Name: HCA Healthcare Inc. (NYSE:HCA) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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HCA Healthcare Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017
Revenues	14,945)	15,064)	15,276)	14,435)	13,977)	14,293)	13,311)	11,068)	12,861)	13,523)	12,694)	12,602)	12,517)	12,274)	11,451)	11,529)	11,423)	11,562)	10,696)	10,733)	10,623)
Supplies	(2,321)	(2,414)	(2,463)	(2,380)	(2,224)	(2,370)	(2,128)	(1,748)	(2,123)	(2,232)	(2,090)	(2,118)	(2,041)	(2,002)	(1,890)	(1,917)	(1,915)	(1,947)	(1,777)	(1,795)	(1,797)
Gross profit	12,624)	12,650)	12,813)	12,055)	11,753)	11,923)	11,183)	9,320)	10,738)	11,291)	10,604)	10,484)	10,476)	10,272)	9,561)	9,612)	9,508)	9,615)	8,919)	8,938)	8,826)
Salaries and benefits	(6,939)	(6,999)	(7,094)	(6,385)	(6,301)	(6,329)	(6,097)	(5,330)	(6,118)	(6,105)	(5,971)	(5,837)	(5,647)	(5,485)	(5,377)	(5,274)	(5,289)	(5,181)	(5,081)	(4,896)	(4,901)
Other operating expenses	(2,752)	(2,537)	(2,530)	(2,473)	(2,421)	(2,482)	(2,251)	(2,147)	(2,427)	(2,468)	(2,352)	(2,362)	(2,299)	(2,283)	(2,097)	(2,118)	(2,110)	(2,081)	(2,075)	(1,965)	(1,930)
Government stimulus income (reversal)	—)	—)	—)	—)	—)	—)	(822)	822)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Depreciation and amortization	(732)	(728)	(716)	(712)	(697)	(662)	(694)	(691)	(674)	(694)	(647)	(636)	(619)	(581)	(582)	(562)	(553)	(550)	(539)	(521)	(521)
Gains (losses) on sales of facilities	10)	563)	1,047)	8)	2)	(1)	14)	(27)	7)	1)	—)	18)	(1)	8)	6)	9)	405)	(2)	7)	2)	1)
Operating income	2,211)	2,949)	3,520)	2,493)	2,336)	2,449)	1,333)	1,947)	1,526)	2,025)	1,634)	1,667)	1,910)	1,931)	1,511)	1,667)	1,961)	1,801)	1,231)	1,558)	1,475)
Equity in earnings of affiliates	11)	35)	35)	22)	21)	6)	40)	1)	7)	20)	4)	8)	11)	4)	9)	7)	9)	9)	13)	13)	10)
Interest expense	(408)	(398)	(398)	(386)	(384)	(383)	(385)	(388)	(428)	(438)	(448)	(477)	(461)	(446)	(442)	(436)	(431)	(433)	(427)	(411)	(419)
Losses on retirement of debt	—)	—)	—)	(12)	—)	—)	—)	—)	(295)	—)	(211)	—)	—)	—)	(9)	—)	—)	—)	(39)	—)	—)
Income before income taxes	1,814)	2,586)	3,157)	2,117)	1,973)	2,072)	988)	1,560)	810)	1,607)	979)	1,198)	1,460)	1,489)	1,069)	1,238)	1,539)	1,377)	778)	1,160)	1,066)
Provision for income taxes	(349)	(581)	(685)	(453)	(393)	(378)	(209)	(344)	(112)	(334)	(215)	(271)	(279)	(244)	(173)	(272)	(257)	(736)	(248)	(365)	(289)
Net income	1,465)	2,005)	2,472)	1,664)	1,580)	1,694)	779)	1,216)	698)	1,273)	764)	927)	1,181)	1,245)	896)	966)	1,282)	641)	530)	795)	777)
Net income attributable to noncontrolling interests	(192)	(191)	(203)	(214)	(157)	(268)	(111)	(137)	(117)	(202)	(152)	(144)	(142)	(181)	(137)	(146)	(138)	(167)	(104)	(138)	(118)
Net income attributable to HCA Healthcare, Inc.	1,273)	1,814)	2,269)	1,450)	1,423)	1,426)	668)	1,079)	581)	1,071)	612)	783)	1,039)	1,064)	759)	820)	1,144)	474)	426)	657)	659)

Financial performance from the first quarter of 2017 through the first quarter of 2022 is characterized by steady revenue growth and a significant expansion in net profitability, despite a period of volatility during the 2020 calendar year. Revenues grew from 10.62 billion USD in March 2017 to 14.95 billion USD by March 2022, reflecting a consistent upward trajectory interrupted only by a temporary contraction in the second quarter of 2020.

Revenue and Gross Profit Trends: Revenues exhibited a long-term growth pattern, increasing from approximately 10.6 billion USD in early 2017 to a peak of 15.28 billion USD in September 2021. A notable decline occurred in June 2020, where revenues dropped to 11.07 billion USD, the lowest point since 2017. However, a rapid recovery followed, with revenues exceeding pre-pandemic levels by the third quarter of 2020. Gross profit followed a similar trajectory, rising from 8.83 billion USD in March 2017 to 12.62 billion USD in March 2022.
Operating Expense Analysis: Salaries and benefits represent the most significant operating cost, showing a steady increase from 4.90 billion USD in March 2017 to 6.94 billion USD in March 2022. Other operating expenses also trended upward, moving from 1.93 billion USD to 2.75 billion USD over the same period. Depreciation and amortization costs climbed gradually from 521 million USD per quarter to 732 million USD, indicating ongoing capital investment in infrastructure.
Operating Income and Profitability: Operating income demonstrated increased volatility over the five-year period. While the early years showed stability between 1.2 billion and 2.0 billion USD, a significant spike occurred in September 2021, reaching 3.52 billion USD. This peak was heavily influenced by a non-recurring gain on the sale of facilities totaling 1.05 billion USD. Excluding these exceptional gains, operating income remained robust, generally trending higher in the 2021-2022 period compared to the 2017-2019 period.
Net Income and Attributable Earnings: Net income attributable to HCA Healthcare, Inc. grew from 659 million USD in March 2017 to a high of 2.27 billion USD in September 2021. This growth was supported by strong operating performance and substantial gains from asset sales in late 2021. Interest expenses remained relatively stable, hovering between 383 million and 477 million USD per quarter, suggesting a controlled debt service burden relative to the increase in overall revenue.
Non-Recurring and Exceptional Items: Several irregular financial events impacted the bottom line. Government stimulus income of 822 million USD in June 2020 was fully reversed in September 2020. Significant losses on the retirement of debt were recorded in September 2019 (211 million USD) and March 2020 (295 million USD). Conversely, the latter half of 2021 was marked by substantial gains on the sale of facilities, totaling approximately 1.61 billion USD across the third and fourth quarters, which significantly inflated net income for that period.

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HCA Healthcare Inc. (NYSE:HCA)

Income StatementQuarterly Data

Income Statement
Quarterly Data