- Global comparable sales increased over 12% for the quarter,
with double-digit growth across all segments
- Digital Systemwide sales* in our top six markets were over
$7 billion for the quarter,
representing more than 35% of their Systemwide sales
- Full year comparable sales grew over 10%, and comparable
guest counts grew 5%
CHICAGO, Jan. 31,
2023 /PRNewswire/ -- McDonald's Corporation today
announced results for the fourth quarter and year ended
December 31, 2022.
"Our Accelerating the Arches strategy is driving growth and
building brand strength, delivering exceptional full year
performance in 2022 with over 10% comparable sales growth and 5%
comparable guest count growth globally," said McDonald's President
and Chief Executive Officer, Chris
Kempczinski. "While we expect short-term inflationary
pressures to continue in 2023, we remain highly confident in
Accelerating the Arches, which now includes a greater emphasis on
new restaurant openings. The recently announced Accelerating the
Organization initiative will complement this strategy to enable the
McDonald's System to be faster, more innovative, and more
efficient. We're proud of our continued strong performance, but
we're not satisfied. That's the hallmark of McDonald's."
Fourth quarter financial performance:
- Global comparable sales increased 12.6%, reflecting strong
comparable sales across all segments:
-
- U.S. increased 10.3%
- International Operated Markets segment increased 12.6%
- International Developmental Licensed Markets segment increased
16.5%
- Consolidated revenues decreased 1% (increased 5% in constant
currencies).
- Systemwide sales increased 5% (13% in constant
currencies).
- Consolidated operating income increased 8% (16% in constant
currencies). Excluding $54 million of
prior year charges primarily related to the 2021 sale of McD Tech
Labs, consolidated operating income increased 5% (14% in constant
currencies).**
- Diluted earnings per share was $2.59, an increase of 19% (26% in constant
currencies). Excluding the prior year charges described above,
diluted earnings per share increased 16% (23% in constant
currencies).**
Full year financial performance:
- Global comparable sales increased 10.9%, reflecting strong
comparable sales across all segments:
-
- U.S. increased 5.9%
- International Operated Markets segment increased 13.3%
- International Developmental Licensed Markets segment increased
16.0%
- Consolidated revenues were flat (increased 6% in constant
currencies).
- Systemwide sales increased 5% (11% in constant
currencies).
- Consolidated operating income decreased 10% (3% in constant
currencies). 2022 results included $1.3
billion of charges related to the sale of the Company's
business in Russia and a gain of
$271 million related to the Company's
sale of its Dynamic Yield business. Excluding these items along
with net gains in 2021, consolidated operating income increased 3%
(10% in constant currencies).**
1
- Diluted earnings per share was $8.33, a decrease of 17% (12% in constant
currencies). Excluding the current year charges and gains described
above of $1.04 per share and
additional nonoperating expense of $0.73 per share related to the settlement of a
tax audit in France, diluted
earnings per share was $10.10, an
increase of 9% (15% in constant currencies), when also excluding
prior year net gains and income tax benefits.**
*Refer to page 5 for a definition of Systemwide sales.
**Refer to pages 3 and 4 for additional details on fourth quarter
and full year gains and charges for 2022 and 2021.
2
COMPARABLE SALES
|
|
Increase/(Decrease)
|
|
|
Quarters Ended December 31,
|
|
|
2022
|
|
2021
|
U.S.
|
|
10.3 %
|
|
|
7.5 %
|
|
International Operated
Markets
|
|
12.6
|
|
|
16.8
|
|
International
Developmental Licensed Markets & Corporate
|
|
16.5
|
|
|
14.2
|
|
Total
|
|
12.6 %
|
|
|
12.3 %
|
|
- U.S.: Comparable sales results benefited from strategic
menu price increases and positive guest counts. Successful menu and
marketing campaigns, such as the Cactus Plant Flea Market promotion
and McRib, and continued digital and delivery growth contributed to
strong comparable sales results.
- International Operated Markets: Strong operating
performance drove positive comparable sales across the segment, led
by strong comparable sales in Germany, the U.K. and France.
