Craytheon

CSL Ltd · Financials

ASX: CSL · Health Care · Biotechnology Reports in USD

A$114.22
At close 24 Jul 2026

Income Statement, FY16–FY25

Revenue, costs and profitability, exactly as reported in each year's audited accounts. Negative figures shown in (brackets). Figures in USD, as reported.

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue
Total Revenue 6.1B 7.0B 7.5B 8.3B 9.4B 10.3B 10.5B 13.2B 14.7B 15.4B
Costs and Expenses
Cost of Revenue (3.1B) (3.5B) (3.4B) (3.8B) (4.1B) (4.6B) (4.8B) (6.5B) (7.1B) (7.5B)
Gross Profit 2.9B 3.6B 4.0B 4.5B 5.3B 5.8B 5.7B 6.7B 7.6B 8.0B
Operating Expenses (2.9B) (3.3B) (1.8B) (2.1B) (2.5B) (3.2B) (3.3B) (4.6B) (4.8B) (5.0B)
Operating Income 1.0B 1.3B 1.8B 2.4B 2.2B 2.6B 2.3B 2.1B 2.8B 3.0B
Other Income/Expenses
Interest Expense (72M) (90M) (108M) (177M) (151M) (171M) (143M) (408M) (420M) (393M)
Profit Before Taxes 1.6B 1.7B 2.3B 2.3B 2.6B 3.0B 2.8B 2.7B 3.4B 3.7B
Income Tax 314M 358M 525M 413M 470M 592M 724M 419M 661M 588M
Net Income 1.2B 1.3B 1.3B 1.9B 2.2B 2.4B 2.3B 2.2B 2.6B 3.0B
Per Share Data
Basic EPS 2.69 2.94 2.81 4.24 4.63 5.26 6.63 4.55 5.47 6.2
Diluted EPS 2.68 2.93 2.8 4.23 4.62 5.24 4.8 6.89 5.45 6.18
Shares Outstanding (in millions)
Basic Shares 462M 455M 452M 453M 454M 455M 469M 482M 483M 484M
Diluted Shares 463M 456M 454M 454M 456M 456M 470M 484M 485M 486M

Balance Sheet, FY16–FY25

Assets, liabilities and shareholders' equity at each financial year end. Negative figures shown in (brackets). Figures in USD, as reported.

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Current Assets
Cash & Cash Equivalents 557M 845M 815M 658M 1.2B 1.8B 10.4B 1.5B 1.7B 2.2B
Short-term Investments – 5M – – 3M 5M 4M 9M – –
Accounts Receivable 1.1B 1.2B 1.5B 1.8B 1.7B 1.7B 1.7B 2.2B 2.9B 3.1B
Inventories 2.2B 2.6B 2.7B 3.0B 3.5B 3.8B 4.3B 5.5B 6.0B 6.5B
Total Current Assets 3.8B 4.6B 5.0B 5.5B 6.4B 7.4B 16.5B 9.3B 10.8B 11.9B
Non-Current Assets
Property, Plant & Equipment (Net) 2.4B 2.9B 3.6B 4.5B 5.4B 6.4B 7.0B 7.8B 8.1B 8.3B
Investments – 4M – – 14M 22M 403M 173M 163M 203M
Intangible Assets 943M 1.1B 1.8B 1.9B 2.1B 2.7B 2.6B 16.4B 16.3B 16.2B
Goodwill – – – – – – – – – –
Total Non-Current Assets 3.7B 4.5B 5.8B 6.8B 9.0B 10.8B 11.9B 27.0B 27.3B 27.6B
Total Assets 7.6B 9.1B 10.8B 12.3B 15.5B 18.2B 28.3B 36.2B 38.0B 39.4B
Current Liabilities
Short-term Debt & Overdrafts 62M 123M 226M 421M 127M 396M 4.4B 964M 848M 695M
Trade Payables 996M 1.2B 1.3B 1.4B 1.5B 2.0B 2.3B 2.9B 3.3B 3.5B
Total Current Liabilities 1.4B 1.6B 1.9B 2.2B 2.1B 3.1B 7.1B 4.6B 5.0B 4.8B
Non-Current Liabilities
Long-term Debt 3.1B 3.9B 4.2B 4.2B 4.8B 4.2B 3.9B 9.6B 9.7B 9.1B
Total Non-Current Liabilities 3.6B 4.3B 4.8B 4.9B 6.8B 6.7B 6.7B 13.8B 13.7B 13.2B
Total Liabilities 5.0B 6.0B 6.7B 7.1B 8.9B 9.8B 13.8B 18.4B 18.6B 18.0B
Shareholders' Equity
Share Capital (4.2B) (4.5B) (4.6B) (4.6B) (4.6B) (4.5B) 484M 517M 371M 574M
Retained Earnings 6.6B 7.4B 8.5B 9.6B 10.8B 12.3B 13.5B 14.6B 16.0B 17.7B
Total Shareholders' Equity 2.6B 3.2B 4.1B 5.3B 6.5B 8.4B 14.6B 15.8B 17.3B 19.3B
Total Liabilities & Equity 7.6B 9.1B 10.8B 12.3B 15.5B 18.2B 28.3B 36.2B 38.0B 39.4B

Cash Flow, FY16–FY25

Cash generated and spent across operating, investing and financing activities. Negative figures shown in (brackets). Figures in USD, as reported.

