McDonald's Reports First Quarter 2024 Results

• Global comparable sales have grown nearly 2% for the quarter, marking 13 consecutive quarters of positive comparable sales growth
• Consolidated revenues for the quarter were more than $6 billion, an increase over prior year of over 4% in constant currencies
• Systemwide sales* to loyalty members across 50 loyalty markets were nearly $25 billion for the trailing twelve-month period and over $6 billion for the quarter

CHICAGO, IL - McDonald's Corporation today announced results for the first quarter ended March 31, 2024.

"Our global comparable sales growth in the first quarter marks 13 consecutive quarters of positive comparable sales growth with 30% growth over the last 4 years," said CEO Chris Kempczinski. "As consumers are more discriminating with every dollar that they spend, we will continue to earn their visits by delivering leading, reliable, everyday value and outstanding execution in our restaurants. As we look to the rest of 2024 and beyond, we remain focused on leveraging the competitive advantages within our Accelerating the Arches plan and growing QSR market share to drive long-term growth."

First quarter financial performance:

• Global comparable sales increased 1.9%, reflecting positive comparable sales in the U.S. and International Operated Markets segment. Comparable sales in the International Developmental Licensed Markets segment were slightly negative as the segment continued to be impacted by the war in the Middle East:
  • U.S. increased 2.5%
  • International Operated Markets segment increased 2.7%
  • International Developmental Licensed Markets segment decreased 0.2%
• Consolidated revenues increased 5% (4% in constant currencies).
• Systemwide sales increased 3% (3% in constant currencies).
• Consolidated operating income increased 8% (8% in constant currencies). Results reflected pre-tax charges of $35 million and $180 million for the current year and prior year, respectively, primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current and prior year charges, consolidated operating income increased 2% (2% in constant currencies).**
• Diluted earnings per share was $2.66, an increase of 9% (9% in constant currencies). Excluding the current year charges described above of $0.04 per share, diluted earnings per share was $2.70, an increase of 2% (2% in constant currencies) when also excluding prior year charges.**

*Refer to page 3 of the full release for a definition of Systemwide sales.
**Refer to page 2 of the full release for additional details on charges for the first quarter 2024 and 2023.