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Income Statement

Difficulty: Beginner

The income statement presents information on the financial results of a company's 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.

General Dynamics Corp., Consolidated Income Statement

USD $ in millions

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Based on: 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-06), 10-K (filing date: 2016-02-08), 10-K (filing date: 2015-02-09), 10-K (filing date: 2014-02-07).

Item Description The company
Revenue Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. General Dynamics Corp.'s revenue declined from 2015 to 2016 and from 2016 to 2017.
Operating earnings The net result for the period of deducting operating expenses from operating revenues. General Dynamics Corp.'s operating earnings increased from 2015 to 2016 but then declined significantly from 2016 to 2017.
Earnings from continuing operations before income tax Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. General Dynamics Corp.'s earnings from continuing operations before income tax increased from 2015 to 2016 but then declined significantly from 2016 to 2017.
Net earnings The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. General Dynamics Corp.'s net earnings declined from 2015 to 2016 and from 2016 to 2017.