Income Statement McDonald's Corporation

Equities

MCD

US5801351017

Restaurants & Bars

Market Closed - Nyse Other stock markets 04:00:02 2025-01-22 pm EST			5-day change	1st Jan Change
281.35 ^USD	-0.45%		-0.08%	-2.95%

06:58am	MCDONALDS : UBS remains its Buy rating	ZD
Jan. 21	Morgan Stanley Adjusts McDonald's Price Target to $336 From $340	MT

ebb3583e588893.rVT5piI2hMt1zS0T2HxTM5NhCLRb13dOU9rMk5sm5dc.nCeg9mhA64UkpmtEsSsDS-UuV-4TtQQhKur0w-tv0rLmMa2US1XB-DuAeA

Published financial data: MCDONALD'S CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	21.08B	18.87B	22.87B	22.85B	25.18B
Other Revenues, Total	-	342M	350M	328M	316M
Total Revenues	21.08B	19.21B	23.22B	23.18B	25.49B
Cost of Goods Sold, Total	9.96B	9.46B	10.64B	9.98B	10.93B
Gross Profit	11.12B	9.75B	12.58B	13.21B	14.56B
Selling General & Admin Expenses, Total	2.23B	2.24B	2.38B	2.49B	2.44B
Depreciation & Amortization - (IS)	-	301M	330M	370M	382M
Other Operating Expenses	-4.8M	82.9M	-400K	-200K	300K
Other Operating Expenses, Total	2.22B	2.63B	2.71B	2.86B	2.82B
Operating Income	8.89B	7.12B	9.87B	10.34B	11.75B
Interest Expense, Total	-1.12B	-1.22B	-1.19B	-1.21B	-1.36B
Interest And Investment Income	37M	18M	9M	44M	186M
Net Interest Expenses	-1.08B	-1.2B	-1.18B	-1.16B	-1.17B
Income (Loss) On Equity Invest.	154M	117M	177M	113M	153M
Currency Exchange Gains (Loss)	48M	3M	-37M	134M	19M
Other Non Operating Income (Expenses)	-14.8M	13.8M	-14.3M	-517M	31.3M
EBT, Excl. Unusual Items	7.99B	6.06B	8.82B	8.91B	10.77B
Restructuring Charges	-	-68M	-	-	-250M
Gain (Loss) On Sale Of Investments	-99.4M	274M	339M	-	-
Gain (Loss) On Sale Of Assets	125M	-96.7M	-32.8M	-1.09B	110M
Asset Writedown	-	-26.3M	-	-	-112M
EBT, Incl. Unusual Items	8.02B	6.14B	9.13B	7.83B	10.52B
Income Tax Expense	1.99B	1.41B	1.58B	1.65B	2.05B
Earnings From Continuing Operations	6.03B	4.73B	7.55B	6.18B	8.47B
Net Income to Company	6.03B	4.73B	7.55B	6.18B	8.47B
Net Income - (IS)	6.03B	4.73B	7.55B	6.18B	8.47B
Net Income to Common Incl Extra Items	6.03B	4.73B	7.55B	6.18B	8.47B
Net Income to Common Excl. Extra Items	6.03B	4.73B	7.55B	6.18B	8.47B
Per Share Items
Net EPS - Basic	7.95	6.35	10.11	8.39	11.63
Basic EPS - Continuing Operations	7.95	6.35	10.11	8.39	11.63
Basic Weighted Average Shares Outstanding	758M	745M	746M	736M	728M
Net EPS - Diluted	7.88	6.31	10.04	8.33	11.56
Diluted EPS - Continuing Operations	7.88	6.31	10.04	8.33	11.56
Diluted Weighted Average Shares Outstanding	765M	750M	752M	741M	732M
Normalized Basic EPS	6.59	5.08	7.39	7.56	9.25
Normalized Diluted EPS	6.53	5.05	7.33	7.51	9.2
Dividend Per Share	4.73	5.04	5.25	5.66	6.23
Payout Ratio	59.45	79.33	51.94	67.47	53.52
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	10.51B	8.88B	11.74B	12.22B	13.72B
EBITA	8.89B	7.12B	9.87B	10.34B	11.75B
EBIT	8.89B	7.12B	9.87B	10.34B	11.75B
EBITDAR	12.12B	10.35B	13.3B	13.69B	15.27B
