Greif (GEF) FY2024 results: revenue $4.4 billion, up 4.3% on the year

Greif, Inc. (GEF) reported revenue of $4.4 billion for fiscal 2024, the year ended 31 October 2024, up 4.3% on the year before. Net income was $269 million, down 25.2%, and diluted earnings per share $4.64. The figures are the company's own, from the 10-K it filed with the SEC on 23 December 2024.

Revenue

$4.4 billion

+4.3% on the year

FY2017FY2024

Operating margin

7.8%

10.2% a year earlier

FY2017FY2024

Net income

$269 million

-25.2% on the year

FY2017FY2024

Diluted EPS

$4.64

-24.6% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,355	4,175	6,350	+4.3%
Cost of revenue	3,456	3,247	5,064	+6.4%
Gross profit	899	929	1,285	-3.2%
Gross margin	20.6%	22.2%	20.2%
Selling, general and administrative	590	510	581	+15.6%
Operating income	338	427	621	-20.9%
Operating margin	7.8%	10.2%	9.8%
Interest expense	46.0	15.7	61.2	+193.0%
Pre-tax income	282	396	526	-28.9%
Income tax	22.2	98.1	137	-77.4%
Effective tax rate	7.9%	24.7%	26.1%
Net income	269	359	377	-25.2%
Net margin	6.2%	8.6%	5.9%
Diluted EPS	$4.64	$6.15	$6.30	-24.6%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	356	650	658	-45.2%
Capital expenditure	186	214	176	-12.7%
Free cash flow	170	436	481	-61.1%
Free cash flow margin	3.9%	10.4%	7.6%
Cash from investing	-658	-670	-28.2
Cash from financing	324	69.7	-531	+365.3%
Depreciation and amortisation	261	231	217	+13.3%
Share-based compensation	16.6	21.1	34.4	-21.3%
Buybacks	0.0	63.9	71.1
Dividends paid	121	116	111	+3.9%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	2,082	1,948	1,761	+6.9%
Non-controlling interest	35.1	38.4	33.0	-8.6%
Redeemable equity	130	125	15.8	+3.7%
Short-term borrowings	18.6	5.4	5.7	+244.4%
Debt	2,729	2,218	1,919	+23.0%
Operating lease liabilities	174	240	209	-27.4%
Finance lease liabilities	33.5	27.9	0.2	+20.1%
Other liabilities	1,445	1,357	1,526	+6.4%
Total liabilities and equity	6,648	5,961	5,470	+11.5%
Fixed assets	1,383	1,563	1,455	-11.5%
Goodwill	1,656	1,395	1,464	+18.7%
Intangible assets	933	792	576	+17.7%
Cash and equivalents	198	181	147	+9.3%
Receivables	639	659	749	-3.1%
Other assets	1,840	1,371	1,078	+34.2%
Total assets	6,648	5,961	5,470	+11.5%

10-K for the year ended 31 October 2024, filed 23 December 2024: the filing.