Income Statement Snapshot

Fitbit, Inc.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2019

27.9% CAGR

$502.1M

CAGR -27.9% (FY2015 to FY2019)

Gross Profit

FY2019

17.0% CAGR

$427.7M

CAGR -17.0% (FY2015 to FY2019)

Operating Income

FY2019

Latest filing

-$320.7M

CAGR N/A (FY2015 to FY2019)

Net Income

FY2019

Latest filing

-$320.7M

CAGR N/A (FY2015 to FY2019)

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for Fitbit, Inc..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2019	2018	2017	2016	2015
Total Revenue	$502	$571	$1,616	$2,169	$1,858
Cost of Revenue	$1,007	$908	$925	$1,324	$957
Gross Profit	$428	$604	$691	$846	$901
Research & Development	$300	$332	$343	$320	$150
Selling, General & Administrative	$330	$344	$415	$491	$333
Operating Expenses	$748	$793	$892	$958	$553
Operating Income	-$321	-$189	-$201	-$112	$348
Interest Expense	N/A	$1	$1	$1	$1
Other Non-Operating Income (Expense)	$1	-$3	$3	$0	-$59
Pretax Income	-$309	-$184	-$195	-$109	$288
Income Tax Expense (Benefit)	$12	$2	$83	-$7	$112
Net Income	-$321	-$186	-$277	-$103	$176
Basic EPS	-$1.25	-$0.76	-$1.19	-$0.47	$0.88
Diluted EPS	-$1.25	-$0.76	-$1.19	-$0.47	$0.75
Basic Average Shares	257.5M	244.6M	232.0M	220.4M	129.9M
Diluted Average Shares	257.5M	244.6M	232.0M	220.4M	164.2M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for Fitbit, Inc.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2019

vs FY2015

85.2%

Change vs FY2015: +3667 bps

Operating Margin

FY2019

vs FY2015

-63.9%

Change vs FY2015: -8261 bps

Net Margin

FY2019

vs FY2015

-63.9%

Change vs FY2015: -7332 bps

Observation Window

FY2015 to FY2019

5 years

5 Years

Profitability profile tracked across FY2015 through FY2019.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2019 vs FY2018

YoY change

-12.1%

FY2019 versus FY2018

Gross Profit YoY

FY2019 vs FY2018

YoY change

-29.1%

FY2019 versus FY2018

Op. Income YoY

FY2019 vs FY2018

YoY change

+69.4%

FY2019 versus FY2018

Net Income YoY

FY2019 vs FY2018

YoY change

+72.6%

FY2019 versus FY2018

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2019	2018	2017	2016	2015
Revenue Growth %	-12.1%	-64.6%	-25.5%	+16.8%	N/A
Gross Profit Growth %	-29.1%	-12.6%	-18.3%	-6.1%	N/A
Operating Income Growth %	+69.4%	-5.9%	+78.8%	-132.3%	N/A
Net Income Growth %	+72.6%	-33.0%	+169.7%	-158.5%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2015 to FY2019, useful for filtering out one-year noise.

Revenue CAGR

FY2015 to FY2019

4-yr CAGR

-27.9%

Compounded annual growth across FY2015 to FY2019.

Gross Profit CAGR

FY2015 to FY2019

4-yr CAGR

-17.0%

Compounded annual growth across FY2015 to FY2019.

Op. Income CAGR

FY2015 to FY2019

4-yr CAGR

N/A

Compounded annual growth across FY2015 to FY2019.

Net Income CAGR

FY2015 to FY2019

4-yr CAGR

N/A

Compounded annual growth across FY2015 to FY2019.

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Income Statement Snapshot

Fitbit, Inc.’s top-line, gross profit, operating income, and bottom-line conversion. Values are shown in USD millions.

Revenue

FY2019

27.9% CAGR

$502.1M

CAGR -27.9% (FY2015 to FY2019)

Gross Profit

FY2019

17.0% CAGR

$427.7M

CAGR -17.0% (FY2015 to FY2019)

Operating Income

FY2019

Latest filing

-$320.7M

CAGR N/A (FY2015 to FY2019)

Net Income

FY2019

Latest filing

-$320.7M

CAGR N/A (FY2015 to FY2019)

All values shown in USD millions unless noted otherwise.