Total Revenues (As Reported)	21.08B	19.21B	23.22B	23.18B	25.49B
Effective Tax Rate - (Ratio)	24.85	22.96	17.34	21.06	19.51
Current Domestic Taxes	716M	673M	1.12B	764M	1.6B
Current Foreign Taxes	1.13B	731M	895M	1.23B	1.14B
Total Current Taxes	1.84B	1.4B	2.01B	1.99B	2.74B
Deferred Domestic Taxes	58.5M	944M	-202M	-126M	-176M
Deferred Foreign Taxes	91.2M	-937M	-227M	-220M	-511M
Total Deferred Taxes	150M	6.4M	-428M	-346M	-686M
Normalized Net Income	5B	3.79B	5.51B	5.57B	6.73B
Interest Capitalized	7.4M	6M	6.8M	9.5M	14.5M
Supplemental Operating Expense Items
Advertising Expense	366M	326M	378M	334M	347M
Marketing Expenses	81.5M	329M	-	-	-
Selling and Marketing Expenses	81.5M	329M	-	-	-
Net Rental Expense, Total	1.61B	1.48B	1.56B	1.48B	1.54B
Imputed Operating Lease Interest Expense	369M	293M	295M	293M	333M
Imputed Operating Lease Depreciation	1.24B	1.19B	1.26B	1.18B	1.21B
Stock-Based Comp., SG&A Exp. (Total)	110M	92.4M	139M	167M	175M
Total Stock-Based Compensation	110M	92.4M	139M	167M	175M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	898M	3.45B	4.71B	2.58B	4.58B
Trading Asset Securities, Total	-	-	300K	-	4.3M
Total Cash And Short Term Investments	898M	3.45B	4.71B	2.58B	4.58B
Accounts Receivable, Total	2.22B	2.11B	1.87B	2.12B	2.49B
Other Receivables	139M	325M	332M	27.3M	-
Total Receivables	2.36B	2.44B	2.2B	2.14B	2.49B
Inventory	50.2M	51.1M	55.6M	52M	52.8M
Prepaid Expenses	222M	122M	127M	392M	848M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	24M	186M	52.4M	254M	14M
Total Current Assets	3.56B	6.24B	7.15B	5.42B	7.99B
Gross Property Plant And Equipment	52.31B	55.3B	55.47B	53.6B	57.08B
Accumulated Depreciation	-14.89B	-16.52B	-17.2B	-17.26B	-18.66B
Net Property Plant And Equipment	37.42B	38.79B	38.27B	36.34B	38.42B
Long-term Investments	1.28B	1.33B	1.21B	1.06B	1.08B
Goodwill	2.68B	2.77B	2.78B	2.9B	3.04B
Other Intangibles, Total	-	691M	795M	864M	836M
Deferred Tax Assets Long-Term	1.14B	2.14B	2.36B	2.48B	3.02B
Other Long-Term Assets, Total	1.43B	665M	1.29B	1.37B	1.76B
Total Assets	47.51B	52.63B	53.85B	50.44B	56.15B
Liabilities
Accounts Payable, Total	988M	741M	1.01B	980M	1.1B
Accrued Expenses, Total	1.61B	1.67B	1.94B	1.87B	2.12B
Current Portion of Long-Term Debt	59.1M	2.24B	-	-	2.2B
Current Portion of Leases	621M	702M	706M	661M	688M
Current Income Taxes Payable	332M	741M	361M	275M	705M
Other Current Liabilities	10.1M	82.5M	3.3M	19.5M	42.1M
Total Current Liabilities	3.62B	6.18B	4.02B	3.8B	6.86B
Long-Term Debt	34.12B	35.2B	35.63B	36B	37.21B
Long-Term Leases	12.76B	13.32B	13.02B	12.13B	13.06B
Unearned Revenue Non Current	661M	702M	738M	758M	790M
Deferred Tax Liability Non Current	1.32B	2.03B	2.08B	2B	1.68B
Other Non Current Liabilities	3.25B	3.02B	2.97B	1.75B	1.25B
Total Liabilities	55.72B	60.45B	58.46B	56.44B	60.85B
Common Stock, Total	16.6M	16.6M	16.6M	16.6M	16.6M
