Trending Content - Investment Banking Forum
Career Resources
WSO Free Modeling Series - Now Open Through
September 30, 2026
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
+Bonus: Get 27 financial modeling templates in swipe file
+Bonus: Get 27 financial modeling templates in swipe file
High Finance Applications
Guaranteed
Get at least one offer GUARANTEED
- 1:1 support
- 92% success rate
- 2,000+ mentor network
- Unlimited Live bootcamps
- AI for resume + LinkedIn
- Networking automation tools
- HireVue simulation tool
- Full course library
- Private Slack community
- 20hrs of mocks
- + much more...
better yet, where do all of you get your financials for academic projects?
Use sec.gov (http://sec.gov/edgar/searchedgar/companysearch.html). Type in company name/ticker. Search for 10-K or 10-Q, which are the annual or quarterly filings, and they will have their financials in there for the reported period.
Okay, great, so If I recall, for pro formas IS, the line items should be
Revenues (COGS) Gross Profit Gross Profit Margin (SG&A) D&A Operating Income Operating Margin Nonoperating income Nonoperating expenses Income Before Taxes Income Taxes NI
Now, on the 10K, it's obviously not classified like that, it goes as listed below. Am I supposed to reorganize/transform the below IS to the above? If so, I guess I have to calculate SG&A, etc, by myself? Any suggestions on how to start? big baffled.Thanks!
REVENUES
OPERATING EXPENSES:
Salaries and employee benefits Purchased transportation Rentals and landing fees Depreciation and amortization Fuel Maintenance and repairs Impairment and other charges Other
OPERATING INCOME
OTHER INCOME (EXPENSE):
Interest expense Interest income
Other, net
INCOME BEFORE INCOME TAXES
PROVISION FOR INCOME TAXES
NET INCOME
You should be using public filings.
SEC.gov
so i am supposed to reorganize them in the above mentioned manner?
No, organize them in the manner that makes most sense. If a company/industry is reporting it in a certain format, it most likely is for a specific reason. You can consolidate certain items so its not as granular but generally speaking... stick to the format prescribed by the company in their filings with minimal and only as necessary consolidation and adjustments.
Think about it this way, if you consolidate as described above and come back to the same model 6 months later... are you going to remember how and why you rolled which things into whatever line items? Probably not. Especially since there are multiple 'right' ways to do it.... and commenting in every cell to describe the roll-up/adjustments is not one of them.
got it, so just make every one of the line items in the reported FS a percentage of sales, and work from there?
(with the exception of tax, Operating Income/Ebit, Net Income, interest, etc)
also, i take out any events that are not lilkely to happen in the future, such as equity impairments?
Voluptatem voluptas et et rerum saepe qui repellendus. Maxime aliquam quia blanditiis cumque provident dolorem.
Tenetur cum fugit quibusdam esse velit eos et. Eligendi maxime placeat facilis tempore. Eaque at sapiente pariatur atque dolores dolor consectetur sequi.
Reprehenderit qui hic vel. Quis cupiditate qui voluptas necessitatibus hic et quo. Aut veniam quia corrupti. Et cumque amet debitis eum esse vero sapiente.
Exercitationem commodi quisquam distinctio voluptate. Itaque quo magni nihil quia maxime quibusdam. Suscipit ullam repellat ea eveniet quisquam. In dolor cupiditate earum ea et assumenda id. Ut et eum hic quis architecto. Sapiente nemo eos accusamus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...