Principal Financial Group (PFG) FY2023 results: revenue $13.7 billion, down 22.1% on the year
Principal Financial Group Inc. (PFG) reported revenue of $13.7 billion for fiscal 2023, the year ended 31 December 2023, down 22.1% on the year before. Net income was $623 million, down 86.9%, and diluted earnings per share $2.55. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$13.7 billion
-22.1% on the year
FY2016FY2023
Operating margin
5.4%
34.1% a year earlier
FY2016FY2023
Net income
$623 million
-86.9% on the year
FY2016FY2023
Diluted EPS
$2.55
-86.3% 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
3,792
3,173
3,254
+19.5%
Cash from investing
-1,347
1,058
-5,694
Cash from financing
-2,586
-1,715
1,922
Depreciation and amortisation
203
230
208
-11.8%
Share-based compensation
99.4
91.3
96.1
+8.9%
Buybacks
740
1,661
937
-55.4%
Dividends paid
626
642
654
-2.6%
Dividend per share
$2.60
$2.56
n/a
+1.6%
Diluted shares, weighted
245m
255m
273m
-4.2%
Shares outstanding at period end
236m
244m
262m
-2.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,916
9,977
16,069
+9.4%
Non-controlling interest
45.7
41.1
56.4
+11.2%
Redeemable equity
249
262
332
-5.0%
Short-term borrowings
61.1
80.7
79.8
-24.3%
Debt
3,931
3,997
4,280
-1.7%
Other liabilities
289,844
276,510
283,839
+4.8%
Total liabilities and equity
305,047
290,867
304,657
+4.9%
Goodwill
1,608
1,598
1,628
+0.6%
Intangible assets
1,470
1,533
1,601
-4.1%
Securities held for sale or to maturity
65,673
62,890
78,154
+4.4%
Cash and equivalents
4,708
4,848
2,332
-2.9%
Other assets
231,588
219,998
220,942
+5.3%
Total assets
305,047
290,867
304,657
+4.9%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.