Common-Size Income Statement
Quarterly Data
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Abbott Laboratories pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Abbott Laboratories, common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Gross Profit Trends
- The gross profit as a percentage of net sales generally fluctuated between approximately 47.9% and 54.8% over the periods analyzed. A notable dip occurred in mid-2020, followed by recovery through late 2021. From early 2022 through early 2025, gross profit ratios remained relatively stable, typically ranging from about 49.5% to 52.8%, indicating a consistent ability to manage production costs relative to sales.
- Cost of Products Sold and Amortization
- Cost of products sold (excluding amortization) as a percentage of net sales mostly remained within a band of roughly 40.5% to 45%, with occasional spikes, particularly in mid-2021 and the latter part of 2022. Amortization of intangible assets showed a gradual decline from about 7.3% in early 2020 to near 4% by early 2025, suggesting improvements or changes in intangible asset handling or amortization schedules over time.
- Operating Expenses
- Research and development expenses consistently hovered around 6.2% to 7.7% of net sales, showing no clear upward or downward trend but some volatility with occasional peaks approaching 7.7%. Selling, general and administrative expenses demonstrated moderate variability between approximately 23.4% and 32.9%, with notable reductions observed in late 2020 and early 2022, though the ratio tended to increase again by early 2025.
- Operating Earnings
- Operating earnings as a percentage of net sales experienced significant fluctuations, rising sharply to peaks of over 23% in late 2020 and 2021, before settling in a range between approximately 13.9% and 17.5% from 2022 onward. The early 2025 data showed a slight dip compared to prior quarters, yet generally reflect a positive margin from core operations.
- Interest and Other Income/Expense
- Interest expense steadily decreased from around 1.8% early in 2020 to near 1.25% by 2025, indicating improved financing costs or debt management. Interest income rose gradually, reaching values near 1% by early 2023 and then stabilizing around 0.8% subsequently. Net foreign exchange gains/losses were mostly small and fluctuated without a clear pattern. Other income (expense), net, consistently contributed positive values with some variability, suggesting periodic non-operating income gains supporting overall profitability.
- Earnings Before Taxes and Tax Effects
- Earnings from continuing operations before taxes mirrored operating earnings trends closely, with peaks above 22% and troughs near 7%. Tax rates as a percentage of net sales were variable and occasionally displayed anomalies, notably a large and unexplained spike in one quarter in early 2025, which deviates from the pattern of typical tax expense ratios around -2% to -3.5%. This outlier suggests an unusual tax event or accounting irregularity during that period.
- Net Earnings
- Net earnings from continuing operations followed the general earnings before taxes trajectory, showing resilience with fluctuations between about 7% and 20%, aside from the outlier in early 2025 that sharply increased net earnings to over 84%, likely driven by extraordinary gains or accounting adjustments. Discontinued operations had minimal impact overall. The general pattern indicates the company maintained profitability with some variability influenced by tax effects and other income/expenses over the reviewed periods.
- Overall Insights
- The company demonstrated stable profitability and operational efficiency over the observed quarters. Cost control was maintained as gross margins remained strong despite some volatility in product costs and amortization expenses. Operating expenses, particularly SG&A, showed variability that may reflect strategic adjustments or market conditions. Interest costs improved, and other income contributed positively to net results. The irregular tax and earnings figure in early 2025 warrants further investigation to clarify its nature and impact on reported results.