TE Connectivity (TEL) FY2022 results: revenue $16.3 billion, up 9.1% on the year

TE Connectivity plc (TEL) reported revenue of $16.3 billion for fiscal 2022, the year ended 30 September 2022, up 9.1% on the year before. Net income was $2.4 billion, up 7.4%, and diluted earnings per share $7.47. The figures are the company's own, from the 10-K it filed with the SEC on 15 November 2022.

Revenue

$16.3 billion

+9.1% on the year

FY2015FY2022

Operating margin

16.9%

16.3% a year earlier

FY2015FY2022

Net income

$2.4 billion

+7.4% on the year

FY2015FY2022

Diluted EPS

$7.47

+10.0% on the year

FY2015FY2022

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	16,281	14,923	12,172	+9.1%
Cost of revenue	11,037	10,036	8,437	+10.0%
Gross profit	5,244	4,887	3,735	+7.3%
Gross margin	32.2%	32.7%	30.7%
Research and development	610	612	539	-0.3%
Selling, general and administrative	1,584	1,512	1,392	+4.8%
Operating income	2,756	2,434	537	+13.2%
Operating margin	16.9%	16.3%	4.4%
Interest expense	66.0	56.0	48.0	+17.9%
Pre-tax income	2,733	2,378	524	+14.9%
Income tax	306	123	783	+148.8%
Effective tax rate	11.2%	5.2%	149.4%
Net income	2,428	2,261	-241	+7.4%
Net margin	14.9%	15.2%	-2.0%
Diluted EPS	$7.47	$6.79	-$0.73	+10.0%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	2,468	2,676	1,992	-7.8%
Capital expenditure	768	690	560	+11.3%
Free cash flow	1,700	1,986	1,432	-14.4%
Free cash flow margin	10.4%	13.3%	11.8%
Cash from investing	-878	-1,037	-865
Cash from financing	-1,684	-1,386	-1,105
Depreciation and amortisation	785	769	711	+2.1%
Share-based compensation	119	94.0	74.0	+26.6%
Buybacks	1,412	831	523	+69.9%
Dividends paid	685	647	625	+5.9%
Dividend per share	$2.12	$1.96	$1.88	+8.2%
Diluted shares, weighted	325m	333m	332m	-2.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	10,802	10,634	9,383	+1.6%
Redeemable equity	95.0	114	112	-16.7%
Debt	4,206	4,092	4,146	+2.8%
Operating lease liabilities	308	334	347	-7.8%
Other liabilities	5,371	6,288	5,254	-14.6%
Total liabilities and equity	20,782	21,462	19,242	-3.2%
Fixed assets	3,567	3,778	3,650	-5.6%
Goodwill	5,258	5,590	5,224	-5.9%
Intangible assets	1,288	1,549	1,593	-16.8%
Cash and equivalents	1,088	1,203	945	-9.6%
Receivables	2,865	2,928	2,377	-2.2%
Inventory	2,676	2,511	1,950	+6.6%
Other assets	4,040	3,903	3,503	+3.5%
Total assets	20,782	21,462	19,242	-3.2%

10-K for the year ended 30 September 2022, filed 15 November 2022: the filing.