Graphic Packaging Holding (GPK) FY2022 results: revenue $9.4 billion, up 31.9% on the year

Graphic Packaging Holding Co. (GPK) reported revenue of $9.4 billion for fiscal 2022, the year ended 31 December 2022, up 31.9% on the year before. Net income was $522 million, up 155.9%, and diluted earnings per share $1.69. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2023.

Revenue

$9.4 billion

+31.9% on the year

FY2015FY2022

Operating margin

9.6%

5.7% a year earlier

FY2015FY2022

Net income

$522 million

+155.9% on the year

FY2015FY2022

Diluted EPS

$1.69

+148.5% 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	9,440	7,156	6,560	+31.9%
Cost of revenue	7,610	6,085	5,460	+25.1%
Gross profit	1,830	1,071	1,100	+70.9%
Gross margin	19.4%	15.0%	16.8%
Research and development	14.0	10.0	10.0	+40.0%
Selling, general and administrative	774	528	513	+46.6%
Operating income	906	407	524	+122.6%
Operating margin	9.6%	5.7%	8.0%
Interest expense	197	123	129	+60.2%
Pre-tax income	716	289	244	+147.8%
Income tax	194	74.0	42.0	+162.2%
Effective tax rate	27.1%	25.6%	17.2%
Net income	522	204	167	+155.9%
Net margin	5.5%	2.9%	2.6%
Diluted EPS	$1.69	$0.68	$0.60	+148.5%

$ 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	1,090	609	825	+79.0%
Cash from investing	-435	-2,392	-648
Cash from financing	-666	1,778	-152
Depreciation and amortisation	553	489	476	+13.1%
Share-based compensation	34.0	27.0	34.0	+25.9%
Buybacks	28.0	0.0	316
Dividends paid	92.0	92.0	103	0.0%
Diluted shares, weighted	310m	298m	280m	+3.9%
Shares outstanding at period end	307m	307m	268m	+0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	2,149	1,891	1,424	+13.6%
Non-controlling interest	1.0	2.0	416	-50.0%
Redeemable equity	n/a	n/a	0.0
Debt	5,253	5,794	3,644	-9.3%
Operating lease liabilities	184	193	157	-4.7%
Finance lease liabilities	159	139	134	+14.4%
Other liabilities	2,582	2,438	2,029	+5.9%
Total liabilities and equity	10,328	10,457	7,805	-1.2%
Fixed assets	4,579	4,677	3,560	-2.1%
Goodwill	1,979	2,015	1,478	-1.8%
Intangible assets	717	868	437	-17.4%
Cash and equivalents	150	172	179	-12.8%
Receivables	804	785	597	+2.4%
Inventory	1,606	1,387	1,128	+15.8%
Other assets	493	553	427	-10.8%
Total assets	10,328	10,457	7,805	-1.2%

10-K for the year ended 31 December 2022, filed 9 February 2023: the filing.