Travelers Companies (TRV) FY2014 results: revenue $27.2 billion, up 3.7% on the year
Travelers Companies, Inc. (TRV) reported revenue of $27.2 billion for fiscal 2014, the year ended 31 December 2014, up 3.7% on the year before. Net income was $3.7 billion, up 0.5%, and diluted earnings per share $10.70. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2015.
Revenue
$27.2 billion
+3.7% on the year
FY2007FY2014
Operating margin
13.4%
13.6% a year earlier
FY2007FY2014
Net income
$3.7 billion
+0.5% on the year
FY2007FY2014
Diluted EPS
$10.70
+9.9% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
27,162
26,191
25,740
+3.7%
Selling, general and administrative
3,964
3,757
n/a
+5.5%
Operating income
3,641
3,567
2,441
+2.1%
Operating margin
13.4%
13.6%
9.5%
Interest expense
369
361
378
+2.2%
Pre-tax income
5,089
4,945
3,166
+2.9%
Income tax
1,397
1,272
693
+9.8%
Effective tax rate
27.5%
25.7%
21.9%
Net income
3,692
3,673
2,454
+0.5%
Net margin
13.6%
14.0%
9.5%
Diluted EPS
$10.70
$9.74
$6.30
+9.9%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,693
3,816
3,230
-3.2%
Share-based compensation
138
129
120
+7.0%
Buybacks
3,275
2,400
n/a
+36.5%
Dividends paid
729
729
694
0.0%
Dividend per share
$2.15
$1.96
$1.79
+9.7%
Diluted shares, weighted
342m
374m
390m
-8.5%
Shares outstanding at period end
322m
354m
377m
-8.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
24,836
24,796
25,405
+0.2%
Debt
6,361
6,361
6,361
0.0%
Other liabilities
71,881
72,655
73,172
-1.1%
Total liabilities and equity
103,078
103,812
104,938
-0.7%
Goodwill
3,611
3,634
3,365
-0.6%
Intangible assets
304
351
381
-13.4%
Securities held for sale or to maturity
63,474
63,956
65,393
-0.8%
Cash and equivalents
374
294
330
+27.2%
Other assets
35,315
35,577
35,469
-0.7%
Total assets
103,078
103,812
104,938
-0.7%
10-K for the year ended 31 December 2014, filed 12 February 2015: the filing.