Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

McKesson Corp., consolidated income statement

US$ in millions

12 months ended:	Mar 31, 2016	Mar 31, 2015	Mar 31, 2014	Mar 31, 2013	Mar 31, 2012	Mar 31, 2011
Revenues	190,884)	179,045)	137,609)	122,455)	122,734)	112,084)
Cost of sales	(179,468)	(167,634)	(129,300)	(115,471)	(116,167)	(106,114)
Gross profit	11,416)	11,411)	8,309)	6,984)	6,567)	5,970)
Selling, distribution and administrative expenses	(7,276)	(7,901)	(5,418)	(4,198)	(3,829)	(3,529)
Research and development	(392)	(392)	(456)	(480)	(440)	(407)
Restructuring charges	(203)	—)	—)	—)	—)	—)
Claim and litigation charges	—)	(150)	(68)	(72)	(149)	(213)
Gain on business combination	—)	—)	—)	81)	—)	—)
Operating expenses	(7,871)	(8,443)	(5,942)	(4,669)	(4,418)	(4,149)
Operating income	3,545)	2,968)	2,367)	2,315)	2,149)	1,821)
Interest income	18)	20)	23)	22)	19)	18)
Equity in earnings (loss), net	15)	12)	(3)	3)	9)	(6)
Other, net	25)	31)	12)	10)	(7)	24)
Other income, net	58)	63)	32)	35)	21)	36)
Impairment of an equity investment	—)	—)	—)	(191)	—)	—)
Interest expense	(353)	(374)	(303)	(240)	(251)	(222)
Income from continuing operations before income taxes	3,250)	2,657)	2,096)	1,919)	1,919)	1,635)
Income tax expense	(908)	(815)	(742)	(581)	(516)	(505)
Income from continuing operations	2,342)	1,842)	1,354)	1,338)	1,403)	1,130)
Income (loss) from discontinued operations, net of tax	(32)	(299)	(96)	—)	—)	72)
Net income	2,310)	1,543)	1,258)	1,338)	1,403)	1,202)
Net (income) loss attributable to noncontrolling interests	(52)	(67)	5)	—)	—)	—)
Net income attributable to McKesson Corporation	2,258)	1,476)	1,263)	1,338)	1,403)	1,202)

Based on: 10-K (reporting date: 2016-03-31), 10-K (reporting date: 2015-03-31), 10-K (reporting date: 2014-03-31), 10-K (reporting date: 2013-03-31), 10-K (reporting date: 2012-03-31), 10-K (reporting date: 2011-03-31).

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Income statement item	Description	The company
Revenues	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	McKesson Corp. revenues increased from 2014 to 2015 and from 2015 to 2016.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	McKesson Corp. operating income increased from 2014 to 2015 and from 2015 to 2016.
Income from continuing operations before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	McKesson Corp. income from continuing operations before income taxes increased from 2014 to 2015 and from 2015 to 2016.
Net income attributable to McKesson Corporation	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	McKesson Corp. net income attributable to McKesson Corporation increased from 2014 to 2015 and from 2015 to 2016.

McKesson Corp. (NYSE:MCK)

Income Statement