Stock Analysis on Net
Stock Analysis on Net

General Electric Co. (NYSE:GE)

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

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3 months ended: Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Sales of goods 12,364  13,645  14,869  17,186  13,249  21,478  18,095  18,000  17,282  21,079  19,386  18,364  16,812  20,788  18,553  18,865  17,208  21,508  17,860  18,543  16,599 
Sales of services 6,450  5,294  6,635  9,601  7,008  9,634  9,370  10,093  9,592  10,217  10,043  8,875  8,416  9,446  8,261  9,163  8,106  9,034  7,667  7,513  7,084 
Sales of goods and services 18,814  18,939  21,504  26,787  20,257  31,112  27,465  28,093  26,874  31,296  29,429  27,239  25,228  30,234  26,814  28,028  25,314  30,542  25,527  26,056  23,683 
Cost of goods sold (10,540) (10,591) (12,503) (14,338) (10,974) (18,012) (15,991) (14,932) (14,181) (17,522) (16,815) (15,501) (14,490) (16,907) (15,255) (15,690) (14,588) (17,158) (14,198) (15,029) (13,520)
Cost of services sold (5,156) (4,084) (4,825) (7,479) (5,234) (7,863) (6,855) (7,492) (7,345) (8,166) (7,279) (6,292) (5,869) (6,866) (5,711) (6,693) (5,773) (6,426) (5,657) (5,543) (5,162)
Cost of goods and services sold (15,696) (14,675) (17,328) (21,817) (16,208) (25,875) (22,846) (22,424) (21,526) (25,688) (24,094) (21,793) (20,359) (23,773) (20,966) (22,383) (20,361) (23,584) (19,855) (20,572) (18,682)
Gross profit from sales 3,118  4,264  4,176  4,970  4,049  5,237  4,619  5,669  5,348  5,608  5,335  5,446  4,869  6,461  5,848  5,645  4,953  6,958  5,672  5,484  5,001 
GE Capital revenues from services 1,709  1,884  1,856  2,043  1,945  2,166  2,109  2,011  1,786  1,092  1,898  2,022  2,264  2,235  2,224  2,316  2,522  2,214  2,332  2,390  2,414 
Selling, general and administrative expenses (3,065) (3,070) (3,293) (4,184) (3,402) (4,564) (4,855) (4,488) (4,204) (4,632) (4,855) (4,287) (4,506) (4,543) (4,343) (4,883) (4,608) (4,773) (4,258) (4,385) (4,415)
Operating earnings 1,762  3,078  2,739  2,829  2,592  2,839  1,873  3,192  2,930  2,068  2,378  3,181  2,627  4,153  3,729  3,078  2,867  4,399  3,746  3,489  3,000 
Interest and other financial charges (794) (892) (1,279) (991) (1,065) (1,252) (1,227) (1,295) (1,285) (1,324) (1,232) (1,174) (1,139) (1,002) (961) (1,326) (1,736) (1,235) (897) (713) (618)
Insurance losses and annuity benefits (636) (582) (1,463) (638) (611) (781) (710) (669) (630) (10,260) (617) (657) (634) (695) (684) (776) (642) (662) (673) (657) (613)
Goodwill impairments —  (2) (740) (744) —  (163) (21,973) —  —  (1,603) (947) —  —  —  —  —  —  —  —  —  — 
Non-operating benefit costs (619) (1,153) (565) (557) (569) (589) (807) (693) (688) —  —  —  —  —  —  —  —  —  —  —  — 
Other costs and expenses (109) (122) (99) (167) (72) (181) (97) (68) (119) (498) (262) (133) (190) (181) (237) (302) (260) (1,735) (295) (287) (290)
Other income 6,871  1,223  158  (6) 847  985  205  864  205  (987) 2,146  298  168  619  227  3,150  1,136  169  780  142 
Earnings (loss) from continuing operations before income taxes 6,475  1,550  (1,249) (274) 1,122  858  (22,736) 1,331  413  (12,604) 1,466  1,515  832  2,894  2,074  3,824  238  1,903  2,050  2,612  1,621 
(Provision) benefit for income taxes (63) (694) (41) 148  (139) 95  (163) (542) 27  2,741  334  (16) (16) 766  (18) (461) 177  742  (135) (799) (6,294)
Earnings (loss) from continuing operations 6,412  856  (1,290) (126) 983  953  (22,899) 789  440  (9,863) 1,800  1,499  816  3,660  2,056  3,363  415  2,645  1,915  1,813  (4,673)
Earnings (loss) from discontinued operations, net of taxes (179) (134) (8,093) 230  2,662  (93) 40  (120) (1,553) 182  (106) (145) (239) (1) (105) (540) (308) 3,757  630  (2,947) (8,935)
Net earnings (loss) 6,233  722  (9,383) 104  3,645  860  (22,859) 669  (1,113) (9,681) 1,694  1,354  577  3,659  1,951  2,823  107  6,402  2,545  (1,134) (13,608)
Net (earnings) loss attributable to noncontrolling interests (34) (40) 23  (57) (99) 90  131  (34) 39  142  13  76  76  85  121  (101) (39) (226) 35 
Net earnings (loss) attributable to the Company 6,199  729  (9,423) 127  3,588  761  (22,769) 800  (1,147) (9,642) 1,836  1,367  653  3,668  2,027  2,908  228  6,301  2,506  (1,360) (13,573)
Preferred stock dividends (43) (191) (42) (188) (39) (186) (39) (185) (37) (184) (36) (182) (34) (181) (33) (152) (289) (19) —  —  — 
Net earnings (loss) attributable to GE common shareholders 6,156  538  (9,465) (61) 3,549  575  (22,808) 615  (1,184) (9,826) 1,800  1,185  619  3,487  1,994  2,756  (61) 6,282  2,506  (1,360) (13,573)

Based on: 10-Q (filing date: 2020-04-29), 10-K (filing date: 2020-02-24), 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-04-30), 10-K (filing date: 2019-02-26), 10-Q (filing date: 2018-10-30), 10-Q (filing date: 2018-07-27), 10-Q (filing date: 2018-05-01), 10-K (filing date: 2018-02-23), 10-Q (filing date: 2017-10-30), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-05-05), 10-K (filing date: 2017-02-24), 10-Q (filing date: 2016-11-02), 10-Q (filing date: 2016-08-01), 10-Q (filing date: 2016-05-04), 10-K (filing date: 2016-02-26), 10-Q (filing date: 2015-11-02), 10-Q (filing date: 2015-07-30), 10-Q (filing date: 2015-05-04).

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 Q3 2019 to Q4 2019 and from Q4 2019 to Q1 2020.
Operating earnings The net result for the period of deducting operating expenses from operating revenues. General Electric Co.’s operating earnings increased from Q3 2019 to Q4 2019 but then decreased significantly from Q4 2019 to Q1 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 Q3 2019 to Q4 2019 and from Q4 2019 to Q1 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 Q3 2019 to Q4 2019 and from Q4 2019 to Q1 2020.