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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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Source: General Dynamics Corp., Annual Reports
Item Description The company
Revenue Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. 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 Sum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and 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.
Earnings from continuing operations This represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest. General Dynamics Corp.'s earnings from continuing operations increased from 2015 to 2016 but then declined significantly from 2016 to 2017.
Net earnings The portion of consolidated profit or loss for the period, net of income taxes, which is attributable to the parent. If the entity does not present consolidated financial statements, the amount of profit or loss for the period, net of income taxes. General Dynamics Corp.'s net earnings declined from 2015 to 2016 and from 2016 to 2017.