Selected Financial Data
since 2005
Income Statement
Colgate-Palmolive Co., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating profit | Net income attributable to Colgate-Palmolive Company |
|---|---|---|---|
| Dec 31, 2022 | 17,967) | 2,893) | 1,785) |
| Dec 31, 2021 | 17,421) | 3,332) | 2,166) |
| Dec 31, 2020 | 16,471) | 3,885) | 2,695) |
| Dec 31, 2019 | 15,693) | 3,554) | 2,367) |
| Dec 31, 2018 | 15,544) | 3,694) | 2,400) |
| Dec 31, 2017 | 15,454) | 3,589) | 2,024) |
| Dec 31, 2016 | 15,195) | 3,837) | 2,441) |
| Dec 31, 2015 | 16,034) | 2,789) | 1,384) |
| Dec 31, 2014 | 17,277) | 3,557) | 2,180) |
| Dec 31, 2013 | 17,420) | 3,556) | 2,241) |
| Dec 31, 2012 | 17,085) | 3,889) | 2,472) |
| Dec 31, 2011 | 16,734) | 3,841) | 2,431) |
| Dec 31, 2010 | 15,564) | 3,489) | 2,203) |
| Dec 31, 2009 | 15,327) | 3,615) | 2,291) |
| Dec 31, 2008 | 15,330) | 3,021) | 1,957) |
| Dec 31, 2007 | 13,790) | 2,653) | 1,737) |
| Dec 31, 2006 | 12,238) | 2,161) | 1,353) |
| Dec 31, 2005 | 11,397) | 2,215) | 1,351) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Between 2005 and 2022, the company's financial trajectory is characterized by an initial period of aggressive expansion, a mid-term phase of volatility, and a recent trend of revenue growth coupled with declining profitability margins.
- Revenue Performance
- Net sales demonstrated a consistent upward trend from 2005 to 2013, increasing from US$ 11,397 million to US$ 17,420 million. A subsequent contraction period was observed between 2014 and 2016, where sales declined to a low of US$ 15,195 million. From 2017 through 2022, a steady recovery occurred, with net sales reaching a period peak of US$ 17,967 million by the end of 2022.
- Operating Profitability
- Operating profit grew steadily from US$ 2,215 million in 2005 to a peak of US$ 3,889 million in 2012. Despite a sharp temporary decline in 2015 to US$ 2,789 million, profitability recovered strongly in 2016 to US$ 3,837 million. However, from 2017 to 2022, a persistent downward trend is evident, with operating profit falling to US$ 2,893 million, suggesting increasing operational costs or pricing pressures despite rising sales.
- Net Income Trends
- Net income attributable to the company followed a growth pattern similar to operating profit, rising from US$ 1,351 million in 2005 to US$ 2,472 million in 2012. The data reveals significant volatility in 2015, where net income dropped sharply to US$ 1,384 million. Although a recovery peak was reached in 2020 at US$ 2,695 million, the final two years show a marked decline, ending at US$ 1,785 million in 2022.
- Margin Analysis
- An analysis of the relationship between sales and profit indicates a compression of margins in the latter part of the period. While net sales in 2022 were higher than in 2012, both operating profit and net income in 2022 were significantly lower than their 2012 levels. This divergence suggests that the growth in top-line revenue has not translated into proportional bottom-line growth in recent years.
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Balance Sheet: Assets
Colgate-Palmolive Co., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 5,113) | 15,731) |
| Dec 31, 2021 | 4,397) | 15,040) |
| Dec 31, 2020 | 4,338) | 15,920) |
| Dec 31, 2019 | 4,179) | 15,034) |
| Dec 31, 2018 | 3,793) | 12,161) |
| Dec 31, 2017 | 4,639) | 12,676) |
| Dec 31, 2016 | 4,338) | 12,123) |
| Dec 31, 2015 | 4,384) | 11,958) |
| Dec 31, 2014 | 4,863) | 13,459) |
| Dec 31, 2013 | 4,822) | 13,876) |
| Dec 31, 2012 | 4,556) | 13,394) |
| Dec 31, 2011 | 4,402) | 12,724) |
| Dec 31, 2010 | 3,730) | 11,172) |
| Dec 31, 2009 | 3,810) | 11,134) |
| Dec 31, 2008 | 3,710) | 9,979) |
| Dec 31, 2007 | 3,619) | 10,112) |
| Dec 31, 2006 | 3,301) | 9,138) |
| Dec 31, 2005 | 2,757) | 8,507) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a consistent long-term expansion in the total asset base from 2005 through 2022. Total assets increased from 8,507 million USD to 15,731 million USD, representing a substantial growth in the overall resource scale over the seventeen-year period.
- Total Asset Trajectory
- A steady upward trend is observed from 2005 until 2013, where assets reached 13,876 million USD. This was followed by a period of contraction and volatility between 2014 and 2017, with a notable decline to 11,958 million USD in 2015. A secondary growth phase occurred starting in 2018, leading to a historical peak of 15,920 million USD in 2020, before stabilizing at 15,731 million USD by 2022.