Expanded Line Items

The full annual income statement layer for Fitbit, Inc..
Values are displayed in USD millions, except per-share and share-count rows.

Line Item	2019	2018	2017	2016	2015
Total Revenue	$502	$571	$1,616	$2,169	$1,858
Cost of Revenue	$1,007	$908	$925	$1,324	$957
Gross Profit	$428	$604	$691	$846	$901
Research & Development	$300	$332	$343	$320	$150
Selling, General & Administrative	$330	$344	$415	$491	$333
Operating Expenses	$748	$793	$892	$958	$553
Operating Income	-$321	-$189	-$201	-$112	$348
Interest Expense	N/A	$1	$1	$1	$1
Other Non-Operating Income (Expense)	$1	-$3	$3	$0	-$59
Pretax Income	-$309	-$184	-$195	-$109	$288
Income Tax Expense (Benefit)	$12	$2	$83	-$7	$112
Net Income	-$321	-$186	-$277	-$103	$176
Basic EPS	-$1.25	-$0.76	-$1.19	-$0.47	$0.88
Diluted EPS	-$1.25	-$0.76	-$1.19	-$0.47	$0.75
Basic Average Shares	257.5M	244.6M	232.0M	220.4M	129.9M
Diluted Average Shares	257.5M	244.6M	232.0M	220.4M	164.2M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from SEC Edgar Database for Fitbit, Inc.

Margins

Profitability Conversion

Track how much of revenue survives through gross profit,operating income, and net income across the annual reporting window.

Gross Margin

FY2019

vs FY2015

85.2%

Change vs FY2015: +3667 bps

Operating Margin

FY2019

vs FY2015

-63.9%

Change vs FY2015: -8261 bps

Net Margin

FY2019

vs FY2015

-63.9%

Change vs FY2015: -7332 bps

Observation Window

FY2015 to FY2019

5 years

5 Years

Profitability profile tracked across FY2015 through FY2019.

Margin Table

Side-by-side read of gross, operating, and net margin.

Margin Trends

Read the shape of profitability with either a discrete bar view or a cleaner line trajectory.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

YoY Change

Annual Momentum

Compare the latest fiscal year against the immediately prior period across every headline income statement line.

Revenue YoY

FY2019 vs FY2018

YoY change

-12.1%

FY2019 versus FY2018

Gross Profit YoY

FY2019 vs FY2018

YoY change

-29.1%

FY2019 versus FY2018

Op. Income YoY

FY2019 vs FY2018

YoY change

+69.4%

FY2019 versus FY2018

Net Income YoY

FY2019 vs FY2018

YoY change

+72.6%

FY2019 versus FY2018

YoY Table

Negative values are highlighted to make slowdowns obvious.

Metric	2019	2018	2017	2016	2015
Revenue Growth %	-12.1%	-64.6%	-25.5%	+16.8%	N/A
Gross Profit Growth %	-29.1%	-12.6%	-18.3%	-6.1%	N/A
Operating Income Growth %	+69.4%	-5.9%	+78.8%	-132.3%	N/A
Net Income Growth %	+72.6%	-33.0%	+169.7%	-158.5%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum Chart

The most direct way to see whether the business is accelerating or rolling over.

YoY change compares each annual period against the immediately prior year inside the selected window.

CAGR

Through-Cycle Growth

Compounded annual growth rate from FY2015 to FY2019, useful for filtering out one-year noise.

Revenue CAGR

FY2015 to FY2019

4-yr CAGR

-27.9%

Compounded annual growth across FY2015 to FY2019.

Gross Profit CAGR

FY2015 to FY2019

4-yr CAGR

-17.0%

Compounded annual growth across FY2015 to FY2019.

Op. Income CAGR

FY2015 to FY2019

4-yr CAGR

N/A

Compounded annual growth across FY2015 to FY2019.

Net Income CAGR

FY2015 to FY2019

4-yr CAGR

N/A

Compounded annual growth across FY2015 to FY2019.

Commentary on Fitbit, Inc. Performance

Commentary is being prepared and will appear soon.

This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.

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FITBIT, INC.

FITBIT, INC. Income Statement

Income Statement Snapshot

Income Statement Snapshot

Commentary on Fitbit, Inc. Performance

Commentary on Fitbit, Inc. Performance