Craytheon

Transurban Group · Financials

ASX: TCL · Industrials · Infrastructure Operations

A$14.53
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).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue
Total Revenue 2.2B 2.7B 3.3B 4.2B 3.2B 2.9B 3.4B 4.2B 4.1B 3.8B
Costs and Expenses
Cost of Revenue (740M) (1.1B) (1.5B) (2.0B) (2.5B) (2.2B) (2.7B) (3.0B) (2.8B) (1.2B)
Gross Profit 1.5B 1.6B 1.8B 2.1B 688M 658M 730M 1.2B 1.3B 2.6B
Operating Expenses (846M) (769M) (840M) (1.3B) (151M) (174M) (199M) (217M) (190M) (1.6B)
Operating Income 795M 903M 999M 1.0B 537M 484M 531M 948M 1.1B 934M
Other Income/Expenses
Interest Expense (717M) (812M) (819M) (899M) (768M) (787M) (733M) (713M) (790M) (816M)
Profit Before Taxes (47M) 174M 289M 30M (180M) (319M) 108M 393M 379M 118M
Income Tax (69M) (35M) (179M) (140M) (142M) (193M) (276M) (26M) 3M (60M)
Net Income 99M 239M 485M 171M (111M) (423M) 19M 64M 326M 133M
Per Share Data
Basic EPS 0.05 0.12 0.23 0.066 (0.04) (0.15) 0.006 0.021 0.11 0.043
Diluted EPS 0.05 0.12 0.23 0.066 (0.04) (0.15) 0.006 0.021 0.11 0.043
Shares Outstanding (in millions)
Basic Shares 2.0B 2.0B 2.1B 2.6B 2.7B 2.8B 3.0B 3.1B 3.1B 3.1B
Diluted Shares 2.0B 2.0B 2.1B 2.6B 2.7B 2.8B 3.0B 3.1B 3.1B 3.1B

Balance Sheet, FY16–FY25

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

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Current Assets
Cash & Cash Equivalents 834M 988M 1.1B 1.6B 2.3B 4.3B 2.0B 2.1B 2.0B 1.7B
Short-term Investments – 157M 226M – – – – – – –
Accounts Receivable 122M 138M 444M 285M 417M 572M 347M 407M 628M 458M
Inventories – – – – – – – – – –
Total Current Assets 956M 1.3B 1.8B 1.9B 2.8B 4.9B 2.4B 2.5B 2.8B 2.4B
Non-Current Assets
Property, Plant & Equipment (Net) 268M 327M 374M 414M 455M 443M 449M 420M 400M 401M
Investments 369M 586M 806M – – – – – – –
Intangible Assets 19.2B 19.3B 20.9B 26.6B 25.9B 21.2B 20.8B 19.4B 19.1B 18.7B
Goodwill – – 466M 466M 466M 466M 466M 466M 466M 466M
Total Non-Current Assets 22.1B 22.0B 24.6B 34.0B 33.7B 30.8B 36.6B 35.2B 33.9B 33.2B
Total Assets 23.0B 23.3B 26.4B 36.0B 36.6B 35.7B 39.0B 37.7B 36.7B 35.6B
Current Liabilities
Short-term Debt & Overdrafts 405M 880M 524M 959M 1.6B 750M 1.1B 367M 1.4B 1.8B
Trade Payables 410M 347M 516M 513M 485M 397M 463M 482M 487M 429M
Total Current Liabilities 1.6B 2.1B 2.2B 3.8B 3.9B 3.1B 3.5B 3.2B 3.7B 4.0B
Non-Current Liabilities
Long-term Debt 12.5B 12.9B 14.9B 17.5B 19.5B 17.1B 16.6B 18.2B 18.3B 19.3B
Total Non-Current Liabilities 15.0B 15.4B 17.4B 22.3B 23.9B 21.5B 20.2B 21.2B 21.3B 22.1B
Total Liabilities 16.6B 17.5B 19.7B 26.1B 27.7B 24.5B 23.7B 24.4B 25.0B 26.1B
Shareholders' Equity
Share Capital 1.4B 1.5B 1.7B 2.7B 2.9B 2.9B 3.9B 4.0B 4.0B 4.0B
Retained Earnings (3.1B) (3.2B) (3.5B) (3.6B) (3.9B) (4.2B) (4.9B) (5.3B) (5.5B) (5.7B)
Total Shareholders' Equity 5.0B 4.5B 5.6B 8.8B 7.9B 10.3B 14.4B 12.6B 11.0B 9.2B
Total Liabilities & Equity 23.0B 23.3B 26.4B 36.0B 36.6B 35.7B 39.0B 37.7B 36.7B 35.6B

