Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
McDonald’s Corp., solvency ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | McDonald’s Corp. debt to capital ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | McDonald’s Corp. debt to assets ratio deteriorated from Q2 2023 to Q3 2023 but then improved from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | McDonald’s Corp. interest coverage ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |
Debt to Equity
McDonald’s Corp., debt to equity calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 2,192,400) | —) | —) | 524,200) | —) | —) | —) | —) | —) | 500,000) | 500,000) | 900,000) | 2,243,600) | 2,688,800) | 4,086,600) | 1,106,000) | 59,100) | —) | —) | —) | ||||||
| Long-term debt, excluding current maturities | 37,152,900) | 37,274,600) | 35,710,100) | 36,603,700) | 35,903,500) | 34,866,200) | 34,576,500) | 33,988,800) | 35,622,700) | 34,628,000) | 34,922,600) | 34,823,200) | 35,196,800) | 35,143,400) | 34,675,600) | 38,046,600) | 34,118,100) | 32,850,100) | 32,654,300) | 32,892,000) | ||||||
| Total debt | 39,345,300) | 37,274,600) | 35,710,100) | 37,127,900) | 35,903,500) | 34,866,200) | 34,576,500) | 33,988,800) | 35,622,700) | 35,128,000) | 35,422,600) | 35,723,200) | 37,440,400) | 37,832,200) | 38,762,200) | 39,152,600) | 34,177,200) | 32,850,100) | 32,654,300) | 32,892,000) | ||||||
| Shareholders’ equity (deficit) | (4,706,700) | (4,854,800) | (4,999,100) | (5,776,100) | (6,003,400) | (6,566,200) | (6,369,800) | (5,990,800) | (4,601,000) | (5,675,000) | (5,808,000) | (7,235,500) | (7,824,900) | (8,472,100) | (9,463,100) | (9,293,400) | (8,210,300) | (8,599,200) | (6,808,800) | (6,550,900) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to equity1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.24 | 0.22 | 0.39 | 0.38 | 0.36 | 0.36 | 0.38 | 0.42 | 0.42 | 0.45 | 0.58 | 0.63 | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | — | — | — | 11.29 | 4.49 | 2.50 | 2.37 | 2.23 | 1.77 | 1.99 | 2.54 | 2.90 | 2.46 | 2.40 | 2.90 | 2.23 | 1.45 | 1.43 | 1.63 | 1.24 | ||||||
| Carnival Corp. & plc | 4.44 | 4.50 | 5.75 | 5.69 | 4.89 | 4.07 | 4.25 | 3.38 | 2.74 | 2.10 | 1.72 | 1.58 | 1.31 | 1.28 | 1.00 | 0.53 | 0.45 | 0.42 | 0.46 | 0.48 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 39,345,300 ÷ -4,706,700 = —
