| Dec 31, 2010 | 24,075) | 7,473) | 4,946) |
| Dec 31, 2009 | 22,745) | 6,841) | 4,551) |
| Dec 31, 2008 | 23,522) | 6,443) | 4,313) |
| Dec 31, 2007 | 22,787) | 3,879) | 2,395) |
| Dec 31, 2006 | 21,586) | 4,445) | 3,544) |
| Dec 31, 2005 | 20,460) | 4,022) | 2,602) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The revenue figures display a generally fluctuating but upward trend over the examined period. Starting at approximately $20.5 billion in 2005, revenues gradually increased with some volatility, reaching around $27 billion by 2011 and maintaining a level close to that into 2013. After a decline beginning in 2014, revenues reached a low point in 2020 at about $19.2 billion, likely influenced by external factors impacting that year. Subsequently, the revenues demonstrated recovery, climbing back to nearly $25.9 billion by 2024, surpassing earlier peak levels.
Operating income exhibits a somewhat similar pattern but with more pronounced variability. After initial growth from around $4 billion in 2005 to over $8.5 billion in 2012, the operating income saw periods of decline and recovery. Notably, there was a substantial dip in 2014 and 2015, followed by a significant rebound to a peak exceeding $11.6 billion in 2023 and 2024. This oscillation suggests operational challenges and improvements over the years, with strong profitability demonstrated in the later years of the period.
Net income reflects more volatility than both revenues and operating income. The net income increased from approximately $2.6 billion in 2005 to peaks near $5.5 billion in 2011 and 2017, indicating periods of strong post-tax profitability. However, some years experienced declines, notably in 2014, 2015, and 2020. The lowest net income during the period was recorded in 2020 at around $4.7 billion, in line with the revenue downturn. Recovery was evident afterward, with net income rising back above $8.2 billion in 2024, marking the highest figure reported over the time series.
Overall, the analyzed data reveals a cyclical trend influenced by external and internal factors affecting both revenues and profitability. Despite intermittent declines, both operating income and net income demonstrate resilience and growth over the long term, with the latter years showing a notable recovery and improvement in financial performance.
- Revenues
- Fluctuated between $20.5 billion and a peak near $27 billion, with a downturn around 2014-2020, followed by recovery surpassing previous highs.
- Operating Income
- Displayed higher volatility with peaks around 2012 and again in 2023-2024, indicating operational efficiency improvements after mid-period declines.
- Net Income
- Varied significantly, with several peaks and troughs aligned with revenue and operating income trends, recovering strongly in the final years to record highs.
Balance Sheet: Assets
McDonald’s Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2024 | 4,599) | 55,182) |
| Dec 31, 2023 | 7,986) | 56,147) |
| Dec 31, 2022 | 5,424) | 50,436) |
| Dec 31, 2021 | 7,149) | 53,854) |
| Dec 31, 2020 | 6,243) | 52,627) |
| Dec 31, 2019 | 3,558) | 47,511) |
| Dec 31, 2018 | 4,053) | 32,811) |
| Dec 31, 2017 | 5,327) | 33,804) |
| Dec 31, 2016 | 4,849) | 31,024) |
| Dec 31, 2015 | 9,643) | 37,939) |
| Dec 31, 2014 | 4,186) | 34,281) |
| Dec 31, 2013 | 5,050) | 36,626) |
| Dec 31, 2012 | 4,922) | 35,387) |
| Dec 31, 2011 | 4,403) | 32,990) |
| Dec 31, 2010 | 4,369) | 31,975) |
| Dec 31, 2009 | 3,416) | 30,225) |
| Dec 31, 2008 | 3,518) | 28,462) |
| Dec 31, 2007 | 3,582) | 29,392) |
| Dec 31, 2006 | 3,625) | 29,024) |
| Dec 31, 2005 | 5,850) | 29,989) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of the provided financial data reveals several trends in the assets of the company over the period from 2005 to 2024.
- Current Assets
- Current assets exhibited variability throughout the observed years. Initially, there was a notable decline from 5,850 million USD in 2005 to around the 3,400–3,600 million USD range by 2009. After this period, there was a recovery phase reaching a peak of 9,643 million USD in 2014, which signifies a substantial increase compared to earlier years.
- Subsequently, current assets dropped again to 4,849 million USD in 2016, followed by fluctuating movements with moderate rises and falls. Notable is the increase to 7,986 million USD in 2023 before a decrease to 4,599 million USD in 2024. These fluctuations indicate potential changes in liquidity management or operational activities impacting short-term asset holdings.
- Total Assets
- Total assets remained relatively stable with minor fluctuations during the first decade, ranging from approximately 29,000 to 33,000 million USD. After 2014, there was a significant jump to 47,511 million USD in 2019, followed by continued growth reaching a peak of 53,854 million USD in 2021.
- Post-2021, total assets experienced a slight decline, moving down to 55,182 million USD in 2024, but still maintaining a higher level compared to earlier years. This trend suggests strategic investments or acquisitions increasing the asset base substantially in the latter years, while the modest recent decline may reflect divestitures or adjustments in asset valuation.
