Goodyear Tire & Rubber (GT) FY2023 results: revenue $20.1 billion, down 3.6% on the year

Goodyear Tire & Rubber Co. (GT) reported revenue of $20.1 billion for fiscal 2023, the year ended 31 December 2023, down 3.6% on the year before. Net income was -$729 million, and diluted earnings per share $-2.56. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2024.

Revenue

$20.1 billion

-3.6% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

-$729 million

FY2016FY2023

Diluted EPS

-$2.56

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	20,066	20,805	17,478	-3.6%
Cost of revenue	16,557	16,953	13,692	-2.3%
Gross profit	3,509	3,852	3,786	-8.9%
Gross margin	17.5%	18.5%	21.7%
Research and development	461	501	473	-8.0%
Selling, general and administrative	2,814	2,798	2,699	+0.6%
Interest expense	532	451	387	+18.0%
Pre-tax income	-721	399	513
Income tax	10.0	190	-267	-94.7%
Effective tax rate	n/a	47.6%	-52.0%
Net income	-729	202	764
Net margin	-3.6%	1.0%	4.4%
Diluted EPS	-$2.56	$0.71	$2.89

$ 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	1,032	521	1,062	+98.1%
Capital expenditure	1,050	1,061	981	-1.0%
Free cash flow	-18.0	-540	81.0
Free cash flow margin	-0.1%	-2.6%	0.5%
Cash from investing	-1,035	-914	-2,793
Cash from financing	-333	575	1,309
Depreciation and amortisation	1,001	964	883	+3.8%
Share-based compensation	19.0	14.0	36.0	+35.7%
Dividends paid	0.0	0.0	0.0
Dividend per share	$0.00	$0.00	$0.00
Diluted shares, weighted	285m	286m	264m	-0.3%
Shares outstanding at period end	284m	283m	282m	+0.4%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	4,668	5,300	4,999	-11.9%
Non-controlling interest	169	166	185	+1.8%
Debt	7,624	7,890	7,397	-3.4%
Operating lease liabilities	825	821	819	+0.5%
Finance lease liabilities	258	247	237	+4.5%
Other liabilities	8,038	8,007	7,765	+0.4%
Total liabilities and equity	21,582	22,431	21,402	-3.8%
Goodwill	781	1,014	1,004	-23.0%
Intangible assets	969	1,004	1,039	-3.5%
Cash and equivalents	902	1,227	1,088	-26.5%
Receivables	2,731	2,610	2,387	+4.6%
Inventory	3,698	4,571	3,594	-19.1%
Other assets	12,501	12,005	12,290	+4.1%
Total assets	21,582	22,431	21,402	-3.8%

10-K for the year ended 31 December 2023, filed 13 February 2024: the filing.