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
Based on: 10-Q (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-K (reporting date: 2022-01-29), 10-Q (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-K (reporting date: 2021-01-30), 10-Q (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-K (reporting date: 2020-02-01), 10-Q (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-K (reporting date: 2019-02-02), 10-Q (reporting date: 2018-11-03), 10-Q (reporting date: 2018-08-04), 10-Q (reporting date: 2018-05-05), 10-K (reporting date: 2018-02-03), 10-Q (reporting date: 2017-10-28), 10-Q (reporting date: 2017-07-29), 10-Q (reporting date: 2017-04-29), 10-K (reporting date: 2017-01-28), 10-Q (reporting date: 2016-10-29), 10-Q (reporting date: 2016-07-30), 10-Q (reporting date: 2016-04-30).
- Revenue
- Revenue displays a cyclical pattern with peaks typically occurring in the first quarter of each year, suggesting seasonal trends. The highest revenues are observed in early 2017, 2018, 2019, 2021, and 2022, reaching values above US$15 billion. Between these peaks, quarterly revenue tends to range between US$8.5 billion and US$12 billion. The revenue shows an overall incremental tendency over the years, despite some fluctuations, indicating growth potential over the long term.
- Cost of Sales
- The cost of sales closely follows the revenue trends, with higher costs during peak revenue quarters, particularly during the first quarter of each year. The figures consistently range between US$6.3 billion and US$13.4 billion, indicating a proportional relationship to revenues. This suggests steady cost management aligned with sales volume. Notably, the costs tend to increase alongside revenue peaks but represent a substantial portion of the revenue.
- Gross Profit
- Gross profit remains fairly stable relative to revenue, with values fluctuating mostly between US$2.0 billion and US$3.5 billion per quarter. Peaks in gross profit align with the seasonal revenue surges seen in the first quarters, reaching over US$3.5 billion during early 2021. There is no significant deviation in gross margin percentages; thus, the company appears to maintain consistent profitability levels at the gross profit stage.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses show a moderate increase over time, generally ranging between US$1.7 billion and US$2.5 billion per quarter. Expenses tend to rise during high revenue quarters, mirroring the seasonal revenue pattern, which suggests variable costs tied to business activity levels. Overall, the company maintains SG&A expenses at a relatively stable proportion of revenue.
- Restructuring Charges
- Restructuring charges are sporadic and relatively small in amount, with occasional positive and negative fluctuations. The most notable charges occur between 2019 and 2021, with some quarters showing higher negative impacts, for example, -111 and -142 million, reflecting periods of organizational change or cost-reduction initiatives. The charges do not show a consistent trend but are noteworthy for their impact on operating income in select quarters.
- Operating Income
- Operating income displays clear seasonality, peaking substantially during the first quarters, with values exceeding US$800 million and reaching over US$1 billion in 2021. Outside peak quarters, operating income ranges approximately from US$200 million to US$800 million. There is an upward trend in peak operating income over the years, indicating improved operational efficiency or higher margin sales during key periods.
- Investment Income and Other Items
- Investment income and related items show minor fluctuations without a clear trend, generally contributing a small positive amount to quarterly results. Interest expenses slightly decrease over time, reflecting possible debt reduction or refinancing at better rates. Other income/expense items are variable, occasionally showing small gains or losses but with limited impact on the overall financial performance.
- Earnings Before Income Tax
- These earnings reflect the combined effects of operating income and other income/expense components, following a similar seasonal pattern peaking in first quarters. Earnings before tax generally range from approximately US$250 million to over US$1 billion in peak quarters, with the highest value recorded in early 2021. This reflects increased profitability during key retail periods.
- Income Tax Expense
- The income tax expense fluctuates substantially in magnitude, correlating with pre-tax earnings patterns but with variability in effective rates. The expense often increases during high earnings quarters but also displays some quarters with lower relative expense, possibly due to tax planning or credits. The trend shows no consistent increase or decrease over the reported periods.
- Net Earnings from Continuing Operations
- Net earnings from continuing operations demonstrate a clear seasonal pattern with first quarter peaks, reaching as high as US$816 million in early 2021. Between peak seasons, net earnings range from approximately US$150 million to US$750 million, indicating variable profitability with a general upward trend in peak quarters. The data suggests the company’s earnings are sensitive to seasonal sales fluctuations but have improved profitably over time.
- Net Earnings
- Net earnings generally follow the pattern of net earnings from continuing operations, with minor additional contributions from discontinued operations in earlier years. There is an overall positive trend with marked seasonality, supporting the conclusion of strong cyclical profitability linked to specific quarterly sales periods.