Income Statement

Difficulty level: Basic

The income statement presents information on the financial results of a company's 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.

Wal-Mart Stores Inc., Consolidated Income Statement

USD $ in millions

 
12 months ended Jan 31, 2014 Jan 31, 2013 Jan 31, 2012 Jan 31, 2011 Jan 31, 2010 Jan 31, 2009
Net sales 473,076  466,114  443,854  418,952  405,046  401,244 
Cost of sales (358,069) (352,488) (335,127) (315,287) (304,657) (306,158)
Gross profit 115,007  113,626  108,727  103,665  100,389  95,086 
Membership and other income 3,218  3,048  3,096  2,897  3,168  4,363 
Operating, selling, general and administrative expenses (91,353) (88,873) (85,265) (81,020) (79,607) (76,651)
Operating income 26,872  27,801  26,558  25,542  23,950  22,798 
Interest expense, debt and capital leases (2,335) (2,251) (2,322) (2,205) (2,065) (2,184)
Interest income 119  187  162  201  181  284 
Interest, net (2,216) (2,064) (2,160) (2,004) (1,884) (1,900)
Income from continuing operations before income taxes 24,656  25,737  24,398  23,538  22,066  20,898 
Provision for income taxes (8,105) (7,981) (7,944) (7,579) (7,139) (7,145)
Income from continuing operations 16,551  17,756  16,454  15,959  14,927  13,753 
Income (loss) from discontinued operations, net of income taxes 144  (67) 1,034  (79) 146 
Consolidated net income 16,695  17,756  16,387  16,993  14,848  13,899 
Consolidated net income attributable to noncontrolling interest (673) (757) (688) (604) (513) (499)
Consolidated net income attributable to Walmart 16,022  16,999  15,699  16,389  14,335  13,400 
Source: Wal-Mart Stores Inc., Annual Reports
Item Description The company
Net sales Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Wal-Mart Stores Inc.'s net sales increased from 2012 to 2013 and from 2013 to 2014.
Operating income The net result for the period of deducting operating expenses from operating revenues. Wal-Mart Stores Inc.'s operating income increased from 2012 to 2013 but then slightly declined from 2013 to 2014 not reaching 2012 level.
Income from continuing operations before income taxes Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Wal-Mart Stores Inc.'s income from continuing operations before income taxes increased from 2012 to 2013 but then slightly declined from 2013 to 2014 not reaching 2012 level.
Income from continuing operations This represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. Wal-Mart Stores Inc.'s income from continuing operations increased from 2012 to 2013 but then slightly declined from 2013 to 2014 not reaching 2012 level.
Consolidated net income The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Wal-Mart Stores Inc.'s consolidated net income increased from 2012 to 2013 but then slightly declined from 2013 to 2014 not reaching 2012 level.
Consolidated net income attributable to Walmart The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. Wal-Mart Stores Inc.'s consolidated net income attributable to Walmart increased from 2012 to 2013 but then slightly declined from 2013 to 2014 not reaching 2012 level.

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