Highlights from the Earnings Release
 

• Global comparable sales have grown 9% for the year and over 30% since 2019
• Systemwide sales* to loyalty members were over $20 billion for the full year and over $6 billion for the quarter across 50 loyalty markets, with full year growth of more than 45% over prior year

CHICAGO, IL - McDonald's Corporation today announced results for the fourth quarter and year ended December 31, 2023.

“Our global comparable sales growth of 9% for the year is a testament to the tremendous dedication of the entire McDonald’s System," said McDonald's President and CEO Chris Kempczinski. "Strong execution of our Accelerating the Arches strategy has driven over 30% comparable sales growth since 2019 as our talented crew members, and the industry’s best franchisees and suppliers have demonstrated proven agility with a relentless focus on the customer. By evolving the way we work across the System, we remain confident in the resilience of our business amid macro challenges that will persist in 2024."
 

Fourth quarter financial performance:

• Global comparable sales increased 3.4%, reflecting positive comparable sales across all segments:
  • U.S. increased 4.3%
  • International Operated Markets segment increased 4.4%
  • International Developmental Licensed Markets segment increased 0.7%, reflecting the impact of the war in the Middle East
• Consolidated revenues increased 8% (6% in constant currencies).
• Systemwide sales increased 6% (5% in constant currencies).
• Consolidated operating income increased 8% (6% in constant currencies). Results included $72 million of pre-tax charges related to the write-off of impaired software no longer in use and $66 million of pre-tax charges related to the Company's Accelerating the Arches growth strategy, including restructuring costs associated with Accelerating the Organization. Excluding these charges, consolidated operating income increased 14% (11% in constant currencies).**
• Diluted earnings per share was $2.80, an increase of 8% (5% in constant currencies). Excluding the charges described above of $0.15 per share, diluted earnings per share was $2.95, an increase of 14% (11% in constant currencies).**

Full year financial performance:

• Global comparable sales increased 9.0%, reflecting strong comparable sales across all segments:
  • U.S. increased 8.7%
  • International Operated Markets segment increased 9.2%
  • International Developmental Licensed Markets segment increased 9.4%
• Consolidated revenues increased 10% (10% in constant currencies).
• Systemwide sales increased 10% (10% in constant currencies).
• Consolidated operating income increased 24% (24% in constant currencies). Results included $290 million of pre-tax charges related to the Company's Accelerating the Arches growth strategy, including restructuring costs associated with Accelerating the Organization and $72 million of pre-tax charges related to the write-off of impaired software no longer in use. Excluding these current year charges, as well as prior year pre-tax charges and gains of $1.3 billion and $271 million, respectively, consolidated operating income increased 16% (16% in constant currencies).**
• Diluted earnings per share was $11.56, an increase of 39% (38% in constant currencies). Excluding the current year charges described above of $0.38 per share, diluted earnings per share was $11.94, an increase of 18% (18% in constant currencies) when also excluding prior year charges and gains and a tax settlement.**

*Refer to page 5 of the full release for a definition of Systemwide sales.

**Refer to pages 3 and 4 of the full release for additional details on our results for the fourth quarter and full year 2023 and 2022.