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Akamai Technologies (AKAM) FY2023 results: revenue $3.8 billion, up 5.4% on the year

Akamai Technologies Inc. (AKAM) reported revenue of $3.8 billion for fiscal 2023, the year ended 31 December 2023, up 5.4% on the year before. Net income was $548 million, up 4.6%, and diluted earnings per share $3.52. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue
$3.8 billion
+5.4% on the year
FY2016FY2023
Operating margin
16.7%
18.7% a year earlier
FY2016FY2023
Net income
$548 million
+4.6% on the year
FY2016FY2023
Diluted EPS
$3.52
+8.0% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue3,8123,6173,461+5.4%
Cost of revenue1,5111,3841,269+9.2%
Gross profit2,3012,2332,192+3.0%
Gross margin60.4%61.7%63.3%
Research and development406391335+3.7%
Operating income637676783-5.8%
Operating margin16.7%18.7%22.6%
Interest expense17.711.172.3+59.6%
Pre-tax income653658728-0.8%
Income tax10612762.6-16.0%
Effective tax rate16.3%19.3%8.6%
Net income548524652+4.6%
Net margin14.4%14.5%18.8%
Diluted EPS$3.52$3.26$3.93+8.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow1,3481,2751,405+5.8%
Capital expenditure458241329+89.8%
Free cash flow8911,0331,076-13.8%
Free cash flow margin23.4%28.6%31.1%
Cash from investing-1,848-622-647
Cash from financing443-634-562
Depreciation and amortisation571593551-3.7%
Share-based compensation328217203+51.2%
Buybacks654608522+7.6%
Diluted shares, weighted155m160m166m-3.2%
Shares outstanding at period end151m156m161m-3.4%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity4,5974,3604,530+5.4%
Debt3,5382,2851,976+54.8%
Operating lease liabilities775693707+11.8%
Other liabilities990965925+2.6%
Total liabilities and equity9,9008,3038,139+19.2%
Fixed assets1,8261,5401,534+18.6%
Goodwill2,8502,7642,156+3.1%
Intangible assets536442313+21.4%
Investments1,8068841,630+104.4%
Cash and equivalents489542537-9.7%
Receivables724679676+6.6%
Other assets1,6671,4531,293+14.8%
Total assets9,9008,3038,139+19.2%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.