Name: Walgreens Boots Alliance Inc. (NASDAQ:WBA) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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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Walgreens Boots Alliance Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018	May 31, 2018	Feb 28, 2018	Nov 30, 2017	Aug 31, 2017	May 31, 2017	Feb 28, 2017	Nov 30, 2016	Aug 31, 2016	May 31, 2016	Feb 29, 2016	Nov 30, 2015	Aug 31, 2015	May 31, 2015	Feb 28, 2015	Nov 30, 2014	Aug 31, 2014	May 31, 2014	Feb 28, 2014	Nov 30, 2013
Sales	34,631)	35,820)	34,339)	33,954)	34,591)	34,528)	33,793)	33,442)	34,334)	33,021)	30,740)	30,149)	30,118)	29,446)	28,501)	28,636)	29,498)	30,184)	29,033)	28,522)	28,795)	26,573)	19,554)	19,057)	19,401)	19,605)	18,329)
Cost of sales	(28,193)	(28,307)	(27,076)	(26,726)	(27,138)	(26,774)	(26,152)	(25,867)	(26,554)	(24,925)	(23,399)	(22,809)	(22,973)	(21,885)	(21,385)	(21,481)	(22,065)	(22,317)	(21,614)	(21,257)	(21,314)	(19,691)	(14,258)	(13,730)	(13,961)	(13,955)	(13,177)
Gross profit	6,438)	7,513)	7,263)	7,228)	7,453)	7,754)	7,641)	7,575)	7,780)	8,096)	7,341)	7,340)	7,145)	7,561)	7,116)	7,155)	7,433)	7,867)	7,419)	7,265)	7,481)	6,882)	5,296)	5,327)	5,440)	5,650)	5,152)
Selling, general and administrative expenses	(8,265)	(6,308)	(6,262)	(6,407)	(6,235)	(6,320)	(6,280)	(6,113)	(6,231)	(6,318)	(5,907)	(6,218)	(5,712)	(6,124)	(5,686)	(6,049)	(5,903)	(6,007)	(5,951)	(6,429)	(6,080)	(5,606)	(4,456)	(4,493)	(4,551)	(4,569)	(4,379)
Equity earnings (loss) in AmerisourceBergen	243)	28)	12)	57)	(15)	83)	39)	49)	52)	202)	(112)	(8)	84)	42)	17)	34)	3)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Equity earnings in Alliance Boots	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	101)	214)	135)	137)	194)	151)
Operating income (loss)	(1,584)	1,233)	1,013)	878)	1,203)	1,517)	1,400)	1,511)	1,601)	1,980)	1,322)	1,114)	1,517)	1,479)	1,447)	1,140)	1,533)	1,860)	1,468)	836)	1,401)	1,377)	1,054)	969)	1,026)	1,275)	924)
Gain on previously held equity interest	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(143)	—)	706)	—)	—)	—)	—)	—)
Other income (expense)	(34)	26)	35)	6)	182)	19)	26)	309)	(4)	9)	(137)	11)	(8)	(15)	1)	264)	28)	(496)	(57)	(479)	461)	504)	199)	(771)	124)	(59)	225)
Earnings (loss) before interest and income tax provision	(1,618)	1,259)	1,048)	884)	1,385)	1,536)	1,426)	1,820)	1,597)	1,989)	1,185)	1,125)	1,509)	1,464)	1,448)	1,404)	1,561)	1,364)	1,411)	214)	1,862)	2,587)	1,253)	198)	1,150)	1,216)	1,149)
Interest expense, net	(155)	(162)	(166)	(176)	(187)	(180)	(161)	(159)	(157)	(151)	(149)	(193)	(155)	(172)	(173)	(171)	(147)	(140)	(138)	(255)	(151)	(144)	(55)	(43)	(35)	(37)	(41)
Earnings (loss) before income tax provision	(1,773)	1,097)	882)	708)	1,198)	1,356)	1,265)	1,661)	1,440)	1,838)	1,036)	932)	1,354)	1,292)	1,275)	1,233)	1,414)	1,224)	1,273)	(41)	1,711)	2,443)	1,198)	155)	1,115)	1,179)	1,108)
Income tax (provision) benefit	40)	(160)	(32)	(26)	(156)	(226)	(180)	(159)	(109)	(503)	(227)	(126)	(168)	(246)	(220)	(207)	(322)	(301)	(167)	64)	(408)	(391)	(321)	(360)	(351)	(411)	(404)
Post tax earnings (loss) from other equity method investments	7)	15)	(8)	5)	(5)	8)	15)	12)	15)	14)	13)	1)	(21)	16)	12)	9)	15)	9)	11)	9)	7)	8)	—)	—)	—)	—)	—)
Net earnings (loss)	(1,726)	952)	842)	687)	1,037)	1,138)	1,100)	1,514)	1,346)	1,349)	822)	807)	1,165)	1,062)	1,067)	1,035)	1,107)	932)	1,117)	32)	1,310)	2,060)	877)	(205)	764)	768)	704)
Net (earnings) loss attributable to noncontrolling interests	18)	(6)	3)	(9)	(12)	18)	23)	(2)	(4)	—)	(1)	(5)	(3)	(2)	(13)	(5)	(4)	(2)	(7)	(6)	(8)	(18)	(27)	(34)	(42)	(14)	(9)
Net earnings (loss) attributable to Walgreens Boots Alliance, Inc.	(1,708)	946)	845)	678)	1,025)	1,156)	1,123)	1,512)	1,342)	1,349)	821)	802)	1,162)	1,060)	1,054)	1,030)	1,103)	930)	1,110)	26)	1,302)	2,042)	850)	(239)	722)	754)	695)

