Stock Analysis on Net
Stock Analysis on Net
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General Electric Co. (NYSE:GE)

Income Statement

Beginner level

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 Electric Co., consolidated income statement

US$ in millions

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12 months ended: Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Sales of goods 49,464  58,949  74,855  75,641  75,414 
Sales of services 23,558  28,538  38,689  37,551  34,976 
Sales of goods and services 73,022  87,487  113,544  113,192  110,390 
Cost of goods sold (42,041) (45,902) (63,116) (64,328) (62,440)
Cost of services sold (18,380) (21,009) (29,555) (27,606) (25,043)
Cost of goods and services sold (60,421) (66,911) (92,671) (91,934) (87,483)
Gross profit from sales 12,601  20,576  20,873  21,258  22,907 
GE Capital revenues from services 6,597  7,728  8,072  7,276  9,297 
Selling, general and administrative expenses (12,621) (13,949) (18,111) (18,280) (18,377)
Research and development (2,565) (3,118) —  —  — 
Operating earnings 4,012  11,237  10,834  10,254  13,827 
Interest and other financial charges (3,273) (4,227) (5,059) (4,869) (5,025)
Insurance losses and annuity benefits (2,397) (3,294) (2,790) (12,168) (2,797)
Goodwill impairments (1,717) (1,486) (22,136) (2,550) — 
Non-operating benefit costs (2,433) (2,844) (2,777) —  — 
Other costs and expenses (382) (459) (465) (1,083) (980)
Other income 11,387  2,222  2,259  1,625  4,005 
Earnings (loss) from continuing operations before income taxes 5,197  1,149  (20,134) (8,791) 9,030 
(Provision) benefit for income taxes 475  (726) (583) 3,043  464 
Earnings (loss) from continuing operations 5,672  423  (20,717) (5,748) 9,494 
Loss from discontinued operations, net of taxes (126) (5,335) (1,726) (308) (954)
Net earnings (loss) 5,546  (4,912) (22,443) (6,056) 8,540 
Net (earnings) loss attributable to noncontrolling interests 158  (67) 88  270  291 
Net earnings (loss) attributable to the Company 5,704  (4,979) (22,355) (5,786) 8,831 
Preferred stock dividends (474) (460) (447) (436) (655)
Net earnings (loss) attributable to GE common shareholders 5,230  (5,439) (22,802) (6,222) 8,176 

Based on: 10-K (filing date: 2021-02-12), 10-K (filing date: 2020-02-24), 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-23), 10-K (filing date: 2017-02-24).

Income statement item Description The company
Sales of goods and services 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 Electric Co.’s sales of goods and services decreased from 2018 to 2019 and from 2019 to 2020.
Operating earnings The net result for the period of deducting operating expenses from operating revenues. General Electric Co.’s operating earnings increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.
Earnings (loss) from continuing operations before income taxes 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 Electric Co.’s earnings (loss) from continuing operations before income taxes increased from 2018 to 2019 and from 2019 to 2020.
Net earnings (loss) attributable to the Company The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. General Electric Co.’s net earnings (loss) attributable to the Company increased from 2018 to 2019 and from 2019 to 2020.