Textron (TXT) FY2015 results: revenue $13.4 billion, down 3.3% on the year
Textron Inc. (TXT) reported revenue of $13.4 billion for fiscal 2015, the year ended 2 January 2016, down 3.3% on the year before. Net income was $697 million, up 16.2%, and diluted earnings per share $2.50. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2016.
Revenue
$13.4 billion
-3.3% on the year
FY2008FY2015
Operating margin
7.2%
6.1% a year earlier
FY2008FY2015
Net income
$697 million
+16.2% on the year
FY2008FY2015
Diluted EPS
$2.50
+17.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
13,423
13,878
12,104
-3.3%
Cost of revenue
10,979
11,421
10,131
-3.9%
Gross profit
2,444
2,457
1,973
-0.5%
Gross margin
18.2%
17.7%
16.3%
Research and development
778
694
651
+12.1%
Selling, general and administrative
1,304
1,361
1,126
-4.2%
Operating income
971
853
674
+13.8%
Operating margin
7.2%
6.1%
5.6%
Interest expense
169
191
173
-11.5%
Pre-tax income
971
853
674
+13.8%
Income tax
273
248
176
+10.1%
Effective tax rate
28.1%
29.1%
26.1%
Net income
697
600
498
+16.2%
Net margin
5.2%
4.3%
4.1%
Diluted EPS
$2.50
$2.13
$1.75
+17.4%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
1,090
1,208
810
-9.8%
Capital expenditure
420
429
444
-2.1%
Free cash flow
670
779
366
-14.0%
Free cash flow margin
5.0%
5.6%
3.0%
Cash from investing
-388
-1,919
-264
Cash from financing
-504
335
-742
Depreciation and amortisation
461
459
389
+0.4%
Share-based compensation
63.0
85.0
86.0
-25.9%
Buybacks
219
340
n/a
-35.6%
Dividends paid
22.0
28.0
22.0
-21.4%
Dividend per share
$0.08
$0.08
$0.08
0.0%
Diluted shares, weighted
279m
282m
284m
-1.1%
Shares outstanding at period end
274m
277m
282m
-0.9%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
4,964
4,272
4,384
+16.2%
Other liabilities
9,744
10,333
8,560
-5.7%
Total liabilities and equity
14,708
14,605
12,944
+0.7%
Fixed assets
2,492
2,497
2,215
-0.2%
Intangible assets
783
833
276
-6.0%
Cash and equivalents
1,005
822
1,211
+22.3%
Inventory
4,144
3,928
2,963
+5.5%
Other assets
6,284
6,525
6,279
-3.7%
Total assets
14,708
14,605
12,944
+0.7%
10-K for the year ended 2 January 2016, filed 24 February 2016: the filing.