ABB LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ABB LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
Revenue	39,830	35,481	27,816	28,133	27,662	27,978	26,134	28,945	29,446	32,235
Cost of revenue	28,615	25,347	17,396	17,350	19,118	19,072	18,256	19,478	19,736	21,021
Gross profit	11,215	10,134	7,533	7,846	8,544	8,906	7,878	9,467	9,710	11,214
Research and development	1,499	1,406	967	1,013	1,147	1,198	1,127	1,219	1,166	1,317
Selling, general and administrative	6,067	5,574	4,532	4,765	5,295	5,447	4,895	5,162	5,132	5,543
Operating income	4,178	3,049	1,929	2,230	2,226	1,938	1,593	5,718	3,337	4,871
Interest income	80	77	71	73	72	67	51	51	72	165
Other non-operating income							-20	-34	-57	36
Pre-tax income	3,896	2,840	1,761	2,102	2,119	1,862	841	5,787	3,394	4,778
Income tax	1,202	788	526	583	544	772	496	1,057	757	930
Income from continuing operations	2,570	1,930	1,172	1,441	1,514	1,043	294	4,625	2,517	3,769
Net income to minority interests	124	122	135	152	125	89	59	104	119	79
Net income	2,594	1,933	1,899	2,213	2,173	1,439	5,146	4,546	2,475	3,745
EBITDA	5,483	4,209	2,799	3,066	3,142	2,899	2,508	6,611	4,151	5,651
EPS, basic	1.13	0.87	0.88	1.04	1.02	0.67	2.44	2.27	1.30	2.02
EPS, diluted	1.13	0.87	0.88	1.03	1.02	0.67	2.43	2.25	1.30	2.01
Shares, basic (weighted)	2,288	2,226	2,151	2,138	2,132	2,133	2,111	2,001	1,899	1,855
Shares, diluted (weighted)	2,295	2,230	2,154	2,148	2,139	2,135	2,119	2,019	1,910	1,867

Balance sheet

	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
Cash and equivalents	5,443	4,565	3,644	4,526	3,445	3,508	3,278	4,159	4,156	3,891
Short-term investments	1,325	1,633	1,953	1,083	712	566	2,108	1,170	725	1,928
Receivables	11,078	10,061	9,696	5,861	6,386	6,434	6,820	6,551	6,858	7,446
Inventory	5,376	4,757	4,347	3,737	4,284	4,184	4,469	4,880	6,028	6,149
Other current assets	644	638	688	585	616	674	760	573	601	520
Total current assets	24,986	22,760	21,052	22,135	21,865	26,458	19,226	18,695	19,570	21,277
Property, plant and equipment	5,652	5,276	4,743	3,804	4,133	3,972	4,174	4,045	3,911	4,142
Lease right-of-use assets					0	994	969	895	841	893
Goodwill	10,053	9,671	7,953	9,536	10,764	10,825	10,850	10,482	10,511	10,561
Intangible assets	2,702	2,337	1,996	2,425	2,607	2,252	2,078	1,561	1,406	1,223
Other non-current assets	701	643	532	571	469	531	504	543	467	496
Total assets	44,852	41,072	39,391	43,458	44,441	46,108	41,088	40,260	39,148	40,940
Accounts payable	4,765	4,342	4,446	3,736	4,424	4,353	4,571	4,921	4,904	4,847
Accrued liabilities	545	457	413	389	546	592	650	768	872	788
Deferred revenue	169	156	1,690	1,792	1,707	1,719	1,903	1,894	2,216	2,844
Short-term debt	353	1,454	1,003	726	2,031	2,287	1,293	1,384	2,535	2,607
Total current liabilities	15,580	15,844	15,149	16,469	18,447	20,266	15,416	15,568	16,529	18,004
Long-term debt	7,312	5,985	5,800	6,682	6,587	6,772	4,828	4,177	5,143	5,221
Lease liabilities					0	717	731	689	651	666
Other non-current liabilities	1,586	1,650	1,604	1,849	1,689	1,669	2,025	2,116	2,105	1,548
Total liabilities	28,037	26,368	25,305	28,109	29,907	32,128	25,089	24,303	25,876	26,794
Total debt	7,366	7,161	6,668	7,091	8,057	8,221	5,968	5,483	5,984	7,527
Paid-in capital	1,777	1,444	216	29	56	73	83	22	141	7
Retained earnings	19,939	20,476	19,925	19,594	19,839	19,640	22,946	22,477	20,082	19,724
Treasury stock	-1,206	-2,581	-1,559	-647	-820	-785	-3,530	-3,010	-3,061	-1,414
Other comprehensive income	-4,241	-4,858	-5,187	-4,345	-5,311	-5,590	-4,002	-4,088	-4,556	-5,070
Shareholders' equity	16,269	14,481	13,395	14,819	13,952	13,526	15,685	15,579	12,777	13,410
Minority interests	546	507	502	530	582	454	314	378	410	647
Total equity	16,815	14,988	13,897	15,349	14,534	13,980	15,999	15,957	13,187	14,057
Total liabilities and equity	44,852	41,356	39,202	43,458	44,441	46,108	41,088	40,260	39,148	40,940