- Current Asset Dynamics
- Current assets followed a growth pattern similar to total assets in the early years, rising from 2,757 million USD in 2005 to a peak of 4,863 million USD in 2014. A significant contraction is noted in 2018, when current assets fell to 3,793 million USD. This was followed by a strong recovery trend, culminating in a period high of 5,113 million USD by the end of 2022.
- Asset Composition and Stability
- The proportion of current assets relative to total assets remained remarkably stable over the analyzed period. Current assets consistently represented approximately 31% to 35% of the total asset base, indicating a disciplined approach to maintaining liquidity ratios despite fluctuations in the absolute size of the balance sheet.
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Balance Sheet: Liabilities and Stockholders’ Equity
Colgate-Palmolive Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Total Colgate-Palmolive Company shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 4,004) | 14,925) | 8,766) | 401) |
| Dec 31, 2021 | 4,051) | 14,069) | 7,245) | 609) |
| Dec 31, 2020 | 4,404) | 14,819) | 7,601) | 743) |
| Dec 31, 2019 | 4,038) | 14,476) | 7,847) | 117) |
| Dec 31, 2018 | 3,341) | 11,964) | 6,366) | (102) |
| Dec 31, 2017 | 3,408) | 12,433) | 6,577) | (60) |
| Dec 31, 2016 | 3,305) | 12,106) | 6,533) | (243) |
| Dec 31, 2015 | 3,534) | 12,002) | 6,571) | (299) |
| Dec 31, 2014 | 3,946) | 12,074) | 6,148) | 1,145) |
| Dec 31, 2013 | 4,470) | 11,340) | 5,657) | 2,305) |
| Dec 31, 2012 | 3,736) | 11,004) | 5,230) | 2,189) |
| Dec 31, 2011 | 3,716) | 10,183) | 4,810) | 2,375) |
| Dec 31, 2010 | 3,728) | 8,355) | 3,424) | 2,675) |
| Dec 31, 2009 | 3,599) | 7,877) | 3,182) | 3,116) |
| Dec 31, 2008 | 2,953) | 7,936) | 3,784) | 1,922) |
| Dec 31, 2007 | 3,163) | 7,826) | 3,516) | 2,286) |
| Dec 31, 2006 | 3,469) | 7,727) | 3,671) | 1,411) |
| Dec 31, 2005 | 2,743) | 7,157) | 3,446) | 1,350) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
An analysis of the balance sheet data from 2005 to 2022 reveals a consistent expansion of the company's liability profile coupled with significant volatility in shareholders' equity. Total liabilities more than doubled over the period, increasing from 7,157 million USD in 2005 to 14,925 million USD by 2022, indicating a long-term trend of increased financial leverage.
- Liability and Debt Trends
- Total liabilities exhibited a steady upward trajectory, with a notable acceleration beginning in 2011. Total debt followed a similar pattern, rising from 3,446 million USD in 2005 to 8,766 million USD in 2022. A significant increase in debt was observed between 2010 and 2012, where total debt grew from 3,424 million USD to 5,230 million USD. Current liabilities remained relatively stable in comparison, though they experienced a peak of 4,404 million USD in 2020 before moderately declining.
- Shareholders' Equity Volatility
- The equity position underwent dramatic fluctuations. Shareholders' equity grew from 1,350 million USD in 2005 to a peak of 3,116 million USD in 2009. However, a sharp downward trend followed, leading to a period of negative equity starting in 2014. The deficit peaked in 2015 at -299 million USD and remained negative through 2018. A recovery phase began in 2019, with equity returning to positive territory and reaching 401 million USD by 2022, although this remains significantly below the 2009 peak.
- Capital Structure and Solvency Implications
- The convergence of rising total debt and declining shareholders' equity between 2011 and 2018 suggests a period of aggressive capital restructuring or high distributions to shareholders relative to retained earnings. The transition into negative equity during the 2014–2018 window indicates a highly leveraged capital structure where total liabilities exceeded total assets. The subsequent return to positive equity since 2019 suggests a shift toward balance sheet stabilization.
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Cash Flow Statement
Colgate-Palmolive Co., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operations | Net cash used in investing activities | Net cash used in financing activities |
|---|---|---|---|
| Dec 31, 2022 | 2,556) | (1,601) | (952) |
| Dec 31, 2021 | 3,325) | (592) | (2,774) |
| Dec 31, 2020 | 3,719) | (779) | (2,919) |
| Dec 31, 2019 | 3,133) | (2,099) | (870) |
| Dec 31, 2018 | 3,056) | (1,170) | (2,679) |
| Dec 31, 2017 | 3,054) | (471) | (2,450) |
| Dec 31, 2016 | 3,141) | (499) | (2,233) |
| Dec 31, 2015 | 2,949) | (685) | (2,276) |
| Dec 31, 2014 | 3,298) | (859) | (2,170) |
| Dec 31, 2013 | 3,204) | (890) | (2,142) |
| Dec 31, 2012 | 3,196) | (865) | (2,301) |
| Dec 31, 2011 | 2,896) | (1,213) | (1,242) |
| Dec 31, 2010 | 3,211) | (658) | (2,624) |
| Dec 31, 2009 | 3,277) | (841) | (2,270) |
| Dec 31, 2008 | 2,238) | (613) | (1,466) |
| Dec 31, 2007 | 2,204) | (528) | (1,754) |
| Dec 31, 2006 | 1,822) | (620) | (1,059) |
| Dec 31, 2005 | 1,784) | (221) | (1,524) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile exhibits a consistent ability to generate significant liquidity from core operations, which has historically been utilized to fund both capital investments and substantial shareholder distributions or debt obligations.
