Financial Highlights
| (Dollars in millions, except per share data) | 2023 | 2022 | Change |
|---|---|---|---|
| Revenues | 13,683 | 12,869 | 6% |
| International revenues % | 32% | 32% | — |
| Segment profit(1) | 1,327 | 1,136 | 17% |
| Income from continuing operations—GAAP | 922 | 861 | 7% |
| Adjusted income from continuing operations—Non-GAAP(1) | 1,127 | 956 | 18% |
| Manufacturing Group debt(2) | 3,526 | 3,182 | 11% |
| Shareholders' equity | 6,987 | 7,113 | (2)% |
| Manufacturing Group debt-to-capital (net of cash)(2) | 17% | 15% | 13% |
| Common Share Data | |||
| Diluted EPS from continuing operations—GAAP | 4.57 | 4.01 | 14% |
| Adjusted diluted EPS from continuing operations—Non-GAAP(1) | 5.59 | 4.45 | 26% |
| Dividends per share | 0.08 | 0.08 | — |
| Diluted average shares outstanding (in thousands) | 201,774 | 214,973 | (6)% |
| Key Performance Metrics | |||
| ROIC(1) | 12.6% | 11.4% | |
| Net cash provided by operating activities of continuing operations—Manufacturing Group—GAAP(2,4) | 1,270 | 1,461 | (13)% |
| Manufacturing cash flow before pension contributions—Non-GAAP(2, 4) | 931 | 1,178 | (21)% |
| Manufacturing pension contributions(2) | 45 | 49 | (8)% |
| Capital expenditures | 402 | 354 | 14% |
| Net Debt | |||
| Manufacturing Group debt | 3,526 | 3,182 | 344 |
| Finance Group debt | 348 | 375 | (27) |
| Total debt | 3,874 | 3,557 | 317 |
| Less: Consolidated cash and equivalents | 2,181 | 2,035 | 146 |
| Net Debt | 1,693 | 1,522 | 171 |
Segment profit, Adjusted income from continuing operations and Adjusted diluted EPS from continuing operations are Non-GAAP measures as defined on page 17. See page 14 for a reconciliation to GAAP for each measure.
Our Manufacturing Group includes all continuing operations of Textron Inc., except for the Finance segment.
Calculation of return on invested capital (“ROIC”) is provided on page 16.
Manufacturing cash flow before pension contributions is a Non-GAAP measure as defined on page 17. See page 15 for a reconciliation to GAAP.
