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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Becton, Dickinson & Co. pages available for free this week:
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
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Becton, Dickinson & Co., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).
- Revenues
- Revenues showed an overall upward trend, increasing from $12,483 million in 2016 to $20,248 million in 2021. A notable jump occurred between 2017 and 2018, with revenues rising from $12,093 million to $15,983 million. The growth continued more moderately through 2019 and 2020, followed by a substantial increase in 2021.
- Cost of products sold
- Costs of products sold rose continuously from $6,492 million in 2016 to $10,821 million in 2021. This increase correlates with the rise in revenues, though the yearly increments indicate only a slight acceleration relative to revenue growth.
- Gross profit
- Gross profit increased from $5,991 million in 2016 to $9,427 million in 2021. There was steady growth, except for a dip in 2020 when the gross profit fell to $7,577 million from $8,288 million in 2019, before recovering strongly in 2021.
- Selling and administrative expense
- Selling and administrative expenses increased steadily over the period, from $3,005 million in 2016 to $4,867 million in 2021. The growth was relatively consistent, mirroring the rise in operational scale along with revenues and gross profit.
- Research and development expense
- Research and development expenses showed a gradual upward trend, increasing from $828 million in 2016 to $1,339 million in 2021. This indicates ongoing investment in innovation and product development.
- Acquisitions and other restructurings
- Costs relating to acquisitions and restructurings decreased significantly from $728 million in 2016 to $185 million in 2021, suggesting a reduction in restructuring activities or more efficient integration over time.
- Other operating expense, net
- Other operating expenses fluctuated, with notable negative expenses recorded in 2017, 2019, and 2020, but generally declining from -$411 million in 2017 to -$237 million in 2021, pointing to variability in miscellaneous operating impacts.
- Operating income
- Operating income remained relatively stable between 2016 and 2019, ranging between $1,430 million and $1,760 million, then decreased to $1,484 million in 2020 before sharply increasing to $2,799 million in 2021. This reflects a strong recovery and improved operational efficiency or margin expansion in the latest year.
- Interest expense and income
- Interest expense generally declined from $388 million in 2016 to $469 million in 2021, after peaking in 2018. Interest income was relatively minimal and inconsistent, with minor fluctuations but no clear trend.
- Other investment gains, net
- Other investment gains showed variability, with gains increasing from $8 million in 2016 to a high of $57 million in 2021, suggesting improved returns or successful investments in the later years.
- Deferred compensation and net pension/postretirement costs
- Deferred compensation expenses began appearing in 2018 and rose steadily to $43 million in 2021. Net pension and postretirement benefit costs were minimal and fluctuated near zero, indicating limited impact on overall financials.
- Losses on foreign exchange derivatives and debt extinguishment
- Losses on undesignated foreign exchange derivatives were relatively stable, around -$10 million to -$23 million. Losses on debt extinguishment were volatile, peaking at -$178 million in 2021, indicating occasional costly refinancing or debt management activities.
- Other miscellaneous items
- Various non-operating and one-time items such as product-related matters, royalty income, insurance proceeds, and divestiture-related income showed sporadic impacts. Notably, there was a significant $288 million income from Vyaire Medical-related divestitures in 2018.
- Income before income taxes
- Income before taxes stayed within a narrow band from 2016 to 2019; however, it declined in 2020 to $985 million and then surged to $2,242 million in 2021, mirroring operating income trends and timing of one-off items.
- Income tax provision
- Income tax expense fluctuated year-to-year, with instances of tax benefits, notably in 2017 and 2019. The tax expense generally remained a small fraction relative to income before taxes, with no evident consistent trend.
- Net income and net income applicable to common shareholders
- Net income demonstrated volatility, ranging from $976 million in 2016 to a low of $311 million in 2018, then rebounding to $2,092 million in 2021. Correspondingly, net income applicable to common shareholders exhibited similar trends, with the lowest value of $159 million in 2018 and highest at $2,002 million in 2021. This fluctuation suggests variable profitability impacted by non-recurring items or operational challenges during the period.