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Operating Activities
Net Income 1.3B 1.4B 1.6B 1.9B 2.2B 2.4B 3.1B 3.3B – –
Cash from Operating Activities 1.2B 1.3B 1.8B 1.6B 2.6B 3.6B 3.6B 3.9B 2.8B 3.6B
Investing Activities
Investments in PPE (580M) (873M) (943M) (1.3B) (1.4B) (1.7B) (1.7B) (2.5B) (566M) (636M)
Cash from Investing Activities (831M) (876M) (1.5B) (1.3B) (1.4B) (1.7B) (2.3B) (17.6B) (1.3B) (850M)
Financing Activities
Debt Repayments 1.2B 1.1B 423M 288M 254M (579M) 3.8B 1.7B 41M (735M)
Share Repurchases (484M) (241M) (102M) – – – – – – –
Dividends Paid (594M) (610M) (639M) (789M) (913M) (964M) (1.4B) (1.6B) (1.3B) (1.4B)
Cash from Financing Activities (372M) (105M) (353M) (480M) (664M) (1.4B) 10.6B 678M (1.3B) (2.2B)
Cash Position
Cash at Beginning of Period 414M 572M 810M 771M 650M 1.3B 2.4B 15.2B 1.5B 1.6B
Cash at End of Period 558M 843M 812M 655M 1.2B 1.8B 15.2B 2.3B 1.6B 2.2B
Free Cash Flow
Free Cash Flow (Reported) 628M 392M 864M 351M 1.2B 2.0B 1.9B 1.4B 1.5B 2.5B
Free Cash Flow (Calculated) 628M 392M 864M 351M 1.2B 2.0B 1.9B 1.4B 2.2B 2.9B

Analysis

How have CSL Ltd's (CSL) revenue, margins and earnings per share trended over the past decade?

CSL Ltd's revenue has grown from $6.1B in FY2016 to $15.4B in FY2025, a roughly 2.5-times increase, with the largest single-year gains recorded in FY2023, when revenue rose to $13.2B from $10.5B, and again in FY2025, when it advanced to $15.4B from $14.7B in FY2024.

Margins have moved within a fairly contained but declining range over time. Gross margin rose from 48.0% in FY2016 to a peak of 56.1% in FY2021, before settling at 51.5% in FY2025. Operating margin followed a similar rise-then-fade pattern, peaking at 28.9% in FY2019 and finishing at 19.2% in FY2025, while net margin peaked around 23.1% in FY2020-FY2021 and ended FY2025 at 19.5%, after a low of 16.7% in FY2023.

Diluted earnings per share rose from $2.68 in FY2016 to $6.18 in FY2025 but did not climb in a straight line — it reached $5.24 in FY2021, slipped to $4.80 in FY2022, jumped to $6.89 in FY2023 even as the diluted share count grew only modestly to 482.2 million, then fell back to $5.45 in FY2024 before recovering to $6.18 in FY2025.

Updated 4 Jul 2026

Does CSL Ltd have a resilient balance sheet based on its assets, debt and equity?

CSL Ltd's total assets expanded from $7.6B in FY2016 to $39.4B in FY2025, a more than fivefold increase over the period covered by reported figures. Total liabilities grew more slowly, from $5.0B to $18.0B, while total equity grew fastest of all, from $2.6B to $19.3B. Because equity has outpaced liabilities, the ratio of total liabilities to equity has fallen from about 1.9 times in FY2016 to roughly 0.9 times in FY2025, indicating a smaller proportion of the balance sheet is funded by liabilities than a decade earlier.

Long-term loans rose from $3.1B in FY2016 to a peak of $9.7B in FY2024, easing slightly to $9.1B in FY2025. Short-term debt and bank overdrafts were comparatively small in most years but spiked to $4.4B in FY2022 before falling back to $695.0M in FY2025. Cash and cash equivalents climbed from $556.6M in FY2016 to $2.2B in FY2025, having spiked to $10.4B in FY2022 before settling to more typical levels in subsequent years.

Retained earnings have risen every year covered by reported figures, from $6.6B in FY2016 to $17.7B in FY2025, with no year of decline recorded. Combined with equity growing faster than liabilities over the period, the reported figures point to a balance sheet that has become progressively less reliant on debt and liabilities relative to its asset base and retained profit.

Updated 5 Jul 2026

How much cash flow has CSL Ltd generated, and what has it returned to shareholders?

Operating cash flow at CSL Ltd rose from $1.2B in FY2016 to $3.6B in FY2025, though not in a straight line — it reached $3.9B in FY2023 before easing to $2.8B in FY2024 and then recovering. Capital expenditure grew alongside it, from $0.6B in FY2016 to a peak of $2.5B in FY2023, before falling back to $1.0B in FY2025. Free cash flow has been the most volatile of the three, ranging from lows of $351.5M in FY2019 and $391.9M in FY2017 up to a high of $2.5B in FY2025.

Dividends paid have risen steadily from $593.6M in FY2016 to $1.4B in FY2025, growing alongside the broader increase in operating cash flow and free cash flow over the period. Share buybacks appear only in the earlier years of the reported figures — $483.6M in FY2016, $241.1M in FY2017 and $101.9M in FY2018 — with no buyback activity recorded in any year from FY2019 through FY2025, meaning shareholder cash returns in the more recent years have come via dividends alone, based on the figures reported.

Updated 5 Jul 2026

AI-assisted analysis generated from Craytheon's verified financial data · How this works

Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.