Reynolds Consumer Products (REYN) FY2023 results: revenue $3.8 billion, down 1.6% on the year

Reynolds Consumer Products Inc. (REYN) reported revenue of $3.8 billion for fiscal 2023, the year ended 31 December 2023, down 1.6% on the year before. Net income was $298 million, up 15.5%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2024.

Revenue

$3.8 billion

-1.6% on the year

FY2018FY2023

Operating margin

n/a

FY2018FY2023

Net income

$298 million

+15.5% on the year

FY2018FY2023

Diluted EPS

$1.42

+15.4% on the year

FY2018FY2023

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	3,756	3,817	3,556	-1.6%
Cost of revenue	2,814	3,041	2,745	-7.5%
Gross profit	942	776	811	+21.4%
Gross margin	25.1%	20.3%	22.8%
Research and development	44.0	38.0	36.0	+15.8%
Selling, general and administrative	430	340	320	+26.5%
Interest expense	119	76.0	48.0	+56.6%
Pre-tax income	393	338	430	+16.3%
Income tax	95.0	80.0	106	+18.8%
Effective tax rate	24.2%	23.7%	24.7%
Net income	298	258	324	+15.5%
Net margin	7.9%	6.8%	9.1%
Diluted EPS	$1.42	$1.23	$1.54	+15.4%

$ 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	644	219	310	+194.1%
Capital expenditure	104	128	141	-18.8%
Free cash flow	540	91.0	169	+493.4%
Free cash flow margin	14.4%	2.4%	4.8%
Cash from investing	-110	-128	-141
Cash from financing	-457	-217	-317
Depreciation and amortisation	124	117	109	+6.0%
Share-based compensation	14.0	5.0	4.0	+180.0%
Dividends paid	192	192	192	0.0%
Dividend per share	$0.92	$0.92	$0.92	0.0%
Diluted shares, weighted	210m	210m	210m	+0.0%
Shares outstanding at period end	210m	210m	210m	0.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,983	1,868	1,756	+6.2%
Debt	1,832	2,091	2,112	-12.4%
Operating lease liabilities	42.0	53.0	46.0	-20.8%
Finance lease liabilities	15.0	11.0	0.0	+36.4%
Other liabilities	908	906	898	+0.2%
Total liabilities and equity	4,780	4,929	4,812	-3.0%
Fixed assets	732	722	677	+1.4%
Goodwill	1,895	1,879	1,879	+0.9%
Intangible assets	1,001	1,031	1,061	-2.9%
Cash and equivalents	115	38.0	164	+202.6%
Receivables	347	348	316	-0.3%
Inventory	524	722	583	-27.4%
Other assets	166	189	132	-12.2%
Total assets	4,780	4,929	4,812	-3.0%

10-K for the year ended 31 December 2023, filed 7 February 2024: the filing.