Church & Dwight (CHD) FY2022 results: revenue $5.4 billion, up 3.6% on the year

Church & Dwight Co. Inc. (CHD) reported revenue of $5.4 billion for fiscal 2022, the year ended 31 December 2022, up 3.6% on the year before. Net income was $414 million, down 50.0%, and diluted earnings per share $1.68. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$5.4 billion

+3.6% on the year

FY2015FY2022

Operating margin

11.1%

20.8% a year earlier

FY2015FY2022

Net income

$414 million

-50.0% on the year

FY2015FY2022

Diluted EPS

$1.68

-49.4% on the year

FY2015FY2022

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	5,376	5,190	4,896	+3.6%
Cost of revenue	3,126	2,927	2,682	+6.8%
Gross profit	2,250	2,264	2,214	-0.6%
Gross margin	41.9%	43.6%	45.2%
Research and development	110	105	103	+4.6%
Selling, general and administrative	706	607	593	+16.4%
Operating income	598	1,079	1,030	-44.6%
Operating margin	11.1%	20.8%	21.0%
Interest expense	89.6	54.5	61.0	+64.4%
Pre-tax income	523	1,032	974	-49.3%
Income tax	109	204	188	-46.4%
Effective tax rate	20.9%	19.8%	19.3%
Net income	414	828	786	-50.0%
Net margin	7.7%	15.9%	16.1%
Diluted EPS	$1.68	$3.32	$3.12	-49.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	885	994	990	-10.9%
Capital expenditure	179	119	98.9	+50.5%
Free cash flow	706	875	891	-19.3%
Free cash flow margin	13.1%	16.9%	18.2%
Cash from investing	-729	-682	-608
Cash from financing	-121	-252	-360
Depreciation and amortisation	219	219	190	-0.0%
Share-based compensation	32.3	23.7	21.5	+36.3%
Buybacks	0.0	500	300
Dividends paid	255	248	237	+3.0%
Dividend per share	$1.05	$1.01	$0.96	+4.0%
Diluted shares, weighted	246m	250m	252m	-1.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	3,490	3,233	3,020	+7.9%
Debt	2,674	2,563	2,164	+4.3%
Operating lease liabilities	152	147	168	+3.6%
Other liabilities	2,030	2,054	2,062	-1.1%
Total liabilities and equity	8,346	7,996	7,414	+4.4%
Fixed assets	761	653	613	+16.6%
Goodwill	2,427	2,274	2,230	+6.7%
Intangible assets	3,432	3,494	3,110	-1.8%
Cash and equivalents	270	241	183	+12.3%
Receivables	422	406	399	+4.1%
Inventory	647	535	495	+20.8%
Other assets	387	394	385	-1.6%
Total assets	8,346	7,996	7,414	+4.4%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.