Overall, the data indicates periods of both contraction and expansion in asset positions. The company’s total asset base has shown long-term growth, particularly in the latter part of the period reviewed, while current assets have demonstrated more volatility. These trends could highlight shifting focus in asset management strategies, possibly emphasizing fixed assets or long-term investments relative to short-term assets.
Balance Sheet: Liabilities and Stockholders’ Equity
McDonald’s Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Shareholders’ equity (deficit) | |
|---|---|---|---|
| Dec 31, 2024 | 3,861) | 38,424) | (3,797) |
| Dec 31, 2023 | 6,859) | 39,345) | (4,707) |
| Dec 31, 2022 | 3,802) | 35,904) | (6,003) |
| Dec 31, 2021 | 4,020) | 35,623) | (4,601) |
| Dec 31, 2020 | 6,181) | 37,440) | (7,825) |
| Dec 31, 2019 | 3,621) | 34,177) | (8,210) |
| Dec 31, 2018 | 2,974) | 31,075) | (6,258) |
| Dec 31, 2017 | 2,891) | 29,536) | (3,268) |
| Dec 31, 2016 | 3,468) | 25,956) | (2,204) |
| Dec 31, 2015 | 2,950) | 24,122) | 7,088) |
| Dec 31, 2014 | 2,748) | 14,990) | 12,853) |
| Dec 31, 2013 | 3,170) | 14,130) | 16,010) |
| Dec 31, 2012 | 3,403) | 13,633) | 15,294) |
| Dec 31, 2011 | 3,509) | 12,500) | 14,390) |
| Dec 31, 2010 | 2,925) | 11,505) | 14,634) |
| Dec 31, 2009 | 2,989) | 10,578) | 14,034) |
| Dec 31, 2008 | 2,538) | 10,218) | 13,383) |
| Dec 31, 2007 | 4,499) | 9,301) | 15,280) |
| Dec 31, 2006 | 3,008) | 8,434) | 15,458) |
| Dec 31, 2005 | 4,036) | 10,140) | 15,146) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
- Current liabilities
- The current liabilities fluctuated over the period from 2005 to 2024. There was a noticeable dip in 2008, reaching a low of 2,538 million USD, followed by a general upward trend until 2016. A significant peak occurred in 2020, with current liabilities rising sharply to 6,181 million USD. After this peak, liabilities declined over the next three years but spiked again in 2023. The values indicate periods of both increased and decreased short-term obligations, with notable volatility, particularly in the recent years.
- Total debt
- Total debt exhibited a consistent upward trend from 2005 through 2017, increasing from 10,140 million USD in 2005 to a peak of 31,075 million USD in 2018. Between 2018 and 2020, total debt continued to rise, reaching 37,440 million USD in 2020, the highest value in the series. Thereafter, a moderate decline occurred by 2024, although debt levels remained significantly higher than in the early years. Overall, the pattern highlights an expanding reliance on debt financing over time, with increased leverage evident especially after 2010.
- Shareholders’ equity (deficit)
- Shareholders’ equity started positively in 2005 at 15,146 million USD and remained relatively stable until around 2010. From 2010 onwards, a declining trend became apparent, transitioning to negative equity values from 2015 forward. The deficit deepened notably during 2016 to 2019, reaching its lowest point in 2019 at -8,210 million USD. Although some recovery appeared after this trough, equity remained negative throughout the subsequent years, indicating ongoing financial challenges in terms of net asset value. This downward trajectory of shareholders’ equity contrasts with growing debt, reflecting possible issues with profitability or asset valuation.
Cash Flow Statement
McDonald’s Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operations | Cash (used for) provided by investing activities | Cash provided by (used for) financing activities |
|---|---|---|---|
| Dec 31, 2024 | 9,447) | (5,346) | (7,495) |
| Dec 31, 2023 | 9,612) | (3,185) | (4,374) |
| Dec 31, 2022 | 7,387) | (2,678) | (6,580) |
| Dec 31, 2021 | 9,142) | (2,166) | (5,596) |
| Dec 31, 2020 | 6,265) | (1,546) | (2,249) |
| Dec 31, 2019 | 8,122) | (3,071) | (4,995) |
| Dec 31, 2018 | 6,967) | (2,455) | (5,950) |
| Dec 31, 2017 | 5,551) | 562) | (5,311) |
| Dec 31, 2016 | 6,060) | (982) | (11,262) |
| Dec 31, 2015 | 6,539) | (1,420) | 735) |
| Dec 31, 2014 | 6,730) | (2,305) | (4,618) |
| Dec 31, 2013 | 7,121) | (2,674) | (4,043) |
| Dec 31, 2012 | 6,966) | (3,167) | (3,850) |
| Dec 31, 2011 | 7,150) | (2,571) | (4,533) |
| Dec 31, 2010 | 6,342) | (2,056) | (3,729) |
| Dec 31, 2009 | 5,751) | (1,655) | (4,421) |
| Dec 31, 2008 | 5,917) | (1,625) | (4,115) |
| Dec 31, 2007 | 4,876) | (1,150) | (3,996) |
| Dec 31, 2006 | 4,342) | (1,273) | (5,192) |
| Dec 31, 2005 | 4,337) | (1,818) | 362) |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The analysis of cash flow activities over the examined periods reveals distinct trends in operational, investing, and financing cash movements.
