Motorola Solutions (MSI) FY2016 results: revenue $6.0 billion, up 6.0% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $6.0 billion for fiscal 2016, the year ended 31 December 2016, up 6.0% on the year before. Net income was $560 million, down 8.2%, and diluted earnings per share $3.24. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2017.
Revenue
$6.0 billion
+6.0% on the year
FY2009FY2016
Operating margin
17.4%
17.5% a year earlier
FY2009FY2016
Net income
$560 million
-8.2% on the year
FY2009FY2016
Diluted EPS
$3.24
+7.3% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
6,038
5,695
5,881
+6.0%
Cost of revenue
3,169
2,976
3,050
+6.5%
Gross profit
2,869
2,719
2,831
+5.5%
Gross margin
47.5%
47.7%
48.1%
Research and development
553
620
681
-10.8%
Selling, general and administrative
1,044
1,021
1,184
+2.3%
Operating income
1,048
994
-1,006
+5.4%
Operating margin
17.4%
17.5%
-17.1%
Interest expense
225
186
147
+21.0%
Pre-tax income
844
917
-1,161
-8.0%
Income tax
282
274
-465
+2.9%
Effective tax rate
33.4%
29.9%
n/a
Net income
560
610
1,299
-8.2%
Net margin
9.3%
10.7%
22.1%
Diluted EPS
$3.24
$3.02
$5.29
+7.3%
$ million except per share. Read moreFree 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,165
1,021
-637
+14.1%
Capital expenditure
271
175
181
+54.9%
Free cash flow
894
846
-818
+5.7%
Free cash flow margin
14.8%
14.9%
-13.9%
Cash from investing
-1,002
-528
3,208
Cash from financing
-1,042
-2,398
-1,763
Depreciation and amortisation
295
150
173
+96.7%
Share-based compensation
68.0
78.0
94.0
-12.8%
Buybacks
842
3,177
2,546
-73.5%
Dividends paid
280
277
318
+1.1%
Dividend per share
$1.70
$1.43
$1.30
+18.9%
Diluted shares, weighted
173m
202m
246m
-14.2%
Shares outstanding at period end
165m
174m
220m
-5.5%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
-964
-106
2,735
Non-controlling interest
12.0
10.0
31.0
+20.0%
Debt
4,396
4,349
3,400
+1.1%
Other liabilities
5,019
4,093
4,257
+22.6%
Total liabilities and equity
8,463
8,346
10,423
+1.4%
Fixed assets
789
487
549
+62.0%
Goodwill
728
420
383
+73.3%
Intangible assets
821
49.0
23.0
+1,575.5%
Investments
284
669
562
-57.5%
Cash and equivalents
967
1,980
3,954
-51.2%
Receivables
1,410
1,362
1,409
+3.5%
Inventory
273
296
345
-7.8%
Other assets
3,191
3,083
3,198
+3.5%
Total assets
8,463
8,346
10,423
+1.4%
10-K for the year ended 31 December 2016, filed 21 February 2017: the filing.