Motorola Solutions (MSI) FY2018 results: revenue $7.3 billion, up 15.1% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $7.3 billion for fiscal 2018, the year ended 31 December 2018, up 15.1% on the year before. Net income was $966 million, and diluted earnings per share $5.62. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2019.
Revenue
$7.3 billion
+15.1% on the year
FY2011FY2018
Operating margin
17.1%
20.1% a year earlier
FY2011FY2018
Net income
$966 million
FY2011FY2018
Diluted EPS
$5.62
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,343
6,380
6,038
+15.1%
Cost of revenue
3,863
3,356
3,169
+15.1%
Gross profit
3,480
3,024
2,869
+15.1%
Gross margin
47.4%
47.4%
47.5%
Research and development
637
568
553
+12.1%
Selling, general and administrative
1,254
1,025
1,044
+22.3%
Operating income
1,255
1,282
1,048
-2.1%
Operating margin
17.1%
20.1%
17.4%
Interest expense
240
215
225
+11.6%
Pre-tax income
1,102
1,076
844
+2.4%
Income tax
133
1,227
282
-89.2%
Effective tax rate
12.1%
114.0%
33.4%
Net income
966
-155
560
Net margin
13.2%
-2.4%
9.3%
Diluted EPS
$5.62
-$0.95
$3.24
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,075
1,346
1,165
-20.1%
Capital expenditure
197
227
271
-13.2%
Free cash flow
878
1,119
894
-21.5%
Free cash flow margin
12.0%
17.5%
14.8%
Cash from investing
-1,266
-448
-1,002
Cash from financing
220
-722
-1,042
Depreciation and amortisation
360
343
295
+5.0%
Share-based compensation
73.0
66.0
68.0
+10.6%
Buybacks
132
483
842
-72.7%
Dividends paid
337
307
280
+9.8%
Dividend per share
$2.13
$1.93
$1.70
+10.4%
Diluted shares, weighted
172m
163m
173m
+5.6%
Shares outstanding at period end
164m
161m
165m
+1.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
-1,293
-1,742
-964
Non-controlling interest
17.0
15.0
12.0
+13.3%
Debt
5,320
4,471
4,396
+19.0%
Other liabilities
5,365
5,464
5,019
-1.8%
Total liabilities and equity
9,409
8,208
8,463
+14.6%
Fixed assets
895
856
789
+4.6%
Goodwill
1,514
938
728
+61.4%
Intangible assets
1,230
861
821
+42.9%
Investments
169
247
284
-31.6%
Cash and equivalents
1,257
1,205
967
+4.3%
Receivables
1,293
1,523
1,410
-15.1%
Inventory
356
327
273
+8.9%
Other assets
2,695
2,251
3,191
+19.7%
Total assets
9,409
8,208
8,463
+14.6%
10-K for the year ended 31 December 2018, filed 15 February 2019: the filing.