Flowers Foods (FLO) FY2022 results: revenue $4.8 billion, up 11.0% on the year

Flowers Foods Inc. (FLO) reported revenue of $4.8 billion for fiscal 2022, the year ended 31 December 2022, up 11.0% on the year before. Net income was $228 million, up 10.8%, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$4.8 billion

+11.0% on the year

FY2015FY2022

Operating margin

6.3%

6.8% a year earlier

FY2015FY2022

Net income

$228 million

+10.8% on the year

FY2015FY2022

Diluted EPS

$1.07

+10.3% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	4,806	4,331	4,388	+11.0%
Cost of revenue	2,502	2,175	2,196	+15.0%
Gross profit	2,304	2,156	2,192	+6.9%
Gross margin	47.9%	49.8%	50.0%
Research and development	6.1	5.6	4.0	+8.9%
Selling, general and administrative	1,851	1,720	1,693	+7.6%
Operating income	303	295	321	+2.8%
Operating margin	6.3%	6.8%	7.3%
Interest expense	28.9	31.5	38.8	-8.3%
Pre-tax income	299	271	201	+10.3%
Income tax	70.3	64.6	48.4	+8.9%
Effective tax rate	23.5%	23.9%	24.1%
Net income	228	206	152	+10.8%
Net margin	4.8%	4.8%	3.5%
Diluted EPS	$1.07	$0.97	$0.72	+10.3%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	361	345	454	+4.7%
Capital expenditure	169	136	97.9	+24.3%
Free cash flow	192	209	357	-8.1%
Free cash flow margin	4.0%	4.8%	8.1%
Cash from investing	-151	-191	-74.0
Cash from financing	-222	-275	-84.0
Depreciation and amortisation	142	137	141	+4.0%
Share-based compensation	25.8	21.3	12.9	+21.0%
Buybacks	34.6	9.5	0.8	+263.7%
Dividends paid	187	176	167	+6.0%
Dividend per share	$0.87	$0.83	$0.79	+4.8%
Diluted shares, weighted	213m	213m	212m	+0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,443	1,411	1,373	+2.3%
Debt	1,129	1,143	1,254	-1.2%
Operating lease liabilities	237	251	290	-5.5%
Finance lease liabilities	0.1	1.9	3.6	-93.9%
Other liabilities	504	446	402	+12.8%
Total liabilities and equity	3,313	3,253	3,323	+1.8%
Fixed assets	849	799	699	+6.3%
Goodwill	545	545	545	0.0%
Intangible assets	664	695	715	-4.5%
Cash and equivalents	165	186	307	-11.2%
Inventory	169	135	125	+25.0%
Other assets	920	893	931	+3.0%
Total assets	3,313	3,253	3,323	+1.8%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.