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.

National Oilwell Varco Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2016	Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015	Mar 31, 2015	Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013	Sep 30, 2013	Jun 30, 2013	Mar 31, 2013	Dec 31, 2012	Sep 30, 2012	Jun 30, 2012	Mar 31, 2012	Dec 31, 2011	Sep 30, 2011	Jun 30, 2011	Mar 31, 2011
Revenue	1,724)	2,189)	2,722)	3,306)	3,909)	4,820)	5,709)	5,587)	5,255)	4,889)	6,172)	5,789)	5,601)	5,307)	5,685)	5,319)	4,734)	4,303)	4,259)	3,740)	3,513)	3,146)
Cost of revenue	(1,689)	(1,945)	(2,363)	(2,634)	(3,054)	(3,643)	(4,173)	(4,059)	(3,800)	(3,599)	(4,675)	(4,327)	(4,335)	(4,043)	(4,290)	(3,948)	(3,428)	(3,036)	(2,984)	(2,576)	(2,430)	(2,171)
Gross profit	35)	244)	359)	672)	855)	1,177)	1,536)	1,528)	1,455)	1,290)	1,497)	1,462)	1,266)	1,264)	1,395)	1,371)	1,306)	1,267)	1,275)	1,164)	1,083)	975)
Selling, general and administrative	(305)	(433)	(357)	(383)	(417)	(607)	(519)	(540)	(542)	(491)	(540)	(516)	(497)	(513)	(492)	(473)	(427)	(390)	(427)	(392)	(375)	(366)
Goodwill and intangible asset impairment	—)	—)	(1,634)	(55)	—)	—)	(104)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating profit (loss)	(270)	(189)	(1,632)	234)	438)	570)	913)	988)	913)	799)	957)	946)	769)	751)	903)	898)	879)	877)	848)	772)	708)	609)
Interest and financial costs	(30)	(25)	(27)	(24)	(26)	(26)	(26)	(26)	(27)	(26)	(27)	(26)	(30)	(28)	(21)	(11)	(9)	(8)	(9)	(8)	(9)	(14)
Interest income	3)	5)	5)	2)	2)	5)	5)	4)	5)	4)	4)	2)	3)	3)	2)	2)	3)	3)	5)	5)	4)	4)
Equity income (loss) in unconsolidated affiliates	(7)	(6)	(3)	—)	7)	9)	16)	9)	23)	10)	16)	13)	15)	19)	15)	7)	19)	17)	12)	11)	10)	13)
Other income (expense), net	(34)	(21)	(17)	(20)	(30)	(56)	(78)	9)	(21)	—)	(17)	(16)	13)	(21)	(28)	(22)	(5)	(16)	(13)	—)	(7)	(19)
Income (loss) from continuing operations before income taxes	(338)	(236)	(1,674)	192)	391)	502)	830)	984)	893)	787)	933)	919)	770)	724)	871)	874)	887)	873)	843)	780)	706)	593)
Provision for income taxes	121)	118)	152)	(36)	(105)	(189)	(233)	(283)	(284)	(239)	(272)	(283)	(239)	(224)	(203)	(265)	(285)	(269)	(270)	(252)	(226)	(189)
Income (loss) from continuing operations	(217)	(118)	(1,522)	156)	286)	313)	597)	701)	609)	548)	661)	636)	531)	500)	668)	609)	602)	604)	573)	528)	480)	404)
Income from discontinued operations	—)	—)	—)	—)	—)	—)	—)	—)	11)	41)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income (loss)	(217)	(118)	(1,522)	156)	286)	313)	597)	701)	620)	589)	661)	636)	531)	500)	668)	609)	602)	604)	573)	528)	480)	404)
Net (income) loss attributable to noncontrolling interests	—)	(1)	(1)	(1)	3)	(3)	(2)	(2)	(1)	—)	(3)	—)	—)	2)	—)	3)	3)	2)	1)	4)	1)	3)
Net income (loss) attributable to Company	(217)	(119)	(1,523)	155)	289)	310)	595)	699)	619)	589)	658)	636)	531)	502)	668)	612)	605)	606)	574)	532)	481)	407)

Revenue: Revenue showed an overall upward trend from early 2011 through the end of 2014, peaking around the fourth quarter of 2014. Starting at $3,146 million in Q1 2011, it increased steadily to reach $5,709 million by Q4 2014. However, from 2015 onwards, revenue declined sharply, dropping to $1,724 million by Q2 2016, indicating a contraction in business scale or market demand.
Cost of Revenue: The cost of revenue generally mirrored the trend in revenue, increasing from approximately $2,171 million in Q1 2011 to $4,173 million in Q4 2014. Post-2014, costs declined but at a slower pace than revenue, remaining relatively high compared to the reduced revenue figures, which likely pressured profit margins.
Gross Profit: Gross profit rose from $975 million in Q1 2011 to a high of about $1,536 million in Q4 2014, reflecting effective gross margin control during the growth phase. From 2015, gross profit fell sharply in line with revenue declines, reaching as low as $35 million by Q2 2016, signaling narrowing profitability.
Selling, General and Administrative Expenses (SG&A): SG&A expenses exhibited modest fluctuations around $350 million to $520 million before 2015, with no consistent directional change. In 2015 and 2016, expenses showed some reductions but were not proportional to revenue declines, suggesting fixed cost pressure during the downturn.
Goodwill and Intangible Asset Impairment: Impairment charges occurred notably in Q3 2015 and Q4 2015, with a significant $1,634 million charge in Q4 2015, strongly impacting operating results and reflecting asset write-downs likely due to diminished business prospects or asset valuations.
Operating Profit (Loss): Operating profit remained positive and largely stable, increasing from $609 million in early 2011 to near $988 million in Q3 2014. However, starting in 2015, operating results deteriorated rapidly, culminating in a large operating loss of $1,632 million in Q4 2015, attributable mainly to the impairment charges and declining revenue. Modest losses persisted into 2016.
Interest and Financial Costs and Interest Income: Interest expenses stayed relatively consistent, averaging around $25 million per quarter. Interest income was minimal and steady, contributing insignificantly to net income trends.
Equity Income (Loss) from Unconsolidated Affiliates: Equity income varied but remained a small positive contributor until 2014, then turned negative sporadically in 2015 and 2016, indicating challenges or losses in equity investments that could have affected overall profitability.
Other Income (Expense), Net: This item was mostly negative or modestly positive without a clear trend, suggesting minor volatility in miscellaneous income or expense streams.
Income before Taxes and Provision for Income Taxes: Income before taxes followed operating profit trends, growing steadily until Q3 2014 and then declining sharply, turning negative by Q4 2015 after impairment charges. The tax provision fluctuated but did not materially offset losses in the downturn period, with some quarters showing tax benefit effects from losses.
Income from Continuing Operations and Net Income: Income from continuing operations rose from $404 million in Q1 2011 to around $700 million by 2014, then declined steeply to negative territory in late 2015 and early 2016, mirroring the operating income decline and impairment impact. Net income figures, attributable to the company, show a similar pattern, with positive growth followed by significant losses, emphasizing the financial stress encountered during the most recent periods.

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National Oilwell Varco Inc. (NYSE:NOV)

Income Statement Quarterly Data

Income Statement
Quarterly Data