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, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 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
Return on Sales
Gross profit margin 56.75% 56.62% 56.97% 57.01% 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%
Operating profit margin 45.19% 44.90% 45.29% 45.99% 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%
Net profit margin 31.72% 31.79% 32.25% 33.36% 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%
Return on Investment
Return on equity (ROE)
Return on assets (ROA) 14.90% 14.68% 15.44% 16.06% 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%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).

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 2024 to Q3 2024 but then slightly improved from Q3 2024 to Q4 2024.
Operating profit margin A profitability ratio calculated as operating income divided by revenue. McDonald’s Corp. operating profit margin ratio deteriorated from Q2 2024 to Q3 2024 but then improved from Q3 2024 to Q4 2024 not reaching Q2 2024 level.
Net profit margin An indicator of profitability, calculated as net income divided by revenue. McDonald’s Corp. net profit margin ratio deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Profitability ratio Description The company
ROA A profitability ratio calculated as net income divided by total assets. McDonald’s Corp. ROA deteriorated from Q2 2024 to Q3 2024 but then slightly improved from Q3 2024 to Q4 2024.

Gross Profit Margin

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

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 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
Selected Financial Data (US$ in millions)
Gross margin 3,678 3,875 3,718 3,439 3,654 3,864 3,731 3,314 3,409 3,446 3,302 3,050 3,261 3,431 3,220 2,668 2,780 2,905 1,725 2,342
Revenues 6,388 6,873 6,490 6,169 6,406 6,692 6,498 5,898 5,927 5,872 5,718 5,666 6,009 6,201 5,888 5,125 5,314 5,418 3,762 4,714
Profitability Ratio
Gross profit margin1 56.75% 56.62% 56.97% 57.01% 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%
Benchmarks
Gross Profit Margin, Competitors2
Airbnb Inc. 83.08% 83.07% 82.59% 82.86% 82.83% 82.67% 82.33% 82.04% 82.15% 81.95% 81.58% 80.89% 80.71%
Chipotle Mexican Grill Inc. 26.67% 26.87% 27.10% 26.66% 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%
Starbucks Corp. 26.84% 27.54% 27.67% 27.81% 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%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).

1 Q4 2024 Calculation
Gross profit margin = 100 × (Gross marginQ4 2024 + Gross marginQ3 2024 + Gross marginQ2 2024 + Gross marginQ1 2024) ÷ (RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024 + RevenuesQ1 2024)
= 100 × (3,678 + 3,875 + 3,718 + 3,439) ÷ (6,388 + 6,873 + 6,490 + 6,169) = 56.75%

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 2024 to Q3 2024 but then slightly improved from Q3 2024 to Q4 2024.

Operating Profit Margin

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

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 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
Selected Financial Data (US$ in millions)
Operating income 2,868 3,188 2,920 2,736 2,802 3,208 3,104 2,532 2,583 2,764 1,712 2,313 2,397 2,987 2,691 2,281 2,143 2,526 961 1,694
Revenues 6,388 6,873 6,490 6,169 6,406 6,692 6,498 5,898 5,927 5,872 5,718 5,666 6,009 6,201 5,888 5,125 5,314 5,418 3,762 4,714
Profitability Ratio
Operating profit margin1 45.19% 44.90% 45.29% 45.99% 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%
Benchmarks
Operating Profit Margin, Competitors2
Airbnb Inc. 23.00% 15.01% 15.21% 15.86% 15.31% 23.42% 21.53% 20.69% 21.45% 20.46% 17.49% 13.17% 7.17%
Booking Holdings Inc. 31.83% 27.92% 28.39% 28.07% 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%
Chipotle Mexican Grill Inc. 16.94% 16.97% 16.75% 15.99% 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%
Starbucks Corp. 14.95% 15.92% 16.08% 16.64% 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%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).

1 Q4 2024 Calculation
Operating profit margin = 100 × (Operating incomeQ4 2024 + Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024) ÷ (RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024 + RevenuesQ1 2024)
= 100 × (2,868 + 3,188 + 2,920 + 2,736) ÷ (6,388 + 6,873 + 6,490 + 6,169) = 45.19%

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 deteriorated from Q2 2024 to Q3 2024 but then improved from Q3 2024 to Q4 2024 not reaching Q2 2024 level.

