Income Statement
Quarterly Data
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.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
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Illumina Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2021-10-03), 10-Q (reporting date: 2021-07-04), 10-Q (reporting date: 2021-04-04), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-K (reporting date: 2019-12-29), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-30), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-07-01), 10-Q (reporting date: 2018-04-01), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-10-01), 10-Q (reporting date: 2017-07-02), 10-Q (reporting date: 2017-04-02), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-10-02), 10-Q (reporting date: 2016-07-03), 10-Q (reporting date: 2016-04-03).
- Revenue
- Overall revenue displays a steady upward trend from early 2016 through 2021, increasing from $572 million to a peak of $1,126 million in July 2021. The growth is primarily driven by product revenue, which consistently rises across the quarters, while service and other revenue show more variability but generally grow as well.
- Cost of Revenue and Gross Profit
- The cost of revenue increases over the period, rising from $175 million to approximately $338 million in the latest quarter analyzed. Despite the increase in cost, gross profit maintains a positive trajectory with fluctuations, peaking in the final quarters of 2020 and 2021 around $764 million to $802 million. The gross profit margin remains relatively stable, indicating managed cost control in relation to revenue growth.
- Operating Expenses
- Research and development expenditures exhibit a gradual increase from $124 million in early 2016 to a significant jump to $436 million by the last quarter reported. Selling, general, and administrative expenses also demonstrate an upward trajectory from $150 million to $879 million, indicating increased spending possibly linked to higher operational activities or investments. Consequently, total operating expenses rise considerably, with a notable spike in the most recent quarters, suggesting increased investment or possibly restructuring.
- Income from Operations
- Operating income fluctuates throughout the period, with peaks around $308 million in late 2019, but declines sharply in the final quarter to a negative $545 million, likely reflecting the surge in operating expenses. Before this drop, operating income generally remained positive and supported by growing revenues and stabilized costs.
- Net Income and Related Items
- Net income attributable to stockholders follows an overall increasing pattern, reaching about $317 million by the latest reported quarter. However, there is considerable volatility, particularly around 2017 and 2020, with noticeable declines in certain quarters possibly linked to spikes in costs or legal and other expenses. Net income remains positive in most periods except for some volatility in 2020.
- Interest and Other Income/Expense
- Interest income gradually increases but remains minor compared to operating income. Interest expenses are relatively stable, slightly increasing from $9 million to $16 million towards the later periods. Other income (expense), net, shows extreme volatility, with significant positive spikes that positively influence income before income taxes, notably around 2017 and again in late 2021, likely referencing non-recurring gains or settlements.
- Provision for Income Taxes
- The provision for income taxes fluctuates significantly, with some quarters showing unusually high amounts (e.g., $166 million at the end of 2017) and others much lower or even negative, indicating variable tax treatment potentially due to changes in profitability or tax strategies. These variations impact net income patterns.
- Summary of Trends
- Revenue growth is steady and supported mainly by product sales. Costs and operating expenses increase significantly, especially in recent quarters, which heavily impacts operating income negatively in the latest available data. Net income remains positive overall but is subject to volatility from operating expenses, tax provision changes, and non-operating income/expense fluctuations. The company appears to be investing heavily in R&D and administrative functions, likely aiming for long-term growth despite short-term profitability pressures.