Textron (TXT) FY2016 results: revenue $13.8 billion, up 2.7% on the year
Textron Inc. (TXT) reported revenue of $13.8 billion for fiscal 2016, the year ended 31 December 2016, up 2.7% on the year before. Net income was $962 million, up 38.0%, and diluted earnings per share $3.53. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2017.
Revenue
$13.8 billion
+2.7% on the year
FY2009FY2016
Operating margin
n/a
7.2% a year earlier
FY2009FY2016
Net income
$962 million
+38.0% on the year
FY2009FY2016
Diluted EPS
$3.53
+41.2% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
13,788
13,423
13,878
+2.7%
Cost of revenue
11,337
10,979
11,421
+3.3%
Gross profit
2,451
2,444
2,457
+0.3%
Gross margin
17.8%
18.2%
17.7%
Research and development
677
778
694
-13.0%
Selling, general and administrative
1,317
1,304
1,361
+1.0%
Operating income
n/a
971
853
Operating margin
n/a
7.2%
6.1%
Interest expense
174
169
191
+3.0%
Pre-tax income
876
971
853
-9.8%
Income tax
33.0
273
248
-87.9%
Effective tax rate
3.8%
28.1%
29.1%
Net income
962
697
600
+38.0%
Net margin
7.0%
5.2%
4.3%
Diluted EPS
$3.53
$2.50
$2.13
+41.2%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
925
1,090
1,208
-15.1%
Capital expenditure
446
420
429
+6.2%
Free cash flow
479
670
779
-28.5%
Free cash flow margin
3.5%
5.0%
5.6%
Cash from investing
-436
-388
-1,919
Cash from financing
-168
-504
335
Depreciation and amortisation
449
461
459
-2.6%
Share-based compensation
71.0
63.0
85.0
+12.7%
Buybacks
241
219
340
+10.0%
Dividends paid
22.0
22.0
28.0
0.0%
Dividend per share
$0.08
$0.08
$0.08
0.0%
Diluted shares, weighted
272m
279m
282m
-2.3%
Shares outstanding at period end
270m
274m
277m
-1.4%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
5,574
4,964
4,272
+12.3%
Other liabilities
9,784
9,744
10,333
+0.4%
Total liabilities and equity
15,358
14,708
14,605
+4.4%
Fixed assets
2,581
2,492
2,497
+3.6%
Intangible assets
767
783
833
-2.0%
Cash and equivalents
1,298
1,005
822
+29.2%
Inventory
4,464
4,144
3,928
+7.7%
Other assets
6,248
6,284
6,525
-0.6%
Total assets
15,358
14,708
14,605
+4.4%
10-K for the year ended 31 December 2016, filed 22 February 2017: the filing.