Common-Size Income Statement
Quarterly Data
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Illinois Tool Works Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Illinois Tool Works Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Cost of Revenue
- Cost of revenue as a percentage of operating revenue remained relatively stable from 2017 through early 2019, fluctuating slightly around 58%. However, a marked increase to 62.17% was observed in the second quarter of 2020, likely reflecting increased costs or operational disruptions during that period. Subsequent quarters saw a return to the previous range, although a gradual upward trend resumed from mid-2021, reaching nearly 60% by the end of 2021.
- Gross Profit
- Gross profit percentages showed a consistent pattern, generally oscillating between 41% and 42% throughout the observed period. A notable dip occurred in the second quarter of 2020 when gross profit fell to 37.83%, consistent with the spike in cost of revenue. Afterward, gross profit recovered to levels above 42%, but then showed a gradual decline toward the end of 2021, reaching around 40.45%.
- Selling, Administrative, and Research and Development Expenses
- These expenses as a percentage of operating revenue mostly ranged from about 16% to 17% across the timeline. An exception was the second quarter of 2020, where an increase to nearly 19% was recorded, indicating heightened spending or reduced revenues during that quarter. Post this period, expenses normalized at levels closer to 16% but showed a slight uptick towards the end of 2021.
- Legal Settlement Income
- Legal settlement income appeared only in the second quarter of 2017 and again in the third quarter of 2017, constituting a small positive impact on revenue at 0.42% and 2.21%, respectively, after which there was no further contribution across the remaining periods.
- Amortization and Impairment of Intangible Assets
- This expense remained on a gradual decline from about 1.5% in early 2017 to below 1% by late 2021, suggesting diminishing charges related to intangible assets over time, with a minor spike during mid-2020.
- Operating Income
- Operating income as a percent of revenue generally ranged from 23% to 26% with a significant dip to 17.51% during the second quarter of 2020, reflecting the adverse economic conditions and higher costs. Recovery followed with operating income returning to the mid-20% range throughout 2021, though by the end of 2021 it decreased to 22.67%.
- Interest Expense
- Interest expense showed a gradual decrease over the period, dropping from around 1.8% in early 2017 to approximately 1.3% by the end of 2021, indicating a likely reduction in debt levels or improved borrowing terms.
- Other Income (Expense)
- Other income fluctuated with occasional positive spikes such as 1.67% in the last quarter of 2019, but generally remained below 1% of operating revenue. Minor variability suggests occasional one-time items or variable ancillary income sources.
- Income Before Taxes
- Income before taxes followed a trend similar to operating income, predominantly ranging from 21% to 25%, but markedly declined to 15.83% in the second quarter of 2020, consistent with operating challenges that quarter. A recovery was observed afterward with values stabilizing between 22% and 24%, before a slight decrease near the end of 2021.
- Income Taxes
- Income tax expense as a percentage of revenue varied substantially, with an anomalously high rate of 24.03% during the final quarter of 2017, which appears to be an outlier. Generally, the rate ranged from about 2.4% to 7.3%, with a notable decrease during the second quarter of 2021 to 2.39%. This volatility suggests variability in tax strategies or earnings composition over the quarters.
- Net Income
- Net income largely reflected the overall earnings trends, mostly ranging from 15% to 19% of operating revenue. The second quarter of 2020 saw a reduction to 12.44%, and the negative figure of -2.09% in the final quarter of 2017 stands out as a significant anomaly. Importantly, net income improved toward the end of 2021, reaching a high of 21.08% before dropping slightly to 16.55% in the last quarter measured.