- Cash Provided by Operations
- This metric displays a generally positive and upward trend from 2005 through 2024. Starting at 4,337 million USD in 2005, the operational cash flow experiences fluctuations but demonstrates overall growth, reaching a peak of 9,612 million USD in 2023 before slightly declining to 9,447 million USD in 2024. The data indicates consistent generation of cash from core business activities, with temporary dips observed in some years, notably in 2016 and 2020, possibly reflecting external economic factors or operational challenges.
- Cash Used for or Provided by Investing Activities
- Investing cash flows predominantly show negative values throughout the period, signaling consistent investment outflows. The amount ranged from -1,818 million USD in 2005 worsening to a significant outflow of -5,346 million USD in 2024. A notable exception occurs in 2017, where a positive cash inflow of 562 million USD is recorded, suggesting asset sales or divestitures during that year. Overall, the trend points to increasing capital expenditures or acquisitions, aligned with business growth or expansion strategies.
- Cash Provided by or Used for Financing Activities
- The financing cash flows are mostly negative across the period, denoting net outflows. The data starts with a positive small inflow of 362 million USD in 2005 but shortly turns predominantly negative, with large outflows peaking around 2016 with -11,262 million USD. Despite intermittent smaller positive inflows, such as 735 million USD in 2014, the financing activities mainly suggest debt repayments, dividends, or share buybacks exceeding cash raised through new borrowings or equity issuance. Towards the later years, significant negative financing cash flows persist, peaking again at -7,495 million USD in 2024.
In summary, the company consistently generates substantial operational cash flow, supporting its investing and financing needs. The increasing investment outflows highlight growth and asset acquisition efforts, while persistent financing cash outflows imply active management of capital structure, likely focused on reducing debt levels or returning capital to shareholders. The overall cash flow patterns demonstrate financial robustness with strategic resource deployment over the long term.
Per Share Data
McDonald’s Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2024 | 11.45 | 11.39 | 6.78 |
| Dec 31, 2023 | 11.63 | 11.56 | 6.23 |
| Dec 31, 2022 | 8.39 | 8.33 | 5.66 |
| Dec 31, 2021 | 10.11 | 10.04 | 5.25 |
| Dec 31, 2020 | 6.35 | 6.31 | 5.04 |
| Dec 31, 2019 | 7.95 | 7.88 | 4.73 |
| Dec 31, 2018 | 7.61 | 7.54 | 4.19 |
| Dec 31, 2017 | 6.43 | 6.37 | 3.83 |
| Dec 31, 2016 | 5.49 | 5.44 | 3.61 |
| Dec 31, 2015 | 4.82 | 4.80 | 3.44 |
| Dec 31, 2014 | 4.85 | 4.82 | 3.28 |
| Dec 31, 2013 | 5.59 | 5.55 | 3.12 |
| Dec 31, 2012 | 5.41 | 5.36 | 2.87 |
| Dec 31, 2011 | 5.33 | 5.27 | 2.53 |
| Dec 31, 2010 | 4.64 | 4.58 | 2.26 |
| Dec 31, 2009 | 4.17 | 4.11 | 2.05 |
| Dec 31, 2008 | 3.83 | 3.76 | 1.63 |
| Dec 31, 2007 | 2.02 | 1.98 | 1.50 |
| Dec 31, 2006 | 2.87 | 2.83 | 1.00 |
| Dec 31, 2005 | 2.06 | 2.04 | 0.67 |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
- Basic earnings per share
- Basic earnings per share demonstrate a generally upward trajectory from 2005 through 2024, increasing from $2.06 in 2005 to $11.45 in 2024. There are some fluctuations within this period, notably a dip in 2007 to $2.02, followed by a sharp rise in 2008 to $3.83. After a peak in 2019 at $7.95, the metric declines to $6.35 in 2020, possibly due to adverse conditions, before recovering strongly to $11.63 in 2023. The value slightly decreases to $11.45 in 2024. Overall, the trend indicates consistent growth in profitability per share over the long term, with occasional volatility.
- Diluted earnings per share
- Diluted earnings per share show a pattern closely mirroring that of basic earnings per share, starting at $2.04 in 2005 and reaching $11.39 in 2024. The trend includes a similar drop in 2007 and a substantial increase in 2008, followed by gradual growth with some periods of stagnation. The decline in 2020 to $6.31 is evident here as well, followed by a notable recovery. The parallel movement of diluted and basic earnings per share suggests stability in share dilution impacts and consistency in earnings quality across these years.
- Dividend per share
- Dividends per share indicate steady and consistent growth from $0.67 in 2005 to $6.78 in 2024. There are no periods of reduction or volatility, which suggests a commitment to returning income to shareholders across various economic conditions. The dividend growth shows an almost uninterrupted incremental rise annually, reflecting confidence in cash flow stability and shareholder value enhancement strategies.