Ingersoll Rand (IR) FY2022 results: revenue $5.9 billion, up 14.8% on the year

Ingersoll Rand Inc. (IR) reported revenue of $5.9 billion for fiscal 2022, the year ended 31 December 2022, up 14.8% on the year before. Net income was $605 million, up 7.5%, and diluted earnings per share $1.47. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$5.9 billion

+14.8% on the year

FY2015FY2022

Operating margin

13.8%

11.0% a year earlier

FY2015FY2022

Net income

$605 million

+7.5% on the year

FY2015FY2022

Diluted EPS

$1.47

+9.7% 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	5,916	5,152	3,973	+14.8%
Cost of revenue	3,591	3,164	2,568	+13.5%
Gross profit	2,326	1,988	1,405	+17.0%
Gross margin	39.3%	38.6%	35.4%
Research and development	91.3	74.0	58.0	+23.4%
Selling, general and administrative	1,096	1,028	789	+6.6%
Operating income	817	566	59.6	+44.5%
Operating margin	13.8%	11.0%	1.5%
Interest expense	103	87.7	111	+17.7%
Pre-tax income	742	513	-45.4	+44.7%
Income tax	150	-21.8	11.4
Effective tax rate	20.2%	-4.2%	n/a
Net income	605	562	-33.3	+7.5%
Net margin	10.2%	10.9%	-0.8%
Diluted EPS	$1.47	$1.34	-$0.09	+9.7%

$ 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	860	616	914	+39.8%
Capital expenditure	94.6	64.1	42.0	+47.6%
Free cash flow	766	551	872	+38.9%
Free cash flow margin	12.9%	10.7%	22.0%
Cash from investing	n/a	n/a	-37.9
Cash from financing	-954	-1,157	329
Depreciation and amortisation	433	422	412	+2.5%
Share-based compensation	78.9	87.2	47.5	-9.5%
Buybacks	261	737	2.1	-64.6%
Dividends paid	32.4	8.2	0.0	+295.1%
Diluted shares, weighted	410m	421m	383m	-2.6%
Shares outstanding at period end	405m	408m	419m	-0.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	9,196	9,002	9,120	+2.2%
Non-controlling interest	61.4	69.7	69.8	-11.9%
Debt	2,753	3,441	3,900	-20.0%
Operating lease liabilities	80.4	61.0	90.5	+31.8%
Finance lease liabilities	14.9	16.0	16.5	-6.9%
Other liabilities	2,661	2,566	2,863	+3.7%
Total liabilities and equity	14,766	15,154	16,059	-2.6%
Fixed assets	624	649	609	-3.7%
Goodwill	6,064	5,982	5,583	+1.4%
Intangible assets	3,579	3,913	3,797	-8.5%
Cash and equivalents	1,613	2,110	1,751	-23.5%
Receivables	1,122	949	862	+18.3%
Inventory	1,025	854	717	+20.0%
Other assets	738	699	2,740	+5.6%
Total assets	14,766	15,154	16,059	-2.6%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.