Darden Restaurants (DRI) FY2023 results: revenue $10.5 billion, up 8.9% on the year
Darden Restaurants Inc. (DRI) reported revenue of $10.5 billion for fiscal 2023, the year ended 28 May 2023, up 8.9% on the year before. Net income was $982 million, up 3.1%, and diluted earnings per share $7.99. The figures are the company's own, from the 10-K it filed with the SEC on 21 July 2023.
Revenue
$10.5 billion
+8.9% on the year
FY2016FY2023
Operating margin
11.5%
12.1% a year earlier
FY2016FY2023
Net income
$982 million
+3.1% on the year
FY2016FY2023
Diluted EPS
$7.99
+8.1% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,546
1,256
1,194
+23.0%
Capital expenditure
565
377
255
+49.9%
Free cash flow
981
879
939
+11.5%
Free cash flow margin
9.4%
9.1%
13.1%
Cash from investing
-568
-389
-264
Cash from financing
-1,033
-1,610
-479
Depreciation and amortisation
388
368
351
+5.3%
Share-based compensation
67.5
60.5
72.4
+11.6%
Buybacks
459
1,071
45.4
-57.2%
Dividends paid
590
563
203
+4.8%
Dividend per share
$4.84
$4.40
$1.55
+10.0%
Diluted shares, weighted
123m
129m
132m
-4.7%
Shares outstanding at period end
121m
124m
131m
-2.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
2,202
2,198
2,813
+0.2%
Short-term borrowings
0.0
0.0
0.0
Debt
885
901
930
-1.8%
Operating lease liabilities
3,668
3,756
4,088
-2.3%
Finance lease liabilities
1,173
1,019
555
+15.1%
Other liabilities
2,315
2,262
2,269
+2.3%
Total liabilities and equity
10,242
10,136
10,656
+1.0%
Goodwill
1,037
1,037
1,037
0.0%
Intangible assets
11.3
13.3
15.3
-15.0%
Cash and equivalents
368
421
1,215
-12.6%
Receivables
80.2
72.0
68.2
+11.4%
Inventory
288
271
191
+6.4%
Other assets
8,457
8,322
8,130
+1.6%
Total assets
10,242
10,136
10,656
+1.0%
10-K for the year ended 28 May 2023, filed 21 July 2023: the filing.