Regions Financial Corp. Q3 FY2023 results: revenue $1.8 billion, up 31.5% on the year

Regions Financial Corp. (RF) reported revenue of $1.8 billion for Q3 FY2023, the quarter ended 30 September 2023, up 31.5% on the same quarter a year earlier. Net income was $490 million, up 14.2% on the year, and diluted earnings per share $0.49. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$1.8 billionup 31.5%

Net income$490 millionup 14.2%

Diluted EPS$0.49

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,766	n/a	n/a	n/a
Interest expense	475	n/a	n/a	n/a
Pre-tax income	619	n/a	n/a	n/a
Income tax	129	n/a	n/a	n/a
Effective tax rate	20.8%	n/a	n/a
Net income	490	n/a	n/a	n/a
Net margin	27.7%	n/a	n/a
Diluted EPS	$0.49	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	860	n/a	n/a	n/a
Depreciation and amortisation	59.0	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	187	n/a	n/a	n/a
Dividend per share	$0.24	n/a	n/a	n/a
Diluted shares, weighted	940m	n/a	n/a	n/a
Shares outstanding at period end	930m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	153,624	n/a	n/a	n/a
Cash and equivalents	9,016	n/a	n/a	n/a
Goodwill	5,733	n/a	n/a	n/a
Long-term debt	4,290	n/a	n/a	n/a
Shareholders' equity	16,100	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,766	1,751	1,724	1,762	1,820	1,802	1,725	1,784	1,796	1,768	1,702	1,748
Interest expense	475	520	540	576	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	619	471	464	625	608	657	621	706	708	708	714	718
Tax rate	21%	17%	21%	20%	19%	19%	21%	20%	20%	25%	22%	21%
Net income	490	391	368	501	490	534	490	563	569	534	559	570
Net margin	28%	22%	21%	28%	27%	30%	28%	32%	32%	30%	33%	33%
Diluted EPS	$0.49	$0.41	$0.37	$0.52	$0.49	$0.55	$0.51	$0.59	$0.61	$0.59	$0.62	$0.64
Operating cash flow	860	855	396	161	1,261	-220	1,066	573	861	-319	867	369
Buybacks	0.0	252	102	87.0	101	58.0	242	144	251	430	401	59.0
Dividends paid	187	226	222	220	220	228	227	226	224	235	230	228
Shares outstanding	930m	919m	916m	915m	909m	905m	899m	892m	877m	864m	853m	852m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001281761-23-000057: the filing on EDGAR. All of Regions Financial Corp.'s filings: EDGAR company page.

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