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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Time Warner Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
- Revenue Trend
- The revenues exhibited a slight decline from 2013 to 2014, dropping from $29,795 million to $27,359 million. However, the following years show a recovering trend, with revenues increasing steadily to reach $31,271 million by 2017.
- Cost of Revenues and Gross Profit
- Costs of revenues decreased marginally from 2013 to 2014 but then increased consistently through 2017, culminating at $17,647 million. Gross profit followed a similar trend; it declined noticeably in 2014, from $13,565 million to $11,484 million, then improved each subsequent year to reach $13,624 million in 2017, indicating an overall recovery in profitability after an initial setback.
- Selling, General and Administrative Expenses
- These expenses showed a significant drop from $6,465 million in 2013 to $5,190 million in 2014 and further decreased in 2015 to $4,824 million. Nevertheless, expenses rose again in 2016 and 2017, reaching $5,438 million, indicating a possible increase in operational expenditure during the later years.
- Amortization of Intangible Assets
- Amortization expenses steadily declined from $251 million in 2013 to $189 million in 2015, stabilizing around this level through 2017, showing relatively stable intangible asset amortization costs after the initial reduction.
- Restructuring and Severance Costs
- These costs fluctuated considerably, with a notable peak of $512 million in 2014, followed by a sharp drop to $60 million in 2015, and minor increases in the following years, remaining below 2014 levels.
- Asset Impairments
- Asset impairments consistently decreased over the period, from $140 million in 2013 to just $16 million in 2017, suggesting fewer write-downs on assets as time progressed.
- Gains and Losses on Operating Assets
- The gains on operating assets increased significantly in 2014 to $464 million from $142 million in 2013, but returned to minimal net gains or small losses in the subsequent years, indicating volatility in asset-related gains.
- Operating Income
- Operating income decreased from $6,605 million in 2013 to $5,975 million in 2014 but then increased steadily to $7,920 million by 2017, reflecting an overall improvement in operational profitability over the period.
- Net Interest Expense
- Net interest expense remained relatively stable from 2013 to 2016, hovering around a net cost of approximately $1,160 million, with a notable reduction in 2017 to $1,005 million, indicating improved interest cost management or lower debt expenses.
- Investment Gains and Losses
- Investment gains (losses) were positive in 2013 and 2014 but turned negative in 2015, then rose sharply to $148 million in 2016 and $300 million in 2017, showing significant improvement in investment returns.
- Loss on Equity Method Investees
- Losses associated with equity method investees increased significantly in 2016 to $283 million from prior levels around $120-150 million, then decreased again in 2017 to $153 million, indicating volatility in these investments.
- Debt Redemption Costs
- Premiums paid and costs incurred on debt redemption appeared starting in 2015 and increased substantially in 2016 and 2017, reaching over $1 billion annually, suggesting active debt restructuring or refinancing during these years.
- Other Losses
- Other losses escalated significantly from minor losses in earlier years to $1,191 million in 2016 and $970 million in 2017, contributing to overall reduced profitability in those years.
- Income Before Taxes and Tax Provision
- Income from continuing operations before income taxes fluctuated but generally remained stable, narrowing from $5,303 million in 2013 to $5,945 million in 2017. The income tax provision decreased markedly over the period, from $1,749 million in 2013 to $701 million in 2017, which contributed positively to after-tax income.
- Net Income
- Net income showed an upward trend overall, with a minor dip in 2014 and 2015, followed by consistent increases, culminating in a significant rise to $5,244 million in 2017, driven by improved operating income and reduced tax expenses.
- Net Income Attributable to Shareholders
- Net income attributable to Time Warner Inc. shareholders mirrored the overall net income trend, increasing steadily from $3,691 million in 2013 to $5,247 million in 2017, reflecting strengthened shareholder returns across the five-year period.