Graphic Packaging Holding (GPK) FY2023 results: revenue $9.4 billion, down 0.1% on the year

Graphic Packaging Holding Co. (GPK) reported revenue of $9.4 billion for fiscal 2023, the year ended 31 December 2023, down 0.1% on the year before. Net income was $723 million, up 38.5%, and diluted earnings per share $2.34. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$9.4 billion

-0.1% on the year

FY2016FY2023

Operating margin

12.5%

9.6% a year earlier

FY2016FY2023

Net income

$723 million

+38.5% on the year

FY2016FY2023

Diluted EPS

$2.34

+38.5% 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	9,428	9,440	7,156	-0.1%
Cost of revenue	7,311	7,610	6,085	-3.9%
Gross profit	2,117	1,830	1,071	+15.7%
Gross margin	22.5%	19.4%	15.0%
Research and development	16.0	14.0	10.0	+14.3%
Selling, general and administrative	805	774	528	+4.0%
Operating income	1,174	906	407	+29.6%
Operating margin	12.5%	9.6%	5.7%
Interest expense	239	197	123	+21.3%
Pre-tax income	932	716	289	+30.2%
Income tax	210	194	74.0	+8.2%
Effective tax rate	22.5%	27.1%	25.6%
Net income	723	522	204	+38.5%
Net margin	7.7%	5.5%	2.9%
Diluted EPS	$2.34	$1.69	$0.68	+38.5%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	1,144	1,090	609	+5.0%
Cash from investing	-1,025	-435	-2,392
Cash from financing	-106	-666	1,778
Depreciation and amortisation	619	553	489	+11.9%
Share-based compensation	44.0	34.0	27.0	+29.4%
Buybacks	54.0	28.0	0.0	+92.9%
Dividends paid	123	92.0	92.0	+33.7%
Diluted shares, weighted	309m	310m	298m	-0.1%
Shares outstanding at period end	306m	307m	307m	-0.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,781	2,149	1,891	+29.4%
Non-controlling interest	1.0	1.0	2.0	0.0%
Debt	5,373	5,253	5,794	+2.3%
Operating lease liabilities	189	184	193	+2.7%
Finance lease liabilities	154	159	139	-3.1%
Other liabilities	2,677	2,582	2,438	+3.7%
Total liabilities and equity	11,175	10,328	10,457	+8.2%
Fixed assets	4,992	4,579	4,677	+9.0%
Goodwill	2,103	1,979	2,015	+6.3%
Intangible assets	820	717	868	+14.4%
Cash and equivalents	162	150	172	+8.0%
Receivables	716	804	785	-10.9%
Inventory	1,754	1,606	1,387	+9.2%
Other assets	628	493	553	+27.4%
Total assets	11,175	10,328	10,457	+8.2%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.