Motorola Solutions (MSI) FY2023 results: revenue $10.0 billion, up 9.5% on the year
Motorola Solutions, Inc. (MSI) reported revenue of $10.0 billion for fiscal 2023, the year ended 31 December 2023, up 9.5% on the year before. Net income was $1.7 billion, up 25.4%, and diluted earnings per share $9.93. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.
Revenue
$10.0 billion
+9.5% on the year
FY2016FY2023
Operating margin
23.0%
18.2% a year earlier
FY2016FY2023
Net income
$1.7 billion
+25.4% on the year
FY2016FY2023
Diluted EPS
$9.93
+25.2% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
2,044
1,823
1,837
+12.1%
Capital expenditure
253
256
243
-1.2%
Free cash flow
1,791
1,567
1,594
+14.3%
Free cash flow margin
17.9%
17.2%
19.5%
Cash from investing
-414
-1,387
-742
Cash from financing
-1,295
-906
-429
Depreciation and amortisation
356
440
438
-19.1%
Share-based compensation
212
172
129
+23.3%
Buybacks
804
836
528
-3.8%
Dividends paid
589
530
482
+11.1%
Dividend per share
$3.62
$3.25
$2.92
+11.4%
Diluted shares, weighted
172m
172m
174m
+0.1%
Shares outstanding at period end
166m
168m
169m
-0.8%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
724
116
-40.0
+524.1%
Non-controlling interest
15.0
15.0
17.0
0.0%
Debt
6,018
6,014
5,693
+0.1%
Operating lease liabilities
407
419
313
-2.9%
Finance lease liabilities
n/a
n/a
0.0
Other liabilities
6,172
6,250
6,206
-1.2%
Total liabilities and equity
13,336
12,814
12,189
+4.1%
Fixed assets
964
927
1,042
+4.0%
Goodwill
3,401
3,312
2,565
+2.7%
Intangible assets
1,255
1,342
1,105
-6.5%
Investments
143
147
209
-2.7%
Cash and equivalents
1,705
1,325
1,874
+28.7%
Receivables
1,710
1,518
1,386
+12.6%
Inventory
827
1,055
788
-21.6%
Other assets
3,331
3,188
3,220
+4.5%
Total assets
13,336
12,814
12,189
+4.1%
10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.