Prudential Financial (PRU) FY2023 results: revenue $54.0 billion, down 5.1% on the year

Prudential Financial Inc. (PRU) reported revenue of $54.0 billion for fiscal 2023, the year ended 31 December 2023, down 5.1% on the year before. Net income was $2.5 billion, and diluted earnings per share $6.74. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$54.0 billion

-5.1% on the year

FY2016FY2023

Operating margin

5.7%

-3.3% a year earlier

FY2016FY2023

Net income

$2.5 billion

FY2016FY2023

Diluted EPS

$6.74

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	53,979	56,881	71,247	-5.1%
Operating income	3,072	-1,892	10,835
Operating margin	5.7%	-3.3%	15.2%
Interest expense	1,762	1,596	1,478	+10.4%
Pre-tax income	3,072	-1,892	10,835
Income tax	613	-279	1,995
Effective tax rate	20.0%	n/a	18.4%
Net income	2,488	-1,647	8,868
Net margin	4.6%	-2.9%	12.4%
Diluted EPS	$6.74	-$4.49	$22.40

$ million except per share.

Free 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
Operating cash flow	6,510	5,158	9,812	+26.2%
Cash from investing	-12,122	-7,638	-5,342
Cash from financing	7,739	4,933	-3,011	+56.9%
Depreciation and amortisation	n/a	117	206
Share-based compensation	254	208	268	+22.1%
Buybacks	1,012	1,488	2,500	-32.0%
Dividends paid	1,846	1,817	1,814	+1.6%
Dividend per share	$5.00	$4.80	$4.60	+4.2%
Diluted shares, weighted	365m	372m	390m	-2.1%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	27,820	30,593	61,876	-9.1%
Non-controlling interest	290	955	732	-69.6%
Redeemable equity	1,766	371	n/a	+376.0%
Debt	18,882	19,908	18,622	-5.2%
Other liabilities	672,365	638,090	856,352	+5.4%
Total liabilities and equity	721,123	689,917	937,582	+4.5%
Goodwill	1,071	876	1,804	+22.3%
Intangible assets	506	518	619	-2.3%
Securities held for sale or to maturity	316,321	309,015	373,924	+2.4%
Cash and equivalents	19,419	17,251	12,888	+12.6%
Other assets	383,806	362,257	548,347	+5.9%
Total assets	721,123	689,917	937,582	+4.5%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.