Gartner (IT) FY2021 results: revenue $4.7 billion, up 15.5% on the year

Gartner Inc. (IT) reported revenue of $4.7 billion for fiscal 2021, the year ended 31 December 2021, up 15.5% on the year before. Net income was $794 million, up 197.5%, and diluted earnings per share $9.21. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2022.

Revenue

$4.7 billion

+15.5% on the year

FY2014FY2021

Operating margin

19.3%

12.0% a year earlier

FY2014FY2021

Net income

$794 million

+197.5% on the year

FY2014FY2021

Diluted EPS

$9.21

+211.1% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	4,734	4,099	4,245	+15.5%
Cost of revenue	1,444	1,345	1,551	+7.4%
Gross profit	3,290	2,754	2,695	+19.4%
Gross margin	69.5%	67.2%	63.5%
Selling, general and administrative	2,156	2,039	2,103	+5.7%
Operating income	916	490	370	+86.8%
Operating margin	19.3%	12.0%	8.7%
Interest expense	119	116	103	+2.5%
Pre-tax income	970	326	276	+197.4%
Income tax	176	59.4	42.4	+196.9%
Effective tax rate	18.2%	18.2%	15.4%
Net income	794	267	233	+197.5%
Net margin	16.8%	6.5%	5.5%
Diluted EPS	$9.21	$2.96	$2.56	+211.1%

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,312	903	565	+45.3%
Capital expenditure	59.8	83.9	149	-28.7%
Free cash flow	1,253	819	416	+52.9%
Free cash flow margin	26.5%	20.0%	9.8%
Cash from investing	-80.5	-83.9	-161
Cash from financing	-1,158	-416	-286
Depreciation and amortisation	212	219	212	-3.0%
Share-based compensation	98.6	62.5	69.0	+57.6%
Buybacks	1,656	176	199	+839.0%
Diluted shares, weighted	86m	90m	91m	-4.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	371	1,090	939	-66.0%
Debt	2,463	1,979	2,184	+24.5%
Operating lease liabilities	698	780	833	-10.6%
Other liabilities	3,885	3,467	3,197	+12.1%
Total liabilities and equity	7,416	7,316	7,151	+1.4%
Fixed assets	274	337	345	-18.8%
Goodwill	2,951	2,946	2,938	+0.2%
Intangible assets	714	807	925	-11.5%
Cash and equivalents	756	713	281	+6.2%
Receivables	1,365	1,242	1,326	+10.0%
Other assets	1,355	1,273	1,337	+6.5%
Total assets	7,416	7,316	7,151	+1.4%

10-K for the year ended 31 December 2021, filed 23 February 2022: the filing.