McDonald's Investor Presentation Deck

Appendix: GAAP Reconciliations Cash provided by operations Less: Capital expenditures Free cash flow Net income Free cash flow conversion Free Cash Flow & Free Cash Flow Conversion (dollars in millions) 2021 $9,142 2,040 $7,102 $7,545 2022 $7,387 1,899 $5,488 $6,177 88.8% 94.1% 2020 $6,265 1,641 $4,624 $4,731 97.8% 2019 $8,122 2,394 $5,728 $6,025 95.1% 2018 $6,967 2,742 $4,225 $5,924 71.3%

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