FCNCA Q3 2023 Earnings Report — First Citizens BancShares, Inc. Revenue & Financial Results | Market Cap Arena

First Citizens BancShares, Inc.FCNCA

Q3 2023 Earnings

Reported November 3, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2023	Q2 2023	Q3 2022	QoQ Change	YoY Change
Revenue	$3.7B	$3.5B	$1.3B	5.9%	182.9%
Op. Income	$997M	$896M	$408M	11.3%	144.4%
Gross Margin	64.5%	67.3%	86.9%	-2.8pp	-22.4pp
Net Margin	20.3%	19.5%	24.1%	0.8pp	-3.8pp
EPS (Diluted)	$50.69	$45.88	$19.25	10.5%	163.3%
Free Cash Flow	$907M	$534M	$339M	69.9%	167.6%

Revenue Flow

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$1.3B
GROSS PROFIT	$2.4B
R&D Expenses	$0
Selling & Marketing	$22M
General & Administrative	$814M
SG&A Expenses	$836M
Other Expenses	$557M
Operating Expenses	$1.4B
Cost & Expenses	$2.7B
OPERATING INCOME	$997M
Interest Income	$3.1B
Interest Expense	$1.1B
Other Income/Expenses	$0
INCOME BEFORE TAX	$997M
Income Tax Expense	$245M
Net Income from Continuing Ops	$752M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$752M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$737M
D&A	-$102M
EBIT	$997M
EBITDA	$895M
EPS	$51
EPS Diluted	$51

Income Statement

Item	Amount
REVENUE	$3.7B
Cost of Revenue	$1.3B
GROSS PROFIT	$2.4B
R&D Expenses	$0
Selling & Marketing	$22M
General & Administrative	$814M
SG&A Expenses	$836M
Other Expenses	$557M
Operating Expenses	$1.4B
Cost & Expenses	$2.7B
OPERATING INCOME	$997M
Interest Income	$3.1B
Interest Expense	$1.1B
Other Income/Expenses	$0
INCOME BEFORE TAX	$997M
Income Tax Expense	$245M
Net Income from Continuing Ops	$752M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$752M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$737M
D&A	-$102M
EBIT	$997M
EBITDA	$895M
EPS	$51
EPS Diluted	$51

Cash Flow Statement

Item	Amount
Net Income	$752M
Depreciation & Amortization	-$102M
Stock-Based Compensation	$1M
Deferred Income Tax	$514M
Other Non-Cash Items	$236M
Change in Working Capital	-$196M
OPERATING CASH FLOW	$1.2B
Capital Expenditure	-$298M
Acquisitions (Net)	-$69M
Purchases of Investments	-$5.3B
Sales/Maturities of Investments	$659M
Other Investing Activities	$1.3B
NET CASH FROM INVESTING	-$3.8B
Net Debt Issuance	-$2.4B
Common Stock Repurchased	$0
Common Dividends Paid	-$26M
Other Financing Activities	$4.9B
NET CASH FROM FINANCING	$2.4B
FREE CASH FLOW	$907M
Net Change in Cash	-$125M

Balance Sheet

Item	Amount
Cash & Equivalents	$37.5B
Short-Term Investments	$16.7B
Net Receivables	$3.5B
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$57.7B
PP&E (Net)	$10.8B
Goodwill	$346M
Intangible Assets	$354M
Long-Term Investments	$142.6B
Tax Assets	$0
Other Non-Current Assets	$1.4B
TOTAL NON-CURRENT ASSETS	$155.5B
TOTAL ASSETS	$213.8B
Account Payables	$146M
Short-Term Debt	$453M
Deferred Revenue	$0
Other Current Liabilities	$146.2B
TOTAL CURRENT LIABILITIES	$147.3B
Long-Term Debt	$37.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$3.6B
Other Non-Current Liabilities	$4.8B
TOTAL NON-CURRENT LIABILITIES	$46.1B
TOTAL LIABILITIES	$193.4B
Common Stock	$15M
Additional Paid-In Capital	$4.1B
Retained Earnings	$16.3B
Treasury Stock	$0
Accum. Other Comp. Income	-$880M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$20.4B
Minority Interest	$0
TOTAL EQUITY	$20.4B
TOTAL LIABILITIES & EQUITY	$213.8B
Total Debt	$38.1B
Net Debt	$628M