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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Price to Sales (P/S) since 2005
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Estée Lauder Cos. Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30).
- Net Sales
- Net sales exhibited a generally increasing trend from 2018 through 2022, rising from 13,683 million USD in 2018 to a peak of 17,737 million USD in 2022. However, in 2023, net sales decreased noticeably to 15,910 million USD.
- Cost of Sales
- Costs of sales steadily increased year over year, moving from 2,844 million USD in 2018 to 4,564 million USD in 2023, indicating a consistent rise in direct costs alongside sales growth, though the rate of increase slightly outpaced sales growth in the later years.
- Gross Profit
- Gross profit followed a pattern similar to net sales, increasing from 10,839 million USD in 2018 to 13,432 million USD in 2022 before declining to 11,346 million USD in 2023. This decline in 2023 is significant relative to the previous year and corresponds with the drop in net sales.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses showed a gradual increase from 8,556 million USD in 2018 to a high of 9,888 million USD in 2022, then slightly declined to 9,575 million USD in 2023. Despite fluctuations, SG&A remained a substantial component of expenses throughout the period.
- Restructuring and Other Charges
- Restructuring and other charges generally decreased over the period, falling from 231 million USD in 2018 to 55 million USD in 2023, suggesting improved operational efficiencies or fewer restructuring activities in recent years.
- Goodwill and Other Asset Impairments
- Significant impairment charges appeared notably in 2019 and 2020, with goodwill impairment recorded as -68 million USD and -812 million USD, respectively. Similar trends are noted for impairments of other intangible assets, especially in 2020 with -614 million USD, indicating asset write-downs during the COVID-19 impact period. Later years show reduced impairment amounts.
- Operating Expenses
- Operating expenses overall increased from 8,787 million USD in 2018 to a peak of 10,262 million USD in 2022, then slightly decreased to 9,837 million USD in 2023. Elevated expenses in 2020 during pandemic conditions reflect additional impairment charges and operational challenges.
- Operating Income
- Operating income varied widely, decreasing sharply in 2020 to 606 million USD from 2,313 million USD in 2019, likely due to increased impairments and reduced sales growth momentum. Recovery occurred in 2021 and 2022, reaching 3,170 million USD, but a marked decline ensued in 2023 to 1,509 million USD.
- Interest Expense and Income
- Interest expense gradually increased over the period, peaking at 255 million USD in 2023. Interest and investment income fluctuated but showed a significant increase to 131 million USD in 2023, which partially offsets some interest expense impact.
- Other Income and Benefit Costs
- Other components of net periodic benefit cost exhibited minor fluctuations but remained relatively low. Notably, other income showed a sharp increase in 2020 and 2021, reflecting non-operational gains or one-time items totaling 557 million USD and 847 million USD, respectively, before plunging to nearly zero in 2023.
- Earnings Before Income Taxes
- Earnings before income taxes mirrored operating income trends, declining markedly in 2020 to 1,046 million USD, rebounding strongly in 2021 to 3,331 million USD, then declining again in 2023 to 1,397 million USD.
- Provision for Income Taxes
- The provision for income taxes fluctuated, reaching a low of 350 million USD in 2020 and increasing to 628 million USD in 2022 before decreasing to 387 million USD in 2023, corresponding with changes in earnings before taxes.
- Net Earnings
- Net earnings attributable to the company followed a similar pattern to pre-tax earnings, with a large decline in 2020 to 684 million USD from 1,785 million USD in 2019, a strong recovery in 2021 to 2,870 million USD, stabilization in 2022 at 2,390 million USD, and a significant decrease in 2023 down to 1,006 million USD.
- Noncontrolling Interests
- Net earnings attributable to noncontrolling interests were consistently minor relative to overall earnings, fluctuating slightly but without materially impacting the company's net earnings.