Reynolds Consumer Products (REYN) FY2022 results: revenue $3.8 billion, up 7.3% on the year

Reynolds Consumer Products Inc. (REYN) reported revenue of $3.8 billion for fiscal 2022, the year ended 31 December 2022, up 7.3% on the year before. Net income was $258 million, down 20.4%, and diluted earnings per share $1.23. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2023.

Revenue

$3.8 billion

+7.3% on the year

FY2018FY2022

Operating margin

n/a

FY2018FY2022

Net income

$258 million

-20.4% on the year

FY2018FY2022

Diluted EPS

$1.23

-20.1% on the year

FY2018FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,817	3,556	3,263	+7.3%
Cost of revenue	3,041	2,745	2,290	+10.8%
Gross profit	776	811	973	-4.3%
Gross margin	20.3%	22.8%	29.8%
Research and development	38.0	36.0	41.0	+5.6%
Selling, general and administrative	340	320	358	+6.2%
Interest expense	76.0	48.0	70.0	+58.3%
Pre-tax income	338	430	516	-21.4%
Income tax	80.0	106	153	-24.5%
Effective tax rate	23.7%	24.7%	29.7%
Net income	258	324	363	-20.4%
Net margin	6.8%	9.1%	11.1%
Diluted EPS	$1.23	$1.54	$1.77	-20.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	219	310	319	-29.4%
Capital expenditure	128	141	143	-9.2%
Free cash flow	91.0	169	176	-46.2%
Free cash flow margin	2.4%	4.8%	5.4%
Cash from investing	-128	-141	-143
Cash from financing	-217	-317	34.0
Depreciation and amortisation	117	109	99.0	+7.3%
Share-based compensation	5.0	4.0	5.0	+25.0%
Dividends paid	192	192	124	0.0%
Dividend per share	$0.92	$0.92	$0.59	0.0%
Diluted shares, weighted	210m	210m	204m	+0.0%
Shares outstanding at period end	210m	210m	210m	0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,868	1,756	1,615	+6.4%
Debt	2,091	2,112	2,233	-1.0%
Operating lease liabilities	53.0	46.0	51.0	+15.2%
Finance lease liabilities	11.0	0.0	n/a
Other liabilities	906	898	823	+0.9%
Total liabilities and equity	4,929	4,812	4,722	+2.4%
Fixed assets	722	677	612	+6.6%
Goodwill	1,879	1,879	1,879	0.0%
Intangible assets	1,031	1,061	1,092	-2.8%
Cash and equivalents	38.0	164	312	-76.8%
Receivables	348	316	292	+10.1%
Inventory	722	583	419	+23.8%
Other assets	189	132	116	+43.2%
Total assets	4,929	4,812	4,722	+2.4%

10-K for the year ended 31 December 2022, filed 8 February 2023: the filing.