Resideo Technologies (REZI) FY2024 results: revenue $6.8 billion, up 8.3% on the year

Resideo Technologies, Inc. (REZI) reported revenue of $6.8 billion for fiscal 2024, the year ended 31 December 2024, up 8.3% on the year before. Net income was $116 million, down 44.8%, and diluted earnings per share $0.61. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$6.8 billion

+8.3% on the year

FY2017FY2024

Operating margin

7.7%

8.8% a year earlier

FY2017FY2024

Net income

$116 million

-44.8% on the year

FY2017FY2024

Diluted EPS

$0.61

-57.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	6,761	6,242	6,370	+8.3%
Cost of revenue	4,860	4,546	4,604	+6.9%
Gross profit	1,901	1,696	1,766	+12.1%
Gross margin	28.1%	27.2%	27.7%
Research and development	111	109	111	+1.8%
Selling, general and administrative	1,138	960	974	+18.5%
Operating income	520	547	611	-4.9%
Operating margin	7.7%	8.8%	9.6%
Interest expense	81.0	65.0	54.0	+24.6%
Pre-tax income	221	313	418	-29.4%
Income tax	105	103	135	+1.9%
Effective tax rate	47.5%	32.9%	32.3%
Net income	116	210	283	-44.8%
Net margin	1.7%	3.4%	4.4%
Diluted EPS	$0.61	$1.42	$1.90	-57.0%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	444	440	152	+0.9%
Capital expenditure	80.0	105	85.0	-23.8%
Free cash flow	364	335	67.0	+8.7%
Free cash flow margin	5.4%	5.4%	1.1%
Cash from investing	-1,409	-44.0	-764
Cash from financing	1,031	-64.0	170
Depreciation and amortisation	144	98.0	94.0	+46.9%
Share-based compensation	59.0	44.0	50.0	+34.1%
Buybacks	1.0	41.0	0.0	-97.6%
Diluted shares, weighted	149m	148m	149m	+0.7%
Shares outstanding at period end	147m	145m	146m	+1.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,309	2,749	2,529	+20.4%
Debt	2,015	1,419	1,431	+42.0%
Operating lease liabilities	212	166	166	+27.7%
Other liabilities	2,663	2,311	2,261	+15.2%
Total liabilities and equity	8,199	6,645	6,387	+23.4%
Fixed assets	410	390	366	+5.1%
Goodwill	3,072	2,705	2,724	+13.6%
Intangible assets	1,176	461	475	+155.1%
Cash and equivalents	692	636	326	+8.8%
Receivables	1,023	973	1,002	+5.1%
Inventory	1,237	941	975	+31.5%
Other assets	589	539	519	+9.3%
Total assets	8,199	6,645	6,387	+23.4%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.