Name: Best Buy Co. Inc. (NYSE:BBY) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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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Best Buy Co. Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 30, 2021	Oct 31, 2020	Aug 1, 2020	May 2, 2020	Feb 1, 2020	Nov 2, 2019	Aug 3, 2019	May 4, 2019	Feb 2, 2019	Nov 3, 2018	Aug 4, 2018	May 5, 2018	Feb 3, 2018	Oct 28, 2017	Jul 29, 2017	Apr 29, 2017	Jan 28, 2017	Oct 29, 2016	Jul 30, 2016	Apr 30, 2016
Revenue	10,587)	10,329)	10,647)	16,365)	11,910)	11,849)	11,637)	16,937)	11,853)	9,910)	8,562)	15,196)	9,764)	9,536)	9,142)	14,801)	9,590)	9,379)	9,109)	15,363)	9,320)	8,940)	8,528)	13,482)	8,945)	8,533)	8,443)
Cost of sales	(8,255)	(8,042)	(8,294)	(13,052)	(9,108)	(9,039)	(8,922)	(13,394)	(9,058)	(7,640)	(6,597)	(11,961)	(7,403)	(7,253)	(6,973)	(11,518)	(7,266)	(7,150)	(6,984)	(11,942)	(7,040)	(6,787)	(6,506)	(10,452)	(6,742)	(6,471)	(6,298)
Gross profit	2,332)	2,287)	2,353)	3,313)	2,802)	2,810)	2,715)	3,543)	2,795)	2,270)	1,965)	3,235)	2,361)	2,283)	2,169)	3,283)	2,324)	2,229)	2,125)	3,421)	2,280)	2,153)	2,022)	3,030)	2,203)	2,062)	2,145)
Selling, general and administrative expenses	(1,941)	(1,882)	(1,890)	(2,505)	(2,133)	(2,009)	(1,988)	(2,368)	(2,123)	(1,702)	(1,735)	(2,268)	(1,973)	(1,922)	(1,835)	(2,306)	(2,002)	(1,877)	(1,830)	(2,539)	(1,932)	(1,830)	(1,722)	(2,140)	(1,890)	(1,773)	(1,744)
Restructuring charges	(26)	(34)	(1)	(5)	1)	(4)	42)	(142)	(111)	—)	(1)	—)	7)	(48)	—)	1)	—)	(17)	(30)	(10)	2)	(2)	—)	(9)	(1)	—)	(29)
Operating income	365)	371)	462)	803)	670)	797)	769)	1,033)	561)	568)	229)	967)	395)	313)	334)	978)	322)	335)	265)	872)	350)	321)	300)	881)	312)	289)	372)
Gain on sale of investments	—)	—)	—)	—)	—)	—)	—)	1)	—)	—)	—)	—)	1)	—)	—)	—)	12)	—)	—)	1)	—)	—)	—)	1)	—)	—)	2)
Investment income (expense) and other	4)	3)	(5)	3)	1)	3)	3)	18)	5)	8)	6)	14)	9)	10)	14)	14)	11)	13)	11)	18)	12)	7)	11)	9)	8)	8)	6)
Interest expense	(10)	(7)	(6)	(6)	(7)	(6)	(6)	(9)	(11)	(15)	(17)	(14)	(16)	(16)	(18)	(20)	(15)	(19)	(19)	(18)	(20)	(18)	(19)	(18)	(16)	(18)	(20)
Other income (expense)	(6)	(4)	(11)	(3)	(6)	(3)	(3)	10)	(6)	(7)	(11)	—)	(6)	(6)	(4)	(6)	8)	(6)	(8)	1)	(8)	(11)	(8)	(8)	(8)	(10)	(12)
Earnings before income tax expense and equity in income (loss) of affiliates	359)	367)	451)	800)	664)	794)	766)	1,043)	555)	561)	218)	967)	389)	307)	330)	972)	330)	329)	257)	873)	342)	310)	292)	873)	304)	279)	360)
Income tax expense	(84)	(58)	(110)	(172)	(166)	(64)	(172)	(227)	(164)	(129)	(59)	(222)	(96)	(69)	(65)	(237)	(53)	(85)	(49)	(509)	(104)	(101)	(104)	(266)	(112)	(97)	(134)
Equity in income (loss) of affiliates	2)	(3)	—)	(2)	1)	4)	1)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net earnings from continuing operations	277)	306)	341)	626)	499)	734)	595)	816)	391)	432)	159)	745)	293)	238)	265)	735)	277)	244)	208)	364)	238)	209)	188)	607)	192)	182)	226)
Gain from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1)	—)	—)	—)	2)	16)	3)
Net earnings	277)	306)	341)	626)	499)	734)	595)	816)	391)	432)	159)	745)	293)	238)	265)	735)	277)	244)	208)	364)	239)	209)	188)	607)	194)	198)	229)

Revenue exhibits a consistent cyclical pattern, with significant spikes occurring in the first calendar quarter of each year, coinciding with the end of the fiscal year. A notable expansion in revenue is observed starting in 2020, with a peak of 16,937 million USD in January 2021, marking a significant increase over the historical peaks of 13,482 million USD in 2017 and 15,363 million USD in 2018.

Profitability and Margin Analysis: Gross profit follows the same seasonal trajectory as revenue, peaking consistently in the January/February periods. Between 2016 and 2019, gross profit remained relatively stable during non-peak quarters. However, a period of margin expansion is evident from 2020 through 2021, where gross profit in non-peak quarters rose from approximately 2,100 million USD to over 2,700 million USD, suggesting an improvement in cost of sales management or a shift in product mix.
Operating Expense Trends: Selling, general and administrative expenses show a moderate upward trend over the analyzed period, generally scaling with revenue. A significant volatility in operating income is observed due to restructuring charges, which were particularly pronounced in late 2020 and early 2021, with charges reaching 111 million USD in October 2020 and 142 million USD in January 2021. Despite these charges, operating income reached a peak of 1,033 million USD in January 2021.
Financial Obligations and Non-Operating Items: Interest expense demonstrates a sustained downward trend, decreasing from a range of 16 million to 20 million USD per quarter in 2016 to a lower range of 6 million to 10 million USD by 2022. This suggests a reduction in the company's debt burden or a favorable restructuring of its liabilities. Investment income and other non-operating items remained relatively immaterial to the overall bottom line, though they provided minor periodic offsets to expenses.
Net Earnings Performance: Net earnings are characterized by high seasonality, with the highest returns consistently occurring in the fourth fiscal quarter. The period ending January 30, 2021, represents the most profitable quarter in the series, with net earnings reaching 816 million USD. Following this peak, there is a visible normalization of net earnings through 2022, with quarterly results returning to levels more consistent with pre-2020 performance, such as the 277 million USD reported in October 2022.

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Best Buy Co. Inc. (NYSE:BBY)

Income StatementQuarterly Data

Income Statement
Quarterly Data