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.

Kellanova, consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 29, 2024	Mar 30, 2024	Dec 30, 2023	Sep 30, 2023	Jul 1, 2023	Apr 1, 2023	Dec 31, 2022	Oct 1, 2022	Jul 2, 2022	Apr 2, 2022	Dec 31, 2021	Oct 2, 2021	Jul 3, 2021	Apr 3, 2021	Dec 31, 2020	Sep 26, 2020	Jun 27, 2020	Mar 28, 2020	Dec 28, 2019	Sep 28, 2019	Jun 29, 2019	Mar 30, 2019
Net sales	3,192)	3,200)	2,490)	3,939)	3,351)	3,342)	3,833)	3,946)	3,864)	3,672)	3,420)	3,622)	3,555)	3,584)	3,464)	3,429)	3,465)	3,412)	3,223)	3,372)	3,461)	3,522)
Cost of goods sold	(2,031)	(2,169)	(1,628)	(2,596)	(2,257)	(2,358)	(2,673)	(2,793)	(2,721)	(2,513)	(2,415)	(2,457)	(2,331)	(2,418)	(2,279)	(2,228)	(2,268)	(2,268)	(2,135)	(2,372)	(2,275)	(2,415)
Gross profit	1,161)	1,031)	862)	1,343)	1,094)	984)	1,160)	1,153)	1,143)	1,159)	1,005)	1,165)	1,224)	1,166)	1,185)	1,201)	1,197)	1,144)	1,088)	1,000)	1,186)	1,107)
Selling, general and administrative expense	(668)	(638)	(602)	(861)	(677)	(638)	(825)	(785)	(728)	(642)	(676)	(718)	(720)	(694)	(800)	(790)	(691)	(685)	(728)	(737)	(789)	(726)
Operating profit	493)	393)	260)	482)	417)	346)	335)	368)	415)	517)	329)	447)	504)	472)	385)	411)	506)	459)	360)	263)	397)	381)
Interest expense	(83)	(83)	(77)	(83)	(73)	(70)	(69)	(39)	(54)	(56)	(51)	(55)	(58)	(59)	(85)	(63)	(69)	(64)	(63)	(72)	(75)	(74)
Other income (expense), net	33)	43)	(183)	(24)	28)	17)	(408)	54)	60)	74)	282)	—)	86)	69)	(30)	70)	30)	51)	(59)	150)	45)	52)
Income from continuing operations before income taxes	443)	353)	—)	375)	372)	293)	(142)	383)	421)	535)	560)	392)	532)	482)	270)	418)	467)	446)	238)	341)	367)	359)
Income taxes	(97)	(82)	(16)	(104)	(77)	(61)	39)	(74)	(97)	(112)	(129)	(92)	(144)	(109)	(55)	(65)	(109)	(94)	(84)	(91)	(74)	(72)
Earnings (loss) from unconsolidated entities	1)	—)	2)	(1)	3)	2)	3)	3)	2)	1)	3)	5)	(3)	(2)	(7)	(1)	(4)	(2)	(2)	(2)	(1)	(2)
Net income from continuing operations	347)	271)	(14)	270)	298)	234)	(100)	312)	326)	424)	434)	305)	385)	371)	208)	352)	354)	350)	152)	248)	292)	285)
Income from discontinued operations, net of taxes	—)	—)	44)	—)	64)	68)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income	347)	271)	30)	270)	362)	302)	(100)	312)	326)	424)	434)	305)	385)	371)	208)	352)	354)	350)	152)	248)	292)	285)
Net (income) loss attributable to noncontrolling interests	(3)	(4)	(3)	(1)	(5)	(4)	2)	(2)	—)	(2)	(1)	2)	(5)	(3)	(3)	(4)	(3)	(3)	(7)	(1)	(6)	(3)
Net income attributable to Kellanova	344)	267)	27)	269)	357)	298)	(98)	310)	326)	422)	433)	307)	380)	368)	205)	348)	351)	347)	145)	247)	286)	282)

