Truist Financial (TFC) FY2019 results: revenue $12.6 billion, up 8.7% on the year
Truist Financial Corp. (TFC) reported revenue of $12.6 billion for fiscal 2019, the year ended 31 December 2019, up 8.7% on the year before. Net income was $3.0 billion, down 1.1%, and diluted earnings per share $3.71. The figures are the company's own, from the 10-K it filed with the SEC on 3 March 2020.
Revenue
$12.6 billion
+8.7% on the year
FY2012FY2019
Operating margin
n/a
FY2012FY2019
Net income
$3.0 billion
-1.1% on the year
FY2012FY2019
Diluted EPS
$3.71
-5.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
12,568
11,558
11,317
+8.7%
Interest expense
2,096
1,438
839
+45.8%
Pre-tax income
4,019
4,060
3,326
-1.0%
Income tax
782
803
911
-2.6%
Effective tax rate
19.5%
19.8%
27.4%
Net income
3,028
3,063
2,220
-1.1%
Net margin
24.1%
26.5%
19.6%
Diluted EPS
$3.71
$3.91
$2.74
-5.1%
$ million except per share. Read moreFree 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,520
4,349
4,635
-65.0%
Capital expenditure
224
363
n/a
-38.3%
Free cash flow
1,296
3,986
n/a
-67.5%
Cash from investing
8,348
-4,963
-5,410
Cash from financing
5,353
1,502
-549
+256.4%
Share-based compensation
165
141
132
+17.0%
Buybacks
0.0
1,205
1,613
Dividends paid
1,309
1,204
1,005
+8.7%
Dividend per share
$1.71
$1.56
$1.26
+9.6%
Diluted shares, weighted
815m
783m
811m
+4.0%
Shares outstanding at period end
1,342m
763m
782m
+75.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
66,558
30,178
29,695
+120.6%
Deposits
334,727
161,199
157,371
+107.6%
Debt
59,557
28,887
28,586
+106.2%
Other liabilities
12,236
5,433
5,990
+125.2%
Total liabilities and equity
473,078
225,697
221,642
+109.6%
Fixed assets
3,712
2,118
2,055
+75.3%
Goodwill
24,154
9,818
9,618
+146.0%
Intangible assets
3,142
758
711
+314.5%
Securities held for sale or to maturity
74,727
45,590
47,574
+63.9%
Loans
298,293
147,455
142,211
+102.3%
Resale agreements
1,417
143
n/a
+890.9%
Securities borrowed
431
0.0
n/a
Trading assets
5,733
391
633
+1,366.2%
Cash and equivalents
19,065
3,844
2,956
+396.0%
Other assets
42,404
15,580
15,884
+172.2%
Total assets
473,078
225,697
221,642
+109.6%
10-K for the year ended 31 December 2019, filed 3 March 2020: the filing.