2 Click competitor name to see calculations.
Debt to Capital
McDonald’s Corp., debt to capital calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 2,192,400) | —) | —) | 524,200) | —) | —) | —) | —) | —) | 500,000) | 500,000) | 900,000) | 2,243,600) | 2,688,800) | 4,086,600) | 1,106,000) | 59,100) | —) | —) | —) | ||||||
| Long-term debt, excluding current maturities | 37,152,900) | 37,274,600) | 35,710,100) | 36,603,700) | 35,903,500) | 34,866,200) | 34,576,500) | 33,988,800) | 35,622,700) | 34,628,000) | 34,922,600) | 34,823,200) | 35,196,800) | 35,143,400) | 34,675,600) | 38,046,600) | 34,118,100) | 32,850,100) | 32,654,300) | 32,892,000) | ||||||
| Total debt | 39,345,300) | 37,274,600) | 35,710,100) | 37,127,900) | 35,903,500) | 34,866,200) | 34,576,500) | 33,988,800) | 35,622,700) | 35,128,000) | 35,422,600) | 35,723,200) | 37,440,400) | 37,832,200) | 38,762,200) | 39,152,600) | 34,177,200) | 32,850,100) | 32,654,300) | 32,892,000) | ||||||
| Shareholders’ equity (deficit) | (4,706,700) | (4,854,800) | (4,999,100) | (5,776,100) | (6,003,400) | (6,566,200) | (6,369,800) | (5,990,800) | (4,601,000) | (5,675,000) | (5,808,000) | (7,235,500) | (7,824,900) | (8,472,100) | (9,463,100) | (9,293,400) | (8,210,300) | (8,599,200) | (6,808,800) | (6,550,900) | ||||||
| Total capital | 34,638,600) | 32,419,800) | 30,711,000) | 31,351,800) | 29,900,100) | 28,300,000) | 28,206,700) | 27,998,000) | 31,021,700) | 29,453,000) | 29,614,600) | 28,487,700) | 29,615,500) | 29,360,100) | 29,299,100) | 29,859,200) | 25,966,900) | 24,250,900) | 25,845,500) | 26,341,100) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to capital1 | 1.14 | 1.15 | 1.16 | 1.18 | 1.20 | 1.23 | 1.23 | 1.21 | 1.15 | 1.19 | 1.20 | 1.25 | 1.26 | 1.29 | 1.32 | 1.31 | 1.32 | 1.35 | 1.26 | 1.25 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.20 | 0.18 | 0.28 | 0.27 | 0.26 | 0.26 | 0.27 | 0.30 | 0.29 | 0.31 | 0.37 | 0.39 | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 1.24 | 1.05 | 1.05 | 0.92 | 0.82 | 0.71 | 0.70 | 0.69 | 0.64 | 0.67 | 0.72 | 0.74 | 0.71 | 0.71 | 0.74 | 0.69 | 0.59 | 0.59 | 0.62 | 0.55 | ||||||
| Carnival Corp. & plc | 0.82 | 0.82 | 0.85 | 0.85 | 0.83 | 0.80 | 0.81 | 0.77 | 0.73 | 0.68 | 0.63 | 0.61 | 0.57 | 0.56 | 0.50 | 0.35 | 0.31 | 0.30 | 0.32 | 0.32 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Starbucks Corp. | 2.08 | 2.18 | 2.22 | 2.39 | 2.37 | 2.34 | 2.21 | 2.34 | 1.57 | 1.87 | 2.09 | 1.99 | 1.91 | 2.05 | 2.16 | 2.38 | 2.26 | 1.63 | 2.21 | 1.46 | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 39,345,300 ÷ 34,638,600 = 1.14
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | McDonald’s Corp. debt to capital ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023. |
Debt to Assets
McDonald’s Corp., debt to assets calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Short-term borrowings and current maturities of long-term debt | 2,192,400) | —) | —) | 524,200) | —) | —) | —) | —) | —) | 500,000) | 500,000) | 900,000) | 2,243,600) | 2,688,800) | 4,086,600) | 1,106,000) | 59,100) | —) | —) | —) | ||||||
| Long-term debt, excluding current maturities | 37,152,900) | 37,274,600) | 35,710,100) | 36,603,700) | 35,903,500) | 34,866,200) | 34,576,500) | 33,988,800) | 35,622,700) | 34,628,000) | 34,922,600) | 34,823,200) | 35,196,800) | 35,143,400) | 34,675,600) | 38,046,600) | 34,118,100) | 32,850,100) | 32,654,300) | 32,892,000) | ||||||
