Stock Analysis on Net
Stock Analysis on Net

McDonald’s Corp. (NYSE:MCD)

Common-Size Income Statement

McDonald’s Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Sales by Company-operated restaurants 38.21 37.74 42.15 42.37 44.70
Revenues from franchised restaurants 60.55 60.85 56.35 55.84 55.30
Other revenues 1.24 1.42 1.51 1.78 0.00
Revenues 100.00% 100.00% 100.00% 100.00% 100.00%
Food & paper -11.92 -11.81 -13.34 -13.35 -14.14
Payroll & employee benefits -11.32 -11.29 -11.53 -12.58 -12.83
Occupancy & other operating expenses -9.02 -8.74 -9.79 -10.42 -9.85
Company-operated restaurant expenses -32.26% -31.84% -34.65% -36.35% -36.82%
Franchised restaurants, occupancy expenses -9.71 -10.14 -10.05 -11.49 -10.44
Other restaurant expenses -0.91 -1.06 -1.12 -1.39 0.00
Gross margin 57.12% 56.97% 54.17% 50.77% 52.74%
Depreciation and amortization -1.50 -1.60 -1.42 -1.56 -1.25
Other -9.55 -10.75 -10.24 -11.69 -9.33
Selling, general & administrative expenses -11.05% -12.35% -11.66% -13.25% -10.58%
Gains on sales of restaurant businesses 0.40 0.26 0.42 0.12 0.60
Equity in earnings of unconsolidated affiliates 0.60 0.49 0.76 0.61 0.73
Asset dispositions and other income (expense), net 0.03 -0.59 -0.32 -1.51 -0.11
Impairment and other gains (charges), net -1.42 -4.36 1.23 1.39 -0.35
Other operating income (expense), net -0.39% -4.20% 2.08% 0.61% 0.87%
Operating income 45.68% 40.42% 44.59% 38.13% 43.03%
Interest expense, net of capitalized interest -5.34 -5.21 -5.11 -6.34 -5.32
Nonoperating income (expense), net 0.93 -1.46 -0.18 0.18 0.33
Income before provision for income taxes 41.27% 33.76% 39.31% 31.97% 38.04%
Provision for income taxes -8.05 -7.11 -6.82 -7.34 -9.45
Net income 33.22% 26.65% 32.49% 24.63% 28.59%

Based on: 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).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. McDonald’s Corp. operating income as a percentage of revenues decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Income before provision for income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. McDonald’s Corp. income before provision for income taxes as a percentage of revenues decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. McDonald’s Corp. net income as a percentage of revenues decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.