Truist Financial (TFC) FY2023 results: revenue $20.0 billion, up 0.2% on the year
Truist Financial Corp. (TFC) reported revenue of $20.0 billion for fiscal 2023, the year ended 31 December 2023, up 0.2% on the year before. Net income was -$1.5 billion, and diluted earnings per share $-1.09. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$20.0 billion
+0.2% on the year
FY2016FY2023
Operating margin
n/a
FY2016FY2023
Net income
-$1.5 billion
FY2016FY2023
Diluted EPS
-$1.09
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
8,631
11,081
7,892
-22.1%
Capital expenditure
n/a
564
442
Free cash flow
n/a
10,517
7,450
Cash from investing
22,858
-29,972
-32,056
Cash from financing
-22,266
20,017
25,591
Share-based compensation
298
261
259
+14.2%
Buybacks
0.0
250
1,616
Dividends paid
2,770
2,656
2,485
+4.3%
Dividend per share
$2.08
$2.00
$1.86
+4.0%
Diluted shares, weighted
1,332m
1,338m
1,349m
-0.5%
Shares outstanding at period end
1,334m
1,327m
1,328m
+0.5%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
59,253
60,537
69,271
-2.1%
Deposits
395,865
413,495
416,488
-4.3%
Debt
63,746
66,625
41,205
-4.3%
Other liabilities
16,485
14,598
14,277
+12.9%
Total liabilities and equity
535,349
555,255
541,241
-3.6%
Fixed assets
3,298
3,527
3,700
-6.5%
Goodwill
17,156
23,233
23,045
-26.2%
Intangible assets
1,909
2,313
3,408
-17.5%
Securities held for sale or to maturity
121,473
129,514
154,617
-6.2%
Loans
307,263
321,614
285,078
-4.5%
Resale agreements
2,378
3,181
4,028
-25.2%
Securities borrowed
1,210
766
568
+58.0%
Trading assets
4,332
4,905
4,423
-11.7%
Cash and equivalents
30,644
21,421
20,295
+43.1%
Other assets
45,686
44,781
42,079
+2.0%
Total assets
535,349
555,255
541,241
-3.6%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.