What is an Income Statement?

什么是利润表？

An income statement is one of the three important financial statements used for reporting a company's financial performance over a specific accounting period, with the other two key statements being the balance sheet and the statement of cash flows.

利润表是三种主要财务报表之一，用于报告公司在特定会计期间的财务业绩，另外两种主要报表是资产负债表和现金流量表。

Also known as the profit and loss statement or the statement of revenue and expense, the income statement primarily focuses on the company’s revenues and expenses during a particular period.

利润表也称为损益表或收支表，主要侧重于公司在特定时期内的收入和费用。

KEY TAKEAWAYS

要点

An income statement is one of the three (along with balance sheet and statement of cash flows) major financial statements that reports a company's financial performance over a specific accounting period.

利润表是三种主要财务报表（以及资产负债表和现金流量表）之一，用于报告公司在特定会计期间的财务业绩。

Net Income = (Total Revenue + Gains) – (Total Expenses + Losses)

净收入=（总收入+收益）–（总费用+损失）

Total revenue is the sum of both operating and non-operating revenues while total expenses include those incurred by primary and secondary activities.

总收入是营业收入和非营业收入的总和，而总费用包括主要和次要活动产生的费用。

An income statement provides valuable insights into a company’s operations, the efficiency of its management, under-performing sectors and its performance relative to industry peers.

利润表为了解公司的运作，管理效率，业绩不佳的部门及其与同行业相比的业绩提供了宝贵的见解。

Understanding the Income Statement

了解利润表

The income statement is an important part of a company’s performance reports that must be submitted to the Securities and Exchange Commission (SEC). While a balance sheet provides the snapshot of a company’s financials as of a particular date, the income statement reports income.

利润表是公司业绩报告的重要组成部分，必须将其提交给证券交易委员会（SEC）。资产负债表提供公司截至特定日期的财务状况的快照，而利润表报告特定时间段内的收入。

The income statement focuses on four key items—revenue, expenses, gains, and losses. It does not differentiate between cash and non-cash receipts (sales in cash versus sales on credit) or the cash versus non-cash payments/disbursements (purchases in cash versus purchases on credit). It starts with the details of sales, and then works down to compute the net income and eventually the earnings per share (EPS). Essentially, it gives an account of how the net revenue realized by the company gets transformed into net earnings (profit or loss).

利润表集中于四个关键项目:收入，费用，收益和损失。它不区分现金和非现金收入（现金销售和赊销），也不区分现金和非现金支付/费用（现金购买和赊销）。它从销售细节开始，然后向下计算净收入，最终计算每股收益(EPS)。本质上，它说明了公司实现的净收入如何转化为净收益（利润或亏损）。

Revenues and Gains

收入与收益

The following are covered in the income statement, though its format may vary depending upon the local regulatory requirements, the diversified scope of the business and the associated operating activities:

利润表涵盖以下内容，但其格式可能会根据当地法规要求，业务的多元化范围以及相关的经营活动而有所不同：

Operating Revenue

营业收入

Revenue realized through primary activities is often referred to as operating revenue. For a company manufacturing a product, or for a wholesaler, distributor or retailer involved in the business of selling that product, the revenue from primary activities refers to revenue achieved from the sale of the product. Similarly, for a company (or its franchisees) in the business of offering services, revenue from primary activities refers to the revenue or fees earned in exchange of offering those services.

通过主要活动实现的收入通常被称为营业收入。对于生产产品的公司，或涉及销售该产品业务的批发商、分销商或零售商，主要活动的收入是指销售该产品所获得的收入。同样，对于提供服务业务的公司(或其特许经营者)，主要活动的收入是指提供这些服务所获得的收入或费用。

Non-Operating Revenue

非营业收入

Revenues realized through secondary, non-core business activities are often referred to as non-operating recurring revenues. These revenues are sourced from the earnings which are outside of the purchase and sale of goods and services and may include income from interest earned on business capital lying in the bank, rental income from business property, income from strategic partnerships like royalty payment receipts or income from an advertisement display placed on business property.

