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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- Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Abbott Laboratories, consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The income statement reveals a period of fluctuating performance over the five-year period. Net sales experienced initial growth, followed by a decline, and then a recovery. Profitability metrics demonstrate significant volatility, particularly in net earnings, influenced by substantial shifts in tax provisions.
- Revenue and Gross Profit
- Net sales increased from US$43,075 million in 2021 to US$43,653 million in 2022, representing modest growth. However, a decrease was observed in 2023, with sales falling to US$40,109 million. Sales rebounded in 2024 to US$41,950 million and continued to rise in 2025, reaching US$44,328 million. Gross profit mirrored this trend, peaking at US$22,498 million in 2022, declining to US$20,168 million in 2023, and then recovering to US$23,327 million in 2025. The cost of products sold remained relatively stable as a percentage of net sales throughout the period.
- Operating Performance
- Operating earnings generally followed the trend of gross profit, with a high of US$8,425 million in 2021 and a low of US$6,478 million in 2023. A recovery was seen in 2024 and 2025, reaching US$8,053 million. Both research and development and selling, general and administrative expenses increased over the period, with selling, general and administrative expenses showing a more pronounced rise, particularly in 2025.
- Non-Operating Items
- Interest expense remained relatively consistent, fluctuating between US$533 million and US$637 million. Interest income demonstrated a clear upward trend, increasing from US$43 million in 2021 to US$308 million in 2025. Net foreign exchange gains and losses were initially small but became more significant, with a gain of US$50 million in 2025. Other income, net, also increased over the period, from US$277 million to US$548 million.
- Net Earnings and Taxes
- Net earnings exhibited substantial volatility. After remaining relatively stable between US$6,933 million and US$7,071 million in 2021 and 2022, net earnings decreased to US$5,723 million in 2023. A significant increase occurred in 2024, with net earnings reaching US$13,402 million, followed by a substantial decline to US$6,524 million in 2025. This volatility was largely driven by fluctuations in taxes on earnings. Taxes on earnings were US$1,140 million in 2021, increased to US$1,373 million in 2022, decreased to US$941 million in 2023, then dramatically increased to US$6,389 million in 2024, and finally decreased to US$1,942 million in 2025.
The significant changes in the tax provision warrant further investigation to understand the underlying factors contributing to these fluctuations and their impact on overall profitability.