Darden Restaurants (DRI) FY2021 results: revenue $7.2 billion, down 7.8% on the year
Darden Restaurants Inc. (DRI) reported revenue of $7.2 billion for fiscal 2021, the year ended 30 May 2021, down 7.8% on the year before. Net income was $629 million, and diluted earnings per share $4.77. The figures are the company's own, from the 10-K it filed with the SEC on 23 July 2021.
Revenue
$7.2 billion
-7.8% on the year
FY2014FY2021
Operating margin
9.0%
0.6% a year earlier
FY2014FY2021
Net income
$629 million
FY2014FY2021
Diluted EPS
$4.77
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
7,196
7,807
8,510
-7.8%
Gross profit
1,402
1,170
1,594
+19.8%
Gross margin
19.5%
15.0%
18.7%
Operating income
649
47.9
832
+1,254.3%
Operating margin
9.0%
0.6%
9.8%
Interest expense
47.5
49.3
44.3
-3.7%
Pre-tax income
576
-161
782
Income tax
-55.9
-112
63.7
Effective tax rate
-9.7%
n/a
8.1%
Net income
629
-52.4
713
Net margin
8.7%
-0.7%
8.4%
Diluted EPS
$4.77
-$0.43
$5.69
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,194
711
1,257
+67.9%
Capital expenditure
255
460
452
-44.6%
Free cash flow
939
251
805
+273.5%
Free cash flow margin
13.1%
3.2%
9.5%
Cash from investing
-264
-544
-463
Cash from financing
-479
139
-484
Depreciation and amortisation
351
356
337
-1.4%
Share-based compensation
72.4
53.0
59.8
+36.6%
Buybacks
45.4
330
208
-86.3%
Dividends paid
203
322
371
-37.1%
Dividend per share
$1.55
$2.64
$3.00
-41.3%
Diluted shares, weighted
132m
123m
125m
+7.4%
Shares outstanding at period end
131m
130m
123m
+0.7%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
2,813
2,331
2,393
+20.7%
Short-term borrowings
0.0
n/a
0.0
Debt
930
1,199
928
-22.4%
Operating lease liabilities
4,088
4,276
354
-4.4%
Finance lease liabilities
555
368
n/a
+50.7%
Other liabilities
2,269
1,771
2,218
+28.1%
Total liabilities and equity
10,656
9,946
5,893
+7.1%
Fixed assets
n/a
2,757
2,553
Goodwill
1,037
1,037
1,184
0.0%
Intangible assets
15.3
17.4
49.9
-12.1%
Cash and equivalents
1,215
763
457
+59.1%
Receivables
68.2
49.8
88.3
+36.9%
Inventory
191
207
207
-7.8%
Other assets
8,130
5,114
1,354
+59.0%
Total assets
10,656
9,946
5,893
+7.1%
10-K for the year ended 30 May 2021, filed 23 July 2021: the filing.