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.

United States Steel Corp., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	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
Net sales	4,520)	3,912)	3,819)	4,667)	5,794)	4,843)	5,288)	5,623)	4,684)	3,369)	2,296)	2,072)	2,000)	2,397)	2,505)	2,702)	3,175)	3,124)	3,344)	3,351)	3,242)	2,821)
Net sales to related parties	488)	558)	519)	536)	496)	391)	334)	341)	341)	295)	266)	268)	91)	351)	319)	367)	370)	375)	347)	378)	367)	328)
Net sales	5,008)	4,470)	4,338)	5,203)	6,290)	5,234)	5,622)	5,964)	5,025)	3,664)	2,562)	2,340)	2,091)	2,748)	2,824)	3,069)	3,545)	3,499)	3,691)	3,729)	3,609)	3,149)
Cost of sales	(4,161)	(3,953)	(3,934)	(4,359)	(4,661)	(3,823)	(3,894)	(3,881)	(3,678)	(3,080)	(2,384)	(2,295)	(2,274)	(2,605)	(2,781)	(2,902)	(3,227)	(3,172)	(3,204)	(3,172)	(3,121)	(2,808)
Gross profit (loss)	847)	517)	404)	844)	1,629)	1,411)	1,728)	2,083)	1,347)	584)	178)	45)	(183)	143)	43)	167)	318)	327)	487)	557)	488)	341)
Selling, general and administrative expenses	(103)	(99)	(98)	(95)	(112)	(117)	(116)	(108)	(106)	(96)	(75)	(65)	(62)	(72)	(66)	(63)	(82)	(78)	(85)	(81)	(92)	(78)
Depreciation, depletion and amortization	(224)	(221)	(197)	(198)	(198)	(198)	(204)	(196)	(202)	(189)	(162)	(162)	(159)	(160)	(162)	(161)	(150)	(143)	(137)	(126)	(130)	(128)
Earnings (loss) from investees	38)	(13)	41)	71)	95)	36)	64)	57)	35)	14)	(39)	(31)	(39)	(8)	11)	31)	28)	9)	22)	17)	19)	3)
Gain on sale of Transtar	—)	—)	—)	—)	—)	—)	—)	506)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Asset impairment charges	—)	(4)	(12)	—)	(151)	—)	(245)	—)	(28)	—)	—)	—)	—)	(263)	—)	—)	—)	—)	—)	—)	—)	—)
Gain on equity investee transactions	—)	—)	6)	—)	—)	—)	—)	—)	—)	111)	—)	—)	—)	31)	—)	—)	—)	—)	20)	—)	18)	—)
Restructuring and other charges	(2)	(1)	9)	(23)	(17)	(17)	(91)	—)	(31)	(6)	(8)	—)	(89)	(41)	(221)	(54)	—)	—)	—)	—)	—)	—)
Net gain (loss) on sale of assets	—)	—)	2)	6)	2)	2)	(1)	(7)	15)	—)	147)	2)	—)	—)	4)	1)	—)	(4)	3)	5)	(1)	(1)
Other gains (losses), net	8)	10)	19)	9)	6)	1)	10)	7)	4)	7)	2)	—)	—)	(5)	15)	(1)	1)	—)	3)	1)	(1)	—)
Earnings (loss) before interest and income taxes	564)	189)	174)	614)	1,254)	1,118)	1,145)	2,342)	1,034)	425)	43)	(211)	(532)	(375)	(376)	(80)	115)	111)	313)	373)	301)	137)
Interest expense	(20)	(27)	(32)	(38)	(39)	(50)	(62)	(75)	(84)	(92)	(82)	(84)	(64)	(50)	(45)	(32)	(31)	(34)	(34)	(41)	(43)	(50)
Interest income	34)	30)	24)	15)	4)	1)	1)	1)	1)	1)	1)	1)	1)	4)	4)	3)	5)	5)	7)	6)	5)	5)
Gain (loss) on debt extinguishment	—)	—)	—)	2)	(2)	—)	(10)	(26)	(1)	(255)	—)	—)	—)	—)	—)	—)	—)	—)	(21)	(3)	(28)	(46)
Other financial benefits (costs)	(6)	(6)	(5)	(9)	(16)	(2)	(7)	(17)	(4)	(18)	(10)	30)	(7)	3)	(8)	4)	(5)	3)	4)	(2)	8)	(10)
Net periodic benefit income (costs)	41)	42)	64)	60)	61)	61)	(52)	37)	29)	31)	3)	6)	8)	8)	(22)	(23)	(23)	(23)	(16)	(19)	(17)	(17)
Net gain from investments related to active employee benefits	8)	22)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net interest and other financial benefits (costs)	57)	61)	51)	30)	8)	10)	(130)	(80)	(59)	(333)	(88)	(47)	(62)	(35)	(71)	(48)	(54)	(49)	(60)	(59)	(75)	(118)
Earnings (loss) before income taxes	621)	250)	225)	644)	1,262)	1,128)	1,015)	2,262)	975)	92)	(45)	(258)	(594)	(410)	(447)	(128)	61)	62)	253)	314)	226)	19)
Income tax (expense) benefit	(144)	(51)	(51)	(154)	(284)	(246)	54)	(260)	37)	(1)	94)	24)	5)	19)	(221)	44)	7)	(8)	339)	(23)	(12)	(1)
Net earnings (loss)	477)	199)	174)	490)	978)	882)	1,069)	2,002)	1,012)	91)	49)	(234)	(589)	(391)	(668)	(84)	68)	54)	592)	291)	214)	18)
Net earnings attributable to noncontrolling interests	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net earnings (loss) attributable to United States Steel Corporation	477)	199)	174)	490)	978)	882)	1,069)	2,002)	1,012)	91)	49)	(234)	(589)	(391)	(668)	(84)	68)	54)	592)	291)	214)	18)

