Summary
McDonald's Corporation reported its financial results for the third quarter and the first nine months of 2024. For the quarter ended September 30, 2024, total revenues increased by 3% to $6.87 billion, while net income saw a slight decrease of 3% to $2.26 billion, resulting in diluted earnings per share of $3.13. For the nine-month period, revenues grew by 2% to $19.53 billion, with net income decreasing by 3% to $6.21 billion, and diluted EPS at $8.59. The company's strategic initiative, 'Accelerating the Organization,' incurred $146 million in restructuring charges for the nine-month period. Despite a slight dip in global comparable sales, the U.S. market showed resilience with a 0.3% increase in comparable sales for the quarter. The company continues to invest in its growth strategy, focusing on digital, delivery, drive-thru, and restaurant development, with plans to open over 2,100 new restaurants globally in 2024.
Financial Highlights
51 data points| Revenue | $6.87B |
| Cost of Revenue | $646.00M |
| Gross Profit | $6.23B |
| SG&A Expenses | $647.00M |
| Operating Expenses | $3.69B |
| Operating Income | $3.19B |
| Interest Expense | $381.00M |
| Net Income | $2.25B |
| EPS (Basic) | $3.15 |
| EPS (Diluted) | $3.13 |
| Shares Outstanding (Basic) | 717 |
| Shares Outstanding (Diluted) | 720 |
Key Highlights
- 1Total revenues for the third quarter of 2024 increased 3% to $6.87 billion, while for the first nine months, revenues grew 2% to $19.53 billion.
- 2Net income for the third quarter decreased 3% to $2.26 billion, leading to diluted EPS of $3.13, down 1%.
- 3For the first nine months, net income decreased 3% to $6.21 billion, with diluted EPS at $8.59, down 2%.
- 4Global comparable sales decreased by 1.5% for the quarter and 0.2% for the nine months, impacted by softer performance in International Operated Markets and International Developmental Licensed Markets.
- 5The U.S. market demonstrated strength with comparable sales growth of 0.3% for the quarter and 0.7% for the nine months.
- 6The company incurred $146 million in restructuring charges related to the 'Accelerating the Organization' initiative during the first nine months of 2024.
- 7McDonald's continues aggressive expansion plans, targeting over 2,100 new restaurant openings globally in 2024 and aiming for 50,000 restaurants by the end of 2027.