Textron (TXT) FY2020 results: revenue $11.7 billion, down 14.5% on the year
Textron Inc. (TXT) reported revenue of $11.7 billion for fiscal 2020, the year ended 2 January 2021, down 14.5% on the year before. Net income was $309 million, down 62.1%, and diluted earnings per share $1.35. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$11.7 billion
-14.5% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$309 million
-62.1% on the year
FY2013FY2020
Diluted EPS
$1.35
-61.4% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
11,651
13,630
13,972
-14.5%
Cost of revenue
10,094
11,406
11,594
-11.5%
Gross profit
1,557
2,224
2,378
-30.0%
Gross margin
13.4%
16.3%
17.0%
Research and development
549
647
643
-15.1%
Selling, general and administrative
1,045
1,152
1,275
-9.3%
Interest expense
166
171
166
-2.9%
Pre-tax income
282
942
1,384
-70.1%
Income tax
-27.0
127
162
Effective tax rate
-9.6%
13.5%
11.7%
Net income
309
815
1,222
-62.1%
Net margin
2.7%
6.0%
8.7%
Diluted EPS
$1.35
$3.50
$4.83
-61.4%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
768
1,014
1,107
-24.3%
Capital expenditure
317
339
369
-6.5%
Free cash flow
451
675
738
-33.2%
Free cash flow margin
3.9%
5.0%
5.3%
Cash from investing
-248
-266
620
Cash from financing
360
-502
-1,864
Depreciation and amortisation
391
416
437
-6.0%
Share-based compensation
57.0
52.0
35.0
+9.6%
Buybacks
183
503
1,783
-63.6%
Dividends paid
18.0
18.0
20.0
0.0%
Dividend per share
$0.08
$0.08
$0.08
0.0%
Diluted shares, weighted
229m
233m
253m
-1.6%
Shares outstanding at period end
226m
228m
236m
-0.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
5,845
5,518
5,192
+5.9%
Debt
4,369
n/a
n/a
Operating lease liabilities
306
233
n/a
+31.3%
Finance lease liabilities
38.0
40.0
n/a
-5.0%
Other liabilities
4,885
9,227
9,072
-47.1%
Total liabilities and equity
15,443
15,018
14,264
+2.8%
Fixed assets
2,516
2,527
2,615
-0.4%
Intangible assets
489
589
658
-17.0%
Cash and equivalents
2,254
1,357
1,107
+66.1%
Inventory
3,513
4,069
3,818
-13.7%
Other assets
6,671
6,476
6,066
+3.0%
Total assets
15,443
15,018
14,264
+2.8%
10-K for the year ended 2 January 2021, filed 19 February 2021: the filing.