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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- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2010
- Return on Assets (ROA) since 2010
- Total Asset Turnover since 2010
- Analysis of Debt
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Dollar General Corp., consolidated income statement
US$ in thousands
Based on: 10-K (reporting date: 2024-02-02), 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01).
- Net Sales
- Net sales demonstrated a consistent upward trend from 2019 through 2024, growing from approximately $25.6 billion to $38.7 billion over the six-year period. The most notable increase occurred during 2020 and 2021, with a significant jump correlating with market expansion or increased demand.
- Cost of Goods Sold (COGS)
- Cost of goods sold mirrored the upward trajectory of net sales, rising steadily each year from $17.8 billion in 2019 to $27.0 billion in 2024. The growth in COGS closely tracked net sales, suggesting stable gross margin trends despite rising costs.
- Gross Profit
- Gross profit increased from $7.8 billion in 2019 to a peak of approximately $11.8 billion in 2023, before slightly decreasing to $11.7 billion in 2024. This indicates overall improvement in profitability, supported by sales growth, though a minor decline in the latest year hints at margin pressure.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses exhibited a continuous increase, rising from about $5.7 billion in 2019 to approximately $9.3 billion in 2024. The steady increase in these expenses, outpacing growth in gross profit in the most recent year, may suggest escalating operational costs or investment in business expansion.
- Operating Profit
- Operating profit generally improved from $2.1 billion in 2019 to a peak of $3.6 billion in 2021, followed by a decline to $2.4 billion in 2024. The decrease in operating profit in the latter years indicates that increasing SG&A expenses and other factors impacted operating efficiency and profitability.
- Interest Expense
- Interest expense rose moderately from about $100 million in 2019 to $327 million in 2024, more than tripling over the period. This could reflect increased debt levels or higher interest rates, which could weigh on net earnings moving forward.
- Other Expense
- Other expense amounts were generally minimal and sporadic, with some years lacking data. The few reported values are relatively insignificant in relation to overall financial results and have limited impact on profitability analysis.
- Income Before Income Taxes
- Income before income taxes increased substantially from approximately $2.0 billion in 2019 to $3.4 billion in 2021, before declining to $2.1 billion in 2024. The downward trend in recent years aligns with reductions in operating profit and rising interest expenses.
- Income Tax Expense
- Income tax expenses showed an increasing trend from $426 million in 2019 to around $700 million between 2021 and 2023, then dropped to $458 million in 2024. Variations in tax expense partially reflect changes in pre-tax income and potential tax planning measures.
- Net Income
- Net income followed a similar pattern to income before taxes, increasing from $1.6 billion in 2019 to a high of approximately $2.7 billion in 2021, then declining to about $1.7 billion in 2024. This decline indicates recent challenges to profitability potentially driven by higher operating costs and financing expenses.