# Net Income

Bottom-line profit after every expense, including interest and taxes.

## Definition

Net income — the bottom line — is the company's profit after every revenue, expense, gain, and loss has been accounted for. It's what flows into retained earnings or gets returned to shareholders.

## Formula

Revenue − all Expenses − Taxes − Interest + other gains/losses

## Why it matters

Net income is the headline profitability number quoted everywhere, but it includes one-time items (asset sales, write-downs, tax benefits) that distort year-to-year comparison. Always read it alongside operating profit.

## How Standard Equity uses it

Drives EPS, ROE, ROA, and the FCF/NI quality ratio. Shown via per-share numbers rather than as a raw $M in the main table. Where analysts do not cover a year, the estimate for every company but a holding company is our projected revenue times our projected net margin, so it agrees with the revenue and margin rows beside it.

## The metric

| Category | Income Statement |
| -------- | ---------------- |
| Unit     | $M               |

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