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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EMC Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
The financial data reflects a series of trends across product sales, services, revenues, costs, and profits over multiple quarters.
- Product Sales and Services
- Product sales exhibit fluctuations with peaks notably at December quarters, e.g., Dec 31, 2011, Dec 31, 2013, and Dec 31, 2014, indicating possible seasonal or cyclical demand. After Dec 31, 2014, a decline is observable through Mar 31, 2016, when product sales fall from 4324 million USD to 2682 million USD. Services revenue maintains a consistent upward trend throughout the periods, demonstrating steady growth from 1676 million USD in Mar 31, 2011, to 2793 million USD in Mar 31, 2016, reflecting increasing reliance or expansion in service offerings.
- Total Revenues
- Revenues broadly follow the combined pattern of product sales and services, with a noticeable increase at year-end quarters and a general upward trajectory peaking in Dec 31, 2014, at 7049 million USD. However, similar to product sales, revenues decline after this peak, falling to 5475 million USD by Mar 31, 2016.
- Cost of Revenues
- The cost of product sales and services shows a parallel trend to their respective revenues, increasing over time with some volatility. Cost of product sales peaks during quarters with high product sales, especially at year-end periods. The cost of services also consistently increases, aligned with service revenue growth. Total cost of revenues rises notably in periods with increased sales volumes, contributing to the observed fluctuations in gross profit.
- Gross Profit
- Gross profit follows an upward trend similar to revenues, peaking at 4505 million USD in Dec 31, 2014. Post-2014, the gross profit experiences decreases consistent with the decline in revenues. The margin remains relatively stable, indicating consistent management of cost relative to sales.
- Operating Expenses
- Research and development expenses steadily increase from -502 million USD in Mar 31, 2011, to -821 million USD in Jun 30, 2016, indicating sustained investment in innovation. Selling, general, and administrative expenses also show an upward trajectory, rising from -1496 million USD to -2034 million USD over the same period, reflecting expanded operational scale or increased spending on commercial activities. Restructuring and acquisition-related charges are irregular but have some significant spikes, such as -224 million USD in Dec 31, 2015, possibly tied to strategic adjustments or integration activities.
- Operating Income
- Operating income rises through 2011 to 2014, reaching a high of 1571 million USD in Dec 31, 2014, then declines significantly afterwards, reflecting the downturn in sales and possibly increased expenses or restructuring costs. The volatility highlights sensitivity to operational dynamics and restructuring efforts.
- Non-Operating Income and Expense
- Investment income remains relatively modest and stable across periods, while interest expense is generally steady with minor fluctuations. Other income (expense), net, and non-operating income (expense) demonstrate considerable variability with both positive and negative values, indicating sporadic gains and losses from non-core activities.
- Income Before Tax and Net Income
- Income before provision for income taxes shows a peak in Dec 31, 2014, at 1549 million USD, followed by a decrease in the subsequent periods, mirroring operating income patterns. The income tax provision fluctuates in relation to pre-tax income, with notable spikes in certain quarters. Net income exhibits a similar cyclical behavior; it climbs steadily to peak in Dec 31, 2014, at 1213 million USD, then decreases in later periods. The net income attributable to the corporation follows the same pattern and is impacted by non-controlling interests that vary but do not significantly alter the corporation's net income trend.