US Foods Holding (USFD) FY2019 results: revenue $25.9 billion, up 7.3% on the year
US Foods Holding Corp. (USFD) reported revenue of $25.9 billion for fiscal 2019, the year ended 28 December 2019, up 7.3% on the year before. Net income was $385 million, down 5.4%, and diluted earnings per share $1.75. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2020.
Revenue
$25.9 billion
+7.3% on the year
FY2014FY2019
Operating margin
2.7%
2.7% a year earlier
FY2014FY2019
Net income
$385 million
-5.4% on the year
FY2014FY2019
Diluted EPS
$1.75
-6.4% on the year
FY2014FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
25,939
24,175
24,147
+7.3%
Cost of revenue
21,352
19,869
19,929
+7.5%
Gross profit
4,587
4,306
4,218
+6.5%
Gross margin
17.7%
17.8%
17.5%
Selling, general and administrative
3,888
3,647
3,631
+6.6%
Operating income
699
658
588
+6.2%
Operating margin
2.7%
2.7%
2.4%
Interest expense
184
175
170
+5.1%
Pre-tax income
511
496
404
+3.0%
Income tax
126
89.0
-40.1
+41.6%
Effective tax rate
24.7%
17.9%
-9.9%
Net income
385
407
444
-5.4%
Net margin
1.5%
1.7%
1.8%
Diluted EPS
$1.75
$1.87
$1.97
-6.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
760
609
749
+24.8%
Capital expenditure
258
235
221
+9.8%
Free cash flow
502
374
528
+34.2%
Free cash flow margin
1.9%
1.5%
2.2%
Cash from investing
-1,987
-232
-356
Cash from financing
1,220
-391
-405
Depreciation and amortisation
362
340
378
+6.5%
Share-based compensation
32.0
28.0
21.0
+14.3%
Buybacks
0.0
0.0
280
Diluted shares, weighted
220m
218m
226m
+1.0%
Shares outstanding at period end
220m
217m
215m
+1.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,709
3,229
2,751
+14.9%
Debt
4,736
3,457
3,800
+37.0%
Operating lease liabilities
131
21.0
n/a
+523.8%
Finance lease liabilities
257
n/a
n/a
Other liabilities
2,455
2,479
2,486
-1.0%
Total liabilities and equity
11,288
9,186
9,037
+22.9%
Fixed assets
2,075
1,842
1,801
+12.6%
Goodwill
4,728
3,967
3,967
+19.2%
Intangible assets
967
324
364
+198.5%
Cash and equivalents
90.0
104
119
-13.5%
Receivables
1,455
1,347
1,302
+8.0%
Inventory
1,432
1,279
1,208
+12.0%
Other assets
541
323
277
+67.5%
Total assets
11,288
9,186
9,037
+22.9%
10-K for the year ended 28 December 2019, filed 13 February 2020: the filing.