Stock Analysis on Net
Stock Analysis on Net

Express Scripts Holding Co. (NASDAQ:ESRX)

This company has been moved to the archive! The financial data has not been updated since October 31, 2018.

Common-Size Income Statement 
Quarterly Data

Express Scripts Holding Co., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of revenues -90.80 -91.40 -92.41 -90.19 -90.93 -91.47 -92.40 -90.60 -91.05 -91.43 -92.55 -91.35 -91.38 -91.63 -92.63 -92.04 -91.96 -92.00 -92.61 -92.01 -92.31 -91.98 -92.46
Gross profit 9.20% 8.60% 7.59% 9.81% 9.07% 8.53% 7.60% 9.40% 8.95% 8.57% 7.45% 8.65% 8.62% 8.37% 7.37% 7.96% 8.04% 8.00% 7.39% 7.99% 7.69% 8.02% 7.54%
Selling, general and administrative -3.38 -3.48 -3.71 -3.58 -3.08 -3.09 -3.32 -3.47 -3.38 -3.59 -3.66 -4.01 -3.99 -3.92 -4.05 -4.38 -4.22 -4.15 -4.40 -4.78 -4.32 -4.21 -4.30
Operating income 5.82% 5.12% 3.88% 6.24% 5.99% 5.44% 4.28% 5.93% 5.57% 4.98% 3.79% 4.64% 4.62% 4.45% 3.32% 3.58% 3.82% 3.85% 2.99% 3.21% 3.38% 3.81% 3.24%
Interest income and other 0.05 0.03 0.05 0.06 0.06 0.03 0.03 0.03 0.03 0.04 0.04 0.02 0.03 0.02 0.02 0.04 0.06 0.04 0.05 0.09 0.12 0.03 0.04
Interest expense and other -0.59 -0.59 -0.62 -0.66 -0.60 -0.58 -0.59 -0.59 -1.08 -0.54 -0.56 -0.47 -0.51 -0.52 -0.47 -0.46 -0.78 -0.54 -0.53 -0.49 -0.49 -0.48 -0.83
Other income (expense) -0.54% -0.56% -0.57% -0.61% -0.54% -0.54% -0.57% -0.56% -1.04% -0.50% -0.52% -0.45% -0.48% -0.50% -0.45% -0.43% -0.72% -0.50% -0.48% -0.40% -0.37% -0.45% -0.78%
Income before income taxes 5.28% 4.56% 3.31% 5.63% 5.45% 4.90% 3.71% 5.37% 4.53% 4.48% 3.27% 4.19% 4.15% 3.95% 2.87% 3.16% 3.10% 3.35% 2.52% 2.82% 3.01% 3.35% 2.46%
Provision for income taxes -1.08 -1.13 -0.78 3.56 -2.02 -1.72 -1.48 0.42 -1.66 -1.60 -1.12 -1.21 -1.50 -1.57 -1.08 -0.92 -0.81 -1.27 -1.10 -0.81 -1.26 -1.18 -1.00
Net income from continuing operations 4.20% 3.43% 2.53% 9.18% 3.42% 3.18% 2.23% 5.79% 2.87% 2.88% 2.15% 2.98% 2.65% 2.38% 1.80% 2.24% 2.29% 2.08% 1.41% 2.01% 1.75% 2.18% 1.46%
Net loss from discontinued operations, net of tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.05 -0.06 -0.09 -0.01
Net income 4.20% 3.43% 2.53% 9.18% 3.42% 3.18% 2.23% 5.79% 2.87% 2.88% 2.15% 2.98% 2.65% 2.38% 1.80% 2.24% 2.29% 2.08% 1.41% 1.96% 1.69% 2.09% 1.45%
Net income attributable to non-controlling interest -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.02 -0.02 -0.02 -0.03 -0.02 -0.02 -0.02 -0.02 -0.02 -0.03 -0.03 -0.03 -0.03 -0.02 -0.04 -0.03 -0.02
Net income attributable to Express Scripts 4.19% 3.42% 2.52% 9.17% 3.41% 3.16% 2.22% 5.77% 2.84% 2.86% 2.12% 2.96% 2.62% 2.36% 1.77% 2.21% 2.26% 2.05% 1.39% 1.95% 1.65% 2.06% 1.43%

Based on: 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31).

Gross Profit and Cost of Revenues
Gross profit as a percentage of revenues exhibited a generally increasing trend over the observed periods, starting around 7.54% and rising to approximately 9.2% by the end. This improvement reflects a steady decrease in the cost of revenues relative to total revenues, which moved from approximately 92.46% down to near 90.8%. These trends suggest enhanced operational efficiencies or improved pricing power over time.
Selling, General and Administrative Expenses (SG&A)
SG&A expenses consistently decreased as a percentage of revenues, moving from about 4.3% at the beginning to approximately 3.38% by the latest quarter. This decline indicates greater cost control or possible operational leverage being realized in selling and administrative functions.
Operating Income
Operating income as a percentage of revenues demonstrated a clear upward trajectory, rising from roughly 3.24% to about 5.82%. This improvement reflects the combined effect of increasing gross profit margins and the reduction in SG&A expenses, indicating stronger profitability from core operations.
Interest Income and Expense
Interest income remained relatively flat and low in magnitude, generally around 0.02% to 0.06% of revenues. In contrast, interest expense showed some volatility, initially around -0.83%, then declining to approximately -0.59%, with a notable spike to -1.08% observed in one quarter. Overall, interest expense tended to be a small but persistent negative factor reducing income.
Other Income (Expense)
Other income or expense consistently represented a small negative portion of revenues, fluctuating between about -0.78% and -0.43%, with some quarters exhibiting more pronounced negative impact. This suggests minor but steady adverse effects from items outside of core business operations.
Income Before Income Taxes
This metric increased over time, starting near 2.46% and reaching up to approximately 5.63% of revenues, in line with the rise in operating income despite relatively stable interest and other expenses. Growth here signals improving pre-tax profitability.
Provision for Income Taxes
The provision for income taxes showed variability, generally negative (which reduces net income) with values mostly between -0.8% and -1.7%, but with some irregularities including a quarter reporting a positive tax provision of about 3.56%. This inconsistency may reflect changes in tax rates, tax credits, or special tax-related items affecting reported taxes.
Net Income and Related Measures
Net income from continuing operations as a percentage of revenues generally increased, fluctuating initially between about 1.4% and 2.9%, and spiking to a high of approximately 9.18% in one quarter, before settling somewhat lower but still above earlier levels around 4.2%. Net income attributable to the company followed a similar pattern, indicating improved bottom-line performance. The notable spikes in certain quarters warrant further investigation but overall indicate a trend of increasing profitability.
Discontinued Operations and Non-Controlling Interest
Discontinued operations showed minor negative contributions early on but were not reported in later periods. Net income attributable to non-controlling interest remained consistently low and negative, near zero percent of revenues, indicating minimal impact on the parent company’s earnings.
Overall Summary
The data reveal a pattern of gradual improvement in profitability margins over the reported periods. Increased gross margins combined with decreased SG&A expenses expanded operating income margins. Despite some volatility in interest expenses and tax provisions, net income margins strengthened notably. These trends suggest effective cost management and revenue quality improvement, enhancing overall financial performance.