Selected Financial Data
since 2005
Income Statement
EMC Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income (loss) | Net income (loss) attributable to EMC Corporation |
|---|---|---|---|
| Dec 31, 2015 | 24,704) | 2,841) | 1,990) |
| Dec 31, 2014 | 24,440) | 4,037) | 2,714) |
| Dec 31, 2013 | 23,222) | 4,150) | 2,889) |
| Dec 31, 2012 | 21,714) | 3,964) | 2,733) |
| Dec 31, 2011 | 20,008) | 3,442) | 2,461) |
| Dec 31, 2010 | 17,015) | 2,683) | 1,900) |
| Dec 31, 2009 | 14,026) | 1,414) | 1,088) |
| Dec 31, 2008 | 14,876) | 1,569) | 1,346) |
| Dec 31, 2007 | 13,230) | 1,739) | 1,666) |
| Dec 31, 2006 | 11,155) | 1,208) | 1,224) |
| Dec 31, 2005 | 9,664) | 1,480) | 1,133) |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2015 is characterized by consistent top-line growth coupled with fluctuating operational efficiency and profitability. While total revenues expanded significantly over the decade, the correlation between revenue growth and bottom-line earnings weakened in the final two years of the period.
- Revenue Growth Trends
- A sustained upward trajectory in revenues is observed, increasing from 9,664 million US$ in 2005 to 24,704 million US$ in 2015. This represents a growth of approximately 155% over the analyzed period. A temporary contraction occurred in 2009, where revenues declined to 14,026 million US$ from the previous year's 14,876 million US$, before resuming a strong growth phase between 2010 and 2014.
- Operating Income and Margin Analysis
- Operating income exhibited significant volatility. After a period of relative stability between 2005 and 2009, a substantial increase began in 2010, with operating income rising from 2,683 million US$ to a peak of 4,150 million US$ in 2013. However, a notable divergence is observed in 2015, where operating income fell to 2,841 million US$ despite revenues reaching their highest point in the series. This suggests a compression in operating margins and a rise in operational costs toward the end of the period.
- Net Income Performance
- Net income attributable to the corporation followed a pattern similar to operating income, reflecting the overall operational health of the entity. Profitability grew from 1,133 million US$ in 2005 to a peak of 2,889 million US$ in 2013. A downward trend is evident in the final two years, with net income declining to 1,990 million US$ by 2015. The decline in net income from 2013 to 2015 occurred despite continuing revenue growth, indicating a decrease in the conversion rate of sales to net profit.
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Balance Sheet: Assets
EMC Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2015 | 15,063) | 46,612) |
| Dec 31, 2014 | 15,733) | 45,885) |
| Dec 31, 2013 | 17,278) | 45,849) |
| Dec 31, 2012 | 12,209) | 38,069) |
| Dec 31, 2011 | 11,583) | 34,268) |
| Dec 31, 2010 | 9,783) | 30,833) |
| Dec 31, 2009 | 10,538) | 26,812) |
| Dec 31, 2008 | 10,665) | 23,875) |
| Dec 31, 2007 | 10,053) | 22,285) |
| Dec 31, 2006 | 6,521) | 18,566) |
| Dec 31, 2005 | 6,574) | 16,790) |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the asset base from 2005 to 2015 reveals a sustained and significant expansion in the total resource capacity. Total assets grew from 16,790 million US dollars in 2005 to 46,612 million US dollars by 2015, representing a nearly threefold increase over the eleven-year period.
- Total Asset Growth Trends
- A consistent upward trajectory is observed in total assets, with steady growth occurring annually. A particularly sharp increase is evident between 2012 and 2013, where total assets rose from 38,069 million to 45,849 million US dollars. Following this peak expansion, the growth rate decelerated, remaining relatively stable between 2013 and 2015.
