Darden Restaurants (DRI) FY2019 results: revenue $8.5 billion, up 5.3% on the year
Darden Restaurants Inc. (DRI) reported revenue of $8.5 billion for fiscal 2019, the year ended 26 May 2019, up 5.3% on the year before. Net income was $713 million, up 19.7%, and diluted earnings per share $5.69. The figures are the company's own, from the 10-K it filed with the SEC on 19 July 2019.
Revenue
$8.5 billion
+5.3% on the year
FY2012FY2019
Operating margin
9.8%
9.5% a year earlier
FY2012FY2019
Net income
$713 million
+19.7% on the year
FY2012FY2019
Diluted EPS
$5.69
+20.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
8,510
8,080
7,170
+5.3%
Gross profit
1,594
1,493
1,330
+6.7%
Gross margin
18.7%
18.5%
18.5%
Operating income
832
767
678
+8.6%
Operating margin
9.8%
9.5%
9.4%
Interest expense
44.3
152
34.4
-70.9%
Pre-tax income
782
606
637
+29.2%
Income tax
63.7
1.9
155
+3,252.6%
Effective tax rate
8.1%
0.3%
24.3%
Net income
713
596
479
+19.7%
Net margin
8.4%
7.4%
6.7%
Diluted EPS
$5.69
$4.73
$3.80
+20.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,257
1,001
898
+25.6%
Capital expenditure
452
396
293
+14.1%
Free cash flow
805
605
605
+33.0%
Free cash flow margin
9.5%
7.5%
8.4%
Cash from investing
-463
n/a
n/a
Cash from financing
-484
n/a
n/a
Depreciation and amortisation
337
313
273
+7.5%
Share-based compensation
59.8
42.8
40.7
+39.7%
Buybacks
208
235
230
-11.6%
Dividends paid
371
314
279
+18.3%
Dividend per share
$3.00
$2.52
$2.24
+19.0%
Diluted shares, weighted
125m
126m
126m
-0.5%
Shares outstanding at period end
123m
124m
125m
-0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,393
2,195
2,102
+9.0%
Short-term borrowings
0.0
0.0
0.0
Debt
928
926
937
+0.1%
Operating lease liabilities
354
n/a
n/a
Other liabilities
2,218
2,348
2,254
-5.5%
Total liabilities and equity
5,893
5,470
5,292
+7.7%
Fixed assets
2,553
2,430
2,272
+5.1%
Goodwill
1,184
1,184
1,202
0.0%
Intangible assets
49.9
57.3
20.1
-12.9%
Cash and equivalents
457
147
233
+211.3%
Receivables
88.3
83.7
75.9
+5.5%
Inventory
207
205
179
+1.0%
Other assets
1,354
1,363
1,310
-0.7%
Total assets
5,893
5,470
5,292
+7.7%
10-K for the year ended 26 May 2019, filed 19 July 2019: the filing.