Cash Flow, FY16–FY25

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

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Operating Activities
Net Income 99M 239M 485M 171M (58M) (256M) 19M 64M 326M –
Cash from Operating Activities 910M 837M 1.1B 1.2B 1.3B 1.3B 1.5B 1.7B 1.6B 1.5B
Investing Activities
Investments in PPE (78M) (131M) (131M) (133M) (1.6B) (1.0B) (613M) (1.2B) (1.1B) (140M)
Cash from Investing Activities (2.4B) (772M) (2.1B) (5.8B) (2.3B) 1.2B (6.4B) (943M) (760M) (126M)
Financing Activities
Debt Repayments 495M 985M 472M 2.0B 2.6B 268M (467M) 864M 952M 434M
Share Repurchases – – – – – – – – – –
Dividends Paid (744M) (891M) (1.1B) (1.5B) (1.6B) (818M) (942M) (1.5B) (1.7B) (2.1B)
Cash from Financing Activities 1.1B 94M 1.2B 5.1B 1.7B (576M) 2.7B (739M) (911M) (1.7B)
Cash Position
Cash at Beginning of Period 1.2B 834M 988M 1.1B 1.6B 2.3B 4.3B 2.0B 2.1B 2.0B
Cash at End of Period 834M 988M 1.1B 1.6B 2.3B 4.3B 2.0B 2.1B 2.0B 1.7B
Free Cash Flow
Free Cash Flow (Reported) 832M 706M 922M 1.1B (267M) 294M 861M 560M 515M 608M
Free Cash Flow (Calculated) 832M 706M 922M 1.1B (267M) 294M 861M 560M 515M 1.4B

Analysis

How have Transurban Group's (TCL) revenue and earnings per share trended over time?

Transurban Group's reported revenue rose from $2.2B in FY2016 to $4.2B in FY2019, dipped to $2.9B in FY2021, recovered to $4.2B in FY2023 and $4.1B in FY2024, then eased to $3.8B in FY2025. Gross profit took a sharper path, falling from $1.5B in FY2016 to a low of $658M in FY2021 before climbing to $2.6B in FY2025 - a gross margin that moved from 66.5% of revenue down to 21.4% in FY2022 and back up to 68.0% in FY2025.

Operating income weakened through FY2020-FY2022, dropping from $999M in FY2018 to as low as $484M in FY2021 (16.8% of revenue) before improving to $1.1B in FY2024 (27.5% of revenue). Diluted earnings per share tracked this closely: from $0.05 in FY2016 it rose to $0.23 in FY2018, turned negative at -$0.04 in FY2020 and -$0.15 in FY2021, then recovered to $0.11 in FY2024 before easing to $0.04 in FY2025, as basic shares on issue grew from 2.0B to 3.1B over the period.

Updated 4 Jul 2026

How resilient is Transurban's (TCL) balance sheet?

Transurban's reported total assets have grown from $23.0B in FY2016 to $35.6B in FY2025, after peaking at $39.0B in FY2022. Total liabilities rose alongside this, from $16.6B to $26.1B over the same period. Combined short-term and long-term borrowings reached $21.1B in FY2025, up from $12.9B in FY2016, against shareholder equity of $9.2B — a debt-to-equity ratio of roughly 2.3x, an improvement from about 2.6x in FY2016 but above the 1.6x implied by FY2022's $14.4B equity peak.

Cash and equivalents stood at $1.7B in FY2025, having fallen back from a $4.3B high reached in FY2021. Retained earnings have remained negative throughout the reported period and have deepened steadily, from -$3.1B in FY2016 to -$5.7B in FY2025, pointing to cumulative losses or distributions in excess of profits rather than an equity buffer built from retained earnings.

Shareholder equity as a share of total assets sat at 25.8% in FY2025, up from 21.9% in FY2016 but down from a high of 37.0% in FY2022, when equity reached $14.4B. On these figures, the balance sheet carries substantial leverage typical of a long-term infrastructure asset base, with total liabilities exceeding shareholder equity by roughly 2.8 times in the most recently reported year.

Updated 5 Jul 2026

How much cash does Transurban Group (TCL) generate, and how does it fund its dividends?

Operating cash flow has grown from $910M in FY2016 to a peak of $1.7B in FY2023, easing slightly to $1.6B in FY2024 and $1.5B in FY2025. Capital expenditure was modest through FY2016-FY2019, between $78M and $133M, before jumping to $1.6B in FY2020 and staying elevated at roughly $1.0B-$1.2B in most years since, at $907M in FY2025. The FY2020 spending spike was large enough to push free cash flow negative, to -$267M, the only such year on record.

Free cash flow has otherwise stayed positive, ranging from $515M in FY2024 to a high of $1.1B in FY2019, and came in at $608M in FY2025. Dividend payments have grown from $744M in FY2016 to $2.1B in FY2025 and have exceeded free cash flow in most recent years - for example, $2.1B was paid out in FY2025 against $608M of free cash flow generated that year. No stock buybacks are recorded in any year on file.

Updated 4 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.