Net Sales: The net sales demonstrated considerable variability over the quarters. Starting from approximately $3.1 billion in early 2018, they peaked around $6.0 billion in late 2021 before experiencing a decline into 2023. The most significant growth occurred between early 2020 and late 2021, reflecting a strong recovery and expansion period following a dip in early 2020.
Cost of Sales: The cost of sales largely followed the trend of net sales, increasing from just under $2.8 billion in early 2018 to nearly $4.0 billion in late 2021. Despite fluctuations, costs generally rose, peaking in the middle of 2022. Notably, cost increases were somewhat proportionate to sales rises, yet in certain quarters, costs grew faster, eroding profitability.
Gross Profit (Loss): Gross profit exhibited significant fluctuations. Early 2020 showed negative gross profit, corresponding with the sales decline, but this was reversed in late 2020 through 2021 with peak gross profits exceeding $2 billion quarterly. Despite this, there was a marked reduction in gross profit throughout 2022 and into 2023, signaling pressures on margin sustainability.
Selling, General and Administrative Expenses: SG&A expenses remained relatively stable over the entire period, consistently within the $60 million to $120 million range per quarter. This stability suggests controlled operational expenditures despite varying revenue and profit levels.
Depreciation, Depletion, and Amortization: Depreciation and related charges steadily increased from around $128 million per quarter in early 2018 to over $220 million by mid-2023. This steady rise indicates ongoing capital investments or asset base growth, contributing to higher fixed expenses.
Earnings (Loss) Before Interest and Income Taxes: Operating earnings experienced considerable volatility. Negative earnings were seen in most quarters of 2019 and 2020, with a low point near -$532 million, reflecting operational challenges. However, from late 2020 through 2021, there was a strong recovery with earnings peaking above $2.3 billion. The period following this peak showed a decline but remained positive, suggesting a stabilization phase.
Interest Expense and Income: Interest expense declined steadily from about $50 million in early 2018 to $20 million by mid-2023. Concurrently, interest income rose significantly, increasing from a low single-digit amount to over $30 million by 2023, indicating improved returns on invested funds or cash balances. The net effect was a reduction in net interest burden.
Non-operating Gains and Losses: Unusual items such as the one-time gain on sale of Transtar ($506 million) in 2020 significantly impacted reported earnings. Asset impairment charges surfaced sporadically, mostly in 2019 and 2021, reflecting write-downs that negatively affected earnings in those periods. Restructuring charges and other financial benefits or costs showed irregular patterns without clear persistent trends.
Earnings Before Income Taxes and Net Earnings: Earnings before taxes mirrored operating earnings trends, with pronounced losses during 2019 and 2020, followed by a sharp rebound in 2021. Net earnings attributable to the company were similarly volatile, ranging from losses exceeding $600 million to gains over $2 billion in late 2021. The volatility suggests sensitivity to market conditions, cost management effectiveness, and one-time items.
Tax Expense: The income tax expense varied widely, sometimes presenting as a significant benefit, such as in late 2018. This inconsistency likely ties to fluctuations in pre-tax incomes and temporary tax effects related to one-time gains or losses.
Summary: Overall, the company experienced substantial financial volatility across the reviewed quarters. There was a clear impact of external market conditions around 2019-2020, evidenced by declining sales and earnings. The strong recovery and record profitability noted in 2021 were driven by improved sales and cost control, despite rising depreciation and some impairment charges. Interest expense reduction and increased interest income contributed positively to net results. However, earnings remained challenged in the most recent periods, underlining ongoing market pressures.

Download chart

United States Steel Corp. (NYSE:X)

Income Statement Quarterly Data

Income Statement
Quarterly Data