McDonald’s Corporation

Income Statement Horizontal Analysis

For the Year Ended December 31,2010 and 2012

Annual Data (Millions of US $ except December 31, 2011 December 31, 2010 Amount Change Percentage Change
per share data
Revenue $27,006 $24,074.6 2,931.4 12.18%

Cost of Goods Sold $16,319.4 $14,437.3 1,882.1 13.04%

Gross Profit $10,686.6 $9,637.3 1,049.3 10.89%

Research And Development

Expenses
SG&A Expenses $2,393.7 $2,333.3 60.4 2.59%

Other Operating Income or Expenses $236.8 $169.1 67.7 40.04%

Operating Expenses $18,476.3 $16,601.5 1,874.8 11.29%

Operating Income $8,529.701 $7,473.1 1056.601 14.14%

Total Non-Operating $-571.5 $-472.8 -98.7 20.88%

Income/Expense

Pre-Tax Income $8,012.2 $7,000.3 1,011.9 14.46%

Income Taxes $2,509.1 $2,054 455.1 22.16%

Income After Taxes $5,503.1 $4,946.3 556.8 11.26%

Other Income

Income from Continuous $5,503.1 $4,946.3 556.8 11.26%

Operations

Income Fom Discontinued

Operations

Net Income $5,503.1 $4,946.3 556.8 11.26%

EBITDA $9,944.701 $8749.3 1,195.401 13.66%

EBIT $8,529.701 $7,473.1 1,056.601 14.14%

Basic Share Outstanding 1,032 1,066 -34 -3.19%

Share Outstanding 1045 1,080 -35 -3.24%

Basic EPS $5.33 $4.64 0.69 14.87%

EPS- Earning Per Share $5.27 $4.58 0.67 15.07%

 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

Annual Data (Millions of US $ except December 31, 2012 December 31, 2010 Amount Change Percentage Change
per share data
Revenue $27,567 $27,006 561 2.08 %

Cost of Goods Sold $16,750.7 $16,319.4 431.3 2.64%

Gross Profit $10,816.3 $10,686.6 129.7 1.21%

Research And Development

Expenses
SG&A Expenses $2,455.2 $2,393.7 61.5 2.57

Other Operating Income or Expenses $243.5 $236.8 6.7 2.82%

Operating Expenses $18,476.4 $18,476.3 0.1 5.41%

Operating Income $8,604.602 $8,529.701 74.901 0.88%

Total Non-Operating $-525.6 $-571.5 45.9 -8.03%

Income/Expense

Pre-Tax Income $8,079 $8,012.2 66.8 0.83%

Income Taxes $2,614.2 $2,509.1 105.1 4.18

Income After Taxes $5,464.8 $5,503.1 -38.3 -0.70%

Other Income

Income From Continuous $5,464.8 $5,503.1 -38.3 -0.70%

Operations

Income Fom Discontinued

Operations

Net Income $5,464.8 $5,503.1 -38.3 -0.70%

EBITDA $10,093.1 $10,093.1 0 0%

EBIT $8,604.602 $8,529.701 74.901 0.88%

Basic Share Outstanding 1,010 1,032 -22 -2.13%

Share Outstanding 1,020 1,080 -60 -5.56%

Basic EPS $5.41 $4.64 0.77 16.60%

EPS- Earning Per Share $5.36 $4.58 0.78 17.03%

Annual Data (Millions of US $ except December 31, 2013 December 31, 2010 Amount Change Percentage Change
 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

