
SFL Corporation Ltd
NYSE:SFL

Income Statement
Earnings Waterfall
SFL Corporation Ltd
Revenue
|
904.4m
USD
|
Cost of Revenue
|
-343.3m
USD
|
Gross Profit
|
561.1m
USD
|
Operating Expenses
|
-259.8m
USD
|
Operating Income
|
301.3m
USD
|
Other Expenses
|
-170.7m
USD
|
Net Income
|
130.7m
USD
|
Income Statement
SFL Corporation Ltd
Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||||
Revenue |
328
N/A
|
335
+2%
|
354
+6%
|
382
+8%
|
407
+7%
|
434
+7%
|
446
+3%
|
429
-4%
|
413
-4%
|
392
-5%
|
382
-2%
|
383
+0%
|
381
0%
|
376
-1%
|
379
+1%
|
396
+5%
|
419
+6%
|
443
+6%
|
457
+3%
|
458
+0%
|
459
+0%
|
464
+1%
|
472
+2%
|
476
+1%
|
471
-1%
|
458
-3%
|
457
0%
|
476
+4%
|
513
+8%
|
557
+8%
|
593
+7%
|
625
+5%
|
670
+7%
|
691
+3%
|
703
+2%
|
741
+5%
|
752
+2%
|
808
+7%
|
834
+3%
|
885
+6%
|
904
+2%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(120)
|
(118)
|
(115)
|
(119)
|
(121)
|
(128)
|
(136)
|
(136)
|
(136)
|
(135)
|
(133)
|
(132)
|
(132)
|
(129)
|
(127)
|
(128)
|
(129)
|
(130)
|
(133)
|
(133)
|
(134)
|
(142)
|
(148)
|
(153)
|
(156)
|
(152)
|
(149)
|
(152)
|
(157)
|
(164)
|
(168)
|
(177)
|
(188)
|
(215)
|
(240)
|
(272)
|
(181)
|
(192)
|
(193)
|
(204)
|
(343)
|
|
Gross Profit |
208
N/A
|
217
+4%
|
239
+10%
|
263
+10%
|
286
+9%
|
306
+7%
|
310
+1%
|
293
-6%
|
277
-5%
|
258
-7%
|
249
-3%
|
251
+1%
|
249
-1%
|
247
-1%
|
252
+2%
|
269
+7%
|
290
+8%
|
313
+8%
|
325
+4%
|
324
0%
|
324
+0%
|
322
-1%
|
324
+1%
|
323
0%
|
315
-2%
|
307
-3%
|
308
+0%
|
324
+5%
|
357
+10%
|
393
+10%
|
425
+8%
|
448
+5%
|
482
+8%
|
476
-1%
|
463
-3%
|
469
+1%
|
571
+22%
|
616
+8%
|
642
+4%
|
681
+6%
|
561
-18%
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(75)
|
(78)
|
(80)
|
(82)
|
(85)
|
(90)
|
(95)
|
(101)
|
(103)
|
(102)
|
(100)
|
(97)
|
(96)
|
(97)
|
(100)
|
(105)
|
(113)
|
(121)
|
(126)
|
(129)
|
(127)
|
(125)
|
(124)
|
(123)
|
(123)
|
(123)
|
(128)
|
(136)
|
(151)
|
(170)
|
(185)
|
(197)
|
(220)
|
(226)
|
(230)
|
(238)
|
(342)
|
(349)
|
(355)
|
(366)
|
(260)
|
|
Selling, General & Administrative |
(8)
|
(7)
|
(8)
|
(7)
|
(7)
|
(8)
|
(7)
|
(8)
|
(9)
|
(8)
|
(8)
|
(8)
|
(7)
|
(8)
|
(9)
|
(9)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(11)
|
(11)
|
(10)
|
(12)
|
(12)
|
(13)
|
(16)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(15)
|
(16)
|
(16)
|
(18)
|
(20)
|
(21)
|
|
Depreciation & Amortization |
(67)
|
(71)
|
(72)
|
(75)
|
(78)
|
(82)
|
(88)
|
(93)
|
(94)
|
(93)
|
(91)
|
(89)
|
(88)
|
(89)
|
(91)
|
(96)
|
(104)
|
(111)
|
(116)
|
(119)
|
(116)
|
(114)
|
(113)
|
(112)
|
(111)
|
(113)
|
(116)
|
(124)
|
(138)
|
(155)
|
(169)
|
(181)
|
(188)
|
(194)
|
(199)
|
(207)
|
(214)
|
(220)
|
(227)
|
(233)
|
(239)
|
|
Other Operating Expenses |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(17)
|
(17)
|
(17)
|
(17)
|
(113)
|
(113)
|
(111)
|
(113)
|
0
|
|
Operating Income |
133
N/A
|
139
+4%
|
159
+14%
|
181
+14%
|
201
+11%
|
216
+7%
|
215
-1%
|
192
-10%
|
174
-10%
|
156
-10%
|
150
-4%
|
154
+3%
|
154
0%
|
151
-2%
|
152
+1%
|
