Church & Dwight (CHD) FY2023 results: revenue $5.9 billion, up 9.2% on the year

Church & Dwight Co. Inc. (CHD) reported revenue of $5.9 billion for fiscal 2023, the year ended 31 December 2023, up 9.2% on the year before. Net income was $756 million, up 82.6%, and diluted earnings per share $3.05. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$5.9 billion

+9.2% on the year

FY2016FY2023

Operating margin

18.0%

11.1% a year earlier

FY2016FY2023

Net income

$756 million

+82.6% on the year

FY2016FY2023

Diluted EPS

$3.05

+81.5% 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)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	5,868	5,376	5,190	+9.2%
Cost of revenue	3,279	3,126	2,927	+4.9%
Gross profit	2,588	2,250	2,264	+15.0%
Gross margin	44.1%	41.9%	43.6%
Research and development	122	110	105	+11.3%
Selling, general and administrative	890	706	607	+26.0%
Operating income	1,057	598	1,079	+76.9%
Operating margin	18.0%	11.1%	20.8%
Interest expense	111	89.6	54.5	+23.8%
Pre-tax income	967	523	1,032	+84.9%
Income tax	212	109	204	+93.6%
Effective tax rate	21.9%	20.9%	19.8%
Net income	756	414	828	+82.6%
Net margin	12.9%	7.7%	15.9%
Diluted EPS	$3.05	$1.68	$3.32	+81.5%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,031	885	994	+16.4%
Capital expenditure	224	179	119	+25.0%
Free cash flow	807	706	875	+14.3%
Free cash flow margin	13.8%	13.1%	16.9%
Cash from investing	-234	-729	-682
Cash from financing	-726	-121	-252
Depreciation and amortisation	225	219	219	+2.8%
Share-based compensation	63.6	32.3	23.7	+96.9%
Buybacks	300	0.0	500
Dividends paid	266	255	248	+4.5%
Dividend per share	$1.09	$1.05	$1.01	+3.8%
Diluted shares, weighted	248m	246m	250m	+0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,855	3,490	3,233	+10.5%
Short-term borrowings	3.9	n/a	n/a
Debt	2,402	2,674	2,563	-10.2%
Operating lease liabilities	175	152	147	+15.1%
Other liabilities	2,133	2,030	2,054	+5.1%
Total liabilities and equity	8,569	8,346	7,996	+2.7%
Fixed assets	928	761	653	+21.9%
Goodwill	2,432	2,427	2,274	+0.2%
Intangible assets	3,302	3,432	3,494	-3.8%
Cash and equivalents	344	270	241	+27.5%
Receivables	527	422	406	+24.9%
Inventory	613	647	535	-5.2%
Other assets	423	387	394	+9.2%
Total assets	8,569	8,346	7,996	+2.7%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.