Selected Financial Data
since 2005
Income Statement
Johnson Controls International plc, selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Net income (loss) attributable to Johnson Controls |
|---|---|---|
| Sep 30, 2023 | 26,793) | 1,849) |
| Sep 30, 2022 | 25,299) | 1,532) |
| Sep 30, 2021 | 23,668) | 1,637) |
| Sep 30, 2020 | 22,317) | 631) |
| Sep 30, 2019 | 23,968) | 5,674) |
| Sep 30, 2018 | 31,400) | 2,162) |
| Sep 30, 2017 | 30,172) | 1,611) |
| Sep 30, 2016 | 37,674) | (868) |
| Sep 30, 2015 | 37,179) | 1,563) |
| Sep 30, 2014 | 42,828) | 1,215) |
| Sep 30, 2013 | 42,730) | 1,178) |
| Sep 30, 2012 | 41,955) | 1,226) |
| Sep 30, 2011 | 40,833) | 1,624) |
| Sep 30, 2010 | 34,305) | 1,491) |
| Sep 30, 2009 | 28,497) | (338) |
| Sep 30, 2008 | 38,062) | 979) |
| Sep 30, 2007 | 34,624) | 1,252) |
| Sep 30, 2006 | 32,235) | 1,028) |
| Sep 30, 2005 | 27,479) | 909) |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
The financial performance between 2005 and 2023 is characterized by a significant shift in revenue scale and considerable volatility in net profitability. Net sales experienced an initial growth phase, followed by a period of sustained contraction, and a recent trend toward stabilization.
- Revenue Trajectory
- Net sales grew steadily from 27,479 million USD in 2005 to a peak of 42,828 million USD in 2014, despite a sharp temporary decline in 2009. Following the 2014 peak, a consistent downward trend occurred, with sales falling to a low of 22,317 million USD by 2020. Since 2021, a modest recovery has been observed, with sales increasing to 26,793 million USD by 2023.
- Net Income Volatility
- Net income exhibits higher variance than revenue, with two distinct periods of negative earnings. Net losses were recorded in 2009 (338 million USD) and 2016 (868 million USD). Outside of these losses and a singular anomaly, net income generally fluctuated between 600 million USD and 2.2 billion USD.
- Profitability Anomaly
- A significant divergence between sales and income occurred in 2019. While net sales declined to 23,968 million USD, net income spiked to a period-high of 5,674 million USD. This represents a substantial departure from historical margins, suggesting the impact of non-operational gains or significant one-time events rather than organic growth.
- Recent Performance Trends
- The period from 2020 to 2023 indicates a phase of stabilization. Net sales have grown incrementally each year, and net income has recovered from a 2020 low of 631 million USD to 1,849 million USD in 2023, suggesting an improvement in operational efficiency or a shift in the business model following the revenue contractions of the previous decade.
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Balance Sheet: Assets
Johnson Controls International plc, selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Sep 30, 2023 | 10,737) | 42,242) |
| Sep 30, 2022 | 11,685) | 42,158) |
| Sep 30, 2021 | 9,998) | 41,890) |
| Sep 30, 2020 | 10,053) | 40,815) |
| Sep 30, 2019 | 12,393) | 42,287) |
| Sep 30, 2018 | 11,823) | 48,797) |
| Sep 30, 2017 | 12,292) | 51,884) |
| Sep 30, 2016 | 17,109) | 63,253) |
| Sep 30, 2015 | 11,093) | 29,673) |
| Sep 30, 2014 | 13,107) | 32,804) |
| Sep 30, 2013 | 13,698) | 31,518) |
| Sep 30, 2012 | 12,673) | 30,884) |
| Sep 30, 2011 | 12,015) | 29,676) |
| Sep 30, 2010 | 10,652) | 25,743) |
| Sep 30, 2009 | 9,826) | 24,088) |
| Sep 30, 2008 | 10,676) | 24,987) |
| Sep 30, 2007 | 10,872) | 24,105) |
| Sep 30, 2006 | 9,264) | 21,921) |
| Sep 30, 2005 | 7,139) | 16,144) |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
The asset trajectory from 2005 to 2023 reveals three distinct phases: a period of sustained growth, a significant expansionary peak, and a subsequent phase of contraction and stabilization.
