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Day 14

Income Statement Terminology

Your Homework

Take a look at the Walt Disney Company 2022 10-K (or "annual report") and locate their Income Statement.

  1. What label does Disney use for its "Top Line"?

  2. What are the revenue subcategories?

  3. What label does Disney use for Cost of Sales?

  4. What label does Disney use for Operating Expenses?

  5. Does Disney list Operating Income as a separate line item? How would you calculate it?

  6. What label does Disney use for Net Income (aka "the Bottom Line")?

Scroll down to see answers.


  1. Revenues

  2. Services; Products

  3. Cost of Services (exclusive of depreciation and amortization); Cost of Products (exclusive of depreciation and amortization)

  4. Costs and Expenses*

  5. No. You would subtract Total Cost and Expenses from Total Revenues to get Operating Income

  6. Net Income

    *Note how Disney includes its Cost of Services and Cost of Products (a.k.a. cost of goods sold)  as part of their Costs and Expenses (a.k.a. Operating Expenses).

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