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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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, consolidated income statement (quarterly data)
US$ in millions
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).
- Net Sales
- Net sales showed some volatility, with a notable dip in mid-2020 followed by recovery and growth into 2021. After peaking in Q4 2021 at $11.468 billion, sales declined through 2022, reaching a low in Q4 2022 of $10.091 billion. In 2023 and early 2024, net sales stabilized around $10 billion to $10.5 billion, with a slight increase toward the end of the period but dipping again by Q1 2025.
- Cost of Products Sold (excluding amortization)
- The cost of products sold generally followed sales trends but showed less pronounced fluctuation. Costs increased significantly in late 2020 and early 2021, aligning with sales growth, but remained relatively elevated and stable through 2022 and 2023. There was a modest reduction in Q1 2025 suggesting some control over direct costs despite lower sales.
- Amortization of Intangible Assets
- Amortization expenses remained relatively stable throughout the period, showing a slight declining trend in recent quarters from around $500 million to $420 million by Q1 2025, indicating possible reductions in intangible asset bases or amortization schedules.
- Gross Profit
- Gross profit mirrored sales trends, with a peak near the end of 2021 at $6.188 billion, followed by declines into 2023. Margins appear compressed in 2022 and 2023 as gross profit decreased more sharply than sales, suggesting margin pressures likely due to increased costs. Early 2024 shows some recovery but ends lower in Q1 2025.
- Research and Development
- Research and development expenses are relatively consistent with minor fluctuations, peaking near $749 million in Q4 2024. The level of R&D spending remains stable as a proportion of sales, demonstrating continued focus on innovation despite some sales volatility.
- Selling, General and Administrative Expenses
- SG&A expenses fluctuated moderately, peaking in late 2021 and increasing again towards the end of the period, reaching above $3 billion in several recent quarters. The steady increase in SG&A indicates higher administrative and selling costs, which may contribute to operating margin pressures.
- Operating Earnings
- Operating earnings displayed significant volatility, with strong peaks in Q4 2020 and Q4 2021 nearing $2.4 and $2.5 billion respectively. Post-2021, operating earnings declined sharply, recovering somewhat in late 2023 but remaining below earlier highs. This pattern reflects fluctuations in both gross profit and operating expenses.
- Interest Expense and Income
- Interest expense held steady around $130-$160 million throughout the period. Interest income increased notably from 2022 onward, rising from under $20 million to over $80 million, indicating improved income from investments or cash holdings that partially offset interest costs.
- Net Foreign Exchange Gain (Loss)
- Foreign exchange gains and losses were sporadic and relatively minor in magnitude but occasionally exerted minor positive or negative impacts on earnings, with no clear trend.
- Other Income (Expense), Net
- Other income showed positive contributions overall, with occasional spikes indicating non-operating gains which helped support earnings volatility.
- Earnings Before Taxes
- Earnings before taxes followed operating earnings trends but with impacts from interest, foreign exchange, and other income. Peaks in Q4 2020 and Q4 2021 were evident, followed by a decline and partial recovery pattern through 2023 and early 2024.
- Taxes on Earnings from Continuing Operations
- Tax expenses were highly volatile, with some quarters showing negative or extraordinary tax figures, notably an extremely high positive tax in Q1 2025, which greatly distorts comparability. This suggests possible one-time tax events affecting net income significantly.
- Earnings from Continuing Operations
- Continuing operations earnings closely tracked pre-tax earnings but were impacted by tax variability. The large spike in Q1 2025 appears to be an anomaly due to tax adjustments. Excluding this, earnings show cyclicality with peaks in late 2020 and 2021 and a decline afterward.
- Net Earnings
- Net earnings generally followed continuing operations with an additional minor contribution from discontinued operations early in the period. The pattern shows strong peaks roughly coinciding with operating earnings highs, followed by lower but stable earnings in later quarters. The Q1 2025 spike in net earnings corresponds with the tax anomaly, making it an outlier in the overall trend.