- Total Asset Evolution
- Total assets exhibited consistent growth from 2005 through 2014, rising from 16,144 million USD to 32,804 million USD. A substantial increase is observed in 2016, where total assets peaked at 63,253 million USD. This peak was followed by a period of decline and adjustment, with assets decreasing to 40,815 million USD by 2020, before stabilizing at 42,242 million USD by the end of the period in 2023.
- Current Asset Trends
- Current assets followed a similar growth pattern between 2005 and 2013, increasing from 7,139 million USD to 13,698 million USD. A significant spike occurred in 2016, reaching 17,109 million USD. Subsequent years showed a general downward trend, with current assets ending the period at 10,737 million USD in 2023, reflecting a reduction in short-term asset holdings compared to the 2013-2016 period.
- Structural Asset Composition
- The composition of the balance sheet shifted notably over the observed timeframe. Between 2005 and 2014, current assets constituted a larger proportion of total assets. The dramatic increase in total assets in 2016 was disproportionately driven by non-current assets, as the ratio of current assets to total assets fell from approximately 40% in 2014 to roughly 27% in 2016. By 2023, current assets represented approximately 25% of total assets, indicating a long-term shift toward a more non-current asset-heavy balance sheet structure.
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Balance Sheet: Liabilities and Stockholders’ Equity
Johnson Controls International plc, selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Shareholders’ equity attributable to Johnson Controls | |
|---|---|---|---|---|
| Sep 30, 2023 | 11,084) | 24,548) | 8,848) | 16,545) |
| Sep 30, 2022 | 11,239) | 24,756) | 8,960) | 16,268) |
| Sep 30, 2021 | 9,098) | 23,137) | 7,740) | 17,562) |
| Sep 30, 2020 | 8,248) | 22,282) | 7,819) | 17,447) |
| Sep 30, 2019 | 9,070) | 21,458) | 7,219) | 19,766) |
| Sep 30, 2018 | 11,250) | 26,339) | 10,995) | 21,164) |
| Sep 30, 2017 | 11,854) | 30,306) | 13,572) | 20,447) |
| Sep 30, 2016 | 16,293) | 37,929) | 16,353) | 24,118) |
| Sep 30, 2015 | 10,495) | 18,922) | 6,610) | 10,376) |
| Sep 30, 2014 | 11,694) | 21,048) | 6,680) | 11,311) |
| Sep 30, 2013 | 12,117) | 18,787) | 5,498) | 12,314) |
| Sep 30, 2012 | 10,855) | 18,928) | 6,068) | 11,555) |
| Sep 30, 2011 | 10,782) | 18,236) | 5,146) | 11,042) |
| Sep 30, 2010 | 9,910) | 15,370) | 3,389) | 10,071) |
| Sep 30, 2009 | 8,716) | 14,749) | 3,966) | 9,138) |
| Sep 30, 2008 | 9,810) | 15,327) | 3,944) | 9,424) |
| Sep 30, 2007 | 9,920) | 15,198) | 4,418) | 8,907) |
| Sep 30, 2006 | 8,146) | 14,566) | 4,743) | 7,355) |
| Sep 30, 2005 | 6,841) | 10,086) | 2,342) | 6,058) |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
The financial structure of the organization between 2005 and 2023 is characterized by a period of steady growth, a significant balance sheet expansion peaking in 2016, and a subsequent phase of deleveraging and consolidation. The most prominent feature of this period is the volatility observed around 2016, where liabilities, debt, and equity all reached historical peaks before trending downward or stabilizing.
- Liability Trends and Management
- Total liabilities increased moderately from 10.086 billion US$ in 2005 to 18.922 billion US$ in 2015. A sharp spike occurred in 2016, with total liabilities reaching a maximum of 37.929 billion US$. Following this peak, a consistent reduction was observed, bringing total liabilities down to 24.548 billion US$ by 2023. Current liabilities followed a similar trajectory, peaking at 16.293 billion US$ in 2016 before stabilizing in the range of 8 billion to 11 billion US$ over the final seven years of the period.
