Name: EMC Corp. (NYSE:EMC) | 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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EMC Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 31, 2013	Dec 31, 2012	Sep 30, 2012	Jun 30, 2012	Mar 31, 2012	Dec 31, 2011	Sep 30, 2011	Jun 30, 2011	Mar 31, 2011
Product sales	3,161)	2,682)	4,115)	3,269)	3,225)	2,905)	4,324)	3,400)	3,319)	3,008)	4,155)	3,165)	3,258)	3,112)	3,728)	3,084)	3,179)	3,069)	3,541)	3,074)	3,044)	2,931)
Services	2,856)	2,793)	2,900)	2,810)	2,772)	2,708)	2,725)	2,632)	2,561)	2,471)	2,527)	2,374)	2,356)	2,275)	2,301)	2,194)	2,133)	2,026)	2,033)	1,906)	1,801)	1,676)
Revenues	6,017)	5,475)	7,015)	6,079)	5,997)	5,613)	7,049)	6,032)	5,880)	5,479)	6,682)	5,539)	5,614)	5,387)	6,030)	5,278)	5,311)	5,094)	5,574)	4,980)	4,845)	4,608)
Cost of product sales	(1,307)	(1,251)	(1,668)	(1,379)	(1,433)	(1,329)	(1,670)	(1,400)	(1,372)	(1,296)	(1,630)	(1,324)	(1,340)	(1,356)	(1,410)	(1,293)	(1,254)	(1,302)	(1,403)	(1,269)	(1,327)	(1,320)
Cost of services	(974)	(964)	(987)	(995)	(977)	(945)	(874)	(889)	(854)	(836)	(827)	(773)	(765)	(734)	(730)	(698)	(710)	(680)	(648)	(645)	(638)	(588)
Cost of revenues	(2,281)	(2,215)	(2,655)	(2,374)	(2,410)	(2,274)	(2,544)	(2,289)	(2,226)	(2,132)	(2,457)	(2,097)	(2,105)	(2,090)	(2,140)	(1,991)	(1,964)	(1,981)	(2,051)	(1,914)	(1,965)	(1,909)
Gross profit	3,736)	3,260)	4,360)	3,705)	3,587)	3,339)	4,505)	3,743)	3,654)	3,347)	4,224)	3,442)	3,509)	3,298)	3,890)	3,288)	3,347)	3,113)	3,523)	3,066)	2,880)	2,699)
Research and development	(821)	(814)	(795)	(802)	(782)	(788)	(753)	(767)	(740)	(731)	(704)	(686)	(695)	(676)	(663)	(653)	(656)	(588)	(561)	(548)	(539)	(502)
Selling, general and administrative	(2,034)	(1,987)	(2,249)	(2,145)	(2,102)	(2,037)	(2,130)	(1,990)	(2,010)	(1,852)	(2,030)	(1,809)	(1,785)	(1,714)	(1,929)	(1,709)	(1,717)	(1,650)	(1,795)	(1,613)	(1,576)	(1,496)
Restructuring and acquisition-related charges	1)	(49)	(224)	(68)	(23)	(135)	(51)	(39)	(30)	(119)	(29)	(40)	(7)	(148)	(30)	(27)	(28)	(26)	(29)	(20)	(21)	(27)
Operating income	882)	410)	1,092)	690)	680)	379)	1,571)	947)	874)	645)	1,460)	907)	1,022)	761)	1,269)	899)	947)	849)	1,139)	885)	744)	674)
Investment income	26)	13)	19)	25)	26)	24)	23)	29)	35)	36)	35)	26)	34)	33)	30)	30)	26)	29)	23)	32)	36)	38)
Interest expense	(42)	(41)	(42)	(41)	(41)	(40)	(39)	(40)	(34)	(34)	(46)	(58)	(31)	(21)	(21)	(21)	(19)	(18)	(35)	(44)	(46)	(45)
Other income (expense), net	(14)	4)	55)	22)	24)	10)	(6)	(103)	(66)	(76)	(61)	(55)	(59)	(82)	(39)	(63)	(51)	(44)	(79)	(60)	30)	(43)
Non-operating income (expense)	(30)	(24)	32)	6)	9)	(6)	(22)	(114)	(65)	(74)	(72)	(87)	(56)	(70)	(30)	(55)	(44)	(32)	(91)	(72)	20)	(50)
Income before provision for income taxes	852)	386)	1,124)	696)	689)	373)	1,549)	833)	809)	571)	1,388)	820)	966)	691)	1,239)	844)	904)	817)	1,048)	813)	764)	624)
Income tax provision	(222)	(89)	(290)	(168)	(170)	(82)	(336)	(206)	(187)	(139)	(299)	(181)	(216)	(76)	(327)	(185)	(214)	(191)	(175)	(171)	(173)	(122)
Net income	630)	297)	834)	528)	519)	291)	1,213)	627)	622)	432)	1,089)	639)	750)	615)	912)	659)	689)	626)	873)	642)	592)	503)
Net income attributable to the non-controlling interests	(49)	(29)	(63)	(48)	(32)	(39)	(67)	(40)	(33)	(40)	(67)	(53)	(49)	(35)	(42)	(32)	(40)	(39)	(41)	(36)	(45)	(25)
Net income attributable to EMC Corporation	581)	268)	771)	480)	487)	252)	1,146)	587)	589)	392)	1,022)	586)	701)	580)	870)	626)	650)	587)	832)	606)	546)	477)

Revenue performance exhibits a consistent seasonal pattern, with significant peaks occurring every December. Total revenues generally trended upward from 4,608 million USD in March 2011 to a peak of 7,049 million USD in December 2014, before showing signs of stabilization and a slight decline in the most recent quarters. This growth is characterized by a dual-track trajectory between product sales and service offerings.

Revenue Stream Dynamics: Product sales demonstrate high volatility and strong seasonality, consistently spiking in the fourth quarter of each year. In contrast, services revenue displays a steady, linear growth pattern, increasing from 1,676 million USD in March 2011 to 2,856 million USD by June 2016. This suggests a strategic shift or a growing reliance on recurring service-based income to balance the cyclical nature of hardware sales.
Cost Structure and Gross Profitability: Gross profit closely mirrors the revenue trend, peaking in December of each year. While the cost of revenues increases in absolute terms alongside sales, the gross profit margin remains robust. Cost of services has risen more steadily than the cost of product sales, reflecting the expansion of the services business segment.
Operating Expense Trends: Research and development (R&D) and selling, general and administrative (SG&A) expenses show consistent long-term increases. R&D spending grew from 502 million USD in March 2011 to 821 million USD in June 2016, while SG&A increased from 1,496 million USD to 2,034 million USD over the same period. This indicates a sustained increase in the operational cost base to support growth and innovation.
Operating Income and Net Profitability: Operating income is subject to the same seasonality as revenue, with maximums consistently reached in the December quarters. However, a comparative analysis of the first quarters shows a downward trend in profitability; operating income in March 2012 was 849 million USD, which fell to 379 million USD by March 2015 and 410 million USD by March 2016. Net income attributable to the corporation follows this pattern, peaking at 1,146 million USD in December 2014 but contracting significantly in the subsequent first-quarter cycles.
Non-Operating Items and Tax Impact: Interest expenses have remained relatively stable, fluctuating within a narrow range between 18 million USD and 58 million USD. Other income and expenses show higher volatility, frequently impacting the pre-tax income. The income tax provision varies significantly by quarter, often aligning with the magnitude of the pre-tax income, though effective tax rates fluctuate across the reported periods.

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EMC Corp. (NYSE:EMC)

Income StatementQuarterly Data

Income Statement
Quarterly Data