Common-Size Income Statement
Quarterly Data
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Abbott Laboratories, common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 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: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The common-size income statement analysis reveals a period of relative stability in gross profitability coupled with significant volatility in operating expenses and a notable non-recurring tax event. Gross profit margins have generally fluctuated between 49% and 54%, demonstrating a resilient ability to maintain core pricing and production efficiency despite fluctuations in the cost of products sold.
- Gross Margin and Production Costs
- Cost of products sold, excluding amortization, remained largely stable between 40% and 48% of net sales. A slight upward trend in production costs was observed through 2022, peaking at 45.52% in December 2022, followed by a period of stabilization around 43-45% through 2025. Amortization of intangible assets showed a consistent downward trajectory, decreasing from approximately 4.9% of net sales in early 2021 to 3.78% by March 2026, which contributed positively to the gross margin over time.
- Operating Expense Dynamics
- Research and development expenditures remained consistent, typically oscillating between 6% and 7% of net sales, indicating a steady investment in innovation. In contrast, selling, general and administrative (SG&A) expenses exhibited significant volatility. While SG&A often hovered around 26-28%, sharp increases were recorded in December 2022 (29.46%), March 2024 (29.70%), and most notably in March 2026, where it spiked to 33.50% of net sales. This final spike correlates with a sharp decline in operating earnings for that period.
- Operating and Net Earnings Performance
- Operating earnings displayed a cyclical pattern, peaking at 24.48% in March 2022 and reaching a low of 12.05% in March 2026. The volatility in operating income is primarily attributed to the fluctuations in SG&A spending rather than gross margin erosion. Net earnings typically tracked operating earnings, generally ranging between 9% and 20% of net sales, excluding extraordinary items.
- Non-Operating Items and Tax Anomalies
- Interest income saw a marked increase starting in 2022, rising from approximately 0.1% to nearly 1.0% of net sales, which helped offset stable interest expenses that averaged between 1.1% and 1.6%. A significant anomaly occurred on December 31, 2024, where taxes on earnings were recorded as a positive 65.60% of net sales. This resulted in an exceptional spike in net earnings to 84.10% for that quarter, suggesting a substantial one-time tax credit or accounting adjustment rather than an operational gain.
Overall, the operational core remains stable, although the bottom line is subject to periodic volatility driven by SG&A fluctuations and occasional non-operational accounting events.