通过次要的非核心业务活动实现的收入通常被称为非营业性经常收入。这些收入来源于购买和销售商品和服务以外的收入，可能包括存放在银行的商业资本的利息收入、商业财产的租金收入，来自战略合作伙伴关系的收入，如特许权使用费收入或商业地产广告展示收入。

Gains

收益

Also called other income, gains indicate the net money made from other activities, like the sale of long-term assets. These include the net income realized from one-time non-business activities, like a company selling its old transportation van, unused land, or a subsidiary company.

收益也称为其他收入，指的是从其他活动中获得的净收入，如出售长期资产。其中包括一次性非经营活动实现的净收入，如公司出售其旧运输车、闲置土地或子公司。

Revenue should not be confused with receipts. Revenue is usually accounted for in the period when sales are made or services are delivered. Receipts are the cash received and are accounted for when the money is actually received. For instance, a customer may take goods/services from a company on 28 September, which will lead to the revenue being accounted for in the month of September. Owing to his good reputation, the customer may be given a 30-day payment window. It will give him time till 28 October to make the payment, which is when the receipts are accounted for.

收入不应与收款混淆。收入通常在进行销售或提供服务的期间入帐。收款是收到的现金，在实际收到这些款项时入账。例如，客户可能在9月28日从一家公司购买商品/服务，收入将在9月份入帐。由于其良好的声誉，可以为客户提供30天的付款期限。这将使他有时间直到10月28日付款，这就是收款入帐的时间。

Expenses and Losses

费用与损失

The cost for a business to continue operation and turn a profit is known as an expense. Some of these expenses may be written off on a tax return if they meet the IRS guidelines.

企业继续经营并扭亏为盈的成本被称为费用。如果其中一些费用符合IRS准则，则可以在纳税申报单上予以核销。

Primary Activity Expenses

主要活动费用

All expenses incurred for earning the normal operating revenue linked to the primary activity of the business. They include the cost of goods sold (COGS), selling, general and administrative expenses (SG&A), depreciation or amortization, and research and development (R&D) expenses. Typical items that make up the list are employee wages, sales commissions, and expenses for utilities like electricity and transportation.

赚取与公司的主要活动有关的正常营业收入的所有费用。其中包括销售成本（COGS），销售，一般和管理费用（SG＆A），折旧或摊销以及研发（R＆D）费用。典型项目是员工工资，销售佣金以及诸如电力和运输等公用事业费用。

Secondary Activity Expenses

次要活动费用

All expenses linked to non-core business activities, like interest paid on loan money.

与非核心业务活动相关的所有费用，例如借贷利息。

Losses as Expenses

损失作为费用

All expenses that go towards a loss-making sale of long-term assets, one-time or any other unusual costs, or expenses towards lawsuits.

所有用于长期资产亏损出售的费用，一次性或任何其他不寻常的费用或诉讼费用。

While primary revenue and expenses offer insights into how well the company’s core business is performing, the secondary revenue and expenses account for the company’s involvement and its expertise in managing the ad-hoc, non-core activities. Compared to the income from the sale of manufactured goods, a substantially high-interest income from money lying in the bank indicates that the business may not be utilizing the available cash to its full potential by expanding the production capacity, or it is facing challenges in increasing its market share amid competition. Recurring rental income gained by hosting billboards at the company factory situated along a highway indicates that the management is capitalizing upon the available resources and assets for additional profitability.

虽然主要收入和支出可以洞悉公司核心业务的绩效，但是次要收入和支出则可以说明公司在管理临时性非核心活动中的参与程度和专业知识。与来自制成品销售的收入相比，来自银行的大量可观的利息收入表明该业务可能无法通过扩大生产能力来充分利用可用现金，或者该业务面临挑战。在竞争中增加其市场份额。通过在高速公路旁的公司工厂中放置广告牌而获得的经常性租金收入表明，管理层正在利用可用资源和资产来提高利润。

Income Statement Structure

利润表结构

Mathematically, the Net Income is calculated based on the following:

在数学上，净收入是根据以下公式计算的：

Net Income = (Revenue + Gains) – (Expenses + Losses)

净收入=（收入+收益）–（费用+损失）

Income Statement Example

利润表示例

Reading Standard Income Statements

阅读标准利润表

The focus in this standard format is to calculate the profit/income at each subhead of revenue and operating expenses and then account for mandatory taxes, interest, and other non-recurring, one-time events to arrive at the net income that is applicable to common stock. Though calculations involve simple additions and subtractions, the order in which the various entries appear in the statement and their relations often gets repetitive and complicated. Let’s take a deep dive into these numbers for better understanding.

此标准利润表的重点是计算收入和运营支出的每个子标题下的利润/收入，然后考虑强制性税款，利息和其他非经常性的一次性事件，以得出适用于普通股的净收入。尽管计算涉及简单的加法和减法，但各种条目在语句中出现的顺序及其关系经常变得重复且复杂。为了更好的了解这些数字，让我们深入了解一下。

Revenue Section

收入部分

The first section titled “Revenue” indicates that Microsoft’s Gross (annual) Profit for the fiscal year ending June 30, 2018, was $72.007 billion. It was arrived at by deducting the cost of revenue ($38.353 billion) from the total revenue ($110.360 billion) realized by the technology giant during its fiscal year. Around 35% of Microsoft’s total sales went toward costs for revenue generation, while a similar figure for Walmart was around 75% ($373.396/$500.343).1 2 It indicates that Walmart incurred much higher cost compared to Microsoft to generate equivalent sales.

第一个部分标题为“收入”表示，截至2018年6月30日的财政年度，微软的毛利润（年度）为720.07亿美元。它是通过从该技术巨头在本财政年度实现的总收入（1,103.60亿美元）中减去收入成本（383.53亿美元）得出的。微软总销售额的35％左右用于创收成本，而沃尔玛的类似数字约为75％（373.396美元/500.343美元）。这表明与微软相比，沃尔玛产生了更高的成本，以产生同等的销售额。

Operating Expenses

营业费用

The next section called “Operating Expenses” again takes into account the cost of revenue ($38.353 billion) and total revenue ($110.360 billion) to arrive at the reported figures. As Microsoft spent $14.726 billion on research and development (R&D) and $22.223 billion on Selling General and Administrative Expense (SG&A) the Total Operating Expenses is computed by summing all these figures ($38.353 + $14.726 + $22.223) = $75.302 billion.

第二部分标题为“营业收入”，该部分再次考虑了收入成本（383.53亿美元）和总收入（1103.6亿美元），以得出报告的数字。由于微软在研发（R＆D）上花费了147.26亿美元，在销售一般和行政费用（SG＆A）上花费了222.23亿美元，因此总运营费用是通过将所有这些数字相加得出的（38.353美元+ 14.726美元+ 22.223美元）= 753.02亿美元。

Reducing the total operating expenses from total revenue leads to Operating Income (or Loss) as ($110.360 - $75.302) = $35.058 billion.2 This figure represents the Earnings Before Interest and Taxes (EBIT) for its core business activities and is again used later to derive the net income.

从总收入中减去总运营支出会导致运营收入（或亏损）为（110.360美元-75.302美元）= 350.58亿美元。这个数字代表除税及利息前盈利（EBIT）为核心的企业活动，后来又用于推导净收入。

A comparison of the line items indicates that Walmart did not spend anything on R&D, and had higher SGA and total operating expenses compared to Microsoft.