- International Developmental Licensed Markets: The
quarter reflected strong comparable sales across the segment, led
by Japan and Brazil, partly offset by negative comparable
sales in China due to continued
COVID-19 related government restrictions.
KEY FINANCIAL METRICS - CONSOLIDATED
Dollars in millions, except per share data
|
Quarters Ended December 31,
|
|
Years Ended December 31,
|
|
2022
|
|
2021
|
|
Inc/ (Dec)
|
|
Inc/ (Dec)
Excluding
Currency
Translation
|
|
|
2022
|
|
2021
|
|
Inc/ (Dec)
|
|
Inc/ (Dec)
Excluding
Currency
Translation
|
|
Revenues
|
$
|
5,926.5
|
|
|
$
|
6,009.1
|
|
|
(1) %
|
|
|
5 %
|
|
|
|
$
|
23,182.6
|
|
|
$
|
23,222.9
|
|
|
— %
|
|
|
6 %
|
|
|
Operating
income
|
2,582.7
|
|
|
2,397.1
|
|
|
8
|
|
|
16
|
|
|
|
9,371.0
|
|
|
10,356.0
|
|
|
(10)
|
|
|
(3)
|
|
|
Net income
|
1,903.4
|
|
|
1,638.8
|
|
|
16
|
|
|
24
|
|
|
|
6,177.4
|
|
|
7,545.2
|
|
|
(18)
|
|
|
(13)
|
|
|
Earnings per
share-diluted
|
$
|
2.59
|
|
|
$
|
2.18
|
|
|
19 %
|
|
|
26 %
|
|
|
|
$
|
8.33
|
|
|
$
|
10.04
|
|
|
(17) %
|
|
|
(12) %
|
|
|
Results for the quarter and year were negatively impacted by
foreign currency translation due to the weakening of all major
currencies against the U.S. Dollar.
Results for 2022 included the following:
- Pre-tax charges of $1,281
million, or $1.44 per share,
for the year, related to the sale of the Company's business in
Russia
- Pre-tax gain of $271 million, or
$0.40 per share, for the year,
related to the Company's sale of its Dynamic Yield business
- $537 million, or $0.73 per share, for the year, of nonoperating
expense related to the settlement of a tax audit in France
Results for 2021 included the following:
- Pre-tax charges of $54 million,
or $0.05 per share, for the quarter
and the year, primarily related to the sale of McD Tech Labs
- Net pre-tax gains of $339
million, or $0.33 per share,
for the year, primarily related to the sale of McDonald's
Japan stock
- $364 million, or $0.48 per share, for the year, of income tax
benefit, related to the remeasurement of deferred taxes as a result
of a change in the U.K. statutory income tax rate
3
NET INCOME AND EARNINGS PER SHARE-DILUTED RECONCILIATION
Dollars in millions, except per share data
|
Quarters Ended December 31,
|
|
|
Net Income
|
|
Earnings per share - diluted
|
|
2022
|
|
2021
|
|
Inc/ (Dec)
|
|
|
Inc/ (Dec)
Excluding
Currency
Translation
|
|
|
2022
|
|
2021
|
|
Inc/ (Dec)
|
|
|
Inc/ (Dec)
Excluding
Currency
Translation
|
|
GAAP
|
$
|
1,903.4
|
|
|
$
|
1,638.8
|
|
|
16 %
|
|
|
24 %
|
|
|
$
|
2.59
|
|
|
$
|
2.18
|
|
|
19 %
|
|
|
26 %
|
|
(Gains)/charges
|
—
|
|
|
40.7
|
|
|
|
|
|
|
|
|
—
|
|
|
0.05
|
|
|
|
|
|
|
|
Change in U.K.