Additional Paid In Capital	7.65B	7.9B	8.23B	8.55B	8.89B
Retained Earnings	52.93B	53.91B	57.53B	59.54B	63.48B
Treasury Stock	-66.33B	-67.07B	-67.81B	-71.62B	-74.64B
Comprehensive Income and Other	-2.48B	-2.59B	-2.57B	-2.49B	-2.46B
Total Common Equity	-8.21B	-7.82B	-4.6B	-6B	-4.71B
Total Equity	-8.21B	-7.82B	-4.6B	-6B	-4.71B
Total Liabilities And Equity	47.51B	52.63B	53.85B	50.44B	56.15B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	745M	746M	744M	731M	722M
ECS Total Common Shares Outstanding	746M	745M	745M	731M	723M
Book Value / Share	-11	-10.5	-6.18	-8.22	-6.51
Tangible Book Value	-10.89B	-11.29B	-8.18B	-9.77B	-8.58B
Tangible Book Value Per Share	-14.59	-15.15	-10.98	-13.37	-11.88
Total Debt	47.56B	51.46B	49.35B	48.79B	53.15B
Net Debt	46.66B	48.01B	44.64B	46.21B	48.57B
Debt Equivalent Oper. Leases	12.85B	11.83B	12.48B	11.81B	12.34B
Equity Method Investments, Total	1.27B	1.3B	1.2B	1.06B	1.08B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	6.03B	6.35B	6.49B	6.69B	7.08B
Buildings, Total	29.61B	31.58B	31.95B	31.43B	33.38B
Machinery, Total	2.99B	3.12B	3.03B	2.5B	2.69B
Full Time Employees	205K	200K	100K	100K	100K
Accumulated Allowance for Doubtful Accounts (Supple)	-	55.3M	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	6.03B	4.73B	7.55B	6.18B	8.47B
Depreciation & Amortization - CF	1.62B	1.75B	1.87B	1.87B	1.98B
Depreciation & Amortization, Total	1.62B	1.75B	1.87B	1.87B	1.98B
(Gain) Loss From Sale Of Asset	-128M	-28.2M	-97.8M	733M	-103M
Stock-Based Compensation (CF)	110M	92.4M	139M	167M	175M
Other Operating Activities, Total	199M	-68.8M	-767M	-916M	-799M
Change In Accounts Receivable	27M	-6.8M	310M	-264M	-161M
Change In Inventories	129M	-68.6M	-62.2M	5.6M	16.7M
Change In Accounts Payable	-26.8M	-138M	225M	31.3M	50.4M
Change In Income Taxes	173M	-43.6M	-302M	-547M	-220M
Change in Other Net Operating Assets	-3.9M	44.4M	284M	129M	206M
Cash from Operations	8.12B	6.27B	9.14B	7.39B	9.61B
Capital Expenditure	-2.39B	-1.64B	-2.04B	-1.9B	-2.36B
Sale of Property, Plant, and Equipment	151M	27.4M	106M	38.9M	94.9M
Cash Acquisitions	-541M	-66.1M	-374M	-807M	-441M
Divestitures	341M	76.3M	196M	446M	195M
Other Investing Activities, Total	-628M	57.4M	-53.9M	-457M	-676M
Cash from Investing	-3.07B	-1.55B	-2.17B	-2.68B	-3.18B
Short Term Debt Issued, Total	799M	-	15.1M	25.5M	213M
Long-Term Debt Issued, Total	4.5B	5.54B	1.15B	3.37B	5.22B
Total Debt Issued	5.3B	5.54B	1.17B	3.4B	5.43B
Short Term Debt Repaid, Total	-	-893M	-	-	-
Long-Term Debt Repaid, Total	-2.06B	-2.41B	-2.24B	-2.2B	-2.44B
Total Debt Repaid	-2.06B	-3.3B	-2.24B	-2.2B	-2.44B
Issuance of Common Stock	350M	296M	286M	248M	260M
Repurchase of Common Stock	-4.98B	-908M	-846M	-3.9B	-3.05B
Common Dividends Paid	-3.58B	-3.75B	-3.92B	-4.17B	-4.53B
Common & Preferred Stock Dividends Paid	-3.58B	-3.75B	-3.92B	-4.17B	-4.53B
Other Financing Activities, Total	-23.5M	-122M	-46.7M	38.2M	-39.6M
