Income Statements (in millions)

Historical
2017 2018 2019
Revenues $ 55,137 $ 59,434 $ 69,570
Cost of Goods Sold $ 30,306 $ 32,726 $ 42,018
Gross Profit $ 24,831 $ 26,708 $ 27,552
Selling, general, administrative and other $ 8,176 $ 8,860 $ 11,541
Depreciation and amortization $ 2,782 $ 3,011 $ 4,160
Operating income $ 13,873 $ 14,837 $ 11,851
Total other income and expenses, net $ 86 $ 2 $ 3,212
Earnings Before Interest and Taxes $ 13,787 $ 14,835 $ 15,063
Interest Expense $ 385 $ 574 $ 978
Taxes $ 4,422 $ 1,663 $ 3,031
Net Income $ 8,980 $ 12,598 $ 11,054

Forecasted revenues are based on MarketScreener's analysis (see: https://www.marketscreener.com/WALT-DISNEY-COM

ments (in millions)
Planning Period (forecast)
Forecast method Assumption 2020 2021 2022
External forecast $ 71,738 $ 82,793 $ 90,217
% of revenues 56.81% $ 40,753 $ 47,033 $ 51,251
Calculated $ 30,985 $ 35,760 $ 38,966
% of revenues 15.44% $ 11,078 $ 12,785 $ 13,931
Calculated $ 3,849 $ 4,442 $ 4,840
% of revenues 22.39% $ 16,060 $ 18,535 $ 20,197
Calculated $ 1,066 $ 1,230 $ 1,340
% of revenues 23.87% $ 17,126 $ 19,765 $ 21,537
% of revenues 1.02% $ 734 $ 847 $ 923
Calculated $ 3,627 $ 4,186 $ 4,561
% of revenues 17.79% $ 12,765 $ 14,732 $ 16,053

etscreener.com/WALT-DISNEY-COMPANY-THE-4842/financials/?report=1)