Cash flow statement

	FY2014	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023
Net income	2,718	2,055	2,034	2,365	2,298	1,528	5,205	4,650	2,594	3,824
Depreciation and amortization	1,305	1,160	870	836	916	961	915	893	814	780
Stock-based compensation	73	61	45	49	50	46	44	59	42	103
Deferred income tax	72	-217	-145	-199	-142	-83	-280	-289	-344	-25
Change in receivables	-12	162	-118	-178	-144	-202	-100	-142	-831	-661
Change in inventory	-176	105	185	-66	-336	-182	196	-771	-1,599	-3
Cash from operations	3,845	3,818	3,843	3,799	2,924	2,325	1,693	3,330	1,287	4,290
Capital expenditures	-1,026	-876	-632	-752	-772	-762	-694	-820	-762	-770
Acquisitions	-70	-56	-26	-2,130
Purchases of investments	-1,465	-614	-26	-2,011	-322	-748	-5,933	-1,528	-321	-1,957
Sales and maturities of investments			539	100	160
Cash from investing	-1,121	-974	-1,305	-1,450	-3,085	-815	6,760	2,307	981	-1,615
Share buybacks	-1,003	-1,487	-1,299	-251	-250	0	-3,048	-3,708	-3,553	-1,258
Dividends paid	-1,841	-1,357		-1,635	-1,717	-1,675	-1,736	-1,726	-1,698	-1,713
Cash from financing	-3,024	-3,380	-3,355	-1,735	-789	-1,383	-8,175	-4,968	-2,394	-2,897
Exchange rate effect	-278	-342	-104	268	-131	-28	79	-81	-189	-43
Net change in cash	-578	-878	-921	882	-1,081	99	357	588	-315	-265
Free cash flow	2,819	2,942	3,211	3,047	2,152	1,563	999	2,510	525	3,520
Interest paid	259	221	213	205	243	284	189	132	90	250
Income taxes paid	1,155	1,043	814	894	1,026	1,005	905	1,292	1,188	1,147

Key metrics

Worked out from the statements above. Latest values use fiscal 2023. Valuation uses the share price of $96.34 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	34.8%	Gross profit / revenue.
Operating margin	15.1%	Operating income / revenue.
EBITDA margin	17.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.8%	Pre-tax income / revenue.
Net margin	11.6%	Net income / revenue.
FCF margin	10.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	13.3%	Cash from operations / revenue.
Effective tax rate	19.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.4%	Net income / average total assets.
Return on invested capital (ROIC)	24.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.1%	Research and development expense / revenue.
SG&A / revenue	17.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	2.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	15.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	12.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	46.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	45.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	36.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	31.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	51.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	54.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-6.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	233.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	36.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	570.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	52.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	10.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.18x	Current assets / current liabilities.
Quick ratio	0.74x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.56x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	18.4%	Total debt / total assets.
Liabilities / assets	65.4%	Total liabilities / total assets.
Net debt	$1.71B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.30x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$3.27B	Current assets - current liabilities.
Goodwill and intangibles / assets	28.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.63B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	8.01x	Revenue / average property, plant and equipment.
Inventory turnover	3.45x	Cost of revenue / average inventory.
Days inventory	106 days	365 x average inventory / cost of revenue.
Receivables turnover	4.51x	Revenue / average receivables.
Days sales outstanding	81 days	365 x average receivables / revenue.
Days payables	85 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	102 days	Days inventory + days sales outstanding - days payables.
FCF conversion	94.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	17.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$2.02	Net income per basic share, as reported (split-adjusted).
Revenue per share	$17.27	Revenue / diluted weighted shares.
FCF per share	$1.89	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.30	Cash from operations / diluted weighted shares.
Book value per share	$7.18	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.87	Tangible book value / shares outstanding.
Cash per share	$3.12	(Cash + short-term investments) / shares outstanding.
Payout ratio	45.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	48.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	35.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$177.41B	Share price x shares outstanding.
Enterprise value	$179.12B	Market cap + total debt - cash - short-term investments.
P/E	47.4x	Market cap / net income. Only when net income is positive.
P/S	5.50x	Market cap / revenue.
P/B	13.2x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	109x	Market cap / tangible book value, when positive.
P/FCF	50.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	41.4x	Market cap / cash from operations, when positive.
EV/Sales	5.56x	Enterprise value / revenue.
EV/EBIT	36.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	31.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	50.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.0%	Free cash flow / market cap.
Earnings yield	2.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was ABB LTD's revenue in fiscal 2023?

ABB LTD reported revenue of $32.24B for fiscal 2023, 9.5% higher than the year before.

Was ABB LTD profitable in fiscal 2023?

Yes. Net income was $3.75B, a net margin of 11.6%.

How much free cash flow did ABB LTD generate in fiscal 2023?

Cash from operations of $4.29B minus capital expenditures of $770.0M left free cash flow of $3.52B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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