per share data

Revenue $28,105.7 $27,006 1,099.7 4.07%

Cost of Goods Sold $17,203 $16,319.4 883.6 5.41%

Gross Profit $10,902.7 $10,686.6 216.1 2.02%

Research And Development

Expenses
SG&A Expenses $2,385.6 $2,393.7 -8.1 -0.34%

Other Operating Income or Expenses $247.2 $236.8 10.4 4.39%

Operating Expenses $19,341.4 $18,476.3 865.1 4.68%

Operating Income $8,764.299 $8,529.701 234.598 2.75%

Total Non-Operating $-559.8 $-571.5 11.7 -2.05

Income/Expense

Pre-Tax Income $8,204.5 $8,012.2 192.3 2.40%

Income Taxes $2,618.6 $2,509.1 109.5 4.36%

Income After Taxes $5,585.9 $5,503.1 82.8 1.50%

Other Income

Income From Continuous $5,585.9 $5,503.1 82.8 1.50%

Operations

Income Fom Discontinued

Operations

Net Income $5,585.9 $5,503.1 82.8 1.50%

EBITDA $10,349.4 $9,944.701 404.699 4.07%

EBIT $8,764.299 $8,529.701 234.598 2.75%

Basic Share Outstanding 998 1,032 -34 -3.29%

Share Outstanding 1,006 1,080 -74 -6.85%

Basic EPS $5.59 $4.64 0.95 20.47%

EPS- Earning Per Share $5.55 $4.58 0.97 21.18%

Annual Data (Millions of US $ except December 31, 2014 December 31, 2010 Amount Change Percentage Change
per share data
 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

Revenue $27,441.3 $27,006 435.3 1.61%

Cost of Goods Sold $16,985.6 $16,319.4 666.2 4.08%

Gross Profit $10,455.7 $10,686.6 -230.9 -2.16%

Research And Development

Expenses

SG&A Expenses $2,487.9 $2,393.7 94.2 3.94%

Other Operating Income or Expenses $-18.6 $236.8 -255.4 -107.85%

Operating Expenses $19,492.1 $18,476.3 1,015.8 5.50%

Operating Income $7,949.201 $8,529.701 -580.5 -6.81%

Total Non-Operating $-577.2 $-571.5 -1148.7 200.00%

Income/Expense

Pre-Tax Income $7,372 $8,012.2 -640.2 -7.99%

Income Taxes $2,614.2 $2,509.1 105.1 4.19%

Income After Taxes $4,757.8 $5,503.1 -745.3 -0.14%

Other Income

Income From Continuous $4,757.8 $5,503.1 -745.3 -0.14%

Operations

Income Fom Discontinued

Operations

Net Income $4,757.8 $5,503.1 -745.3 -0.14%

EBITDA $9,593.701 $9,944.701 -351 -3.53%

EBIT $7,949.201 $8,529.701 -580.5 -6.81%

Basic Share Outstanding $981.00 1,032 -51 -0.05%

Share Outstanding $986.00 1,080 -94 -8.70%

Basic EPS $4.85 $4.64 0.21 4.52%

EPS- Earning Per Share $4.82 $4.58 0.24 5.24%

Annual Data (Millions of December 31, 2015 December 31, 2010 Amount Change Percentage Change
US $ except per share
data
 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

Revenue $25,413 $27,006 -2793 -10.34%

Cost of Goods Sold $15,623.8 $16,319.4 -695.6 -4.26%

Gross Profit $9,789.2 $10,686.6 -897.4 -8.40%

Research And
Development Expenses
SG&A Expenses $2,434.3 $2,393.7 40.6 1.70%

Other Operating Income $-209.4 $236.8 -446.2 -188.43%

or Expenses
Operating Expenses $18,267.5 $18,476.3 -208.8 -1.13%

Operating Income $7,145.5 $8,529.701 -1,384.201 -16.23%

Total Non-Operating $-589.8 $-571.5 -18.3 3.20%

Income/Expense

Pre-Tax Income $6,555.7 $8,012.2 -1,456.5 -18.18%

Income Taxes $2,026.4 $2,509.1 -482.7 -1924%

Income After Taxes $4,529.3 $5,503.1 -973.8 -0.18%

Other Income

Income From $4,529.3 $5,503.1 -973.8 -0.18%

Continuous Operations

Income Fom
Discontinued Operations

Net Income $4,529.3 $5,503.1 -973.8 -0.18%

EBITDA $8,701.2 $9,944.701 -1,243.501 -12.50%

EBIT $7,145.5 $8,529.701 -1,384.201 -16.23%

Basic Share Outstanding 939 1,032 -93 -0.09%

Share Outstanding 945 1,080 -135 -12.5%

Basic EPS $4.82 $4.64 0.18 3.88%

EPS- Earning Per Share $4.80 $4.58 0.22 4.80%

Annual Data (Millions of December 31, 2016 December 31, 2010 Amount Change Percentage Change
US $ except per share
 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

