Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

Analysis of Profitability Ratios
Quarterly Data

Microsoft Excel

Profitability Ratios (Summary)

McDonald’s Corp., profitability ratios (quarterly data)

Microsoft Excel
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
Return on Sales
Gross profit margin 57.12% 57.24% 57.45% 57.53% 56.97% 56.13% 55.29% 54.54% 54.17% 53.71% 53.22% 51.37% 50.77% 51.02% 50.98% 52.42% 52.74%
Operating profit margin 45.68% 45.68% 45.40% 40.96% 40.42% 39.48% 39.87% 43.71% 44.59% 44.84% 44.34% 40.33% 38.13% 38.84% 38.21% 41.61% 43.03%
Net profit margin 33.22% 33.31% 33.06% 29.36% 26.65% 25.41% 25.77% 29.93% 32.49% 32.33% 31.72% 26.31% 24.63% 25.60% 24.78% 27.86% 28.59%
Return on Investment
Return on equity (ROE)
Return on assets (ROA) 15.08% 16.00% 15.86% 13.22% 12.25% 12.19% 12.35% 13.98% 14.01% 13.81% 13.29% 10.10% 8.99% 9.72% 9.55% 11.48% 12.68%

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).

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. McDonald’s Corp. gross profit margin ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. McDonald’s Corp. operating profit margin ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. McDonald’s Corp. net profit margin ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. McDonald’s Corp. ROA improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Gross Profit Margin

McDonald’s Corp., gross profit margin calculation (quarterly data)

Microsoft Excel
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)
Gross margin 3,654,200 3,863,700 3,731,000 3,313,600 3,408,900 3,446,100 3,302,100 3,050,100 3,261,000 3,431,400 3,219,500 2,668,300 2,780,200 2,904,700 1,725,300 2,341,900 2,846,100 2,903,400 2,829,500 2,536,300
Revenues 6,406,200 6,692,200 6,497,500 5,897,800 5,926,500 5,872,100 5,718,400 5,665,600 6,009,100 6,201,300 5,887,900 5,124,600 5,313,800 5,418,100 3,761,500 4,714,400 5,349,000 5,430,600 5,341,300 4,955,600
Profitability Ratio
Gross profit margin1 57.12% 57.24% 57.45% 57.53% 56.97% 56.13% 55.29% 54.54% 54.17% 53.71% 53.22% 51.37% 50.77% 51.02% 50.98% 52.42% 52.74%
Benchmarks
Gross Profit Margin, Competitors2
Airbnb Inc. 82.83% 82.67% 82.33% 82.04% 82.15% 81.95% 81.58% 80.89% 80.71%
Carnival Corp. & plc 33.70% 28.35% 21.02% 12.95% 3.38% -3.11% -39.21% -75.46% -143.97% -435.92% -2,332.39% -531.85% -47.36% -2.81% 25.10% 36.54% 38.01% 38.66% 39.40% 40.37%
Chipotle Mexican Grill Inc. 26.20% 25.91% 25.67% 25.05% 23.88% 23.00% 22.49% 22.20% 22.62% 22.58% 21.58% 18.70% 17.40% 17.26% 17.51% 19.63% 20.45%
Starbucks Corp. 27.37% 26.52% 26.22% 25.78% 25.96% 26.87% 27.72% 28.59% 28.87% 27.85% 22.77% 20.94% 21.51% 22.34% 26.89% 28.35% 28.25% 28.74% 29.06% 29.27%

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
Gross profit margin = 100 × (Gross marginQ4 2023 + Gross marginQ3 2023 + Gross marginQ2 2023 + Gross marginQ1 2023) ÷ (RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023)
= 100 × (3,654,200 + 3,863,700 + 3,731,000 + 3,313,600) ÷ (6,406,200 + 6,692,200 + 6,497,500 + 5,897,800) = 57.12%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Gross profit margin Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures. McDonald’s Corp. gross profit margin ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Operating Profit Margin

McDonald’s Corp., operating profit margin calculation (quarterly data)