- Debt Obligation Analysis
- Total debt exhibited the most significant relative volatility. From 2005 to 2015, debt levels fluctuated between 3.3 billion and 6.6 billion US$. In 2016, total debt surged to 16.353 billion US$, representing a more than twofold increase from the previous year. This was followed by a sustained period of debt reduction, with levels falling to 7.219 billion US$ by 2019. Although a slight increase occurred thereafter, the 2023 closing figure of 8.848 billion US$ remains substantially lower than the 2016 peak.
- Shareholders' Equity Evolution
- Equity attributable to the company showed a long-term upward trend for the first eleven years, rising from 6.058 billion US$ in 2005 to 10.376 billion US$ in 2015. Similar to the liability trends, equity saw a massive increase in 2016, jumping to 24.118 billion US$. In the years following 2016, equity experienced a gradual decline and eventual stabilization, ending the period at 16.545 billion US$ in 2023. Despite this post-2016 contraction, the equity base remains significantly larger than the levels maintained between 2005 and 2015.
- Capital Structure Observations
- The balance sheet suggests a major capital restructuring or corporate event in 2016, evidenced by the simultaneous surge in debt, total liabilities, and equity. The period from 2017 to 2023 indicates a strategic shift toward reducing the total liability burden and normalizing the debt-to-equity relationship, resulting in a more streamlined balance sheet by the end of the observed timeframe.
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Cash Flow Statement
Johnson Controls International plc, selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operating activities from continuing operations | Cash (used) provided by investing activities from continuing operations | Cash provided (used) by financing activities from continuing operations |
|---|---|---|---|
| Sep 30, 2023 | 2,221) | (1,184) | (2,174) |
| Sep 30, 2022 | 1,990) | (693) | (516) |
| Sep 30, 2021 | 2,551) | (1,090) | (2,131) |
| Sep 30, 2020 | 2,479) | (258) | (2,824) |
| Sep 30, 2019 | 1,743) | (533) | (10,519) |
| Sep 30, 2018 | 2,513) | 1,215) | (3,752) |
| Sep 30, 2017 | 12) | (1,137) | 717) |
| Sep 30, 2016 | 1,895) | (887) | (933) |
| Sep 30, 2015 | 1,600) | 470) | (1,821) |
| Sep 30, 2014 | 2,395) | (2,593) | (412) |
| Sep 30, 2013 | 2,686) | (580) | (1,214) |
| Sep 30, 2012 | 1,559) | (1,792) | 207) |
| Sep 30, 2011 | 1,076) | (2,637) | 1,239) |
| Sep 30, 2010 | 1,514) | (968) | (895) |
| Sep 30, 2009 | 917) | (828) | 278) |
| Sep 30, 2008 | 1,928) | (1,270) | (895) |
| Sep 30, 2007 | 1,913) | (1,051) | (542) |
| Sep 30, 2006 | 1,417) | (3,076) | 1,741) |
| Sep 30, 2005 | 927) | (272) | (543) |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
The cash flow profile from 2005 to 2023 reveals a company with generally stable operating cash generation, characterized by periodic volatility in investing and financing activities. Operating cash flows have remained positive throughout the entire period, though they have experienced significant fluctuations, particularly a notable contraction in 2017.
- Operating Cash Flow Trends
- Cash provided by operating activities grew steadily from 927 million in 2005 to a peak of 2,686 million in 2013. A significant anomaly occurred in 2017, where operating cash flow dropped sharply to 12 million, representing a near-total depletion of cash from continuing operations for that fiscal year. However, a strong recovery followed, with values stabilizing between 1,743 million and 2,551 million from 2018 through 2023, indicating a resilient core operational capacity.
