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.

Eaton Corp. plc, consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net sales	23,196)	20,752)	19,628)	17,858)	21,390)
Cost of products sold	(14,762)	(13,865)	(13,293)	(12,408)	(14,338)
Gross profit	8,434)	6,887)	6,335)	5,450)	7,052)
Selling and administrative expense	(3,795)	(3,227)	(3,256)	(3,075)	(3,583)
Research and development expense	(754)	(665)	(616)	(551)	(606)
Gain on sale of businesses	—)	24)	617)	221)	—)
Operating income	3,885)	3,019)	3,080)	2,045)	2,863)
Interest expense, net	(151)	(144)	(144)	(149)	(236)
Other income (expense), net	93)	36)	(40)	(150)	(36)
Income before income taxes	3,827)	2,911)	2,896)	1,746)	2,591)
Income tax expense	(604)	(445)	(750)	(331)	(378)
Net income	3,223)	2,466)	2,146)	1,415)	2,213)
Net income for noncontrolling interests	(5)	(4)	(2)	(5)	(2)
Net income attributable to Eaton ordinary shareholders	3,218)	2,462)	2,144)	1,410)	2,211)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Eaton Corp. plc net sales increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Eaton Corp. plc operating income decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Eaton Corp. plc income before income taxes increased from 2021 to 2022 and from 2022 to 2023.
Net income attributable to Eaton ordinary shareholders	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Eaton Corp. plc net income attributable to Eaton ordinary shareholders increased from 2021 to 2022 and from 2022 to 2023.

Eaton Corp. plc (NYSE:ETN)

Income Statement