statutory tax rate
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
France tax
settlement
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
Non-GAAP
|
$
|
1,903.4
|
|
|
$
|
1,679.5
|
|
|
13 %
|
|
|
21 %
|
|
|
$
|
2.59
|
|
|
$
|
2.23
|
|
|
16 %
|
|
|
23 %
|
|
|
|
|
Years Ended December 31,
|
|
Net Income
|
|
Earnings per share - diluted
|
|
2022
|
|
2021
|
|
Inc/ (Dec)
|
|
|
Inc/ (Dec)
Excluding
Currency
Translation
|
|
|
2022
|
|
2021
|
|
Inc/ (Dec)
|
|
|
Inc/ (Dec)
Excluding
Currency
Translation
|
|
GAAP
|
$
|
6,177.4
|
|
|
$
|
7,545.2
|
|
|
(18) %
|
|
|
(13) %
|
|
|
$
|
8.33
|
|
|
$
|
10.04
|
|
|
(17) %
|
|
|
(12) %
|
|
(Gains)/charges
|
770.7
|
|
|
(202.7)
|
|
|
|
|
|
|
|
|
1.04
|
|
|
(0.28)
|
|
|
|
|
|
|
|
Change in U.K.
statutory tax rate
|
—
|
|
|
(363.7)
|
|
|
|
|
|
|
|
|
—
|
|
|
(0.48)
|
|
|
|
|
|
|
|
France tax
settlement
|
537.2
|
|
|
—
|
|
|
|
|
|
|
|
|
0.73
|
|
|
—
|
|
|
|
|
|
|
|
Non-GAAP
|
$
|
7,485.3
|
|
|
$
|
6,978.8
|
|
|
7 %
|
|
|
13 %
|
|
|
$
|
10.10
|
|
|
$
|
9.28
|
|
|
9 %
|
|
|
15 %
|
|
In constant currencies, results for both periods reflected
strong operating performance driven by higher sales-driven
Franchised margins. Company-operated margins were negatively
impacted for both periods by the permanent restaurant closures as a
result of the sale of the Company's business in Russia and the temporary restaurant closures
in Ukraine, as well as by
inflationary cost pressures. The year also reflected an income tax
benefit associated with global tax audit progression.
4
THE FOLLOWING DEFINITIONS APPLY TO THESE TERMS AS USED
THROUGHOUT THIS RELEASE
Constant currency results exclude the effects of foreign
currency translation and are calculated by translating current year
results at prior year average exchange rates. Management reviews
and analyzes business results excluding the effect of foreign
currency translation, impairment and other charges and gains, as
well as material regulatory and other income tax impacts, and bases
incentive compensation plans on these results because the Company
believes this better represents underlying business trends.
Comparable sales and comparable guest counts are compared
to the same period in the prior year and represent sales and
transactions, respectively, at all restaurants, whether operated by
the Company or by franchisees, in operation at least thirteen
months including those temporarily closed. Some of the reasons
restaurants may be temporarily closed include reimaging or
remodeling, rebuilding, road construction, natural disasters and
acts of war, terrorism or other hostilities (including restaurants
temporarily closed due to COVID-19, as well as those that remain
closed in Ukraine). Restaurants in
Russia were treated as permanently
closed as of April 1, 2022 and
therefore excluded from the calculation of comparable sales and
comparable guest counts beginning in the second quarter of 2022.
Comparable sales exclude the impact of currency translation and the
sales of any market considered hyper-inflationary (generally
identified as those markets whose cumulative inflation rate over a
three-year period exceeds 100%), which management believes more
accurately reflects the underlying business trends. Comparable
sales are driven by changes in guest counts and average check, the
latter of which is affected by changes in pricing and product
mix.
Systemwide sales include sales at all restaurants, whether
operated by the Company or by franchisees. This includes sales from
digital channels, which are comprised of the mobile app, delivery
and kiosk at both Company-operated and franchised restaurants.
While franchised sales are not recorded as revenues by the Company,
management believes the information is important in understanding
the Company's financial performance because these sales are the
basis on which the Company calculates and records franchised
revenues and are indicative of the financial health of the
franchisee base. The Company's revenues consist of sales by
Company-operated restaurants and fees from franchised restaurants
operated by conventional franchisees, developmental licensees and
affiliates. Changes in Systemwide sales are primarily driven by
comparable sales and net restaurant unit expansion.