164
+8%
|
177
+8%
|
192
+8%
|
198
+4%
|
195
-2%
|
198
+1%
|
197
0%
|
201
+2%
|
201
N/A
|
193
-4%
|
184
-5%
|
180
-2%
|
188
+5%
|
205
+9%
|
223
+8%
|
241
+8%
|
251
+5%
|
262
+4%
|
250
-5%
|
233
-7%
|
230
-1%
|
229
-1%
|
267
+17%
|
286
+7%
|
315
+10%
|
301
-4%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(6)
|
(1)
|
4
|
9
|
57
|
67
|
59
|
58
|
(20)
|
(17)
|
(29)
|
(36)
|
(43)
|
(48)
|
(31)
|
(39)
|
(41)
|
(48)
|
(56)
|
(56)
|
(30)
|
(81)
|
(77)
|
(94)
|
(87)
|
(8)
|
(22)
|
(13)
|
(74)
|
(80)
|
(76)
|
(68)
|
(65)
|
(111)
|
(128)
|
(149)
|
(148)
|
(144)
|
(150)
|
(163)
|
(167)
|
|
Non-Reccuring Items |
18
|
8
|
(26)
|
(28)
|
(56)
|
(56)
|
(26)
|
(30)
|
(6)
|
(6)
|
(5)
|
(4)
|
(3)
|
(5)
|
(28)
|
(34)
|
(59)
|
(58)
|
(44)
|
(64)
|
(69)
|
(146)
|
(138)
|
(112)
|
(329)
|
(251)
|
(253)
|
(253)
|
37
|
38
|
53
|
53
|
13
|
16
|
9
|
11
|
11
|
9
|
0
|
(0)
|
5
|
|
Total Other Income |
(23)
|
(30)
|
25
|
11
|
(2)
|
(13)
|
(62)
|
(48)
|
(2)
|
(2)
|
(3)
|
(5)
|
(6)
|
(5)
|
(4)
|
(1)
|
(3)
|
(3)
|
(3)
|
(7)
|
(9)
|
(1)
|
(33)
|
(30)
|
(1)
|
(32)
|
(3)
|
(4)
|
(4)
|
0
|
1
|
(2)
|
(8)
|
7
|
8
|
9
|
(5)
|
(5)
|
(4)
|
(1)
|
2
|
|
Pre-Tax Income |
123
N/A
|
115
-6%
|
161
+39%
|
172
+7%
|
201
+17%
|
215
+7%
|
185
-14%
|
172
-7%
|
146
-15%
|
132
-10%
|
113
-14%
|
110
-3%
|
101
-8%
|
94
-8%
|
89
-5%
|
90
+1%
|
74
-18%
|
83
+12%
|
95
+15%
|
69
-27%
|
89
+29%
|
(32)
N/A
|
(48)
-51%
|
(36)
+26%
|
(224)
-530%
|
(106)
+53%
|
(98)
+7%
|
(81)
+18%
|
164
N/A
|
180
+9%
|
218
+21%
|
234
+8%
|
203
-13%
|
162
-20%
|
122
-25%
|
101
-17%
|
87
-14%
|
127
+45%
|
132
+4%
|
150
+14%
|
141
-6%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||||
Tax Provision |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(3)
|
(4)
|
(5)
|
(9)
|
(11)
|
|
Income from Continuing Operations |
123
|
115
|
161
|
172
|
201
|
215
|
185
|
172
|
146
|
132
|
113
|
110
|
101
|
94
|
89
|
90
|
74
|
83
|
95
|
69
|
89
|
(32)
|
(48)
|
(36)
|
(224)
|
(106)
|
(98)
|
(81)
|
164
|
180
|
218
|
234
|
203
|
162
|
122
|
101
|
84
|
123
|
127
|
142
|
131
|
|
Net Income (Common) |
123
N/A
|
115
-6%
|
161
+39%
|
172
+7%
|
201
+17%
|
215
+7%
|
185
-14%
|
172
-7%
|
146
-15%
|
132
-10%
|
113
-14%
|
110
-3%
|
101
-8%
|
94
-8%
|
89
-5%
|
90
+1%
|
74
-18%
|
83
+12%
|
95
+15%
|
69
-27%
|
89
+29%
|
(32)
N/A
|
(48)
-51%
|
(36)
+26%
|
(224)
-530%
|
(106)
+53%
|
(98)
+7%
|
(81)
+18%
|
164
N/A
|
180
+9%
|
218
+21%
|
234
+8%
|
203
-13%
|
162
-20%
|
122
-25%
|
101
-17%
|
84
-17%
|
123
+46%
|
127
+3%
|
142
+12%
|
131
-8%
|
|
EPS (Diluted) |
0.65
N/A
|
0.96
+48%
|
1.35
+41%
|
1.44
+7%
|
1.68
+17%
|
1.76
+5%
|
1.52
-14%
|
1.41
-7%
|
1.35
-4%
|
1.11
-18%
|
1.21
+9%
|
0.75
-38%
|
0.98
+31%
|
0.89
-9%
|
0.84
-6%
|
0.61
-27%
|
0.68
+11%
|
0.76
+12%
|
0.73
-4%
|
0.64
-12%
|
0.83
+30%
|
-0.29
N/A
|
-0.44
-52%
|
-0.33
+25%
|
-2.06
-524%
|
-0.9
+56%
|
-0.82
+9%
|
-0.63
+23%
|
1.18
N/A
|
1.41
+19%
|
1.71
+21%
|
1.84
+8%
|
1.48
-20%
|
1.27
-14%
|
0.95
-25%
|
0.8
-16%
|
0.66
-18%
|
0.97
+47%
|
1
+3%
|
1.06
+6%
|
1.01
-5%
|