Travelers Companies (TRV) FY2018 results: revenue $30.3 billion, up 4.8% on the year
Travelers Companies, Inc. (TRV) reported revenue of $30.3 billion for fiscal 2018, the year ended 31 December 2018, up 4.8% on the year before. Net income was $2.5 billion, up 22.7%, and diluted earnings per share $9.28. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2019.
Revenue
$30.3 billion
+4.8% on the year
FY2011FY2018
Operating margin
9.8%
9.4% a year earlier
FY2011FY2018
Net income
$2.5 billion
+22.7% on the year
FY2011FY2018
Diluted EPS
$9.28
+26.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
30,282
28,902
27,625
+4.8%
Selling, general and administrative
4,297
4,170
4,154
+3.0%
Operating income
2,961
2,730
4,053
+8.5%
Operating margin
9.8%
9.4%
14.7%
Interest expense
352
369
363
-4.6%
Pre-tax income
2,961
2,730
4,053
+8.5%
Income tax
438
674
1,039
-35.0%
Effective tax rate
14.8%
24.7%
25.6%
Net income
2,523
2,056
3,014
+22.7%
Net margin
8.3%
7.1%
10.9%
Diluted EPS
$9.28
$7.33
$10.28
+26.6%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
4,380
4,148
4,469
+5.6%
Cash from investing
-2,329
-2,202
-1,727
Cash from financing
-2,012
-1,920
-2,806
Depreciation and amortisation
803
813
826
-1.2%
Share-based compensation
140
136
155
+2.9%
Buybacks
1,270
1,378
2,400
-7.8%
Dividends paid
814
785
757
+3.7%
Dividend per share
n/a
$2.83
$2.62
Diluted shares, weighted
270m
279m
291m
-3.2%
Shares outstanding at period end
264m
271m
280m
-2.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
22,894
23,731
23,221
-3.5%
Debt
6,564
6,571
6,437
-0.1%
Other liabilities
74,775
73,181
70,587
+2.2%
Total liabilities and equity
104,233
103,483
100,245
+0.7%
Goodwill
3,937
3,951
3,580
-0.4%
Intangible assets
345
342
268
+0.9%
Securities held for sale or to maturity
63,464
62,694
60,515
+1.2%
Cash and equivalents
373
344
307
+8.4%
Other assets
36,114
36,152
35,575
-0.1%
Total assets
104,233
103,483
100,245
+0.7%
10-K for the year ended 31 December 2018, filed 14 February 2019: the filing.