McDonald’s has reported $5.9bn in consolidated revenue in the fourth quarter (Q4), which ended 31 December 2022, representing a 1% decrease compared to consolidated revenue of $6bn in the same period for the prior year.

However, the consolidated revenues for the year were flat and stood at $23.1bn against the previous year’s figure of $23.2bn.

McDonald’s net income was up to $1.9bn in Q4 2022 compared to $1.6bn that the company reported in the same quarter in 2021.

Its net income for the year decreased to $6.1bn from $7.5bn the previous year.

The consolidated operating income during the latest quarter increased by 8%, reaching $2.5bn compared to $2.3bn in Q4 2021.

The operating income for the year ended 31 December 2022 was $9.3bn, down by 10% from $10.3bn in 2021.

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By GlobalData

Systemwide sales increased by 5% last year as well as during the final quarter of 2022.

The restaurant company’s diluted earnings per share were $2.59 in Q4 2022, an increase of 19%, while the diluted earnings per share for the year decreased by 17% to $8.33.

McDonald’s president and CEO Chris Kempczinski said: “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.

“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.”