Income Statement
Quarterly Data
The income statement presents information on the financial results of a company 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.
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Illinois Tool Works Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Illinois Tool Works Inc., consolidated income statement (quarterly data)
US$ in millions
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).
- Operating Revenue
- The operating revenue demonstrated a generally stable pattern from March 2017 through December 2019, fluctuating mostly between approximately $3,470 million and $3,830 million quarterly. However, a notable decline occurred starting in March 2020, reaching a low of $2,564 million in June 2020, likely reflecting external economic disruptions. Recovery was observed in the subsequent quarters, with revenue rising back to around $3,670 million by December 2021.
- Cost of Revenue
- The cost of revenue maintained a consistent trend aligned with the revenue changes, mostly ranging between $2,000 million and $2,231 million prior to 2020. It decreased significantly in the second quarter of 2020, hitting approximately $1,594 million, concurrent with the drop in revenue, and then gradually increased again through 2021, reaching about $2,191 million by the end of the year.
- Gross Profit
- Gross profit mirrored the revenue and cost patterns, generally stable around $1,460 million to $1,600 million pre-2020. A decline was evident in 2020, with a bottom of $970 million in the second quarter. Improvement occurred later, though gross profit remained slightly below the pre-pandemic levels, suggesting some pressure on margins despite the revenue rebound.
- Selling, Administrative, and Research and Development Expenses
- Expenses fluctuated moderately without a distinct trend up to 2019, oscillating between roughly $560 million and $620 million per quarter. During 2020, these expenses decreased, especially in the second quarter to $486 million, before gradually returning to prior levels. This reduction may indicate cost control measures during revenue downturns.
- Legal Settlement Income
- A significant anomaly appeared in the second and third quarters of 2017, with legal settlement income reported at $15 million and $80 million respectively, and no amounts recorded afterward. This suggests a temporary non-recurring item impacting income in that period only.
- Amortization and Impairment of Intangible Assets
- The amortization and impairment expenses showed a slow and steady decline from $53 million in early 2017 to around $33 million by the end of 2021, indicating a reduction in intangible asset charges over time.
- Operating Income
- Operating income generally exhibited resilience before 2020, mostly maintaining a range between $800 million and $960 million, before dipping sharply to $449 million in the second quarter of 2020, consistent with other financial downturns during that period. Following this trough, operating income recovered steadily, approaching pre-2020 levels near $830 to $900 million by late 2021, indicating effective operational management.
- Interest Expense
- Interest expense remained relatively stable and low, consistently around $50 million to $66 million across all quarters, with a slight declining trend evident towards 2021, supporting controlled debt costs.
- Other Income (Expense)
- Other income fluctuated without a clear trend, presenting some spikes such as $58 million in December 2019 and modest positive or negative values in other quarters. This volatility suggests variable non-operational financial activities affecting net income variably.
- Income Before Taxes
- Income before taxes generally followed operating income patterns, ranging from approximately $735 million to $906 million pre-2020, with a sharp decline to $406 million in the second quarter of 2020. Subsequently, it recovered to levels between $790 million and $865 million by the end of 2021, reflecting the company's resilience in profit generation before tax obligations.
- Income Taxes
- Income tax expenses showed substantial variability. Despite regular amounts fluctuating between $87 million and $232 million, a considerable spike occurred in the fourth quarter of 2017, with taxes sharply rising to $872 million, which stands as an outlier relative to other periods. The taxes decreased markedly during the downturn in 2020, corresponding with lower taxable income, before fluctuating mildly thereafter.
- Net Income
- Net income followed the overall earnings trend with generally positive and stable results from 2017 until a significant negative impact in the fourth quarter of 2017, where a net loss of $76 million was recorded despite prior positive quarters. From 2018 through early 2020, net income remained robust, though it dipped to its lowest in the second quarter of 2020 at $319 million during the economic downturn. Recovery was evident in the following quarters, peaking at $775 million in September 2021, followed by some reduction but maintaining healthy profitability through December 2021.