Name: Twenty-First Century Fox Inc. (NASDAQ:FOX) | Income Statement
Creator: Stock Analysis on Net

Income Statement

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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Twenty-First Century Fox Inc., consolidated income statement

US$ in millions

12 months ended:	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Revenues	30,400)	28,500)	27,326)	28,987)	31,867)	27,675)
Operating expenses	(19,769)	(17,775)	(17,129)	(18,561)	(21,108)	(17,496)
Gross profit	10,631)	10,725)	10,197)	10,426)	10,759)	10,179)
Selling, general and administrative	(3,668)	(3,617)	(3,675)	(3,784)	(4,129)	(4,007)
Depreciation and amortization	(584)	(553)	(530)	(736)	(1,142)	(797)
Impairment and restructuring charges	(72)	(315)	(323)	—)	—)	—)
Operating income	6,307)	6,240)	5,669)	5,906)	5,488)	5,375)
Equity earnings (losses) of affiliates	(138)	(41)	(34)	904)	622)	655)
Interest expense, net	(1,248)	(1,219)	(1,184)	(1,198)	(1,121)	(1,063)
Interest income	39)	36)	38)	39)	26)	57)
Other, net	(550)	(327)	(335)	4,196)	174)	3,712)
Income from continuing operations before income tax (expense) benefit	4,410)	4,689)	4,154)	9,847)	5,189)	8,736)
Income tax (expense) benefit	364)	(1,419)	(1,130)	(1,243)	(1,272)	(1,690)
Income from continuing operations	4,774)	3,270)	3,024)	8,604)	3,917)	7,046)
Income (loss) from discontinued operations, net of tax	(12)	(44)	(8)	(67)	729)	277)
Net income	4,762)	3,226)	3,016)	8,537)	4,646)	7,323)
Net income attributable to noncontrolling interests	(298)	(274)	(261)	(231)	(132)	(226)
Net income attributable to Twenty-First Century Fox, Inc. stockholders	4,464)	2,952)	2,755)	8,306)	4,514)	7,097)

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Between June 30, 2013, and June 30, 2018, revenues exhibited a volatile trend, peaking at US$ 31,867 million in 2014 and reaching US$ 30,400 million by 2018. Despite these fluctuations in top-line growth, gross profit remained relatively stable, maintaining a narrow range between US$ 10,179 million and US$ 10,759 million throughout the six-year period. This suggests a consistent ability to manage direct costs of production relative to sales volume.

Operating Performance and Efficiency: Operating income demonstrated a steady upward trajectory, increasing from US$ 5,375 million in 2013 to US$ 6,307 million in 2018. This growth was facilitated by disciplined control of selling, general, and administrative expenses, which declined from US$ 4,007 million to US$ 3,668 million over the period. Additionally, depreciation and amortization expenses saw a significant decrease from a peak of US$ 1,142 million in 2014 to US$ 584 million in 2018.
Net Income Volatility and Non-Operating Items: Net income attributable to stockholders experienced substantial variance, ranging from a high of US$ 8,306 million in 2015 to a low of US$ 2,755 million in 2016. This instability is primarily attributed to the "Other, net" category, which shifted from significant gains of US$ 3,712 million in 2013 and US$ 4,196 million in 2015 to consistent losses between 2016 and 2018. This indicates that bottom-line results were heavily influenced by non-core financial activities rather than operational performance.
Financial Obligations and Affiliate Performance: Net interest expense remained relatively constant, with a slight increase from US$ 1,063 million in 2013 to US$ 1,248 million in 2018. In contrast, equity earnings from affiliates showed a marked decline, transitioning from a positive contribution of US$ 655 million in 2013 to a net loss of US$ 138 million by 2018, reflecting a deterioration in the performance of affiliated investments.
Taxation and Discontinued Operations: Income tax expenses were generally consistent until 2018, when a tax benefit of US$ 364 million was recorded, positively impacting the net income for that year. Income from discontinued operations provided modest gains in the early part of the period but shifted to marginal losses between 2015 and 2018, suggesting the conclusion of divestment cycles.

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