Cash from Financing	-4.99B	-2.25B	-5.6B	-6.58B	-4.37B
Foreign Exchange Rate Adjustments	-23.7M	80.2M	-120M	-254M	-57.8M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	32.5M	2.55B	1.26B	-2.13B	2B
Supplemental Items
Cash Interest Paid	1.07B	1.14B	1.2B	1.18B	1.29B
Cash Income Tax Paid (Refund)	1.59B	1.44B	2.4B	3.02B	2.99B
Levered Free Cash Flow	4.68B	4.05B	5.83B	5.27B	6.56B
Unlevered Free Cash Flow	5.39B	4.82B	6.57B	6.03B	7.41B
Change In Net Working Capital	-495M	-160M	-434M	575M	-272M
Net Debt Issued / Repaid	3.24B	2.24B	-1.07B	1.2B	2.99B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	13.84	8.89	11.59	12.4	13.77
Return on Total Capital	17.32	10.73	13.96	14.77	16.09
Return On Equity %	-83.29	-59	-121.44	-116.51	-158.15
Return on Common Equity	-83.29	-59	-121.44	-116.51	-158.15
Margin Analysis
Gross Profit Margin %	52.74	50.77	54.17	56.97	57.12
SG&A Margin	10.58	11.69	10.24	10.75	9.55
EBITDA Margin %	49.86	46.21	50.56	52.69	53.83
EBITA Margin %	42.18	37.09	42.51	44.62	46.07
EBIT Margin %	42.18	37.09	42.51	44.62	46.07
Income From Continuing Operations Margin %	28.59	24.63	32.49	26.65	33.22
Net Income Margin %	28.59	24.63	32.49	26.65	33.22
Net Avail. For Common Margin %	28.59	24.63	32.49	26.65	33.22
Normalized Net Income Margin	23.7	19.71	23.74	24.03	26.41
Levered Free Cash Flow Margin	22.23	21.11	25.11	22.75	25.72
Unlevered Free Cash Flow Margin	25.55	25.07	28.3	26.01	29.06
Asset Turnover
Asset Turnover	0.52	0.38	0.44	0.44	0.48
Fixed Assets Turnover	0.7	0.5	0.6	0.62	0.68
Receivables Turnover (Average Receivables)	9.03	8.7	11.49	11.46	10.94
Inventory Turnover (Average Inventory)	196.67	186.69	199.49	185.42	208.61
Short Term Liquidity
Current Ratio	0.98	1.01	1.78	1.43	1.16
Quick Ratio	0.9	0.95	1.72	1.24	1.03
Operating Cash Flow to Current Liabilities	2.24	1.01	2.27	1.94	1.4
Days Sales Outstanding (Average Receivables)	40.4	42.05	31.78	31.84	33.36
Days Outstanding Inventory (Average Inventory)	1.86	1.96	1.83	1.97	1.75
Average Days Payable Outstanding	40.24	33.47	29.96	36.36	34.78
Cash Conversion Cycle (Average Days)	2.02	10.54	3.64	-2.56	0.34
Long Term Solvency
Total Debt/Equity	-579.22	-657.68	-1.07K	-812.71	-1.13K
Total Debt / Total Capital	120.87	117.93	110.28	114.03	109.72
LT Debt/Equity	-570.94	-620.05	-1.06K	-801.7	-1.07K
Long-Term Debt / Total Capital	119.14	111.18	108.7	112.49	103.76
Total Liabilities / Total Assets	117.28	114.87	108.54	111.9	108.38
EBIT / Interest Expense	7.92	5.85	8.33	8.57	8.63
EBITDA / Interest Expense	10.8	8.5	11.22	11.34	11.22
(EBITDA - Capex) / Interest Expense	8.67	7.15	9.5	9.77	9.49
Total Debt / EBITDA	3.93	4.97	3.71	3.56	3.48
Net Debt / EBITDA	3.85	4.64	3.36	3.37	3.18
Total Debt / (EBITDA - Capex)	4.89	5.91	4.38	4.14	4.12
Net Debt / (EBITDA - Capex)	4.8	5.51	3.96	3.92	3.76
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %