International Paper Co.
Income Statement
| Line Item | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $23.31B | $21.74B | $19.50B | $20.68B | $23.62B | $23.48B | $21.85B | $26.03B |
| Cost of Revenue | $15.56B | $14.80B | $14.06B | $14.31B | $16.25B | — | — | — |
| Gross Profit | $7.75B | $6.94B | $5.44B | $6.90B | $7.36B | $7.20B | $7.25B | $7.07B |
| Gross Margin | 33.3% | 31.9% | 27.9% | 33.4% | 31.2% | 30.7% | 33.2% | 27.2% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | $1.72B | $1.62B | $1.46B | $1.54B | $1.79B | $1.80B | $1.67B | $1.89B |
| Operating Income | $2.52B | $1.61B | $1.49B | $2.36B | $2.06B | $2.23B | $1.93B | $2.22B |
| Operating Margin | 10.8% | 7.4% | 7.6% | 11.4% | 8.7% | 9.5% | 8.8% | 8.5% |
| Interest Expense | $734.0M | $758.0M | $695.0M | $644.0M | $677.0M | $669.0M | $742.0M | $596.0M |
| Pretax Income | $1.78B | $848.0M | $795.0M | $1.13B | $872.0M | $1.23B | $967.0M | $1.46B |
| Income Tax Expense | $445.0M | $-1.09B | $193.0M | $417.0M | $123.0M | $-498.0M | $306.0M | $311.0M |
| Net Income | $2.01B | $2.14B | $904.0M | $938.0M | $555.0M | $1.40B | $794.0M | $1.32B |
| Net Margin | 8.6% | 9.9% | 4.6% | 4.5% | 2.4% | 5.9% | 3.6% | 5.1% |
| EPS (Basic) | $4.91 | $5.19 | $2.20 | $2.25 | $1.30 | $3.15 | $1.82 | $3.06 |
| EPS (Diluted) | $4.85 | $5.13 | $2.18 | $2.23 | $1.29 | $3.11 | $1.80 | $3.03 |
| Shares Outstanding (Basic) | 409.1M | 412.7M | 411.1M | 417.4M | 427.7M | 443.3M | 435.2M | 432.2M |
| Shares Outstanding (Diluted) | 414.2M | 417.7M | 415.6M | 420.6M | 432.0M | 448.1M | 440.2M | 437.0M |
| Dividends Per Share | $1.93 | $1.86 | $1.78 | $1.64 | $1.45 | $1.25 | $1.09 | $0.98 |
I think that, every time you see the word EBITDA, you should substitute the words 'bullshit earnings.'