- Current Asset Volatility
- Current assets exhibit greater volatility compared to the steady rise of total assets. Significant growth occurred between 2006 and 2007, with values increasing from 6,521 million to 10,053 million US dollars. After a period of fluctuation, current assets reached a peak of 17,278 million US dollars in 2013, followed by a moderate decline to 15,063 million US dollars by the end of 2015.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets indicates a shift in the company's balance sheet structure. In 2005, current assets constituted approximately 39.1% of total assets. By 2015, this proportion decreased to approximately 32.3%. This trend suggests a long-term strategic reallocation of resources toward non-current assets, such as long-term investments or fixed assets, thereby reducing the relative liquidity of the total asset base over time.
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Balance Sheet: Liabilities and Stockholders’ Equity
EMC Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total EMC Corporation’s shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2015 | 12,885) | 23,893) | 6,774) | 21,140) |
| Dec 31, 2014 | 11,710) | 22,360) | 5,495) | 21,896) |
| Dec 31, 2013 | 11,799) | 22,063) | 7,159) | 22,301) |
| Dec 31, 2012 | 10,304) | 14,545) | 1,652) | 22,357) |
| Dec 31, 2011 | 10,376) | 14,341) | 3,305) | 18,959) |
| Dec 31, 2010 | 9,378) | 12,667) | 3,215) | 17,404) |
| Dec 31, 2009 | 5,148) | 10,752) | 3,100) | 15,550) |
| Dec 31, 2008 | 5,218) | 10,505) | 2,992) | 13,042) |
| Dec 31, 2007 | 4,408) | 9,574) | 2,889) | 12,521) |
| Dec 31, 2006 | 3,881) | 8,241) | 2,792) | 10,326) |
| Dec 31, 2005 | 3,674) | 4,725) | 130) | 12,065) |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial profile from 2005 to 2015 is characterized by a substantial expansion in total liabilities and a consistent, though eventually stabilizing, increase in shareholders' equity. Total liabilities grew from US$ 4,725 million in 2005 to US$ 23,893 million by 2015, representing a significant shift in the company's overall leverage and obligation structure.
- Liability and Debt Trends
- Total liabilities exhibited a steady upward trajectory with a notable acceleration between 2012 and 2013, where obligations rose from US$ 14,545 million to US$ 22,063 million. Total debt showed significant volatility, remaining relatively stable between 2006 and 2011, decreasing to US$ 1,652 million in 2012, and then spiking sharply to US$ 7,159 million in 2013. This suggests a strategic shift or a major financing event during the 2013 fiscal year.
- Short-Term Obligations
- Current liabilities increased more than threefold over the analyzed period, rising from US$ 3,674 million in 2005 to US$ 12,885 million in 2015. A critical inflection point occurred between 2009 and 2010, during which current liabilities jumped from US$ 5,148 million to US$ 9,378 million, indicating a marked increase in short-term financial pressure or a change in working capital management.
- Equity Accumulation and Stability
- Total shareholders' equity demonstrated a general growth trend, increasing from US$ 12,065 million in 2005 to a peak of US$ 22,357 million in 2012. Following this peak, equity remained relatively plateaued, ending the period at US$ 21,140 million in 2015, suggesting that growth in equity began to lag behind the growth of total liabilities in the latter years of the period.
- Capital Structure Shift
- A transition in the capital structure is observed as the relationship between liabilities and equity shifted. In 2005, shareholders' equity significantly outweighed total liabilities. By 2015, total liabilities exceeded shareholders' equity, with the total liability-to-equity ratio moving from approximately 0.39 in 2005 to 1.13 in 2015, indicating a higher reliance on external borrowing to fund operations and growth.
