Church & Dwight (CHD) FY2021 results: revenue $5.2 billion, up 6.0% on the year

Church & Dwight Co. Inc. (CHD) reported revenue of $5.2 billion for fiscal 2021, the year ended 31 December 2021, up 6.0% on the year before. Net income was $828 million, up 5.3%, and diluted earnings per share $3.32. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2022.

Revenue

$5.2 billion

+6.0% on the year

FY2014FY2021

Operating margin

20.8%

21.0% a year earlier

FY2014FY2021

Net income

$828 million

+5.3% on the year

FY2014FY2021

Diluted EPS

$3.32

+6.4% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	5,190	4,896	4,358	+6.0%
Cost of revenue	2,927	2,682	2,374	+9.1%
Gross profit	2,264	2,214	1,984	+2.2%
Gross margin	43.6%	45.2%	45.5%
Research and development	105	103	93.6	+2.5%
Selling, general and administrative	607	593	629	+2.3%
Operating income	1,079	1,030	840	+4.8%
Operating margin	20.8%	21.0%	19.3%
Interest expense	54.5	61.0	73.6	-10.7%
Pre-tax income	1,032	974	774	+5.9%
Income tax	204	188	158	+8.7%
Effective tax rate	19.8%	19.3%	20.4%
Net income	828	786	616	+5.3%
Net margin	15.9%	16.1%	14.1%
Diluted EPS	$3.32	$3.12	$2.44	+6.4%

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	994	990	864	+0.4%
Capital expenditure	119	98.9	73.7	+20.1%
Free cash flow	875	891	791	-1.8%
Free cash flow margin	16.9%	18.2%	18.1%
Cash from investing	-682	-608	-554
Cash from financing	-252	-360	-473
Depreciation and amortisation	219	190	176	+15.5%
Share-based compensation	23.7	21.5	20.8	+10.2%
Buybacks	500	300	250	+66.7%
Dividends paid	248	237	224	+4.3%
Dividend per share	$1.01	$0.96	$0.91	+5.2%
Diluted shares, weighted	250m	252m	252m	-1.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	3,233	3,020	2,668	+7.0%
Debt	2,563	2,164	2,063	+18.4%
Operating lease liabilities	147	168	144	-12.9%
Other liabilities	2,054	2,062	1,782	-0.4%
Total liabilities and equity	7,996	7,414	6,657	+7.8%
Fixed assets	653	613	598	+6.5%
Goodwill	2,274	2,230	2,080	+2.0%
Intangible assets	3,494	3,110	2,750	+12.3%
Cash and equivalents	241	183	156	+31.4%
Receivables	406	399	356	+1.7%
Inventory	535	495	417	+8.1%
Other assets	394	385	300	+2.3%
Total assets	7,996	7,414	6,657	+7.8%

10-K for the year ended 31 December 2021, filed 17 February 2022: the filing.