- Operating Cash Flow Trends
- Net cash provided by operations grew steadily from 1,784 million US$ in 2005 to a peak of 3,277 million US$ in 2009. Between 2010 and 2021, operational cash flows remained relatively stable, generally fluctuating between 2,896 million US$ and 3,719 million US$. However, a notable contraction occurred in 2022, where cash provided by operations decreased to 2,556 million US$, representing the lowest level since 2008.
- Investing Activities Patterns
- Cash outflows for investing activities remained constant throughout the period, though the magnitude of these expenditures increased in volatility over time. While early outflows were relatively modest, significant spikes are observed in 2011, 2018, 2019, and 2022. The most substantial investment outflow occurred in 2019, reaching 2,099 million US$, followed by a significant increase to 1,601 million US$ in 2022, suggesting periodic phases of aggressive capital expenditure or strategic acquisitions.
- Financing Activities Analysis
- Financing activities consistently resulted in net cash outflows, indicating a sustained commitment to returning capital to shareholders or reducing debt. From 2009 to 2018, annual outflows were largely concentrated between 2,100 million US$ and 2,700 million US$. A sharp divergence occurred in 2019, when outflows dropped to 870 million US$, before surging to a peak of 2,919 million US$ in 2020. A second significant reduction in financing outflows is observed in 2022, totaling 952 million US$.
Analysis of the relationship between these flows suggests that the entity has maintained a disciplined cash cycle where operational inflows have typically exceeded the combined requirements of investing and financing activities. The period ending in 2022 is characterized by a simultaneous decline in operating cash flow and an increase in investing outflows, which corresponds with a marked reduction in cash used for financing activities.
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Per Share Data
Colgate-Palmolive Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 2.13 | 2.13 | 1.86 |
| Dec 31, 2021 | 2.56 | 2.55 | 1.79 |
| Dec 31, 2020 | 3.15 | 3.14 | 1.75 |
| Dec 31, 2019 | 2.76 | 2.75 | 1.71 |
| Dec 31, 2018 | 2.76 | 2.75 | 1.66 |
| Dec 31, 2017 | 2.30 | 2.28 | 1.59 |
| Dec 31, 2016 | 2.74 | 2.72 | 1.55 |
| Dec 31, 2015 | 1.53 | 1.52 | 1.50 |
| Dec 31, 2014 | 2.38 | 2.36 | 1.42 |
| Dec 31, 2013 | 2.41 | 2.38 | 1.33 |
| Dec 31, 2012 | 2.60 | 2.58 | 1.22 |
| Dec 31, 2011 | 2.49 | 2.47 | 1.14 |
| Dec 31, 2010 | 2.23 | 2.16 | 1.02 |
| Dec 31, 2009 | 2.27 | 2.19 | 0.86 |
| Dec 31, 2008 | 1.91 | 1.83 | 0.78 |
| Dec 31, 2007 | 1.68 | 1.60 | 0.70 |
| Dec 31, 2006 | 1.29 | 1.23 | 0.63 |
| Dec 31, 2005 | 1.27 | 1.22 | 0.56 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial per share data from 2005 to 2022 reveals a divergent trend between earnings volatility and dividend consistency.
- Earnings Per Share (EPS) Performance
- Basic and diluted earnings per share exhibited a general upward trajectory from 2005 to 2012, with basic EPS rising from 1.27 to 2.60. A period of instability followed, characterized by a significant decline in 2015 to 1.53, followed by a recovery to 2.74 in 2016. Peak earnings were reached in 2020 at 3.15 for basic EPS, after which a consistent downward trend commenced, ending at 2.13 in 2022. Diluted EPS mirrored these patterns closely, maintaining a narrow variance from basic EPS throughout the period.
- Dividend Distribution Trends
- Dividend per share demonstrated an uninterrupted annual increase throughout the entire analysis period. Starting at 0.56 in 2005, dividends grew steadily to 1.86 by 2022. This linear growth pattern persists independently of the fluctuations observed in net earnings, suggesting a prioritized commitment to shareholder returns.
- Earnings-to-Dividend Relationship
- The margin between earnings and dividends narrowed significantly during periods of earnings contraction. In 2015, basic EPS of 1.53 was nearly equal to the dividend per share of 1.50, indicating a high payout ratio for that fiscal year. A similar tightening is observed toward the end of the period in 2022, where basic EPS of 2.13 provided a smaller cushion for the 1.86 dividend compared to the peak earnings years of 2019 and 2020.
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