Common-Size Income Statement
Quarterly Data
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- Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2015
- Total Asset Turnover since 2015
- Price to Operating Profit (P/OP) since 2015
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Kraft Heinz Co., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-K (reporting date: 2019-12-28), 10-Q (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-K (reporting date: 2018-12-29), 10-Q (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-30), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-07-01), 10-Q (reporting date: 2017-04-01), 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), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-27), 10-Q (reporting date: 2015-06-28), S-4/A (reporting date: 2015-03-29).
- Cost of Products Sold and Gross Profit
- The cost of products sold as a percentage of net sales exhibits considerable fluctuation over the periods, initially increasing sharply to around -73.4% in late 2015 before generally stabilizing in the mid-60% range. Notably, the cost reached a peak of nearly -70% in early 2020 but improved again by mid-2020. Correspondingly, gross profit margins decline when costs rise and improved as costs fell, showing a general inverse relationship. Gross profit percentage peaked at 40.15% in mid-2017 and then fluctuated, ending with a notable improvement to 36.88% by the second quarter of 2020.
- Selling, General and Administrative Expenses
- SG&A expenses excluding impairment losses have shown a downward trend from a high of around -20.08% to closer to -10.34% by late 2017, indicating improved operational efficiency or cost management in those components. However, when including impairment losses, total SG&A expenses dramatically increased with substantial impairments occurring starting in early 2018, reflected by spikes reaching -237.51% in late 2018. This volatility significantly impacted overall expense ratios in subsequent quarters.
- Impairment Losses
- Goodwill and intangible asset impairment losses escalated notably from 2018 onwards, with extreme negative values recorded, such as -124.95% and -99.77%, indicating substantial write-downs during these periods. These impairments are a significant driver behind the sharp increases in total SG&A expenses and correspond to negative effects on profitability metrics in corresponding quarters.
- Operating Income (Loss)
- Operating income as a percentage of net sales showed gradual improvement from early 2015 to late 2017, with peaks approximately at 28.77%. However, the impairment losses triggered a severe decline in operating income in late 2018, reflected by an unprecedented loss of -205.35%, followed by partial recovery but remaining volatile through 2020. This trend closely aligns with the timing and magnitude of impairment charges.
- Interest Expense and Other Income (Expense)
- Interest expenses as a percentage of net sales fluctuated modestly, generally staying between -3.73% and -8.11%, with occasional transient rises and declines. Other income and expenses were mostly minor and varied around zero, with occasional positive spikes, for example in early 2019, but these movements had relatively limited impact on overall profitability.
- Income Before Taxes and Tax Provision
- Income before income taxes reflected significant volatility, increasing steadily until late 2017, with similar timing to operating income improvements and impairments thereafter. The tax provision showed unusual fluctuations, including a highly positive tax benefit of 96.92% in late 2017, likely related to nonrecurring events, followed by near-normal negative percentages gradually returning to typical levels by 2020.
- Net Income Patterns
- Net income attributable to the company’s shareholders followed a similar pattern to operating income and pre-tax income. Positive growth and profitability were observed through most of 2015 to 2017. However, net income plummeted dramatically in late 2018 by over 180% due to large impairment losses, recovering partially but remaining volatile in subsequent quarters. The net income for common shareholders particularly mirrors this trend, with strong earnings followed by steep losses and gradual recovery phases through 2020.
- Preferred Dividends
- Preferred dividends were recorded inconsistently across the periods, with a noticeable decline after mid-2016 and no data present from late 2017 onward. This absence may suggest a change in capital structure or classification rather than a direct financial performance impact.
- Summary of Key Insights
- The data reveal a company experiencing stable operational margins until 2017, after which substantial impairment losses severely affected expense ratios and profitability. While core cost management efforts appear effective based on SG&A trends excluding impairments, the considerable write-downs have introduced significant volatility and earnings pressure. Interest expenses remained relatively consistent, but tax and other income fluctuations indicate occasional nonrecurring items impacting net results. Overall, profitability demonstrates sensitivity to impairment charges, with gradual recovery signs visible by mid-2020, highlighting ongoing financial restructuring or asset quality challenges during the analyzed period.