Globe Life (GL) FY2023 results: revenue $5.4 billion, up 4.2% on the year
Globe Life Inc. (GL) reported revenue of $5.4 billion for fiscal 2023, the year ended 31 December 2023, up 4.2% on the year before. Net income was $971 million, up 8.5%, and diluted earnings per share $10.07. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.
Revenue
$5.4 billion
+4.2% on the year
FY2016FY2023
Operating margin
23.2%
22.7% a year earlier
FY2016FY2023
Net income
$971 million
+8.5% on the year
FY2016FY2023
Diluted EPS
$10.07
+11.4% 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
1,482
1,422
1,438
+4.2%
Capital expenditure
49.6
27.9
38.2
+77.4%
Free cash flow
1,433
1,394
1,399
+2.8%
Free cash flow margin
26.3%
26.7%
27.4%
Cash from investing
-926
-943
-913
Cash from financing
-541
-492
-524
Depreciation
21.0
21.0
20.0
0.0%
Share-based compensation
30.7
35.6
30.3
-13.8%
Buybacks
511
455
541
+12.4%
Dividends paid
84.1
80.5
80.0
+4.4%
Dividend per share
$0.90
$0.83
$0.79
+8.4%
Diluted shares, weighted
96m
99m
103m
-2.6%
Shares outstanding at period end
102m
105m
109m
-2.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
4,487
3,950
2,004
+13.6%
Debt
2,116
2,077
2,026
+1.9%
Other liabilities
21,449
19,960
25,738
+7.5%
Total liabilities and equity
28,051
25,987
29,768
+7.9%
Fixed assets
240
212
n/a
+13.3%
Goodwill
482
482
482
0.0%
Investments
81.7
114
69.1
-28.4%
Cash and equivalents
103
92.6
92.2
+11.4%
Other assets
27,145
25,087
29,125
+8.2%
Total assets
28,051
25,987
29,768
+7.9%
10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.