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.

National Oilwell Varco Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012	Dec 31, 2011
Sales	11,707)	17,173)	19,137)	16,641)	11,842)
Services	3,050)	4,267)	3,732)	3,400)	2,816)
Revenue	14,757)	21,440)	22,869)	20,041)	14,658)
Cost of sales	(9,362)	(12,407)	(14,370)	(11,886)	(8,037)
Cost of services	(2,332)	(3,224)	(3,010)	(2,816)	(2,124)
Cost of revenue	(11,694)	(15,631)	(17,380)	(14,702)	(10,161)
Gross profit	3,063)	5,809)	5,489)	5,339)	4,497)
Selling, general and administrative	(1,764)	(2,092)	(2,066)	(1,782)	(1,560)
Goodwill and intangible asset impairment	(1,689)	(104)	—)	—)	—)
Operating profit (loss)	(390)	3,613)	3,423)	3,557)	2,937)
Interest and financial costs	(103)	(105)	(111)	(49)	(40)
Interest income	14)	18)	12)	10)	18)
Equity income in unconsolidated affiliates	13)	58)	63)	58)	46)
Other income (expense), net	(123)	(90)	(41)	(71)	(39)
Income (loss) from continuing operations before income taxes	(589)	3,494)	3,346)	3,505)	2,922)
Provision for income taxes	(178)	(1,039)	(1,018)	(1,022)	(937)
Income (loss) from continuing operations	(767)	2,455)	2,328)	2,483)	1,985)
Income from discontinued operations	—)	52)	—)	—)	—)
Net income (loss)	(767)	2,507)	2,328)	2,483)	1,985)
Net (income) loss attributable to noncontrolling interests	(2)	(5)	(1)	8)	9)
Net income (loss) attributable to Company	(769)	2,502)	2,327)	2,491)	1,994)

Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).

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Income statement item	Description	The company
Revenue	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.	National Oilwell Varco Inc. revenue decreased from 2013 to 2014 and from 2014 to 2015.
Operating profit (loss)	The net result for the period of deducting operating expenses from operating revenues.	National Oilwell Varco Inc. operating profit (loss) increased from 2013 to 2014 but then decreased significantly from 2014 to 2015.
Income (loss) from continuing operations 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.	National Oilwell Varco Inc. income (loss) from continuing operations before income taxes increased from 2013 to 2014 but then decreased significantly from 2014 to 2015.
Net income (loss) attributable to Company	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	National Oilwell Varco Inc. net income (loss) attributable to Company increased from 2013 to 2014 but then decreased significantly from 2014 to 2015.

National Oilwell Varco Inc. (NYSE:NOV)

Income Statement