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Estee Lauder Companies (EL) FY2020 results: revenue $14.3 billion, down 3.8% on the year

Estee Lauder Companies Inc. (EL) reported revenue of $14.3 billion for fiscal 2020, the year ended 30 June 2020, down 3.8% on the year before. Net income was $684 million, down 61.7%, and diluted earnings per share $1.86. The figures are the company's own, from the 10-K it filed with the SEC on 28 August 2020.

Revenue
$14.3 billion
-3.8% on the year
FY2013FY2020
Operating margin
4.2%
15.6% a year earlier
FY2013FY2020
Net income
$684 million
-61.7% on the year
FY2013FY2020
Diluted EPS
$1.86
-61.4% on the year
FY2013FY2020

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ millionFY2020FY2019FY2018On the yearLast 8 years
Revenue14,29414,86313,683-3.8%
Cost of revenue3,5523,3872,844+4.9%
Gross profit10,74211,47610,839-6.4%
Gross margin75.2%77.2%79.2%
Selling, general and administrative8,6378,8578,556-2.5%
Operating income6062,3132,052-73.8%
Operating margin4.2%15.6%15.0%
Interest expense161133128+21.1%
Pre-tax income1,0462,3071,980-54.7%
Income tax350513863-31.8%
Effective tax rate33.5%22.2%43.6%
Net income6841,7851,108-61.7%
Net margin4.8%12.0%8.1%
Diluted EPS$1.86$4.82$2.95-61.4%
$ 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

$ millionFY2020FY2019FY2018On the yearLast 8 years
Operating cash flow2,2802,5172,562-9.4%
Capital expenditure623744629-16.3%
Free cash flow1,6571,7731,933-6.5%
Free cash flow margin11.6%11.9%14.1%
Cash from investing-1,698473-358
Cash from financing1,461-2,173-1,172
Depreciation and amortisation611557531+9.7%
Share-based compensation213243236-12.3%
Buybacks8931,555759-42.6%
Dividends paid503609546-17.4%
Dividend per share$1.39$1.67$1.48-16.8%
Diluted shares, weighted367m370m376m-0.9%

Balance sheet

$ millionFY2020FY2019FY2018On the yearLast 8 years
Shareholders' equity3,9354,3864,688-10.3%
Non-controlling interest27.025.022.0+8.0%
Redeemable equity0.0n/an/a
Debt6,1363,4123,544+79.8%
Operating lease liabilities2,278n/an/a
Finance lease liabilities5.0n/an/a
Other liabilities5,4005,3334,313+1.3%
Total liabilities and equity17,78113,15612,567+35.2%
Fixed assets2,0552,0681,823-0.6%
Goodwill1,4011,8681,926-25.0%
Intangible assets2,3381,2031,276+94.3%
Investmentsn/a1771,377
Cash and equivalents5,0222,9872,181+68.1%
Receivables1,1941,8311,487-34.8%
Inventory2,0622,0061,618+2.8%
Other assets3,7091,016879+265.1%
Total assets17,78113,15612,567+35.2%

10-K for the year ended 30 June 2020, filed 28 August 2020: the filing.