Stock Analysis on Net
Stock Analysis on Net

Johnson Controls International plc (NYSE:JCI)

$22.49

This company has been moved to the archive! The financial data has not been updated since May 1, 2024.

Income Statement

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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Johnson Controls International plc, consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Sep 30, 2023 Sep 30, 2022 Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018
Products and systems
Services
Net sales
Products and systems
Services
Cost of sales
Gross profit
Selling, general and administrative expenses
Restructuring and impairment costs
Operating income
Interest expense, net of capitalized interest costs
Other financing charges
Gain (loss) on debt extinguishment
Interest income
Net foreign exchange results for financing activities
Net financing charges
Equity income
Income from continuing operations before income taxes
Income tax (provision) benefit
Income from continuing operations
Income from discontinued operations, net of tax
Net income
Income attributable to noncontrolling interests
Net income attributable to Johnson Controls

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30).

The financial data reveals several trends over the examined periods with respect to sales, costs, and profitability.

Net Sales and Revenue Segments
Net sales showed a declining trend from 2018 (31,400 million USD) to 2020 (22,317 million USD). Subsequently, there was a recovery in sales, rising to 26,793 million USD by 2023. The products and systems segment experienced a significant decrease in revenue from 25,332 million USD in 2018 to 16,253 million USD in 2020, followed by a gradual increase to 20,251 million USD in 2023. The services segment remained relatively stable, fluctuating modestly around the 6,000 million USD mark throughout the years.
Cost of Sales and Gross Profit
Cost of sales decreased from 22,020 million USD in 2018 to a low of 14,906 million USD in 2020, then increased to 17,822 million USD in 2023. Gross profit mirrored this trend, declining from 9,380 million USD in 2018 to 7,411 million USD in 2020, before recovering to 8,971 million USD in 2023.
Operating Expenses and Income
Selling, general, and administrative expenses exhibited a downward trend from 6,244 million USD in 2019 to 5,258 million USD in 2021 but rose again to 6,181 million USD by 2023. Restructuring and impairment costs were volatile, with notable increases in 2020 and 2023. Operating income showed a substantial decline from 3,107 million USD in 2018 to 963 million USD in 2020, followed by partial recovery in 2021 and relative stability around 1,700 million USD in 2022 and 2023.
Financing Charges and Income
Interest expense decreased overall, from 437 million USD in 2018 to 225 million USD in 2022, but then increased to 307 million USD in 2023. Other financing charges remained low and stable, while interest income diminished over the years, reaching a low of 6 million USD in 2022 before slightly rebounding. Net financing charges declined from 441 million USD in 2018 to 206 million USD in 2021 but increased again to 281 million USD in 2023.
Income Before Taxes and Tax Provisions
Income from continuing operations before income taxes fell sharply from 2,901 million USD in 2018 to 903 million USD in 2020 but rebounded to 2,614 million USD in 2021 and then stabilized around 1,710 million USD in 2022 and 2023. Income tax provisions displayed considerable variability, including a tax benefit of 233 million USD in 2019 and a significant tax provision of 868 million USD in 2021. The tax positions improved in 2022 and 2023, resulting in positive tax benefits.
Net Income and Earnings Attribution
Net income was highest in 2019 at 5,887 million USD, largely due to income from discontinued operations (4,598 million USD). Excluding this, net income dipped to 795 million USD in 2020 before recovering to 2,033 million USD in 2023. Income attributable to noncontrolling interests remained relatively stable, while net income attributable to Johnson Controls declined steeply from 5,674 million USD in 2019 to 631 million USD in 2020 and then recovered to 1,849 million USD by 2023.

Overall, the data depicts a period of financial contraction centered around 2020, with declines in sales, profits, and income, followed by gradual recovery through 2023. The volatility in restructuring costs and tax provisions has also influenced operating results. Sales growth in the products and systems segment has been a key driver of recovery, while services have held steady. Despite fluctuations in costs and financing charges, profitability has shown resilience and improvement in recent years.