Free cash flow, defined as cash provided by operations less
capital expenditures, and free cash flow conversion rate, defined
as free cash flow divided by net income, are measures reviewed by
management in order to evaluate the Company's ability to convert
net profits into cash resources, after reinvesting in the core
business, that can be used to pursue opportunities to enhance
shareholder value.
RELATED COMMUNICATIONS
This press release should be read in conjunction with
Exhibit 99.2 to the Company's Form 8-K filing for
supplemental information related to the Company's results for the
quarter and year ended December 31, 2022.
McDonald's Corporation will broadcast its investor earnings
conference call live over the Internet at 7:30 a.m. (Central Time) on January 31,
2023. A link to the live webcast will be available
at www.investor.mcdonalds.com. There will also be an archived
webcast available for a limited time thereafter.
UPCOMING COMMUNICATIONS
For important news and information regarding McDonald's,
including the timing of future investor conferences and earnings
calls, visit the Investor Relations section of the Company's
Internet home page at www.investor.mcdonalds.com. McDonald's
uses this website as a primary channel for disclosing key
information to its investors, some of which may contain material
and previously non-public information.
ABOUT McDONALD'S
McDonald's is the world's leading global foodservice retailer
with over 40,000 locations in over 100 countries. Approximately 95%
of McDonald's restaurants worldwide are owned and operated by
independent local business owners.
FORWARD-LOOKING STATEMENTS
This release contains certain forward-looking statements, which
reflect management's expectations regarding future events and
operating performance and speak only as of the date hereof. These
forward-looking statements involve a number of risks and
uncertainties. Factors that could cause actual results to differ
materially from expectations are detailed in the Company's filings
with the Securities and Exchange Commission, including the risk
factors discussed in Exhibit 99.2 to the Company's Form 8-K
filing on January 31, 2023. The Company undertakes no
obligation to update such forward-looking statements, except as may
otherwise be required by law.
5
McDONALD'S
CORPORATION
CONDENSED
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
|
Dollars and shares in millions, except per share
data
|
|
|
|
|
|
Quarters Ended December 31,
|
2022
|
|
2021
|
|
Inc/ (Dec)
|
Revenues
|
|
|
|
|
|
|
|
Sales by
Company-operated restaurants
|
$
|
2,208.4
|
|
|
$
|
2,538.8
|
|
|
$
|
(330.4)
|
|
|
(13) %
|
|
Revenues from
franchised restaurants
|
3,645.0
|
|
|
3,391.6
|
|
|
253.4
|
|
|
7
|
|
Other
revenues
|
73.1
|
|
|
78.7
|
|
|
(5.6)
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
5,926.5
|
|
|
6,009.1
|
|
|
(82.6)
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
Company-operated
restaurant expenses
|
1,872.3
|
|
|
2,100.3
|
|
|
(228.0)
|
|
|
(11)
|
|
Franchised
restaurants-occupancy expenses
|
588.1
|
|
|
591.8
|
|
|
(3.7)
|
|
|
(1)
|
|
