Name: United States Steel Corp. (NYSE:X) | Income Statement
Creator: Stock Analysis on Net

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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United States Steel Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net sales	19,123)	18,964)	8,765)	11,506)	12,758)
Net sales to related parties	1,942)	1,311)	976)	1,431)	1,420)
Net sales	21,065)	20,275)	9,741)	12,937)	14,178)
Cost of sales	(16,777)	(14,533)	(9,558)	(12,082)	(12,305)
Gross profit	4,288)	5,742)	183)	855)	1,873)
Selling, general and administrative expenses	(422)	(426)	(274)	(289)	(336)
Depreciation, depletion and amortization	(791)	(791)	(643)	(616)	(521)
Earnings (loss) from investees	243)	170)	(117)	79)	61)
Gain on sale of Transtar	—)	506)	—)	—)	—)
Asset impairment charges	(163)	(273)	(263)	—)	—)
Restructuring and other charges	(48)	(128)	(138)	(275)	—)
Gain on equity investee transactions	6)	111)	31)	—)	38)
Net gains on sale of assets	12)	7)	149)	1)	6)
Other gains (losses), net	35)	28)	(3)	15)	3)
Earnings (loss) before interest and income taxes	3,160)	4,946)	(1,075)	(230)	1,124)
Interest expense	(159)	(313)	(280)	(142)	(168)
Interest income	44)	4)	7)	17)	23)
Loss on debt extinguishment	—)	(292)	—)	—)	(98)
Foreign currency net gain (loss)	(11)	(17)	15)	17)	19)
Amended Credit Agreement	(5)	(6)	(3)	(5)	(5)
USSK Credit Facility	(3)	(4)	(2)	(1)	(3)
Other	(4)	(5)	21)	(10)	(3)
Financial costs	(12)	(15)	16)	(16)	(11)
Amortization of discounts and deferred financing costs	(9)	(14)	(15)	(7)	(8)
Other financial benefits (costs)	(32)	(46)	16)	(6)	—)
Net periodic benefit income (costs), other than service cost	246)	45)	25)	(91)	(69)
Net interest and other financial benefits (costs)	99)	(602)	(232)	(222)	(312)
Earnings (loss) before income taxes	3,259)	4,344)	(1,307)	(452)	812)
Income tax (expense) benefit	(735)	(170)	142)	(178)	303)
Net earnings (loss)	2,524)	4,174)	(1,165)	(630)	1,115)
Net earnings attributable to noncontrolling interests	—)	—)	—)	—)	—)
Net earnings (loss) attributable to United States Steel Corporation	2,524)	4,174)	(1,165)	(630)	1,115)

Based on: 10-K (reporting date: 2022-12-31), 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).

The financial performance from 2018 to 2022 is characterized by significant volatility, featuring a sharp contraction in 2019 and 2020 followed by a substantial recovery and expansion in 2021 and 2022.

Revenue and Gross Profit Trends: Total net sales experienced a downward trend from 2018 to 2020, falling from 14,178 million US$ to a low of 9,741 million US$. However, a rapid recovery occurred in 2021, with sales surging to 20,275 million US$ and reaching 21,065 million US$ by 2022. Gross profit followed a similar trajectory, collapsing from 1,873 million US$ in 2018 to 183 million US$ in 2020, before peaking at 5,742 million US$ in 2021. A decline in gross profit to 4,288 million US$ in 2022, despite higher sales, indicates an increase in the cost of sales, which rose to 16,777 million US$ from 14,533 million US$ the previous year.
Operating Expenses and Asset Charges: Selling, general and administrative expenses remained relatively stable, fluctuating between 274 million US$ and 426 million US$. Depreciation, depletion, and amortization showed a steady upward trend, increasing from 521 million US$ in 2018 to 791 million US$ in 2022. The company also incurred notable asset impairment charges between 2020 and 2022, totaling 436 million US$ over that three-year period, alongside restructuring charges that peaked at 275 million US$ in 2019.
Earnings and Net Income Volatility: Earnings before interest and income taxes shifted from a profit of 1,124 million US$ in 2018 to significant losses of 230 million US$ in 2019 and 1,075 million US$ in 2020. This trend reversed sharply in 2021 with a gain of 4,946 million US$, partially bolstered by a 506 million US$ gain from the sale of Transtar. Net earnings mirrored this volatility, moving from a loss of 1,165 million US$ in 2020 to a peak net profit of 4,174 million US$ in 2021, before settling at 2,524 million US$ in 2022.
Financial Costs and Taxation: Net interest and other financial benefits were consistently negative from 2018 to 2021, reaching a peak cost of 602 million US$ in 2021. However, 2022 marked a pivot to a net financial benefit of 99 million US$. Income tax provisions fluctuated based on profitability; the company recognized tax benefits during loss-making years (e.g., 303 million US$ in 2018 and 142 million US$ in 2020) and faced significant tax expenses during highly profitable years, specifically 735 million US$ in 2022.

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