TE Connectivity (TEL) FY2024 results: revenue $15.8 billion, down 1.2% on the year

TE Connectivity plc (TEL) reported revenue of $15.8 billion for fiscal 2024, the year ended 27 September 2024, down 1.2% on the year before. Net income was $3.2 billion, up 67.2%, and diluted earnings per share $10.33. The figures are the company's own, from the 10-K it filed with the SEC on 12 November 2024.

Revenue

$15.8 billion

-1.2% on the year

FY2017FY2024

Operating margin

17.6%

14.4% a year earlier

FY2017FY2024

Net income

$3.2 billion

+67.2% on the year

FY2017FY2024

Diluted EPS

$10.33

+71.3% 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	15,845	16,034	16,281	-1.2%
Cost of revenue	10,389	10,979	11,037	-5.4%
Gross profit	5,456	5,055	5,244	+7.9%
Gross margin	34.4%	31.5%	32.2%
Research and development	621	593	610	+4.7%
Selling, general and administrative	1,732	1,670	1,584	+3.7%
Operating income	2,796	2,304	2,756	+21.4%
Operating margin	17.6%	14.4%	16.9%
Interest expense	70.0	80.0	66.0	-12.5%
Pre-tax income	2,797	2,268	2,733	+23.3%
Income tax	-397	364	306
Effective tax rate	-14.2%	16.0%	11.2%
Net income	3,193	1,910	2,428	+67.2%
Net margin	20.2%	11.9%	14.9%
Diluted EPS	$10.33	$6.03	$7.47	+71.3%

$ 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	3,477	3,132	2,468	+11.0%
Capital expenditure	680	732	768	-7.1%
Free cash flow	2,797	2,400	1,700	+16.5%
Free cash flow margin	17.7%	15.0%	10.4%
Cash from investing	-950	-768	-878
Cash from financing	-2,869	-1,793	-1,684
Depreciation and amortisation	826	794	785	+4.0%
Share-based compensation	127	123	119	+3.3%
Buybacks	2,062	945	1,412	+118.2%
Dividends paid	760	725	685	+4.8%
Dividend per share	$2.48	$2.30	$2.12	+7.8%
Diluted shares, weighted	309m	317m	325m	-2.5%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	12,355	11,551	10,802	+7.0%
Redeemable equity	131	104	95.0	+26.0%
Debt	4,203	4,211	4,206	-0.2%
Operating lease liabilities	313	280	308	+11.8%
Other liabilities	5,852	5,566	5,371	+5.1%
Total liabilities and equity	22,854	21,712	20,782	+5.3%
Fixed assets	3,903	3,754	3,567	+4.0%
Goodwill	5,801	5,463	5,258	+6.2%
Intangible assets	1,174	1,175	1,288	-0.1%
Cash and equivalents	1,319	1,661	1,088	-20.6%
Receivables	3,055	2,967	2,865	+3.0%
Inventory	2,517	2,552	2,676	-1.4%
Other assets	5,085	4,140	4,040	+22.8%
Total assets	22,854	21,712	20,782	+5.3%

10-K for the year ended 27 September 2024, filed 12 November 2024: the filing.