- Investing Activity Patterns
- Investing activities were predominantly negative, reflecting consistent capital expenditures or acquisitions. Major outflows were observed in 2006 (-3,076 million) and 2014 (-2,593 million). Conversely, positive cash flows from investing activities occurred in 2015 (470 million) and 2018 (1,215 million), suggesting periods of strategic divestments or the sale of assets that temporarily offset investment spending.
- Financing Activity Dynamics
- Financing activities exhibit the highest degree of volatility. From 2005 to 2012, financing flows fluctuated between inflows and outflows, indicating a period of variable borrowing and repayment. Starting in 2013, a trend of substantial net outflows emerged, culminating in a significant peak in 2019 with an outflow of 10,519 million. This pattern suggests an aggressive strategy regarding debt reduction, dividend payments, or share repurchases during the latter decade of the observed period.
Overall, the data indicates a transition from a period of mixed financial movements to a more established operational baseline coupled with significant capital returns or debt obligations, as evidenced by the intensified negative financing flows against a backdrop of recovered operating cash flows.
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Per Share Data
Johnson Controls International plc, 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 |
|---|---|---|---|
| Sep 30, 2023 | 2.70 | 2.69 | 1.45 |
| Sep 30, 2022 | 2.20 | 2.19 | 1.39 |
| Sep 30, 2021 | 2.28 | 2.27 | 1.07 |
| Sep 30, 2020 | 0.84 | 0.84 | 1.04 |
| Sep 30, 2019 | 6.52 | 6.49 | 1.04 |
| Sep 30, 2018 | 2.34 | 2.32 | 1.04 |
| Sep 30, 2017 | 1.72 | 1.71 | 1.00 |
| Sep 30, 2016 | -1.30 | -1.30 | 1.16 |
| Sep 30, 2015 | 2.39 | 2.36 | 1.04 |
| Sep 30, 2014 | 1.82 | 1.80 | 0.88 |
| Sep 30, 2013 | 1.72 | 1.71 | 0.76 |
| Sep 30, 2012 | 1.80 | 1.78 | 0.72 |
| Sep 30, 2011 | 2.40 | 2.36 | 0.64 |
| Sep 30, 2010 | 2.22 | 2.19 | 0.52 |
| Sep 30, 2009 | -0.57 | -0.57 | 0.52 |
| Sep 30, 2008 | 1.65 | 1.63 | 0.52 |
| Sep 30, 2007 | 2.12 | 2.09 | 0.44 |
| Sep 30, 2006 | 1.76 | 1.74 | 0.37 |
| Sep 30, 2005 | 1.58 | 1.56 | 0.33 |
Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial per share data reveals a history of significant earnings volatility contrasted by a disciplined and progressive dividend policy. While net earnings experienced several sharp contractions and one extreme spike, the distributions to shareholders remained largely decoupled from short-term profitability fluctuations.
- Earnings Per Share (EPS) Volatility
- Basic and diluted earnings per share exhibited substantial variance between 2005 and 2023. Two primary periods of negative earnings are evident, occurring in 2009 (-0.57 USD) and 2016 (-1.30 USD). A notable anomaly occurred in 2019, where basic EPS reached a peak of 6.52 USD, the highest value in the recorded period. Subsequent to a sharp decline in 2020 to 0.84 USD, earnings have entered a steady recovery phase, increasing consecutively from 2021 to reach 2.70 USD by September 30, 2023.
- Dividend Growth and Stability
- Dividends per share demonstrate a consistent long-term upward trend, rising from 0.33 USD in 2005 to 1.45 USD in 2023. A key observation is the maintenance of dividend payments during years of negative EPS, specifically in 2009 and 2016, suggesting a corporate priority to sustain shareholder returns despite operational losses. Following a period of stagnation between 2018 and 2020 where dividends were held at 1.04 USD, a renewed growth trajectory commenced in 2021.
- Comparison of Basic and Diluted EPS
- There is a high degree of convergence between basic and diluted earnings per share across all reporting years. The negligible difference between these two metrics indicates that the impact of potentially dilutive securities—such as stock options or convertible bonds—on the earnings per share has remained minimal throughout the observed period.
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