Otis Worldwide (OTIS) FY2023 results: revenue $14.2 billion, up 3.8% on the year
Otis Worldwide Corp. (OTIS) reported revenue of $14.2 billion for fiscal 2023, the year ended 31 December 2023, up 3.8% on the year before. Net income was $1.4 billion, up 12.2%, and diluted earnings per share $3.39. The figures are the company's own, from the 10-K it filed with the SEC on 2 February 2024.
Revenue
$14.2 billion
+3.8% on the year
FY2018FY2023
Operating margin
15.4%
14.9% a year earlier
FY2018FY2023
Net income
$1.4 billion
+12.2% on the year
FY2018FY2023
Diluted EPS
$3.39
+14.5% on the year
FY2018FY2023
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
1,627
1,560
1,750
+4.3%
Capital expenditure
138
115
156
+20.0%
Free cash flow
1,489
1,445
1,594
+3.0%
Free cash flow margin
10.5%
10.6%
11.1%
Cash from investing
-183
-33.0
-89.0
Cash from financing
-1,350
-3,652
58.0
Depreciation and amortisation
193
191
203
+1.0%
Share-based compensation
64.0
67.0
65.0
-4.5%
Buybacks
800
850
725
-5.9%
Dividends paid
539
465
393
+15.9%
Dividend per share
$1.31
$1.11
$0.92
+18.0%
Diluted shares, weighted
415m
423m
431m
-2.0%
Shares outstanding at period end
437m
436m
435m
+0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
-4,924
-4,870
-3,625
Non-controlling interest
69.0
71.0
481
-2.8%
Redeemable equity
135
135
160
0.0%
Short-term borrowings
32.0
n/a
24.0
Debt
6,866
6,768
7,249
+1.4%
Operating lease liabilities
292
315
336
-7.3%
Other liabilities
7,647
7,400
7,654
+3.3%
Total liabilities and equity
10,117
9,819
12,279
+3.0%
Fixed assets
727
719
774
+1.1%
Goodwill
1,588
1,567
1,667
+1.3%
Intangible assets
335
369
419
-9.2%
Cash and equivalents
1,274
1,189
1,565
+7.1%
Receivables
3,538
3,357
3,232
+5.4%
Inventory
612
617
622
-0.8%
Other assets
2,043
2,001
4,000
+2.1%
Total assets
10,117
9,819
12,279
+3.0%
10-K for the year ended 31 December 2023, filed 2 February 2024: the filing.