Tyson Foods (TSN) FY2021 results: revenue $47.0 billion, up 8.9% on the year

Tyson Foods, Inc. (TSN) reported revenue of $47.0 billion for fiscal 2021, the year ended 2 October 2021, up 8.9% on the year before. Net income was $3.0 billion, up 47.8%, and diluted earnings per share $8.34. The figures are the company's own, from the 10-K it filed with the SEC on 15 November 2021.

Revenue

$47.0 billion

+8.9% on the year

FY2014FY2021

Operating margin

9.3%

7.0% a year earlier

FY2014FY2021

Net income

$3.0 billion

+47.8% on the year

FY2014FY2021

Diluted EPS

$8.34

+47.9% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	47,049	43,185	42,405	+8.9%
Cost of revenue	40,523	37,801	37,383	+7.2%
Gross profit	6,526	5,384	5,022	+21.2%
Gross margin	13.9%	12.5%	11.8%
Research and development	114	98.0	97.0	+16.3%
Selling, general and administrative	2,130	2,376	2,252	-10.4%
Operating income	4,396	3,008	2,770	+46.1%
Operating margin	9.3%	7.0%	6.5%
Pre-tax income	4,041	2,664	2,374	+51.7%
Income tax	981	593	381	+65.4%
Effective tax rate	24.3%	22.3%	16.0%
Net income	3,047	2,061	1,980	+47.8%
Net margin	6.5%	4.8%	4.7%
Diluted EPS	$8.34	$5.64	$5.40	+47.9%

$ 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	3,840	3,874	2,513	-0.9%
Capital expenditure	1,209	1,199	1,259	+0.8%
Free cash flow	2,631	2,675	1,254	-1.6%
Free cash flow margin	5.6%	6.2%	3.0%
Cash from investing	58.0	-1,423	-3,464
Cash from financing	-2,731	-1,468	1,171
Depreciation and amortisation	1,195	1,178	1,086	+1.4%
Share-based compensation	91.0	89.0	77.0	+2.2%
Buybacks	n/a	207	252
Dividends paid	636	601	537	+5.8%
Diluted shares, weighted	365m	365m	366m	0.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	17,723	15,254	13,950	+16.2%
Non-controlling interest	131	132	144	-0.8%
Debt	9,348	11,339	11,932	-17.6%
Operating lease liabilities	368	368	n/a	0.0%
Other liabilities	8,739	7,363	6,892	+18.7%
Total liabilities and equity	36,309	34,456	32,918	+5.4%
Fixed assets	7,837	7,596	7,282	+3.2%
Goodwill	10,549	10,899	10,844	-3.2%
Intangible assets	6,519	6,774	7,037	-3.8%
Cash and equivalents	2,507	1,420	484	+76.5%
Receivables	2,400	1,952	2,173	+23.0%
Inventory	4,382	3,859	3,929	+13.6%
Other assets	2,115	1,956	1,169	+8.1%
Total assets	36,309	34,456	32,918	+5.4%

10-K for the year ended 2 October 2021, filed 15 November 2021: the filing.