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Arphra AIPlain-English read on McDonald's Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $23.22B | $23.18B | $25.5B | $25.92B | $26.89B | $28.51B | $30.15B | $31.61B | $32.69B |
| Cost of revenue | $10.64B | $9.98B | $10.93B | $11.21B | $11.45B | $12.39B | $13.32B | $13.64B | $14.19B |
| Gross profit | $12.58B | $13.21B | $14.56B | $14.71B | $15.44B | $15.94B | $17.58B | $17.93B | $18.15B |
| Gross margin | +54.17% | +56.97% | +57.12% | +56.75% | +57.41% | +55.91% | +58.30% | +56.72% | +55.53% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.38B | $2.49B | $2.44B | $2.41B | $2.58B | $2.75B | $2.83B | $3.06B | $3.01B |
| Total operating expenses | $2.22B | $3.84B | $2.92B | $3B | $3.04B | $3.29B | $3.48B | $3.59B | $3.66B |
| Operating income | $10.36B | $9.37B | $11.65B | $11.71B | $12.39B | $12.86B | $13.55B | $14.33B | $15.05B |
| Operating margin | +44.59% | +40.42% | +45.68% | +45.19% | +46.10% | +45.10% | +44.93% | +45.35% | +46.05% |
| EBITDA | $12.18B | $10.9B | $13.86B | $13.95B | $14.64B | $15.44B | $15.92B | $16.62B | $18.15B |
| EBIT | $10.31B | $9.03B | $11.88B | $11.85B | $12.48B | $13.43B | $14.03B | $15.04B | $14.99B |
| Below the line | |||||||||
| Interest expense | $1.19B | $1.21B | $1.36B | $1.51B | $1.58B | $1.57B | $1.73B | $1.81B | $1.85B |
| Interest income | $9M | $44M | $187M | $103M | $63M | $126.68M | $134.95M | $146.36M | $153.15M |
| Other income / expense | -$1.23B | -$1.55B | -$1.13B | -$1.37B | -$1.5B | — | — | — | — |
| Pre-tax income | $9.13B | $7.83B | $10.52B | $10.35B | $10.9B | $11.81B | $12.23B | $12.52B | $13.12B |
| Income tax expense | $1.58B | $1.65B | $2.05B | $2.12B | $2.33B | $2.4B | $2.45B | $2.67B | $2.74B |
| Earnings | |||||||||
| Net income | $7.55B | $6.18B | $8.47B | $8.22B | $8.56B | $9.14B | $9.46B | $10.07B | $10.67B |
| Net income · continuing ops | $7.55B | $6.18B | $8.47B | $8.22B | $8.56B | $9.17B | $9.64B | $10.19B | $10.49B |
| Net margin | +32.49% | +26.65% | +33.22% | +31.72% | +31.85% | +32.07% | +31.39% | +31.87% | +32.64% |
| EPS · basic | $10.11 | $8.39 | $11.63 | $11.45 | $12.00 | $13.17 | $14.23 | $15.58 | $16.17 |
| EPS · diluted | $10.04 | $8.33 | $11.56 | $11.39 | $11.95 | $13.00 | $14.20 | $15.28 | $16.23 |
| EPS · low estimate | — | — | — | — | — | $12.70 | $13.96 | $14.44 | $15.63 |
| EPS · high estimate | — | — | — | — | — | $13.13 | $14.39 | $15.88 | $16.70 |
| Shares · basic | 746.3M | 736.5M | 727.9M | 718.3M | 713.4M | 716.13M | 713.9M | 715.1M | 707.36M |
| Shares · diluted | 751.8M | 741.3M | 732.3M | 721.9M | 716.4M | 712.77M | 721.69M | 713.32M | 716.7M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 23 | 23 | 14 | 9 |
| Analysts (EPS) | — | — | — | — | — | 19 | 21 | 8 | 6 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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