Net Sales: Net sales remained relatively stable from 2019 through early 2021, with quarterly values generally fluctuating around 3400 to 3600 million USD. There was a notable increase in the second half of 2021, peaking near 3946 million USD in Q4 2022. However, in 2023, net sales showed some volatility, with significant declines observed in Q1 and Q4 before slightly recovering. This indicates occasional fluctuations but an overall positive long-term trend until late 2022, followed by instability.
Cost of Goods Sold (COGS): COGS followed a pattern loosely aligned with net sales, generally increasing over the total period. From around 2200-2400 million USD levels in 2019 and early 2020, costs rose sharply in 2022, peaking near 2793 million USD in Q4 2022. A sharp drop is seen in 2023, notably in Q1 with a steep reduction to 1628 million USD, though costs partially rebounded later. The data indicates rising input or production costs in 2022, followed by cost-cutting or volume decreases in 2023.
Gross Profit: Gross profit demonstrated moderate stability with values typically ranging between 1000 and 1200 million USD during 2019 to 2021. It reached a high of 1343 million USD in Q4 2022 before a sharp decline in early 2023. The quarter ending March 2024 registered the lowest gross profit of 862 million USD followed by gradual recovery. This corresponds with the cost and sales trends, indicating margin pressure in early 2023.
Selling, General and Administrative Expense (SG&A): SG&A expenses showed variability over the period, fluctuating mostly between 600 and 800 million USD. The highest expenses were observed in late 2022 and early 2023, peaking around 861 million USD. The lowest expense quarters were generally seen in early 2023, possibly due to cost control measures. Overall, SG&A expenses do not demonstrate a consistent increasing or decreasing trend, but rather periodic adjustments.
Operating Profit: Operating profit showed variability across quarters, with initial values around 300-500 million USD from 2019 to 2021. It peaked near 517 million USD in early 2022, followed by a general decline in 2023 with the lowest point at 260 million USD in March 2024. This indicates operating margin pressure in the most recent periods, aligning with reduced gross profit and fluctuating expenses.
Interest Expense: Interest expense remained fairly steady throughout the period, fluctuating between approximately 39 and 85 million USD. A slight downward trend can be observed in 2021 and 2022, followed by some increase in 2023 and early 2024. This suggests relatively stable financing costs with minor fluctuations over time.
Other Income (Expense), Net: Other income or expense exhibited notable volatility. Positive spikes occurred at various points, such as over 280 million USD in Q4 2021, while significant negative values such as -408 million USD in Q4 2022 and -183 million USD in Q4 2023 were observed. This category contributed to a fluctuating net income with some quarters experiencing substantial non-operating impacts.
Income Before Income Taxes: Income before taxes followed a pattern similar to operating profit, peaking in late 2021 and early 2022, reaching values above 500 million USD. However, 2023 showed a marked decline, including a negative value in Q4 2022 and a low point in early 2024. The fluctuations align with changes in other income/expense and operating profit.
Income Taxes: Income tax expense generally followed the trend of pre-tax income, with some variability. The tax expense reached a low in Q4 2022 (positive 39 million USD, indicating a tax benefit), corresponding with a negative income before taxes. Other quarters displayed tax expenses varying between -55 and -144 million USD, often reflecting changes in income levels.
Net Income from Continuing Operations: Net income from continuing operations showed growth from 2019 through 2021, peaking near 434 million USD in Q4 2021. The period following showed increased volatility, with a significant loss of 100 million USD in Q4 2022 and declines in early 2023, including a negative net income in Q1 2024. The data suggests rising profitability until late 2021, followed by stress and recovery challenges within continuing operations.
Income from Discontinued Operations: Income from discontinued operations was negligible or absent for most periods but appeared as positive values in 2023, indicating some income contributions from discontinued activities in Q2 and Q4 2023. This may indicate divestitures or business segment restructuring.
Net Income: Net income mirrored net income from continuing operations closely until early 2023 when occasional income from discontinued operations influenced results. Despite fluctuations, net income shows cyclical trends consistent with operating metrics, highlighting volatility and margin challenges in recent quarters.
Net Income Attributable to Noncontrolling Interests: Net income attributable to noncontrolling interests was consistently low in magnitude and occasionally negative, indicating limited impact on consolidated earnings. Variability in this item does not present a major trend affecting overall financial performance.
Net Income Attributable to Kellanova: Net income attributable to the parent followed the overall net income pattern, growing steadily through 2019 to 2021, then demonstrating increased volatility and declines during 2022 and into 2024. Notable declines and losses in Q4 2022 and early 2023 were followed by partial recovery in subsequent quarters. This mirrors the broader business performance, emphasizing volatility in profitability aligned with changes in sales, costs, and other income components.

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Kellanova (NYSE:K)

Income Statement Quarterly Data

Income Statement
Quarterly Data