Western Union (WU) FY2023 results: revenue $4.4 billion, down 2.6% on the year

Western Union Co. (WU) reported revenue of $4.4 billion for fiscal 2023, the year ended 31 December 2023, down 2.6% on the year before. Net income was $626 million, down 31.3%, and diluted earnings per share $1.68. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$4.4 billion

-2.6% on the year

FY2016FY2023

Operating margin

18.8%

19.8% a year earlier

FY2016FY2023

Net income

$626 million

-31.3% on the year

FY2016FY2023

Diluted EPS

$1.68

-28.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	4,357	4,476	5,071	-2.6%
Cost of revenue	2,672	2,626	2,896	+1.7%
Gross profit	1,685	1,849	2,174	-8.9%
Gross margin	38.7%	41.3%	42.9%
Selling, general and administrative	868	964	1,051	-10.0%
Operating income	818	885	1,123	-7.6%
Operating margin	18.8%	19.8%	22.1%
Interest expense	105	101	106	+4.3%
Pre-tax income	746	1,009	935	-26.1%
Income tax	120	98.0	130	+22.2%
Effective tax rate	16.1%	9.7%	13.9%
Net income	626	911	806	-31.3%
Net margin	14.4%	20.3%	15.9%
Diluted EPS	$1.68	$2.34	$1.97	-28.2%

$ million except per share.

Free 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	783	582	1,045	+34.6%
Capital expenditure	22.9	31.9	37.7	-28.2%
Free cash flow	760	550	1,008	+38.3%
Free cash flow margin	17.4%	12.3%	19.9%
Cash from investing	-141	526	192
Cash from financing	-897	-1,177	-1,270
Depreciation and amortisation	184	184	208	-0.1%
Share-based compensation	35.9	45.5	44.3	-21.1%
Buybacks	308	370	410	-16.6%
Dividends paid	349	364	382	-4.2%
Dividend per share	$0.94	$0.94	$0.94	0.0%
Diluted shares, weighted	372m	388m	409m	-4.3%
Shares outstanding at period end	350m	374m	394m	-6.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	479	478	356	+0.3%
Debt	2,505	2,617	3,008	-4.3%
Other liabilities	5,215	5,402	5,460	-3.5%
Total liabilities and equity	8,199	8,496	8,824	-3.5%
Fixed assets	91.4	110	129	-16.6%
Goodwill	2,035	2,035	2,035	0.0%
Intangible assets	380	458	417	-17.0%
Securities held for sale or to maturity	1,458	1,334	1,399	+9.3%
Loans	n/a	n/a	1,175
Cash and equivalents	1,269	1,286	1,208	-1.3%
Other assets	2,966	3,275	2,460	-9.4%
Total assets	8,199	8,496	8,824	-3.5%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.