Another Austin man, who was arrested and indicted with McKay, Bradley Crowder, pleaded guilty earlier.
McKay, Crowder and Darby traveled from Texas to St. Paul, Minn., as part of a larger group of protesters to gather at the site of the Republican National Convention in August.
The newspaper said McKay and Crowder made the Molotov cocktails after police seized a trailer of shields that protesters had hoped to use in demonstrations.
McKay and Crowder will be sentenced at a later date
McKay's attorney, Jeff DeGree, said he expects McKay to receive somewhere between 36 months and 47 months in federal prison.
DeGree said McKay had decided that it is time to accept responsibility for the incident.
"Obviously, this is the right decision for David to make at this time," he said.
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