Income Statement
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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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2011
- Return on Assets (ROA) since 2011
- Total Asset Turnover since 2011
- Price to Earnings (P/E) since 2011
- Analysis of Revenues
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HCA Healthcare Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Revenue Trends
- Revenues exhibited a consistent upward trend over the five-year period, increasing from $43,614 million in 2017 to $58,752 million in 2021. This represents a significant growth of approximately 35%, with steady increments each year except for a minor slowdown in growth between 2019 and 2020.
- Cost of Supplies
- Supply costs increased in absolute terms from $7,316 million in 2017 to $9,481 million in 2021. The largest year-over-year increase was observed between 2020 and 2021, aligning with the uptick in revenue.
- Gross Profit
- Gross profit tracked similarly to revenues, rising from $36,298 million in 2017 to $49,271 million in 2021. The margin appears to have improved slightly considering supply costs as a proportion of revenues increased at a slower pace. The growth in gross profit was steady, with the most notable increase in 2021.
- Salaries and Benefits
- Salaries and benefits expenses showed a consistent increase from $20,059 million in 2017 to $26,779 million in 2021. This cost line has grown nearly in tandem with revenues, indicating a significant investment in human resources that corresponds with business expansion.
- Other Operating Expenses
- Other operating expenses increased steadily from $8,051 million in 2017 to $9,961 million in 2021. The pattern indicates controlled growth despite the scaling of operations, with no major fluctuations.
- Depreciation and Amortization
- Depreciation and amortization expenses rose gradually each year, from $2,131 million in 2017 to $2,853 million in 2021, reflecting ongoing capital investments and asset base growth.
- Gains (Losses) on Sales of Facilities
- This category is notably volatile, with small gains or losses through 2019 and 2020, except for a significant gain of $1,620 million in 2021. This one-time substantial gain contributed positively to operating income and overall profitability in 2021.
- Operating Income
- Operating income increased steadily from $6,065 million in 2017 to $7,255 million in 2020, with a sharp rise to $11,298 million in 2021. The large increase in 2021 is partly attributable to the sizeable gains on sales of facilities.
- Equity in Earnings of Affiliates
- Equity earnings from affiliates generally increased, moving from $45 million in 2017 to $113 million in 2021, suggesting improved performance or expanded interests in affiliated operations.
- Interest Expense and Losses on Retirement of Debt
- Interest expense remained relatively stable, decreasing slightly from $1,690 million in 2017 to $1,566 million in 2021. Losses on retirement of debt were variable, with a notable peak of $295 million loss in 2020, then returning to low levels in 2021.
- Income Before Income Taxes
- Income before taxes increased moderately from $4,381 million in 2017 to $5,430 million in 2020, followed by a significant jump to $9,833 million in 2021. This jump aligns with the surge in operating income influenced by gains on sales of facilities.
- Provision for Income Taxes
- Provision for income taxes varied, decreasing from $1,638 million in 2017 to $946 million in 2018, then fluctuating before reaching $2,112 million in 2021. The increase in 2021 corresponds with higher pre-tax income.
- Net Income
- Net income grew consistently from $2,743 million in 2017 to $4,387 million in 2020, then surged to $7,721 million in 2021. The jump in 2021 reflects improved profitability attributable to operational gains and non-recurring items.
- Net Income Attributable to Noncontrolling Interests
- Amounts attributable to noncontrolling interests also increased steadily from $527 million in 2017 to $765 million in 2021, indicating higher earnings contributions from joint ventures or minority holdings.
- Net Income Attributable to HCA Healthcare, Inc.
- Net income attributable specifically to HCA Healthcare, Inc. followed the overall net income trend, growing from $2,216 million in 2017 to $3,754 million in 2020, then nearly doubling to $6,956 million in 2021. The substantial increase reflects improved operational performance supported by sizable gains from asset sales.