Greif (GEF) FY2022 results: revenue $6.3 billion, up 14.3% on the year

Greif, Inc. (GEF) reported revenue of $6.3 billion for fiscal 2022, the year ended 31 October 2022, up 14.3% on the year before. Net income was $377 million, down 3.6%, and diluted earnings per share $6.30. The figures are the company's own, from the 10-K it filed with the SEC on 16 December 2022.

Revenue

$6.3 billion

+14.3% on the year

FY2015FY2022

Operating margin

9.8%

10.5% a year earlier

FY2015FY2022

Net income

$377 million

-3.6% on the year

FY2015FY2022

Diluted EPS

$6.30

-3.7% 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	6,350	5,556	4,515	+14.3%
Cost of revenue	5,064	4,463	3,600	+13.5%
Gross profit	1,285	1,093	915	+17.6%
Gross margin	20.2%	19.7%	20.3%
Selling, general and administrative	581	566	516	+2.7%
Operating income	621	585	305	+6.2%
Operating margin	9.8%	10.5%	6.8%
Interest expense	61.2	92.7	116	-34.0%
Pre-tax income	526	479	186	+9.8%
Income tax	137	69.6	63.3	+97.0%
Effective tax rate	26.1%	14.5%	34.0%
Net income	377	391	109	-3.6%
Net margin	5.9%	7.0%	2.4%
Diluted EPS	$6.30	$6.54	$1.83	-3.7%

$ 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	658	396	455	+66.0%
Capital expenditure	176	141	131	+25.3%
Free cash flow	481	255	323	+88.5%
Free cash flow margin	7.6%	4.6%	7.2%
Cash from investing	-28.2	46.8	-25.2
Cash from financing	-531	-423	-405
Depreciation and amortisation	217	234	242	-7.6%
Share-based compensation	34.4	34.1	-1.2	+0.9%
Buybacks	71.1	0.0	0.0
Dividends paid	111	106	104	+5.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,761	1,514	1,152	+16.3%
Non-controlling interest	33.0	61.3	48.5	-46.2%
Redeemable equity	15.8	24.1	20.0	-34.4%
Short-term borrowings	5.7	n/a	28.4
Debt	1,919	2,226	2,470	-13.8%
Operating lease liabilities	209	240	258	-12.6%
Finance lease liabilities	0.2	n/a	2.9
Other liabilities	1,526	1,751	1,532	-12.9%
Total liabilities and equity	5,470	5,816	5,511	-5.9%
Fixed assets	1,455	1,521	1,527	-4.4%
Goodwill	1,464	1,515	1,518	-3.4%
Intangible assets	576	648	715	-11.1%
Cash and equivalents	147	125	106	+18.1%
Receivables	749	890	637	-15.8%
Other assets	1,078	1,117	1,008	-3.5%
Total assets	5,470	5,816	5,511	-5.9%

10-K for the year ended 31 October 2022, filed 16 December 2022: the filing.