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H&E Equipment Services, Inc.

HEESCIK 0001339605

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Income Statement Research

HEES Income Statement

Review the full annual statement in one scroll, from headline results to detailed SEC line items, margin conversion, and growth diagnostics.

Snapshot

Income statement snapshot

H&E Equipment Services, Inc.'s top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.

Revenue

+10.8%

$1.5B

Compound growth, FY2020 to FY2024

Gross profit

+17.3%

$675.2M

Compound growth, FY2020 to FY2024

Operating Income

+51.6%

$229.3M

Compound growth, FY2020 to FY2024

Net income

FY2024

$123M

Latest annual filing, FY2024

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$1,517

Gross profit$675

Operating Income$229

Net income$123

Filing10-K

H&E Equipment Services, Inc. headline income statement
Metric	2024	2023	2022	2021	2020
Revenue	$1,517	$1,469	$1,245	$1,063	$1,007
Gross profit	$675	$684	$555	$415	$357
Operating Income	$229	$277	$228	$132	$43
Net income	$123	$169	$132	$103	-$33
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for H&E Equipment Services, Inc., from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$1,517

Cost of revenue$841

Gross profit$675

Selling, general & administrative$456

Operating Income$229

Interest expenseN/A

Other non-operating income (expense)$6

Pretax income$163

Income tax expense (benefit)$40

Net income$123

Basic EPS$3.39

Diluted EPS$3.37

Basic average shares36.3M

Diluted average shares36.5M

Filing10-K

H&E Equipment Services, Inc. expanded income statement
Line item	2024	2023	2022	2021	2020
Total revenue	$1,517	$1,469	$1,245	$1,063	$1,007
Cost of revenue	$841	$785	$689	$647	$650
Gross profit	$675	$684	$555	$415	$357
Selling, general & administrative	$456	$405	$344	$291	$266
Operating Income	$229	$277	$228	$132	$43
Interest expense	N/A	$61	$54	$54	$62
Other non-operating income (expense)	$6	$7	$7	$3	$3
Pretax income	$163	$223	$181	$82	-$60
Income tax expense (benefit)	$40	$54	$47	$21	-$13
Net income	$123	$169	$132	$103	-$33
Basic EPS	$3.39	$4.69	$3.68	$2.83	-$0.91
Diluted EPS	$3.37	$4.66	$3.66	$2.81	-$0.91
Basic average shares	36.3M	36.1M	35.9M	36.3M	36.1M
Diluted average shares	36.5M	36.3M	36.1M	36.5M	36.1M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for H&E Equipment Services, Inc..

Margins

Profitability conversion

How much of H&E Equipment Services, Inc.'s revenue survives through gross profit, operating income, and net income.

Gross margin

+906 bps

44.5%

FY2024, versus FY2020

Operating Margin

+1081 bps

15.1%

FY2024, versus FY2020

Net income margin

+1135 bps

8.1%

FY2024, versus FY2020

Observation window

years

FY2020 through FY2024

Margin table

Side-by-side read of gross, operating and net margin.

Gross margin44.5%

Operating Margin15.1%

Net income margin8.1%

Filing10-K

H&E Equipment Services, Inc. margins
Metric	2024	2023	2022	2021	2020
Gross margin	44.5%	46.6%	44.6%	39.1%	35.5%
Operating Margin	15.1%	18.8%	18.3%	12.5%	4.3%
Net income margin	8.1%	11.5%	10.6%	9.6%	-3.2%
Filing	10-K	10-K	10-K	10-K	10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of H&E Equipment Services, Inc.'s statement measured against the immediately prior period.

Revenue YoY

FY2023

+3.2%

FY2024 versus FY2023

Gross profit YoY

FY2023

-1.4%

FY2024 versus FY2023

Op. income YoY

FY2023

-17.1%

FY2024 versus FY2023

Net income YoY

FY2023

-27.4%

FY2024 versus FY2023

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth+3.2%

Gross profit growth-1.4%

Operating Income Growth-17.1%

Net income growth-27.4%

Filing10-K

H&E Equipment Services, Inc. year-on-year change
Metric	2024	2023	2022	2021	2020
Revenue growth	+3.2%	+18.1%	+17.1%	+5.5%	N/A
Gross profit growth	-1.4%	+23.3%	+33.7%	+16.3%	N/A
Operating Income Growth	-17.1%	+21.3%	+72.4%	+204.8%	N/A
Net income growth	-27.4%	+28.1%	+28.9%	-413.9%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2020 to FY2024, which filters out one-year noise.

Revenue CAGR

4yr

+10.8%

FY2020 to FY2024

Gross profit CAGR

4yr

+17.3%

FY2020 to FY2024

Op. income CAGR

4yr

+51.6%

FY2020 to FY2024

Net income CAGR

4yr

N/A

FY2020 to FY2024

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

H&E Equipment Services, Inc.

HEES Income Statement

H&E Equipment Services, Inc.

HEES Income Statement

Commentary on H&E Equipment Services, Inc. performance

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Commentary on H&E Equipment Services, Inc. performance