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Cash Flow Statement
EMC Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2015 | 5,386) | (2,754) | (2,292) |
| Dec 31, 2014 | 6,523) | (2,551) | (5,437) |
| Dec 31, 2013 | 6,923) | (5,760) | 2,076) |
| Dec 31, 2012 | 6,262) | (3,905) | (2,149) |
| Dec 31, 2011 | 5,669) | (3,544) | (1,719) |
| Dec 31, 2010 | 4,549) | (6,476) | (244) |
| Dec 31, 2009 | 3,334) | (3,095) | 212) |
| Dec 31, 2008 | 3,565) | (1,615) | (534) |
| Dec 31, 2007 | 3,127) | (1,163) | 679) |
| Dec 31, 2006 | 2,140) | (2,297) | (392) |
| Dec 31, 2005 | 2,216) | (612) | (744) |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile between 2005 and 2015 exhibits a period of sustained growth in operational efficiency followed by a contraction in the final two years. The relationship between operating, investing, and financing activities indicates a strategy of aggressive expansion funded by a combination of internal cash generation and external financing.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a long-term upward trajectory, rising from 2,216 million USD in 2005 to a peak of 6,923 million USD in 2013. This growth reflects a steady increase in the ability of the core business to generate liquidity. However, a reversal is observed after 2013, with cash flows declining to 5,386 million USD by 2015.
- Investing Cash Flow Patterns
- Investing activities remained consistently negative throughout the period, signifying continuous capital deployment. Notable surges in cash outflows occurred in 2010, reaching 6,476 million USD, and in 2013, reaching 5,760 million USD. These peaks suggest periods of significant strategic investment or asset acquisition.
- Financing Cash Flow Volatility
- Financing activities show significant fluctuation, alternating between net inflows and outflows. Positive cash flows in 2007, 2009, and 2013 indicate periods of capital raising. Conversely, a substantial outflow of 5,437 million USD in 2014 suggests a major repayment of debt or a large-scale return of capital to shareholders.
The synthesis of these flows reveals that for much of the decade, operational gains were utilized to fund heavy investment activities. The year 2013 represents a pivotal point where peak operational cash flow and significant financing inflows coincided with high investment spending. This was followed by a period of deleveraging or capital redistribution in 2014 and a general decline in operational cash generation entering 2015.
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Per Share Data
EMC Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2015 | 1.02 | 1.01 | 0.46 |
| Dec 31, 2014 | 1.34 | 1.32 | 0.45 |
| Dec 31, 2013 | 1.39 | 1.33 | 0.30 |
| Dec 31, 2012 | 1.31 | 1.23 | 0.00 |
| Dec 31, 2011 | 1.20 | 1.10 | 0.00 |
| Dec 31, 2010 | 0.92 | 0.88 | 0.00 |
| Dec 31, 2009 | 0.54 | 0.53 | 0.00 |
| Dec 31, 2008 | 0.66 | 0.64 | 0.00 |
| Dec 31, 2007 | 0.80 | 0.77 | 0.00 |
| Dec 31, 2006 | 0.54 | 0.54 | 0.00 |
| Dec 31, 2005 | 0.48 | 0.47 | 0.00 |
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
Earnings per share demonstrated a general upward trajectory from 2005 through 2013, characterized by periods of growth and volatility before entering a decline in the final two years of the period.
- Earnings per Share Performance
- Basic earnings per share grew from 0.48 in 2005 to a peak of 1.39 in 2013. This growth was interrupted between 2008 and 2009, where earnings dropped from 0.66 to 0.54, indicating a period of contraction. A significant recovery followed, with earnings increasing consistently from 2010 (0.92) through 2013. However, a downward trend emerged thereafter, with basic EPS falling to 1.02 by 2015.
- Dilution Impact
- Diluted earnings per share mirrored the movement of basic earnings closely. The narrow variance between basic and diluted figures across the entire timeframe suggests that the impact of potentially dilutive securities remained minimal, maintaining a consistent relationship where diluted EPS was typically only slightly lower than basic EPS.
- Dividend Distribution Evolution
- A fundamental shift in capital allocation occurred in 2013 with the initiation of dividend payments. Starting at 0.30 per share in 2013, the dividend increased to 0.45 in 2014 and 0.46 in 2015. Notably, this dividend growth persisted despite the contraction in earnings per share observed during the 2014 and 2015 fiscal years.
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