Microsoft Excel
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)
Operating income 2,801,900 3,208,300 3,104,100 2,532,400 2,582,700 2,763,900 1,711,800 2,312,600 2,397,100 2,986,500 2,691,100 2,281,300 2,142,900 2,526,400 961,100 1,693,600 2,292,600 2,409,300 2,273,900 2,094,000
Revenues 6,406,200 6,692,200 6,497,500 5,897,800 5,926,500 5,872,100 5,718,400 5,665,600 6,009,100 6,201,300 5,887,900 5,124,600 5,313,800 5,418,100 3,761,500 4,714,400 5,349,000 5,430,600 5,341,300 4,955,600
Profitability Ratio
Operating profit margin1 45.68% 45.68% 45.40% 40.96% 40.42% 39.48% 39.87% 43.71% 44.59% 44.84% 44.34% 40.33% 38.13% 38.84% 38.21% 41.61% 43.03%
Benchmarks
Operating Profit Margin, Competitors2
Airbnb Inc. 15.31% 23.42% 21.53% 20.69% 21.45% 20.46% 17.49% 13.17% 7.17%
Booking Holdings Inc. 27.31% 31.85% 31.29% 29.59% 29.85% 28.74% 27.56% 23.83% 22.78% 16.22% -2.86% -11.21% -9.28% 7.80% 24.33% 30.86% 35.48%
Carnival Corp. & plc 9.06% 2.18% -8.39% -20.43% -35.99% -53.41% -118.05% -201.31% -371.54% -1,040.94% -5,010.56% -1,162.98% -158.45% -65.16% -14.93% 10.40% 15.73% 16.31% 16.40% 17.04%
Chipotle Mexican Grill Inc. 15.78% 15.63% 15.42% 14.89% 13.44% 12.15% 11.36% 10.65% 10.67% 10.61% 9.22% 6.02% 4.85% 4.67% 4.98% 7.12% 7.95%
Starbucks Corp. 16.32% 15.31% 14.92% 14.26% 14.32% 15.33% 16.27% 16.92% 16.77% 14.56% 7.36% 5.42% 6.64% 8.67% 14.67% 15.88% 15.38% 15.16% 15.14% 14.96%

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
Operating profit margin = 100 × (Operating incomeQ4 2023 + Operating incomeQ3 2023 + Operating incomeQ2 2023 + Operating incomeQ1 2023) ÷ (RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023)
= 100 × (2,801,900 + 3,208,300 + 3,104,100 + 2,532,400) ÷ (6,406,200 + 6,692,200 + 6,497,500 + 5,897,800) = 45.68%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Operating profit margin A profitability ratio calculated as operating income divided by revenue. McDonald’s Corp. operating profit margin ratio improved from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Net Profit Margin

McDonald’s Corp., net profit margin calculation (quarterly data)

Microsoft Excel
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
Revenues 6,406,200 6,692,200 6,497,500 5,897,800 5,926,500 5,872,100 5,718,400 5,665,600 6,009,100 6,201,300 5,887,900 5,124,600 5,313,800 5,418,100 3,761,500 4,714,400 5,349,000 5,430,600 5,341,300 4,955,600
Profitability Ratio
Net profit margin1 33.22% 33.31% 33.06% 29.36% 26.65% 25.41% 25.77% 29.93% 32.49% 32.33% 31.72% 26.31% 24.63% 25.60% 24.78% 27.86% 28.59%
Benchmarks
Net Profit Margin, Competitors2
Airbnb Inc. 48.32% 56.87% 25.31% 23.30% 22.54% 20.29% 16.91% 12.12% -5.88%
Booking Holdings Inc. 20.07% 25.70% 23.04% 22.14% 17.89% 15.24% 10.54% 4.16% 10.63% 4.15% 5.77% 12.44% 0.87% 15.68% 22.52% 23.43% 32.29%
Carnival Corp. & plc -0.34% -8.11% -19.83% -32.68% -50.07% -74.00% -156.78% -268.73% -497.96% -1,385.69% -6,426.76% -1,373.56% -182.95% -73.40% -17.53% 8.94% 14.36% 14.93% 15.08% 16.03%
Chipotle Mexican Grill Inc. 12.45% 12.27% 12.00% 11.49% 10.41% 9.61% 9.28% 8.74% 8.65% 9.88% 8.57% 6.44% 5.94% 4.08% 4.55% 5.95% 6.27%
Starbucks Corp. 11.46% 10.80% 10.46% 10.09% 10.18% 13.03% 14.07% 14.47% 14.45% 10.43% 4.18% 2.87% 3.95% 5.56% 12.71% 13.81% 13.58% 13.63% 11.86% 11.98%

