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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
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ON Semiconductor Corp., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2024-03-29), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-29), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-07-01), 10-Q (reporting date: 2022-04-01), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-10-01), 10-Q (reporting date: 2021-07-02), 10-Q (reporting date: 2021-04-02), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-10-02), 10-Q (reporting date: 2020-07-03), 10-Q (reporting date: 2020-04-03), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-27), 10-Q (reporting date: 2019-06-28), 10-Q (reporting date: 2019-03-29).
- Revenue
- Revenue exhibited fluctuations across the periods analyzed, beginning at approximately $1.39 billion in March 2019. A decline occurred through mid-2020, reaching a low near $1.21 billion in July 2020, followed by a consistent upward trend peaking at $2.19 billion in September 2022. Subsequently, revenue showed a downward trend, decreasing to about $1.86 billion by March 2024.
- Cost of Revenue
- Cost of revenue followed a generally parallel pattern to revenue, with initial values around $873 million in March 2019. It decreased moderately during mid-2020 and then increased gradually, peaking near $1.13 billion in September 2022. A decline occurred again afterward, with costs reducing to approximately $1.01 billion by March 2024, indicating some control over costs relative to revenue in recent quarters.
- Gross Profit
- Gross profit demonstrated variability, starting near $514 million in March 2019, declining to about $374 million in July 2020. Thereafter, it showed a strong upward trajectory, reaching an apex of roughly $1.06 billion in September 2022. A subsequent decline in gross profit was observed, ending at approximately $854 million in March 2024, indicating decreasing profitability margins in recent periods.
- Research and Development (R&D)
- R&D expenses remained relatively stable, fluctuating mainly between $136 million and $172 million over the periods. Notably, peak spending occurred around late 2019 and early 2021, while a slight reduction was seen in late 2022 and early 2023, stabilizing near $150 million per quarter toward the end of the data series.
- Selling and Marketing Expenses
- Selling and marketing costs showed moderate variation, remaining mostly in the range of $65 million to $79 million per quarter. The expenses peaked in early 2021 and declined slightly thereafter, stabilizing close to $68 million toward the latest periods, which suggests relatively consistent investment in these functions.
- General and Administrative Expenses
- General and administrative expenses fluctuated between approximately $62 million and $110 million per quarter, with notable increases in some quarters such as December 2022, where expenses rose sharply to $97 million. After this peak, expenses decreased somewhat but showed occasional spikes, reflecting variability in these overhead costs.
- Special Charges and Other Operating Expenses
- Several nonrecurring and special charges were recorded, including significant litigation settlements in late 2019 and goodwill impairments concentrated in early to mid-2022, notably a $115 million charge in April 2022 and $272 million in July 2022. Restructuring and asset impairment charges were volatile, with both positive and negative impacts across quarters. Such charges notably influenced operating expense totals, which reached as high as $634 million in September 2022 before returning to lower levels.
- Operating Income (Loss)
- Operating income exhibited substantial variability. After a negative operating income in September 2019 (-$44 million), the company recovered strongly, peaking at $704 million in December 2022. However, subsequent quarters showed a declining trend to about $525 million by March 2024, signaling reduced operating profitability after a period of growth.
- Interest Expense and Income
- Interest expense showed a decreasing trend from around $32 million in early 2019 to $15.6 million by March 2024, suggesting lower financing costs over time. In contrast, interest income gradually increased, starting at $2.5 million and rising substantially to nearly $27.6 million by March 2024, contributing positively to net income.
- Other Income and Losses
- Other income and expense items were volatile, including losses on debt prepayment recorded sporadically and occasional gains on divestitures around 2021 and early 2022. The net "Other income (expense), net" line showed wide fluctuations, with both significant negative values, such as in 2019 and 2020, and positive spikes, notably in late 2022, indicating non-operational factors had material impacts on profitability.
- Income Before Taxes
- Income before income taxes varied significantly, reflecting operating income fluctuations and other incomes/expenses. Negative income was recorded in the third quarter of 2019 (-$85 million) and the first quarter of 2020 (-$22 million). Following this, there was a recovery and growth pattern, peaking above $763 million in December 2022, before experiencing a gradual decline to approximately $538 million by March 2024.
- Income Tax Provision (Benefit)
- Income tax provisions were inconsistent, with several quarters reporting tax benefits or low provisions (e.g., positive tax provision of $82 million in April 2020). However, in many quarters, substantial tax expenses were recorded, sometimes correlating with high income before taxes, such as $159 million in December 2022. Tax effects contributed to fluctuations in net income across the periods.
- Net Income (Loss)
- Net income displayed marked volatility, with losses recorded in mid-2019 and early 2020. Recovery started mid-2020, trending upward and reaching a peak of over $604 million in December 2022. Following this peak, net income declined, ending at approximately $454 million by March 2024. The data indicates overall profitability improvement over the full period despite intermittent setbacks.
- Net Income Attributable to ON Semiconductor Corporation
- Net income attributable to the corporation closely followed the consolidated net income trend, confirming operational control over profitability. Losses occurred in similar periods, with recovery and growth thereafter. The peak net income near $604 million in December 2022 was followed by a downward trend to about $453 million by the last quarter, consistent with broader net income trends.