Other restaurant
expenses
|
57.2
|
|
|
56.0
|
|
|
1.2
|
|
|
2
|
|
Selling,
general & administrative expenses
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
91.4
|
|
|
86.5
|
|
|
4.9
|
|
|
6
|
|
Other
|
720.3
|
|
|
755.4
|
|
|
(35.1)
|
|
|
(5)
|
|
Other operating
(income) expense, net
|
14.5
|
|
|
22.0
|
|
|
(7.5)
|
|
|
(34)
|
|
Total operating costs
and expenses
|
3,343.8
|
|
|
3,612.0
|
|
|
(268.2)
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
2,582.7
|
|
|
2,397.1
|
|
|
185.6
|
|
|
8
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
322.9
|
|
|
295.6
|
|
|
27.3
|
|
|
9
|
|
Nonoperating (income)
expense, net
|
(79.1)
|
|
|
(6.3)
|
|
|
(72.8)
|
|
|
n/m
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
2,338.9
|
|
|
2,107.8
|
|
|
231.1
|
|
|
11
|
|
Provision for income
taxes
|
435.5
|
|
|
469.0
|
|
|
(33.5)
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
$
|
1,903.4
|
|
|
$
|
1,638.8
|
|
|
$
|
264.6
|
|
|
16 %
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE-DILUTED
|
$
|
2.59
|
|
|
$
|
2.18
|
|
|
$
|
0.41
|
|
|
19 %
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding-diluted
|
736.0
|
|
|
751.6
|
|
|
(15.6)
|
|
|
(2) %
|
|
6
McDONALD'S
CORPORATION
CONDENSED
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
|
Dollars and shares in millions, except per share
data
|
|
|
|
|
|
Years Ended December 31,
|
2022
|
|
2021
|
|
Inc/ (Dec)
|
Revenues
|
|
|
|
|
|
|
|
Sales by
Company-operated restaurants
|
$
|
8,748.4
|
|
|
$
|
9,787.4
|
|
|
$
|
(1,039.0)
|
|
|
(11) %
|
|
Revenues from
franchised restaurants
|
14,105.8
|
|
|
13,085.4
|
|
|
1,020.4
|
|
|
8
|
|
Other
revenues
|
328.4
|
|
|
350.1
|
|
|
(21.7)
|
|
|
(6)
|
|
|
|
|
|
|
|
|
|
TOTAL
REVENUES
|
23,182.6
|
|
|
23,222.9
|
|
|
(40.3)
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Operating costs and
expenses
|
|
|
|
|
|
|
|
Company-operated
restaurant expenses
|
7,380.9
|
|
|
8,047.3
|
|
|
(666.4)
|
|
|
(8)
|
|
Franchised
restaurants-occupancy expenses
|
2,349.7
|
|
|
2,335.0
|
|
|
14.7
|
|
|
1
|
|
Other restaurant
expenses
|
244.8
|
|
|
260.4
|
|
|
(15.6)
|
|
|
(6)
|
|
Selling,
general & administrative expenses
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
370.4
|
|
|
329.7
|
|
|
40.7
|
|
|
12
|
|
Other
|
2,492.2
|
|
|
2,377.8
|
|
|
114.4
|
|
|
5
|
|
Other operating
(income) expense, net
|
973.6
|
|
|
(483.3)
|
|
|
1,456.9
|
|
|
n/m
|
Total operating costs
and expenses
|
13,811.6
|
|
|
12,866.9
|
|
|
944.7
|
|
|
7
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
9,371.0
|
|
|
10,356.0
|
|
|
(985.0)
|
|
|
(10)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
1,207.0
|
|
|
1,185.8
|
|
|
21.2
|
|
|
2
|
|
Nonoperating (income)
expense, net
|
338.6
|
|
|
42.3
|
|
|
296.3
|
|
|
n/m
|
|
|
|
|
|
|
|
|
Income before provision
for income taxes
|
7,825.4
|
|
|
9,127.9
|
|
|
(1,302.5)
|
|
|
(14)
|
|
Provision for income
taxes
|
1,648.0
|
|
|
1,582.7
|
|
|
65.3
|
|
|
4
|
|
|
|
|
|
|
|
|
|
NET INCOME
|
$
|
6,177.4
|
|
|
$
|
7,545.2
|
|
|
$
|
(1,367.8)
|
|
|
(18) %
|
|
|
|
|
|
|
|
|
|
EARNINGS PER
SHARE-DILUTED
|
$
|
8.33
|
|
|
$
|
10.04
|
|
|
$