订单项的比较表明，与Microsoft相比，沃尔玛没有在研发上花费任何钱，并且具有更高的SGA和总运营支出。

Income from Continuing Operations

持续经营收益

The next section titled “Income from Continuing Operations” adds net other income or expenses (like one time earnings), interest-linked expenses and applicable taxes to arrive at the Net Income From Continuing Operations ($16.571 billion) for Microsoft, which is 60% higher than that of Walmart ($10.523 billion).

下一个部分的标题为“来自持续运营的收入”加上Microsoft的其他净收入或费用（如一次性收入），与利息相关的费用和适用的税金，得出微软来自持续运营的净收入（165.71亿美元），为60％高于沃尔玛（105.23亿美元）。

After discounting for any non-recurring events, the value of net income applicable to common shares is arrived at. Microsoft had a 68% higher net income of $16.571 billion compared to Walmart’s $9.862 billion.

在对任何非经常性事件进行贴现后，得出适用于普通股的净收入值。微软的净收入为165.71亿美元，较沃尔玛的98.62亿美元高出68％。

The earnings per share are computed by dividing the net income figure by the number of weighted average shares outstanding. With 7.7 billion outstanding shares of Microsoft, its EPS comes to $16.571 billion/7.7 billion = $2.15 per share. With Walmart having 2.995 billion outstanding shares, its EPS comes to $3.29 per share.

在每股收益 被除以加权平均流通股数的纯收入数字计算的。微软拥有77亿流通股，每股收益为165.71亿美元/ 77亿美元=每股2.15美元。随着沃尔玛拥有29.95亿流通股，其每股收益达到3.29美元。

Though the retail giant beats the technology leader in terms of annual EPS, Microsoft had a lower cost for generating equivalent revenue, higher net income from continuing operations, and higher net income applicable to common shares compared to Walmart.

尽管这家零售巨头在年度每股收益方面击败了技术领先者，但与沃尔玛相比，微软在产生同等收入方面的成本更低，持续运营产生的净收入更高，普通股适用的净收入更高。

Uses of Income Statements

利润表的作用

Though the main purpose of an income statement is to convey details of profitability and business activities of the company to the stakeholders, it also provides detailed insights into the company’s internals for comparison across different businesses and sectors. Such statements are also prepared more frequently at the department- and segment-levels to gain deeper insights by the company management for checking the progress of various operations throughout the year, though such interim reports may remain internal to the company.

尽管损益表的主要目的是向利益相关者传达公司的盈利能力和业务活动的详细信息，但它还提供了对公司内部的详细见解，以便在不同业务和部门之间进行比较。此类报表在部门和部门级别也更频繁地准备，以使公司管理层获得更深入的见解，以检查全年的各种运营进度，尽管此类中期报告可能仍属于公司内部。

Based on income statements, management can make decisions like expanding to new geographies, pushing sales, increasing production capacity, increased utilization or outright sale of assets, or shutting down a department or product line. Competitors may also use them to gain insights about the success parameters of a company and focus areas as increasing R&D spends.

根据利润表，管理层可以做出决策，例如扩展到新的地区，推动销售，提高生产能力，提高利用率或直接出售资产，或者关闭部门或产品线。竞争对手还可以使用它们来获得有关公司成功参数的见解，并随着研发支出的增加而关注重点领域。

Creditors may find limited use of income statements as they are more concerned about a company’s future cash flows, instead of its past profitability. Research analysts use the income statement to compare year-on-year and quarter-on-quarter performance. One can infer whether a company's efforts in reducing the cost of sales helped it improve profits over time, or whether the management managed to keep a tab on operating expenses without compromising on profitability.

债权人可能会很少使用损益表，因为他们更担心公司的未来现金流量，而不是公司过去的盈利能力。研究分析师使用损益表来比较年度和季度表现。可以推断出公司在降低销售成本方面所做的努力是否有助于其随着时间的推移提高利润，或者可以推断管理层是否在不影响获利能力的情况下设法控制了运营费用。

（英文来源：https://www.investopedia.com/terms/i/incomestatement.asp）