| Total debt | 39,345,300) | 37,274,600) | 35,710,100) | 37,127,900) | 35,903,500) | 34,866,200) | 34,576,500) | 33,988,800) | 35,622,700) | 35,128,000) | 35,422,600) | 35,723,200) | 37,440,400) | 37,832,200) | 38,762,200) | 39,152,600) | 34,177,200) | 32,850,100) | 32,654,300) | 32,892,000) | ||||||
| Total assets | 56,146,800) | 52,089,300) | 50,442,000) | 52,014,400) | 50,435,600) | 48,501,600) | 49,247,800) | 50,877,700) | 53,854,300) | 52,727,000) | 51,893,100) | 51,103,100) | 52,626,800) | 50,699,300) | 49,938,900) | 50,568,000) | 47,510,800) | 45,805,000) | 46,199,800) | 46,466,600) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Debt to assets1 | 0.70 | 0.72 | 0.71 | 0.71 | 0.71 | 0.72 | 0.70 | 0.67 | 0.66 | 0.67 | 0.68 | 0.70 | 0.71 | 0.75 | 0.78 | 0.77 | 0.72 | 0.72 | 0.71 | 0.71 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 0.10 | 0.09 | 0.09 | 0.10 | 0.12 | 0.12 | 0.10 | 0.12 | 0.14 | 0.15 | 0.13 | 0.16 | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 0.58 | 0.54 | 0.53 | 0.48 | 0.49 | 0.42 | 0.39 | 0.44 | 0.46 | 0.47 | 0.51 | 0.58 | 0.55 | 0.53 | 0.55 | 0.48 | 0.40 | 0.40 | 0.40 | 0.38 | ||||||
| Carnival Corp. & plc | 0.62 | 0.63 | 0.65 | 0.68 | 0.67 | 0.66 | 0.66 | 0.66 | 0.62 | 0.58 | 0.56 | 0.55 | 0.50 | 0.49 | 0.42 | 0.28 | 0.26 | 0.24 | 0.25 | 0.26 | ||||||
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Starbucks Corp. | 0.52 | 0.54 | 0.54 | 0.53 | 0.54 | 0.54 | 0.55 | 0.51 | 0.47 | 0.50 | 0.52 | 0.53 | 0.56 | 0.58 | 0.51 | 0.42 | 0.58 | 0.53 | 0.52 | 0.46 | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 39,345,300 ÷ 56,146,800 = 0.70
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | McDonald’s Corp. debt to assets ratio deteriorated from Q2 2023 to Q3 2023 but then improved from Q3 2023 to Q4 2023 exceeding Q2 2023 level. |
Financial Leverage
McDonald’s Corp., financial leverage calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Total assets | 56,146,800) | 52,089,300) | 50,442,000) | 52,014,400) | 50,435,600) | 48,501,600) | 49,247,800) | 50,877,700) | 53,854,300) | 52,727,000) | 51,893,100) | 51,103,100) | 52,626,800) | 50,699,300) | 49,938,900) | 50,568,000) | 47,510,800) | 45,805,000) | 46,199,800) | 46,466,600) | ||||||
| Shareholders’ equity (deficit) | (4,706,700) | (4,854,800) | (4,999,100) | (5,776,100) | (6,003,400) | (6,566,200) | (6,369,800) | (5,990,800) | (4,601,000) | (5,675,000) | (5,808,000) | (7,235,500) | (7,824,900) | (8,472,100) | (9,463,100) | (9,293,400) | (8,210,300) | (8,599,200) | (6,808,800) | (6,550,900) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Financial leverage1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 2.53 | 2.35 | 4.19 | 3.78 | 2.88 | 2.90 | 3.63 | 3.60 | 2.87 | 3.05 | 4.56 | 3.91 | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | — | — | — | 23.47 | 9.12 | 6.01 | 6.12 | 5.12 | 3.83 | 4.21 | 4.98 | 4.97 | 4.47 | 4.51 | 5.23 | 4.66 | 3.61 | 3.60 | 4.05 | 3.23 | ||||||
| Carnival Corp. & plc | 7.14 | 7.15 | 8.84 | 8.43 | 7.32 | 6.20 | 6.42 | 5.17 | 4.39 | 3.60 | 3.08 | 2.89 | 2.61 | 2.61 | 2.39 | 1.93 | 1.78 | 1.74 | 1.85 | 1.81 | ||||||
| Chipotle Mexican Grill Inc. | 2.63 | 2.74 | 2.73 | 2.84 | 2.93 | 2.93 | 3.04 | 3.03 | 2.90 | 2.87 | 2.91 | 2.93 | 2.96 | 3.12 | 3.15 | 3.11 | 3.03 | 3.04 | 3.03 | 3.12 | ||||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 56,146,800 ÷ -4,706,700 = —