Revenue exhibited a sustained upward trajectory over the majority of the observed period, growing from 18,329 million dollars in November 2013 to a peak of 35,820 million dollars by February 2020. A significant step-increase occurred between November 2014 and February 2015, where sales rose from 19,554 million dollars to 26,573 million dollars. However, this growth trend reversed in the final quarter ending May 31, 2020, with sales declining to 34,631 million dollars.

Gross Profitability and Cost of Sales: Gross profit generally mirrored the growth in sales, rising from 5,152 million dollars in November 2013 to a peak of 8,096 million dollars in February 2018. Despite the growth in top-line revenue, gross profit began a gradual decline after 2018. This trend culminated in a sharp contraction in May 2020, where gross profit fell to 6,438 million dollars, indicating a compression of gross margins during the final period.
Operating Expense Trends: Selling, general and administrative (SG&A) expenses remained relatively stable between 4,379 million dollars and 6,429 million dollars for several years. A notable increase in spending is observed in the final quarter ending May 31, 2020, where SG&A expenses surged to 8,265 million dollars. This spike in operational costs coincided with the decline in gross profit, contributing to severe pressure on the operating margin.
Operating and Net Income Performance: Operating income demonstrated significant volatility, peaking at 1,980 million dollars in February 2018 before trending downward. The most critical shift occurred in May 2020, where the company reported an operating loss of 1,584 million dollars. Consequently, net earnings attributable to the company plummeted from 946 million dollars in February 2020 to a loss of 1,708 million dollars in May 2020, representing a substantial reversal of profitability.
Financial and Equity Obligations: Net interest expenses grew from 41 million dollars in 2013 to a peak of 187 million dollars in May 2019, eventually stabilizing around 155 million dollars by May 2020. Equity earnings from AmerisourceBergen became a factor starting in 2016, showing inconsistent contributions that ranged from losses of 112 million dollars in August 2017 to gains of 243 million dollars in May 2020, providing some offset to the operational losses in the final quarter.

The overall financial trend indicates a period of successful expansion and revenue growth followed by a sharp decline in operational efficiency. The transition from consistent profitability to a significant net loss in the final quarter was driven by a combination of declining gross profit and a substantial increase in selling, general and administrative expenses.

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Walgreens Boots Alliance Inc. (NASDAQ:WBA)

Income StatementQuarterly Data

Income Statement
Quarterly Data