Flex (FLEX) FY2023 results: revenue $28.5 billion, up 15.7% on the year
Flex Ltd. (FLEX) reported revenue of $28.5 billion for fiscal 2023, the year ended 31 March 2023, up 15.7% on the year before. Net income was $793 million, down 15.3%, and diluted earnings per share $1.72. The figures are the company's own, from the 10-K it filed with the SEC on 19 May 2023.
Revenue
$28.5 billion
+15.7% on the year
FY2016FY2023
Operating margin
3.6%
3.6% a year earlier
FY2016FY2023
Net income
$793 million
-15.3% on the year
FY2016FY2023
Diluted EPS
$1.72
-11.3% 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
950
1,024
144
-7.2%
Capital expenditure
635
443
351
+43.3%
Free cash flow
315
581
-207
-45.8%
Free cash flow margin
1.1%
2.4%
-0.9%
Cash from investing
-604
-951
-202
Cash from financing
2.0
280
743
-99.3%
Depreciation and amortisation
495
469
484
+5.5%
Share-based compensation
133
91.0
79.0
+46.2%
Buybacks
337
686
183
-50.9%
Diluted shares, weighted
462m
483m
506m
-4.3%
Shares outstanding at period end
450m
461m
493m
-2.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
5,351
4,129
3,436
+29.6%
Non-controlling interest
355
0.0
n/a
Redeemable equity
0.0
78.0
0.0
Debt
3,694
4,197
3,804
-12.0%
Operating lease liabilities
504
551
562
-8.5%
Other liabilities
11,491
10,370
8,034
+10.8%
Total liabilities and equity
21,395
19,325
15,836
+10.7%
Fixed assets
2,342
2,125
2,097
+10.2%
Goodwill
1,139
1,138
1,090
+0.1%
Intangible assets
315
411
213
-23.4%
Cash and equivalents
3,164
2,964
2,637
+6.7%
Receivables
3,480
3,371
3,959
+3.2%
Inventory
7,388
6,580
3,895
+12.3%
Other assets
3,567
2,736
1,945
+30.4%
Total assets
21,395
19,325
15,836
+10.7%
10-K for the year ended 31 March 2023, filed 19 May 2023: the filing.