2 Click competitor name to see calculations.
Interest Coverage
McDonald’s Corp., interest coverage calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||
| Net income | 2,039,000) | 2,317,100) | 2,310,400) | 1,802,300) | 1,903,400) | 1,981,600) | 1,188,000) | 1,104,400) | 1,638,800) | 2,149,900) | 2,219,300) | 1,537,200) | 1,377,200) | 1,762,600) | 483,800) | 1,106,900) | 1,572,200) | 1,607,900) | 1,516,900) | 1,328,400) | ||||||
| Add: Income tax expense | 476,000) | 606,400) | 506,300) | 464,700) | 435,500) | 554,600) | 221,100) | 436,800) | 469,000) | 541,500) | 156,700) | 415,500) | 452,800) | 454,500) | 164,900) | 338,000) | 454,600) | 544,300) | 490,900) | 502,900) | ||||||
| Add: Interest expense | 360,200) | 340,700) | 330,200) | 329,700) | 322,900) | 306,200) | 290,600) | 287,300) | 295,600) | 293,700) | 296,500) | 300,000) | 308,900) | 310,100) | 319,100) | 280,000) | 283,000) | 280,600) | 284,200) | 274,100) | ||||||
| Earnings before interest and tax (EBIT) | 2,875,200) | 3,264,200) | 3,146,900) | 2,596,700) | 2,661,800) | 2,842,400) | 1,699,700) | 1,828,500) | 2,403,400) | 2,985,100) | 2,672,500) | 2,252,700) | 2,138,900) | 2,527,200) | 967,800) | 1,724,900) | 2,309,800) | 2,432,800) | 2,292,000) | 2,105,400) | ||||||
| Solvency Ratio | ||||||||||||||||||||||||||
| Interest coverage1 | 8.73 | 8.82 | 8.73 | 7.84 | 7.48 | 7.44 | 7.64 | 8.43 | 8.70 | 8.38 | 7.89 | 6.37 | 6.04 | 6.32 | 6.39 | 7.77 | 8.15 | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Interest Coverage, Competitors2 | ||||||||||||||||||||||||||
| Airbnb Inc. | 26.33 | 166.72 | 145.45 | 96.66 | 83.88 | 81.06 | 58.89 | 40.98 | 0.31 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Booking Holdings Inc. | 7.11 | 8.82 | 9.14 | 10.82 | 11.03 | 11.24 | 7.95 | 3.94 | 5.39 | 3.50 | 3.03 | 3.59 | 2.59 | 6.44 | 12.20 | 17.17 | 23.40 | — | — | — | ||||||
| Carnival Corp. & plc | 0.97 | 0.21 | -0.77 | -1.74 | -2.78 | -3.71 | -5.12 | -5.00 | -4.95 | -4.71 | -5.12 | -8.26 | -10.46 | -11.71 | -7.55 | 10.30 | 15.86 | 16.27 | 16.09 | 17.01 | ||||||
| Starbucks Corp. | 10.82 | 10.22 | 10.01 | 9.66 | 9.76 | 12.25 | 12.95 | 13.08 | 12.40 | 8.49 | 3.76 | 2.78 | 3.66 | 5.23 | 12.29 | 14.35 | 14.49 | 15.69 | 15.50 | 18.04 | ||||||
Based on: 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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Interest coverage
= (EBITQ4 2023
+ EBITQ3 2023
+ EBITQ2 2023
+ EBITQ1 2023)
÷ (Interest expenseQ4 2023
+ Interest expenseQ3 2023
+ Interest expenseQ2 2023
+ Interest expenseQ1 2023)
= (2,875,200 + 3,264,200 + 3,146,900 + 2,596,700)
÷ (360,200 + 340,700 + 330,200 + 329,700)
= 8.73
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | McDonald’s Corp. interest coverage ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023 not reaching Q2 2023 level. |