McDonald's (MCD) FY2019 results: revenue $21.4 billion, up 0.5% on the year
McDonald's Corp. (MCD) reported revenue of $21.4 billion for fiscal 2019, the year ended 31 December 2019, up 0.5% on the year before. Net income was $6.0 billion, up 1.7%, and diluted earnings per share $7.88. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$21.4 billion
+0.5% on the year
FY2012FY2019
Operating margin
42.5%
41.5% a year earlier
FY2012FY2019
Net income
$6.0 billion
+1.7% on the year
FY2012FY2019
Diluted EPS
$7.88
+4.5% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
21,364
21,258
22,820
+0.5%
Selling, general and administrative
2,229
2,200
2,231
+1.3%
Operating income
9,070
8,823
9,553
+2.8%
Operating margin
42.5%
41.5%
41.9%
Interest expense
1,122
981
921
+14.3%
Income tax
1,993
1,892
3,381
+5.3%
Net income
6,025
5,924
5,192
+1.7%
Net margin
28.2%
27.9%
22.8%
Diluted EPS
$7.88
$7.54
$6.37
+4.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
8,122
6,967
5,551
+16.6%
Capital expenditure
2,394
2,742
1,854
-12.7%
Free cash flow
5,728
4,225
3,698
+35.6%
Free cash flow margin
26.8%
19.9%
16.2%
Cash from investing
-3,071
-2,455
562
Cash from financing
-4,995
-5,950
-5,311
Depreciation and amortisation
262
215
1,363
+22.2%
Share-based compensation
110
125
118
-12.4%
Buybacks
4,976
5,208
4,686
-4.4%
Dividends paid
3,582
3,256
3,089
+10.0%
Dividend per share
$4.73
$4.19
$3.83
+12.9%
Diluted shares, weighted
765m
786m
816m
-2.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
-8,210
-6,258
-3,268
Short-term borrowings
0.0
n/a
n/a
Debt
34,177
31,075
29,536
+10.0%
Operating lease liabilities
12,758
0.0
n/a
Other liabilities
8,786
7,994
7,535
+9.9%
Total liabilities and equity
47,511
32,811
33,804
+44.8%
Fixed assets
24,160
22,843
22,448
+5.8%
Goodwill
2,677
2,332
2,380
+14.8%
Cash and equivalents
898
866
2,464
+3.8%
Inventory
50.2
51.1
58.8
-1.8%
Other assets
19,725
6,720
6,453
+193.5%
Total assets
47,511
32,811
33,804
+44.8%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.