PPG Industries (PPG) FY2023 results: revenue $16.2 billion, up 4.0% on the year
PPG Industries Inc. (PPG) reported revenue of $16.2 billion for fiscal 2023, the year ended 31 December 2023, up 4.0% on the year before. Net income was $1.3 billion, up 23.8%, and diluted earnings per share $5.35. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.
Revenue
$16.2 billion
+4.0% on the year
FY2016FY2023
Operating margin
16.5%
13.1% a year earlier
FY2016FY2023
Net income
$1.3 billion
+23.8% on the year
FY2016FY2023
Diluted EPS
$5.35
+23.8% 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
2,411
963
1,562
+150.4%
Capital expenditure
516
486
371
+6.2%
Free cash flow
1,895
477
1,191
+297.3%
Free cash flow margin
11.7%
3.1%
7.1%
Cash from investing
-556
-461
-2,404
Cash from financing
-1,550
-409
93.0
Depreciation and amortisation
514
502
561
+2.4%
Share-based compensation
56.0
34.0
57.0
+64.7%
Buybacks
86.0
190
210
-54.7%
Dividends paid
598
570
536
+4.9%
Dividend per share
$2.54
$2.42
$2.26
+5.0%
Diluted shares, weighted
237m
237m
239m
-0.0%
Shares outstanding at period end
235m
235m
236m
+0.1%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
7,832
6,592
6,286
+18.8%
Non-controlling interest
191
117
125
+63.2%
Short-term borrowings
4.0
10.0
6.0
-60.0%
Debt
6,042
6,796
6,565
-11.1%
Operating lease liabilities
417
636
693
-34.4%
Finance lease liabilities
6.0
7.0
7.0
-14.3%
Other liabilities
7,155
6,586
7,669
+8.6%
Total liabilities and equity
21,647
20,744
21,351
+4.4%
Fixed assets
3,450
3,328
3,442
+3.7%
Goodwill
6,115
5,993
6,248
+2.0%
Intangible assets
2,261
2,414
2,783
-6.3%
Investments
329
299
341
+10.0%
Cash and equivalents
1,493
1,099
1,005
+35.9%
Receivables
2,622
2,824
2,687
-7.2%
Inventory
1,934
2,272
2,171
-14.9%
Other assets
3,443
2,515
2,674
+36.9%
Total assets
21,647
20,744
21,351
+4.4%
10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.