Travelers Companies (TRV) FY2023 results: revenue $41.4 billion, up 12.1% on the year

Travelers Companies, Inc. (TRV) reported revenue of $41.4 billion for fiscal 2023, the year ended 31 December 2023, up 12.1% on the year before. Net income was $3.0 billion, up 5.2%, and diluted earnings per share $12.79. The figures are the company's own, from the 10-K it filed with the SEC on 15 February 2024.

Revenue

$41.4 billion

+12.1% on the year

FY2016FY2023

Operating margin

8.1%

9.1% a year earlier

FY2016FY2023

Net income

$3.0 billion

+5.2% on the year

FY2016FY2023

Diluted EPS

$12.79

+8.7% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	41,364	36,884	34,816	+12.1%
Selling, general and administrative	5,176	4,810	4,677	+7.6%
Operating income	3,371	3,354	4,458	+0.5%
Operating margin	8.1%	9.1%	12.8%
Interest expense	376	351	340	+7.1%
Pre-tax income	3,371	3,354	4,458	+0.5%
Income tax	380	512	796	-25.8%
Effective tax rate	11.3%	15.3%	17.9%
Net income	2,991	2,842	3,662	+5.2%
Net margin	7.2%	7.7%	10.5%
Diluted EPS	$12.79	$11.77	$14.49	+8.7%

$ million except per share.

Free 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
Operating cash flow	7,711	6,465	7,274	+19.3%
Cash from investing	-6,821	-3,728	-5,196
Cash from financing	-1,051	-2,669	-2,037
Depreciation and amortisation	722	826	870	-12.6%
Share-based compensation	214	183	162	+16.9%
Buybacks	958	2,000	2,156	-52.1%
Dividends paid	908	875	869	+3.8%
Diluted shares, weighted	232m	240m	251m	-3.1%
Shares outstanding at period end	228m	232m	241m	-1.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	24,921	21,560	28,887	+15.6%
Debt	8,031	7,292	7,290	+10.1%
Other liabilities	93,026	86,865	84,289	+7.1%
Total liabilities and equity	125,978	115,717	120,466	+8.9%
Goodwill	3,976	3,952	4,008	+0.6%
Intangible assets	277	287	306	-3.5%
Securities held for sale or to maturity	77,807	71,160	77,810	+9.3%
Cash and equivalents	650	799	761	-18.6%
Other assets	43,268	39,519	37,581	+9.5%
Total assets	125,978	115,717	120,466	+8.9%

10-K for the year ended 31 December 2023, filed 15 February 2024: the filing.