Net Profit Margin

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

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 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
Selected Financial Data (US$ in millions)
Net income 2,017 2,255 2,022 1,929 2,039 2,317 2,310 1,802 1,903 1,982 1,188 1,104 1,639 2,150 2,219 1,537 1,377 1,763 484 1,107
Revenues 6,388 6,873 6,490 6,169 6,406 6,692 6,498 5,898 5,927 5,872 5,718 5,666 6,009 6,201 5,888 5,125 5,314 5,418 3,762 4,714
Profitability Ratio
Net profit margin1 31.72% 31.79% 32.25% 33.36% 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%
Benchmarks
Net Profit Margin, Competitors2
Airbnb Inc. 23.85% 16.96% 46.11% 48.23% 48.32% 56.87% 25.31% 23.30% 22.54% 20.29% 16.91% 12.12% -5.88%
Booking Holdings Inc. 24.78% 21.85% 22.46% 21.81% 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%
Chipotle Mexican Grill Inc. 13.56% 13.51% 13.23% 12.70% 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%
Starbucks Corp. 10.40% 11.16% 11.38% 11.70% 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%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).

1 Q4 2024 Calculation
Net profit margin = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ (RevenuesQ4 2024 + RevenuesQ3 2024 + RevenuesQ2 2024 + RevenuesQ1 2024)
= 100 × (2,017 + 2,255 + 2,022 + 1,929) ÷ (6,388 + 6,873 + 6,490 + 6,169) = 31.72%

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 deteriorated from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Return on Equity (ROE)

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

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 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
Selected Financial Data (US$ in millions)
Net income 2,017 2,255 2,022 1,929 2,039 2,317 2,310 1,802 1,903 1,982 1,188 1,104 1,639 2,150 2,219 1,537 1,377 1,763 484 1,107
Shareholders’ equity (deficit) (3,797) (5,177) (4,824) (4,833) (4,707) (4,855) (4,999) (5,776) (6,003) (6,566) (6,370) (5,991) (4,601) (5,675) (5,808) (7,236) (7,825) (8,472) (9,463) (9,293)
Profitability Ratio
ROE1
Benchmarks
ROE, Competitors2
Airbnb Inc. 31.48% 21.65% 60.53% 62.55% 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%
Chipotle Mexican Grill Inc. 41.97% 41.08% 37.99% 38.57% 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%
Starbucks Corp.

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).

1 Q4 2024 Calculation
ROE = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ Shareholders’ equity (deficit)
= 100 × (2,017 + 2,255 + 2,022 + 1,929) ÷ -3,797 =

2 Click competitor name to see calculations.


Return on Assets (ROA)

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

Microsoft Excel
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 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
Selected Financial Data (US$ in millions)
Net income 2,017 2,255 2,022 1,929 2,039 2,317 2,310 1,802 1,903 1,982 1,188 1,104 1,639 2,150 2,219 1,537 1,377 1,763 484 1,107
Total assets 55,182 56,172 53,801 53,513 56,147 52,089 50,442 52,014 50,436 48,502 49,248 50,878 53,854 52,727 51,893 51,103 52,627 50,699 49,939 50,568
Profitability Ratio
ROA1 14.90% 14.68% 15.44% 16.06% 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%
Benchmarks
ROA, Competitors2
Airbnb Inc. 12.63% 8.29% 18.40% 20.13% 23.21% 25.47% 10.85% 10.13% 11.80% 10.13% 6.55% 4.70% -2.57%
Booking Holdings Inc. 21.23% 18.00% 17.62% 17.31% 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%
Chipotle Mexican Grill Inc. 16.67% 16.47% 15.81% 15.41% 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%
Starbucks Corp. 12.00% 13.52% 14.16% 14.71% 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%

Based on: 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).

1 Q4 2024 Calculation
ROA = 100 × (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ Total assets
= 100 × (2,017 + 2,255 + 2,022 + 1,929) ÷ 55,182 = 14.90%

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 deteriorated from Q2 2024 to Q3 2024 but then slightly improved from Q3 2024 to Q4 2024.