data
Revenue $24,621.9 $27,006 -2384.1 8.83%

Cost of Goods Sold $14,417.2 $16,319.4 -1,902.2 -11.66%

Gross Profit $10,204.7 $10,686.6 -481.9 -4.51%

Research And
Development Expenses
SG&A Expenses $2,384.5 $2,393.7 -9.2 -0.39%

Other Operating Income $-75.7 $236.8 -312.5 -132%

or Expenses
Operating Expenses $16,877.4 $18,476.3 -1,598.9 -8.65%

Operating Income $7,744.502 $8,529.701 -785.199 -9.21%

Total Non-Operating $-878.5 $-571.5 -307 53.72%

Income/Expense

Pre-Tax Income $6,866. $8,012.2 -1,146.2 -14.31%

Income Taxes $2,179.5 $2,509.1 -329.6 -13.14%

Income After Taxes $4,686.5 $5,503.1 -816.6 14.84%

Other Income

Income from $4,686.5 $5,503.1 -816.6 -14.84%

Continuous Operations

Income From
Discontinued Operations

Net Income $4,686.5 $5,503.1 -816.6 -14.84%

EBITDA $9,261.002 $9,944.701 -683.699 6.88%

EBIT $7,744.502 $8,529.701 -785.199 9.20%

Basic Share Outstanding 854 1,032 -178 -17.24%

Share Outstanding 861 1,080 -219 -20.28%

Basic EPS $5.49 $4.64 0.85 18.32%

EPS- Earning Per Share $5.44 $4.58 0.86 18.78%

Annual Data (Millions of December 31, 2017 December 31, 2010 Amount Change Percentage Change
 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

US $ except per share

data
Revenue $22,820.4 $27,006 -4,185.6 -15.50%

Cost of Goods Sold $12,199.6 $16,319.4 -4,119.8 25.24%

Gross Profit $10,620.8 $10,686.6 -65.8 -0.62%

Research And
Development Expenses
SG&A Expenses $2,231.3 $2,393.7 -162.4 -6.80%

Other Operating Income $1,163.2 $236.8 926.4 391.21%

or Expenses
Operating Expenses $13,267.7 $18,476.3 -5,208.6 -28.20%

Operating Income $9,552.701 $8,529.701 1,023 12%

Total Non-Operating $-979.2 $-571.5 -407.7 71.33%

Income/Expense

Pre-Tax Income $8,753.5 $8,012.2 741.3 9.25%

Income Taxes $3,381.2 $2,509.1 872.1 35%

Income After Taxes $5,192.3 $5,503.1 -310.8 -5.64%

Other Income

Income From $5,192.3 $5,503.1 -310.8 -5.64%

Continuous Operations

Income Fom
Discontinued Operations

$5,192.3 $5,503.1 -310.8 -5.64%

EBITDA $10,916.1 $9,944.701 971.399 9.77%

EBIT $9,552.701 $8,529.701 1,023 12%

Basic Share Outstanding 807 1,032 -225 -21.80%

Share Outstanding 816 1,080 -264 -24.44%

Basic EPS $5.43 $4.64 0.79 17.02%

EPS- Earning Per Share $6.37 $4.58 1.79 39.1%

 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

Annual Data (Millions of December 31, 2018 December 31, 2010 Amount Change Percentage Change
US $ except per share
data
Revenue $21,257.9 $27,006 -5,748.1 -21.22%

