Jacobs Solutions (J) FY2022 results: revenue $9.8 billion, down 30.6% on the year

Jacobs Solutions Inc. (J) reported revenue of $9.8 billion for fiscal 2022, the year ended 30 September 2022, down 30.6% on the year before. Net income was $644 million, up 35.0%, and diluted earnings per share $4.98. The figures are the company's own, from the 10-K it filed with the SEC on 21 November 2022.

Revenue

$9.8 billion

-30.6% on the year

FY2015FY2022

Operating margin

5.5%

4.9% a year earlier

FY2015FY2022

Net income

$644 million

+35.0% on the year

FY2015FY2022

Diluted EPS

$4.98

+55.6% 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	9,783	14,093	13,567	-30.6%
Cost of revenue	7,203	11,049	10,980	-34.8%
Gross profit	2,580	3,044	2,587	-15.2%
Gross margin	26.4%	21.6%	19.1%
Selling, general and administrative	2,040	2,356	2,051	-13.4%
Operating income	540	688	536	-21.5%
Operating margin	5.5%	4.9%	4.0%
Interest expense	100	72.7	62.2	+37.9%
Pre-tax income	477	696	441	-31.4%
Income tax	66.3	275	55.3	-75.9%
Effective tax rate	13.9%	39.5%	12.5%
Net income	644	477	492	+35.0%
Net margin	6.6%	3.4%	3.6%
Diluted EPS	$4.98	$3.20	$3.71	+55.6%

$ 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	475	726	807	-34.6%
Capital expenditure	128	92.8	118	+37.5%
Free cash flow	347	633	689	-45.2%
Free cash flow margin	3.5%	4.5%	5.1%
Cash from investing	-538	-1,381	-429
Cash from financing	320	799	-208	-59.9%
Depreciation and amortisation	102	101	91.1	+1.4%
Share-based compensation	53.4	56.2	48.1	-5.0%
Buybacks	282	275	337	+2.5%
Dividends paid	116	107	97.9	+8.2%
Dividend per share	n/a	n/a	$0.19
Diluted shares, weighted	129m	131m	133m	-1.4%
Shares outstanding at period end	127m	129m	130m	-1.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	6,060	5,940	5,816	+2.0%
Non-controlling interest	44.3	34.8	40.0	+27.4%
Redeemable equity	633	658	0.0	-3.8%
Short-term borrowings	n/a	53.5	0.0
Debt	3,408	2,893	1,677	+17.8%
Operating lease liabilities	607	758	735	-19.9%
Other liabilities	3,908	4,295	4,087	-9.0%
Total liabilities and equity	14,660	14,633	12,354	+0.2%
Fixed assets	347	353	319	-1.8%
Goodwill	7,185	7,197	5,639	-0.2%
Intangible assets	1,394	1,566	658	-11.0%
Cash and equivalents	1,140	1,014	862	+12.4%
Receivables	3,405	3,101	3,167	+9.8%
Other assets	1,189	1,401	1,708	-15.1%
Total assets	14,660	14,633	12,354	+0.2%

10-K for the year ended 30 September 2022, filed 21 November 2022: the filing.