Truist Financial (TFC) FY2020 results: revenue $22.7 billion, up 80.7% on the year
Truist Financial Corp. (TFC) reported revenue of $22.7 billion for fiscal 2020, the year ended 31 December 2020, up 80.7% on the year before. Net income was $4.2 billion, up 38.2%, and diluted earnings per share $3.08. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2021.
Revenue
$22.7 billion
+80.7% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$4.2 billion
+38.2% on the year
FY2013FY2020
Diluted EPS
$3.08
-17.0% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
22,705
12,568
11,558
+80.7%
Interest expense
1,722
2,096
1,438
-17.8%
Pre-tax income
5,473
4,019
4,060
+36.2%
Income tax
981
782
803
+25.4%
Effective tax rate
17.9%
19.5%
19.8%
Net income
4,184
3,028
3,063
+38.2%
Net margin
18.4%
24.1%
26.5%
Diluted EPS
$3.08
$3.71
$3.91
-17.0%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
7,437
1,520
4,349
+389.3%
Capital expenditure
815
224
363
+263.8%
Free cash flow
6,622
1,296
3,986
+411.0%
Cash from investing
-43,652
8,348
-4,963
Cash from financing
36,018
5,353
1,502
+572.9%
Share-based compensation
353
165
141
+113.9%
Buybacks
0.0
0.0
1,205
Dividends paid
2,424
1,309
1,204
+85.2%
Dividend per share
$1.80
$1.71
$1.56
+5.3%
Diluted shares, weighted
1,358m
815m
783m
+66.6%
Shares outstanding at period end
1,349m
1,342m
763m
+0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
70,912
66,558
30,178
+6.5%
Deposits
381,077
334,727
161,199
+13.8%
Debt
45,689
59,557
28,887
-23.3%
Other liabilities
11,550
12,236
5,433
-5.6%
Total liabilities and equity
509,228
473,078
225,697
+7.6%
Fixed assets
3,870
3,712
2,118
+4.3%
Goodwill
24,447
24,154
9,818
+1.2%
Intangible assets
2,984
3,142
758
-5.0%
Securities held for sale or to maturity
120,788
74,727
45,590
+61.6%
Loans
293,899
298,293
147,455
-1.5%
Resale agreements
1,745
1,417
143
+23.1%
Securities borrowed
587
431
0.0
+36.2%
Trading assets
3,872
5,733
391
-32.5%
Cash and equivalents
18,868
19,065
3,844
-1.0%
Other assets
38,168
42,404
15,580
-10.0%
Total assets
509,228
473,078
225,697
+7.6%
10-K for the year ended 31 December 2020, filed 24 February 2021: the filing.