FCNCA Q2 2024 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

Q2 2024 Earnings

Reported August 8, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2024	Q1 2024	Q2 2023	QoQ Change	YoY Change
Revenue	$3.7B	$3.7B	$3.5B	0.1%	6.0%
Op. Income	$979M	$1.0B	$896M	-2.5%	9.3%
Gross Margin	62.1%	64.1%	67.3%	-1.9pp	-5.2pp
Net Margin	19.1%	19.7%	19.5%	-0.7pp	-0.4pp
EPS (Diluted)	$47.54	$49.26	$45.88	-3.5%	3.6%
Free Cash Flow	$79M	$176M	$534M	-55.1%	-85.2%

Revenue Flow

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$1.4B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$18M
General & Administrative	$838M
SG&A Expenses	$856M
Other Expenses	$468M
Operating Expenses	$1.3B
Cost & Expenses	$2.7B
OPERATING INCOME	$979M
Interest Income	$3.1B
Interest Expense	$1.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$979M
Income Tax Expense	$272M
Net Income from Continuing Ops	$707M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$707M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$691M
D&A	$6M
EBIT	$979M
EBITDA	$985M
EPS	$48
EPS Diluted	$48

Income Statement

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$1.4B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$18M
General & Administrative	$838M
SG&A Expenses	$856M
Other Expenses	$468M
Operating Expenses	$1.3B
Cost & Expenses	$2.7B
OPERATING INCOME	$979M
Interest Income	$3.1B
Interest Expense	$1.3B
Other Income/Expenses	$0
INCOME BEFORE TAX	$979M
Income Tax Expense	$272M
Net Income from Continuing Ops	$707M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$707M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$691M
D&A	$6M
EBIT	$979M
EBITDA	$985M
EPS	$48
EPS Diluted	$48

Cash Flow Statement

Item	Amount
Net Income	$707M
Depreciation & Amortization	$6M
Stock-Based Compensation	$0
Deferred Income Tax	-$184M
Other Non-Cash Items	$28M
Change in Working Capital	-$140M
OPERATING CASH FLOW	$417M
Capital Expenditure	-$338M
Acquisitions (Net)	$0
Purchases of Investments	-$5.1B
Sales/Maturities of Investments	$2.1B
Other Investing Activities	$1.5B
NET CASH FROM INVESTING	-$1.8B
Net Debt Issuance	-$1M
Common Stock Repurchased	$0
Common Dividends Paid	-$39M
Other Financing Activities	$1.5B
NET CASH FROM FINANCING	$1.5B
FREE CASH FLOW	$79M
Net Change in Cash	$66M

Balance Sheet

Item	Amount
Cash & Equivalents	$26.1B
Short-Term Investments	$27.1B
Net Receivables	$3.4B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$56.6B
PP&E (Net)	$11.2B
Goodwill	$346M
Intangible Assets	$306M
Long-Term Investments	$149.3B
Tax Assets	$0
Other Non-Current Assets	$1.6B
TOTAL NON-CURRENT ASSETS	$162.8B
TOTAL ASSETS	$219.8B
Account Payables	$159M
Short-Term Debt	$386M
Deferred Revenue	$0
Other Current Liabilities	$151.1B
TOTAL CURRENT LIABILITIES	$152.0B
Long-Term Debt	$37.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$3.3B
Other Non-Current Liabilities	$4.6B
TOTAL NON-CURRENT LIABILITIES	$45.4B
TOTAL LIABILITIES	$197.3B
Common Stock	$15M
Additional Paid-In Capital	$4.1B
Retained Earnings	$18.1B
Treasury Stock	$0
Accum. Other Comp. Income	-$610M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$22.5B
Minority Interest	$0
TOTAL EQUITY	$22.5B
TOTAL LIABILITIES & EQUITY	$219.8B
Total Debt	$37.8B
Net Debt	$11.7B