Jacobs Solutions (J) FY2021 results: revenue $14.1 billion, up 3.9% on the year

Jacobs Solutions Inc. (J) reported revenue of $14.1 billion for fiscal 2021, the year ended 1 October 2021, up 3.9% on the year before. Net income was $477 million, down 3.0%, and diluted earnings per share $3.20. The figures are the company's own, from the 10-K it filed with the SEC on 23 November 2021.

Revenue

$14.1 billion

+3.9% on the year

FY2014FY2021

Operating margin

4.9%

4.0% a year earlier

FY2014FY2021

Net income

$477 million

-3.0% on the year

FY2014FY2021

Diluted EPS

$3.20

-13.7% 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	14,093	13,567	12,738	+3.9%
Cost of revenue	11,049	10,980	10,261	+0.6%
Gross profit	3,044	2,587	2,477	+17.7%
Gross margin	21.6%	19.1%	19.4%
Selling, general and administrative	2,356	2,051	2,072	+14.9%
Operating income	688	536	405	+28.4%
Operating margin	4.9%	4.0%	3.2%
Interest expense	72.7	62.2	83.8	+16.9%
Pre-tax income	696	441	351	+57.7%
Income tax	275	55.3	37.0	+396.7%
Effective tax rate	39.5%	12.5%	10.5%
Net income	477	492	848	-3.0%
Net margin	3.4%	3.6%	6.7%
Diluted EPS	$3.20	$3.71	$6.08	-13.7%

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	726	807	-366	-10.0%
Capital expenditure	92.8	118	136	-21.5%
Free cash flow	633	689	-502	-8.0%
Free cash flow margin	4.5%	5.1%	-3.9%
Cash from investing	-1,381	-429	2,152
Cash from financing	799	-208	-1,969
Depreciation and amortisation	101	91.1	90.2	+10.9%
Share-based compensation	56.2	48.1	69.1	+16.8%
Buybacks	275	337	854	-18.5%
Dividends paid	107	97.9	106	+9.5%
Dividend per share	n/a	$0.19	$0.19
Diluted shares, weighted	131m	133m	139m	-1.1%
Shares outstanding at period end	129m	130m	133m	-0.7%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	5,940	5,816	5,715	+2.1%
Non-controlling interest	34.8	40.0	54.0	-12.9%
Redeemable equity	658	0.0	n/a
Short-term borrowings	53.5	0.0	n/a
Debt	2,893	1,677	1,401	+72.5%
Operating lease liabilities	758	735	0.0	+3.1%
Other liabilities	4,295	4,087	4,293	+5.1%
Total liabilities and equity	14,633	12,354	11,463	+18.4%
Fixed assets	353	319	308	+10.6%
Goodwill	7,197	5,639	5,433	+27.6%
Intangible assets	1,566	658	665	+137.8%
Cash and equivalents	1,014	862	631	+17.6%
Receivables	3,101	3,167	2,840	-2.1%
Other assets	1,401	1,708	1,586	-18.0%
Total assets	14,633	12,354	11,463	+18.4%

10-K for the year ended 1 October 2021, filed 23 November 2021: the filing.