Name: United States Steel Corp. (NYSE:X) | 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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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)

Financial performance over the analyzed period is characterized by significant volatility, mirroring a sharp contraction during the 2020 period followed by a substantial expansion in 2021 and 2022. Net sales transitioned from a stable range of approximately 3 billion USD per quarter in 2018 and 2019 to a trough of 2.09 billion USD in June 2020. A rapid recovery followed, with net sales peaking at 5.96 billion USD in September 2021 before stabilizing between 3.8 billion and 5.0 billion USD through mid-2023.

Gross Profitability and Margin Trends: Gross profit exhibited extreme variance, closely trailing the volatility of net sales. A notable deficit occurred in June 2020, where a gross loss of 183 million USD was recorded. This was followed by a period of peak profitability in 2021, reaching a high of 2.08 billion USD in September 2021. While gross profits remained higher than pre-2020 levels into 2023, a downward trend was observed throughout 2022, indicating a compression of margins as cost of sales remained high relative to revenue.
Operational Expense Management: Selling, general, and administrative expenses remained relatively stable throughout the period, typically fluctuating between 60 million and 117 million USD per quarter. This stability suggests a fixed cost structure that did not scale linearly with the massive revenue increases of 2021. Conversely, depreciation, depletion, and amortization expenses showed a gradual upward trend, increasing from approximately 130 million USD in early 2018 to over 220 million USD by mid-2023, suggesting an expansion of the asset base or changes in depreciation schedules.
Net Earnings and Non-Operating Impacts: Net earnings were subject to heavy fluctuations, with deep losses in 2020, including a peak quarterly loss of 668 million USD in December 2019/early 2020. The recovery in 2021 was amplified by non-recurring items, most notably a 506 million USD gain from the sale of Transtar in September 2021, which contributed to a peak net earning of 2.00 billion USD. Asset impairment charges also created intermittent volatility, with a significant 263 million USD charge in March 2020.
Financial Position and Debt Service: A positive trend is observed in the company's financial costs. Interest expenses generally declined from a range of 40-50 million USD in 2018 to 20 million USD by June 2023. Simultaneously, interest income rose significantly from 4-7 million USD in 2018 to 34 million USD by June 2023. This inverse relationship suggests a reduction in total debt obligations and an increase in cash reserves, improving the overall interest coverage profile.

Overall, the data indicates a cyclical recovery pattern. While the company experienced severe earnings volatility and operational stress in 2020, it leveraged a strong market recovery in 2021 to improve its balance sheet, as evidenced by the reduction in interest expenses and the realization of significant gains from asset divestitures.

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United States Steel Corp. (NYSE:X)

Income StatementQuarterly Data

Income Statement
Quarterly Data