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
Net profit margin = 100 × (Net incomeQ4 2023 + Net incomeQ3 2023 + Net incomeQ2 2023 + Net incomeQ1 2023) ÷ (RevenuesQ4 2023 + RevenuesQ3 2023 + RevenuesQ2 2023 + RevenuesQ1 2023)
= 100 × (2,039,000 + 2,317,100 + 2,310,400 + 1,802,300) ÷ (6,406,200 + 6,692,200 + 6,497,500 + 5,897,800) = 33.22%

2 Click competitor name to see calculations.

Profitability ratio Description The company
Net profit margin An indicator of profitability, calculated as net income divided by revenue. McDonald’s Corp. net profit margin ratio improved from Q2 2023 to Q3 2023 but then slightly deteriorated from Q3 2023 to Q4 2023.

Return on Equity (ROE)

McDonald’s Corp., ROE calculation (quarterly data)

Microsoft Excel
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
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)
Profitability Ratio
ROE1
Benchmarks
ROE, Competitors2
Airbnb Inc. 58.69% 59.85% 45.46% 38.34% 34.05% 29.40% 23.80% 16.92% -7.37%
Booking Holdings Inc. 374.67% 109.92% 66.51% 38.58% 11.89% 18.86% 6.89% 8.63% 14.76% 1.21% 28.39% 63.62% 88.78% 82.00%
Carnival Corp. & plc -1.08% -23.33% -59.13% -79.34% -86.24% -84.91% -111.15% -91.35% -78.24% -61.25% -51.05% -57.68% -49.80% -38.92% -14.17% 7.71% 11.79% 12.10% 12.39% 12.78%
Chipotle Mexican Grill Inc. 40.13% 40.55% 40.27% 41.60% 37.97% 34.75% 35.10% 32.06% 28.42% 30.74% 26.97% 19.38% 17.61% 13.14% 14.99% 20.24% 20.81%
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
ROE = 100 × (Net incomeQ4 2023 + Net incomeQ3 2023 + Net incomeQ2 2023 + Net incomeQ1 2023) ÷ Shareholders’ equity (deficit)
= 100 × (2,039,000 + 2,317,100 + 2,310,400 + 1,802,300) ÷ -4,706,700 =

2 Click competitor name to see calculations.


Return on Assets (ROA)

McDonald’s Corp., ROA calculation (quarterly data)

Microsoft Excel
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
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
Profitability Ratio
ROA1 15.08% 16.00% 15.86% 13.22% 12.25% 12.19% 12.35% 13.98% 14.01% 13.81% 13.29% 10.10% 8.99% 9.72% 9.55% 11.48% 12.68%
Benchmarks
ROA, Competitors2
Airbnb Inc. 23.21% 25.47% 10.85% 10.13% 11.80% 10.13% 6.55% 4.70% -2.57%
Booking Holdings Inc. 17.62% 20.68% 16.78% 15.96% 12.06% 11.06% 6.30% 2.32% 4.93% 1.64% 1.73% 2.97% 0.27% 6.30% 12.17% 19.04% 22.73%
Carnival Corp. & plc -0.15% -3.26% -6.69% -9.42% -11.78% -13.70% -17.33% -17.68% -17.81% -17.01% -16.57% -19.97% -19.10% -14.94% -5.93% 3.99% 6.64% 6.95% 6.71% 7.05%
Chipotle Mexican Grill Inc. 15.27% 14.79% 14.75% 14.64% 12.98% 11.86% 11.55% 10.58% 9.81% 10.72% 9.28% 6.61% 5.95% 4.21% 4.76% 6.50% 6.86%
Starbucks Corp. 14.01% 13.17% 12.43% 11.75% 11.73% 14.80% 15.19% 15.24% 13.38% 9.59% 3.51% 2.22% 3.16% 4.59% 12.33% 13.43% 18.73% 17.00% 17.19% 15.16%

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
ROA = 100 × (Net incomeQ4 2023 + Net incomeQ3 2023 + Net incomeQ2 2023 + Net incomeQ1 2023) ÷ Total assets
= 100 × (2,039,000 + 2,317,100 + 2,310,400 + 1,802,300) ÷ 56,146,800 = 15.08%

2 Click competitor name to see calculations.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. McDonald’s Corp. ROA improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.