|
(1.71)
|
|
|
(17) %
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding-diluted
|
741.3
|
|
|
751.8
|
|
|
(10.5)
|
|
|
(1) %
|
|
7
McDONALD'S
CORPORATION
CONDENSED
CONSOLIDATED BALANCE SHEET (UNAUDITED)
|
In millions
|
December
31,
|
2022
|
|
2021
|
Current
assets
|
|
|
|
|
|
|
Cash and
equivalents
|
|
$
|
2,583.8
|
|
|
$
|
4,709.2
|
|
Accounts and notes
receivable
|
|
2,115.0
|
|
|
1,872.4
|
|
Other current
assets
|
|
725.4
|
|
|
566.9
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS
|
|
5,424.2
|
|
|
7,148.5
|
|
|
|
|
|
|
TOTAL OTHER
ASSETS
|
|
8,672.1
|
|
|
8,433.2
|
|
|
|
|
|
|
LEASE RIGHT-OF-USE
ASSET, NET
|
|
12,565.7
|
|
|
13,552.0
|
|
|
|
|
|
|
NET PROPERTY AND
EQUIPMENT
|
|
23,773.6
|
|
|
24,720.6
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
$
|
50,435.6
|
|
|
$
|
53,854.3
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES
|
|
$
|
3,802.1
|
|
|
$
|
4,020.0
|
|
|
|
|
|
|
Long-term
debt
|
|
35,903.5
|
|
|
35,622.7
|
|
Long-term lease
liability
|
|
12,134.4
|
|
|
13,020.9
|
|
Other long-term
liabilities
|
|
2,601.5
|
|
|
3,716.1
|
|
Deferred income
taxes
|
|
1,997.5
|
|
|
2,075.6
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS'
EQUITY (DEFICIT)
|
|
(6,003.4)
|
|
|
(4,601.0)
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY (DEFICIT)
|
|
$
|
50,435.6
|
|
|
$
|
53,854.3
|
|
8
McDONALD'S
CORPORATION
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
|
In millions
|
Years ended December
31,
|
2022
|
2021
|
Operating
activities
|
|
|
|
Net income
|
|
$
|
6,177.4
|
|
$
|
7,545.2
|
|
Changes in working
capital items
|
|
(644.6)
|
|
454.2
|
|
Other
|
|
1,853.9
|
|
1,142.1
|
|
CASH PROVIDED BY
OPERATIONS
|
|
7,386.7
|
|
9,141.5
|
|
|
|
|
|
Investing
activities
|
|
|
|
Capital
expenditures
|
|
(1,899.2)
|
|
(2,040.0)
|
|
Sales and purchases of
restaurant and other businesses and property sales
|
(322.2)
|
|
(71.8)
|
|
Other
|
|
(456.7)
|
|
(53.9)
|
|
CASH USED FOR INVESTING
ACTIVITIES
|
|
(2,678.1)
|
|
(2,165.7)
|
|
|
|
|
|
Financing
activities
|
|
|
|
Net short-term
borrowings and long-term financing issuances and
payments
|
1,197.6
|
|
(1,070.5)
|
|
Treasury stock
purchases
|
|
(3,896.0)
|
|
(845.5)
|
|
Common stock
dividends
|
|
(4,168.2)
|
|
(3,918.6)
|
|
Proceeds from stock
option exercises and other
|
|
286.4
|
|
239.0
|
|
CASH USED FOR FINANCING
ACTIVITIES
|
|
(6,580.2)
|
|
(5,595.6)
|
|
|
|
|
|
EFFECT OF EXCHANGE
RATES ON CASH AND EQUIVALENTS
|
(253.8)
|
|
(120.1)
|
|
|
|
|
|
CASH AND EQUIVALENTS
INCREASE (DECREASE)
|
|
(2,125.4)
|
|
1,260.1
|
|
|
|
|
|
Cash and equivalents at
beginning of year
|
|
4,709.2
|
|
3,449.1
|
|
|
|
|
|
CASH AND EQUIVALENTS AT
END OF YEAR
|
|
$
|
2,583.8
|
|
$
|
4,709.2
|
|
|
|
|
|
Supplemental cash flow
disclosures
|
|
|
|
Cash provided by
operations
|
|
$
|
7,386.7
|
|
$
|
9,141.5
|
|
Less: Capital
expenditures
|
|
(1,899.2)
|
|
(2,040.0)
|
|
|
|
|
|
FREE CASH
FLOW
|
|
$
|
5,487.5
|
|
$
|
7,101.5
|
|
9
View original
content:https://www.prnewswire.com/news-releases/mcdonalds-reports-fourth-quarter-and-full-year-2022-results-301734277.html
SOURCE McDonald's Corporation