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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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Teradyne Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-10-01), 10-Q (reporting date: 2023-07-02), 10-Q (reporting date: 2023-04-02), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-10-02), 10-Q (reporting date: 2022-07-03), 10-Q (reporting date: 2022-04-03), 10-K (reporting date: 2021-12-31), 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: 2019-12-31), 10-Q (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Revenue Trends
- The total revenues exhibited a growing trend from the first quarter of 2019 through mid-2021, peaking at $1,085,728 thousand in April 2021. This growth was driven primarily by a significant increase in product revenues, which rose markedly from $393,442 thousand in March 2019 to $951,945 thousand in April 2021. Service revenues showed a steadier, more moderate upward trend during this period. However, from mid-2021 onward, overall revenues began a consistent decline, falling to $599,819 thousand by March 2024. This decline corresponds primarily with a sharp reduction in product revenues, which dropped sharply from their peak of $951,945 thousand to $458,433 thousand within the same timeframe. Service revenues remained relatively stable but slightly fluctuated around the $140,000 thousand mark.
- Cost of Revenues and Gross Profit
- Cost of revenues, which includes costs of products and services, rose alongside revenues until approximately mid-2021, with costs of products reaching nearly $389,000 thousand at the peak in April 2021. Thereafter, costs decreased in line with declining revenues, dropping to $200,763 thousand by March 2024. Gross profit followed a similar pattern, increasing from $287,635 thousand in March 2019 to a high of $646,989 thousand in April 2021 before declining substantially to $339,282 thousand by March 2024. The gross margin widened during the revenue growth phase and narrowed as revenues contracted, indicating pressure on profitability in the most recent quarters.
- Operating Expenses
- Operating expenses generally rose over the time series, particularly selling and administrative expenses and engineering and development costs, which increased steadily to above $140,000 thousand and $110,000 thousand respectively by the end of 2023. However, operating expenses trends show some variability, including notable irregularities in the restructuring and other expenses, which swung between significant positive and negative amounts. This volatility affected total operating expenses, which peaked around 2021 but remained elevated relative to earlier years.
- Operating Income and Profitability
- Income from operations increased substantially from $93,085 thousand in early 2019 to an elevated level of $388,872 thousand in April 2021, followed by a decline to $77,771 thousand by March 2024. The sharp rise in operating income accompanied the peak in revenues and gross profit, while its subsequent decline reflects tightening margins and reduced sales. Operating profitability appeared to face headwinds in recent quarters, evidenced by falling income from operations despite relatively stable operating expenses in the later periods.
- Non-Operating Items and Net Income
- Non-operating income and expenses showed considerable volatility, with some quarters experiencing significant losses or gains. Interest income generally increased over time whereas interest expense trended downward, contributing modest positive net interest income. Other income (expense), net was highly erratic, impacting income before tax variably across the periods. Income before income taxes followed a similar trajectory to operating income and net income, peaking in early 2021 and declining thereafter. Income tax provisions fluctuated, generally rising with higher pre-tax income, but variability in tax expenses also contributed to fluctuations in net income. Net income demonstrated a strong growth trend through early 2021, reaching $328,319 thousand, followed by a downward trend to $64,197 thousand in March 2024, underscoring the overall challenging profitability environment in recent quarters.
- Summary
- The data reflects a phase of robust growth in revenue and profitability through early 2021, driven predominantly by expanding product sales and relatively stable service revenues. This growth was accompanied by rising costs and operating expenses but was sufficient to produce strong increases in gross profit and operating income. Since mid-2021, a marked reversal has occurred, characterized by declining product revenues and total revenues, pressured gross margins, elevated operating expenses relative to income, and a consequent decline in operating income and net income. The fluctuations in restructuring expenses and non-operating items introduce additional complexity but do not alter the overarching trend of decelerating financial performance in the most recent periods.