Genworth Financial (GNW) FY2023 results: revenue $7.5 billion, down 0.3% on the year

Genworth Financial Inc. (GNW) reported revenue of $7.5 billion for fiscal 2023, the year ended 31 December 2023, down 0.3% on the year before. Net income was $76 million, down 91.7%, and diluted earnings per share $0.16. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$7.5 billion

-0.3% on the year

FY2016FY2023

Operating margin

0.5%

10.9% a year earlier

FY2016FY2023

Net income

$76 million

-91.7% on the year

FY2016FY2023

Diluted EPS

$0.16

-91.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	7,488	7,507	7,832	-0.3%
Selling, general and administrative	942	1,285	998	-26.7%
Operating income	41.0	818	474	-95.0%
Operating margin	0.5%	10.9%	6.1%
Interest expense	118	106	160	+11.3%
Pre-tax income	303	1,365	1,112	-77.8%
Income tax	104	319	248	-67.4%
Effective tax rate	34.3%	23.4%	22.3%
Net income	76.0	916	850	-91.7%
Net margin	1.0%	12.2%	10.9%
Diluted EPS	$0.16	$1.79	$1.65	-91.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	597	1,049	437	-43.1%
Cash from investing	1,261	733	896	+72.0%
Cash from financing	-1,443	-1,554	-2,419
Depreciation and amortisation	264	326	384	-19.0%
Share-based compensation	49.0	37.0	40.0	+32.4%
Buybacks	296	64.0	0.0	+362.5%
Diluted shares, weighted	475m	511m	515m	-7.0%
Shares outstanding at period end	447m	495m	508m	-9.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	7,480	7,631	15,510	-2.0%
Non-controlling interest	855	755	756	+13.2%
Debt	1,584	1,611	1,899	-1.7%
Other liabilities	80,898	79,717	81,006	+1.5%
Total liabilities and equity	90,817	89,714	99,171	+1.2%
Intangible assets	198	203	143	-2.5%
Securities held for sale or to maturity	46,781	46,583	60,480	+0.4%
Cash and equivalents	2,215	1,799	1,571	+23.1%
Other assets	41,623	41,129	36,977	+1.2%
Total assets	90,817	89,714	99,171	+1.2%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.