Darden Restaurants (DRI) FY2018 results: revenue $8.1 billion, up 12.7% on the year
Darden Restaurants Inc. (DRI) reported revenue of $8.1 billion for fiscal 2018, the year ended 27 May 2018, up 12.7% on the year before. Net income was $596 million, up 24.4%, and diluted earnings per share $4.73. The figures are the company's own, from the 10-K it filed with the SEC on 20 July 2018.
Revenue
$8.1 billion
+12.7% on the year
FY2011FY2018
Operating margin
9.5%
9.4% a year earlier
FY2011FY2018
Net income
$596 million
+24.4% on the year
FY2011FY2018
Diluted EPS
$4.73
+24.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
8,080
7,170
6,934
+12.7%
Gross profit
1,493
1,330
1,303
+12.3%
Gross margin
18.5%
18.5%
18.8%
Operating income
767
678
622
+13.2%
Operating margin
9.5%
9.4%
9.0%
Interest expense
152
34.4
165
+343.0%
Pre-tax income
606
637
450
-5.0%
Income tax
1.9
155
90.0
-98.8%
Effective tax rate
0.3%
24.3%
20.0%
Net income
596
479
375
+24.4%
Net margin
7.4%
6.7%
5.4%
Diluted EPS
$4.73
$3.80
$2.90
+24.5%
$ 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
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,001
898
778
+11.5%
Capital expenditure
396
293
228
+35.2%
Free cash flow
605
605
550
+0.0%
Free cash flow margin
7.5%
8.4%
7.9%
Depreciation and amortisation
313
273
290
+14.7%
Share-based compensation
42.8
40.7
37.3
+5.2%
Buybacks
235
230
185
+2.0%
Dividends paid
314
279
268
+12.3%
Dividend per share
$2.52
$2.24
$2.10
+12.5%
Diluted shares, weighted
126m
126m
129m
0.0%
Shares outstanding at period end
124m
125m
126m
-1.5%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,195
2,102
1,952
+4.4%
Short-term borrowings
0.0
0.0
n/a
Debt
926
937
440
-1.1%
Other liabilities
2,348
2,254
2,191
+4.2%
Total liabilities and equity
5,470
5,292
4,583
+3.4%
Fixed assets
2,430
2,272
2,042
+6.9%
Goodwill
1,184
1,202
872
-1.5%
Intangible assets
57.3
20.1
22.8
+185.1%
Cash and equivalents
147
233
275
-37.0%
Receivables
83.7
75.9
64.0
+10.3%
Inventory
205
179
175
+14.8%
Other assets
1,363
1,310
1,132
+4.0%
Total assets
5,470
5,292
4,583
+3.4%
10-K for the year ended 27 May 2018, filed 20 July 2018: the filing.