Arcbest (ARCB) FY2022 results: revenue $5.0 billion, up 33.5% on the year

Arcbest Corp. (ARCB) reported revenue of $5.0 billion for fiscal 2022, the year ended 31 December 2022, up 33.5% on the year before. Net income was $298 million, up 39.7%, and diluted earnings per share $11.69. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$5.0 billion

+33.5% on the year

FY2010FY2022

Operating margin

7.8%

7.4% a year earlier

FY2010FY2022

Net income

$298 million

+39.7% on the year

FY2010FY2022

Diluted EPS

$11.69

+46.5% on the year

FY2010FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	5,029	3,766	2,940	+33.5%
Research and development	40.8	32.8	25.6	+24.4%
Operating income	395	277	98.3	+42.4%
Operating margin	7.8%	7.4%	3.3%
Pre-tax income	388	273	92.5	+42.2%
Income tax	93.7	62.6	21.4	+49.5%
Effective tax rate	24.1%	22.9%	23.1%
Net income	298	214	71.1	+39.7%
Net margin	5.9%	5.7%	2.4%
Diluted EPS	$11.69	$7.98	$2.69	+46.5%

$ million except per share.

Free 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

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	471	324	206	+45.5%
Capital expenditure	148	58.4	43.2	+153.8%
Free cash flow	323	265	163	+21.7%
Free cash flow margin	6.4%	7.0%	5.5%
Cash from investing	-261	-303	7.5
Cash from financing	-128	-248	-111
Depreciation and amortisation	138	123	118	+12.7%
Share-based compensation	12.8	11.4	10.5	+11.8%
Buybacks	65.0	83.1	6.6	-21.8%
Dividends paid	10.8	8.1	8.2	+33.1%
Dividend per share	n/a	$0.32	$0.32
Diluted shares, weighted	26m	27m	26m	-4.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,151	929	829	+23.9%
Debt	265	226	284	+17.3%
Operating lease liabilities	148	88.8	97.8	+66.4%
Other liabilities	930	869	568	+7.0%
Total liabilities and equity	2,494	2,113	1,779	+18.1%
Fixed assets	800	696	679	+15.0%
Goodwill	305	300	88.3	+1.7%
Intangible assets	114	127	55.0	-10.1%
Investments	168	48.3	65.4	+246.8%
Cash and equivalents	158	76.6	304	+106.7%
Receivables	517	582	321	-11.1%
Other assets	432	283	267	+52.6%
Total assets	2,494	2,113	1,779	+18.1%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.