Cost of Goods Sold $10,425.5 $16,319.4 -5,893.9 -36.11%

Gross Profit $10,832.6 $10,686.6 146 1.37%

Research And
Development Expenses
SG&A Expenses $2,200.2 $2,393.7 -193.5 -8.1%

Other Operating Income $190.2 $236.8 -46.6 -20%

or Expenses
Operating Expenses $12,435.3 $18,476.3 -6,041 -33%

Operating Income $8,822.6 $8,529.70 292.9 3.43%

Total Non-Operating $-1,006.5 $-571.5 -435 76.11%

Income/Expense

Pre-Tax Income $7,816.1 $8,012.2 -196.1 -2.44%

Income Taxes $1,891.8 $2,509.1 -617.3 -25%

Income After Taxes $5,924.3 $5,503.1 421.2 8%

Other Income

Income From $5,924.3 $5,503.1 421.2 8%

Continuous Operations

Income Fom
Discontinued Operations

$5,924.3 $5,503.1 421.2 8%

EBITDA $10,304.6 $9,944.701 359.899 4%

EBIT $8,822.6 $8,529.701 292.899 3.43%

Basic Share Outstanding 778 1,032 -254 -25%

Share Outstanding 786 1,080 -294 -27.22%

Basic EPS $7.61 $4.64 2.97 64%

EPS- Earning Per Share $7.54 $4.58 2.96 65%

 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

Annual Data (Millions of December 31, 2019 December 31, 2010 Amount Change Percentage Change
US $ except per share
data
Revenue $21,364.4 $27,006 -5,641.6 -21%

Cost of Goods Sold $10,185 $16,319.4 -6,134.4 -4%

Gross Profit $11,179.4 $10,686.6 492.8 5%

Research And
Development Expenses
SG&A Expenses $2,229.4 $2,393.7 -164.3 -7%

Other Operating Income $119.8 $236.8 -117 -49.40%

or Expenses
Operating Expenses $12,294.6 $18,476.3 -6,181.7 -33.45%

Operating Income $9,069.8 $8,529.701 540.099 6.33%

Total Non-Operating $-1,051.7 $-571.5 -480.2 84.02%

Income/Expense

Pre-Tax Income $8,018.1 $8,012.2 -7,928.18 -99%

Income Taxes $1,992.7 $2,509.1 -516.4 -20.6%

Income After Taxes $6,025.4 $5,503.1 522.3 9.50%

Other Income

Income From $6,025.4 $5,503.1 522.3 9.50%

Continuous Operations

Income Fom
Discontinued Operations

$6,025.4 $5,503.1 522.3 9.50%

EBITDA $10,687.7 $9,944.701 742.999 7.48%

EBIT $9,069.8 $8,529.701 540.099 6.33%

Basic Share Outstanding 758 1,032 -274 -26.56%

Share Outstanding 765 1,080 -315 -29.16%

Basic EPS $7.95 $4.64 3.31 71.33%

EPS- Earning Per Share $7.88 $4.58 3.3 72.1%

 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012

Annual Data (Millions of December 31, 2020 December 31, 2010 Amount Change Percentage Change
US $ except per share
data
Revenue $19,207.8 $27,006 -7,798.2 -29%

Cost of Goods Sold $9,455.7 $16,319.4 -6,863.7 -42.6%

Gross Profit $9,752.101 $10,686.6 -934.499 -8.74%

Research And
Development Expenses
SG&A Expenses $2,545.6 $2,393.7 151.9 6.34%

Other Operating Income $117.5 $236.8 -119.3 -50.38%

or Expenses
Operating Expenses $11,883.8 $18,476.3 -6,592.5 -0.36%

Operating Income $7,324 $8,529.701 -1,205.701 -14.13%

Total Non-Operating $-1,183.3 $-571.5 -611.8 107.06%

Income/Expense

Pre-Tax Income $6,140.7 $8,012.2 -1,871.5 -23.35%

Income Taxes $1,410.2 $2,509.1 -1,098.9 43.80%

Income After Taxes $4,730.5 $5,503.1 -772.6 -14.03%

Other Income

Income From $4,730.5 $5,503.1 -772.6 -14.03%

Continuous Operations

Income Fom
Discontinued Operations

$4,730.5 $5,503.1 -772.6 -14.03%

EBITDA $9,075.4 $9,944.701 -869.301 -8.74%

EBIT $7,324 $8,529.701 -1,205.701 -14.13%

Basic Share Outstanding 745 1,032 -287 -27.81%

Share Outstanding 750 1,080 -330 31%

Basic EPS $6.35 $4.64 1.71 37%

EPS- Earning Per Share $6.31 $4.58 1.73. 38%

 McDonald’s Corporation
Income Statement Horizontal Analysis
For the Year Ended December 31,2010 and 2012