US Foods Holding (USFD) FY2020 results: revenue $22.9 billion, down 11.8% on the year
US Foods Holding Corp. (USFD) reported revenue of $22.9 billion for fiscal 2020, the year ended 2 January 2021, down 11.8% on the year before. Net income was -$226 million, and diluted earnings per share $-1.15. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2021.
Revenue
$22.9 billion
-11.8% on the year
FY2014FY2020
Operating margin
-0.3%
2.7% a year earlier
FY2014FY2020
Net income
-$226 million
FY2014FY2020
Diluted EPS
-$1.15
FY2014FY2020
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
22,885
25,939
24,175
-11.8%
Cost of revenue
19,166
21,352
19,869
-10.2%
Gross profit
3,719
4,587
4,306
-18.9%
Gross margin
16.3%
17.7%
17.8%
Selling, general and administrative
3,757
3,888
3,647
-3.4%
Operating income
-77.0
699
658
Operating margin
-0.3%
2.7%
2.7%
Interest expense
238
184
175
+29.3%
Pre-tax income
-294
511
496
Income tax
-68.0
126
89.0
Effective tax rate
n/a
24.7%
17.9%
Net income
-226
385
407
Net margin
-1.0%
1.5%
1.7%
Diluted EPS
-$1.15
$1.75
$1.87
$ 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
413
760
609
-45.7%
Capital expenditure
189
258
235
-26.7%
Free cash flow
224
502
374
-55.4%
Free cash flow margin
1.0%
1.9%
1.5%
Cash from investing
-1,110
-1,987
-232
Cash from financing
1,427
1,220
-391
+17.0%
Depreciation and amortisation
422
362
340
+16.6%
Share-based compensation
40.0
32.0
28.0
+25.0%
Buybacks
0.0
0.0
0.0
Diluted shares, weighted
220m
220m
218m
0.0%
Shares outstanding at period end
221m
220m
217m
+0.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
3,530
3,709
3,229
-4.8%
Debt
5,748
4,736
3,457
+21.4%
Operating lease liabilities
263
131
21.0
+100.8%
Finance lease liabilities
237
257
n/a
-7.8%
Other liabilities
2,645
2,455
2,479
+7.7%
Total liabilities and equity
12,423
11,288
9,186
+10.1%
Fixed assets
2,021
2,075
1,842
-2.6%
Goodwill
5,637
4,728
3,967
+19.2%
Intangible assets
892
967
324
-7.8%
Cash and equivalents
828
90.0
104
+820.0%
Receivables
1,084
1,455
1,347
-25.5%
Inventory
1,273
1,432
1,279
-11.1%
Other assets
688
541
323
+27.2%
Total assets
12,423
11,288
9,186
+10.1%
10-K for the year ended 2 January 2021, filed 16 February 2021: the filing.