Exhibit 99.1

rtnlogo1a01a06a01a20.jpg
 
 
Raytheon Company
rtnline1a01a06a01a20.jpg
 
 
Global Headquarters
 
 
Waltham, Mass.
 
 
 
 
 
Investor Relations Contact
 
 
Kelsey DeBriyn
 
 
 
781.522.5141
 
 
 
 
 
 
 
Media Contact
 
 
 
Corinne Kovalsky
 
 
 
781.522.5899
For Immediate Release

Raytheon Reports Strong First Quarter 2018 Results

Net sales of $6.3 billion, up 4.5 percent
EPS from continuing operations of $2.20, up 27.2 percent
Operating cash flow from continuing operations of $283 million
Increased annual dividend by 8.8 percent, as previously announced
Increased full-year 2018 guidance for sales and EPS
__________________________________________________________________________________________________

WALTHAM, Mass., (April 26, 2018) - Raytheon Company (NYSE: RTN) today announced net sales for the first quarter 2018 of $6.3 billion, up 4.5 percent compared to $6.0 billion in the first quarter 2017. First quarter 2018 EPS from continuing operations was $2.20 compared to $1.73 in the first quarter 2017. The increase in the first quarter 2018 EPS from continuing operations was primarily driven by operational improvements and lower taxes.
“We delivered strong operating performance in the first quarter with our sales, earnings per share and cash flow all ahead of our expectations,” said Thomas A. Kennedy, Raytheon Chairman and CEO. “We continue to position the company for the future by executing our strategy and investing in advanced capabilities that align with our global customers’ evolving requirements.”
Operating cash flow from continuing operations for the first quarter 2018 was $283 million compared to an outflow of $41 million for the first quarter 2017. The increase in operating cash flow from continuing operations in the first quarter 2018 was primarily due to favorable collections and lower net cash taxes.
In the first quarter 2018, the company repurchased 1.9 million shares of common stock for $400 million. In addition, as previously announced, Raytheon’s Board of Directors voted to increase the annual dividend rate by 8.8 percent, from $3.19 to $3.47 per share, the fourteenth consecutive annual dividend increase.
The company had bookings of $6.3 billion in the first quarter 2018, compared with $5.7 billion in the first quarter 2017.


1


Summary Financial Results
 
 
 
 
 
 
 
 
 
 
1st Quarter
 
%
($ in millions, except per share data)
2018
 
2017
 
Change
 
 
 
 
 
 
Bookings
$
6,311

 
$
5,688

 
11.0%
Net Sales
$
6,267

 
$
6,000

 
4.5%
Income from Continuing Operations attributable to Raytheon Company
$
634

 
$
503

 
26.0%
EPS from Continuing Operations
$
2.20

 
$
1.73

 
27.2%
Operating Cash Flow from Continuing Operations
$
283

 
$
(41
)
 
 
Workdays in Fiscal Reporting Calendar
64

 
64

 
 
 
 
 
 
 
 
Backlog at the end of the first quarter 2018 was $38.1 billion, an increase of approximately $2.1 billion or 5.8 percent compared to the end of the first quarter 2017.
Backlog
 
 
 
 
 
 
 Period Ending
($ in millions)
Q1 2018
 
Q1 2017
 
2017
Backlog
$
38,139

 
$
36,054

 
$
38,210

Outlook
The company has updated its financial outlook for 2018. Charts containing additional information on the company’s 2018 outlook are available on the company’s website.
2018 Financial Outlook
 
 
 
 
Current
 
Prior (1/25/18)
Net Sales ($B)
26.5 - 27.0*
 
26.4 - 26.9
Deferred Revenue Adjustment ($M)1
(10)
 
(10)
Amortization of Acquired Intangibles ($M)1
(118)
 
(118)
FAS/CAS Operating Adjustment ($M)2
1,416
 
1,416
Retirement Benefits Non-service Expense, non-operating ($M)2
(958)
 
(958)
Interest Expense, net ($M)
 (180) - (185)
 
 (180) - (185)
Diluted Shares (M)
287 - 289
 
287 - 289
Effective Tax Rate
 ~18.0%*
 
 ~19.0%
EPS from Continuing Operations
$9.70 - $9.90*
 
$9.55 - $9.75
Operating Cash Flow from Continuing Operations ($B)
 3.6 - 4.0
 
 3.6 - 4.0
*Denotes change from prior guidance
 
 
 
1 Deferred Revenue Adjustment and Amortization of Acquired Intangibles represent the unfavorable impact of the acquisition accounting adjustments to record acquired deferred revenue at fair value and the amortization of acquired intangible assets for all business segments.
2As previously reported, in the first quarter 2018, the company adopted the new retirement benefit standard, Accounting Standards Update 2017-07. As a result, all components of FAS pension and postretirement benefit expense, other than service costs, were reclassified from operating income to non-operating income, with no impact to net income. The outlook above reflects this change.
Segment Results
The company’s reportable segments are: Integrated Defense Systems (IDS); Intelligence, Information and Services (IIS); Missile Systems (MS); Space and Airborne Systems (SAS); and ForcepointTM.


2


Integrated Defense Systems
 
 
 
 
 
1st Quarter
 
 
($ in millions)
2018
 
2017
 
% Change
Net Sales
$
1,489

 
$
1,398

 
7%
Operating Income
$
273

 
$
212

 
29%
Operating Margin
18.3
%
 
15.2
%
 
 
Integrated Defense Systems (IDS) had first quarter 2018 net sales of $1,489 million, up 7 percent compared to $1,398 million in the first quarter 2017. The increase in net sales for the quarter was primarily driven by higher net sales from an international Patriot® program awarded in the first quarter 2018.
IDS recorded $273 million of operating income in the first quarter 2018 compared to $212 million in the first quarter 2017. The increase in operating income for the quarter was primarily driven by a favorable change in program mix and higher net program efficiencies.
During the quarter, IDS booked over $2.0 billion to provide advanced Patriot air and missile defense capabilities for the U.S. and multiple international customers, including a previously announced direct commercial contract for approximately $1.6 billion to a member of the 15-nation Patriot partnership.
Intelligence, Information and Services
 
 
 
1st Quarter
 
 
($ in millions)
2018
 
2017
 
% Change
Net Sales
$
1,582

 
$
1,507

 
5%
Operating Income
$
117

 
$
111

 
5%
Operating Margin
7.4
%
 
7.4
%
 
 
Intelligence, Information and Services (IIS) had first quarter 2018 net sales of $1,582 million, up 5 percent compared to $1,507 million in the first quarter 2017. The increase in net sales for the quarter was primarily driven by higher net sales on classified and training programs.
IIS recorded $117 million of operating income in the first quarter 2018 compared to $111 million in the first quarter 2017.
During the quarter, IIS booked $80 million on domestic and foreign training programs in support of Warfighter FOCUS activities. IIS also booked $514 million on a number of classified contracts.
Missile Systems
 
 
 
1st Quarter
 
 
($ in millions)
2018
 
2017
 
% Change
Net Sales
$
1,848

 
$
1,756

 
5%
Operating Income
$
212

 
$
216

 
(2)%
Operating Margin
11.5
%
 
12.3
%
 
 


3


Missile Systems (MS) had first quarter 2018 net sales of $1,848 million, up 5 percent compared to $1,756 million in the first quarter 2017. The increase in net sales for the quarter was primarily driven by higher net sales on classified programs.
MS recorded $212 million of operating income in the first quarter 2018 compared to $216 million in the first quarter 2017. As expected, the decrease in operating margin for the quarter was primarily due to a change in program mix.
During the quarter, MS booked $552 million for Advanced Medium-Range Air-to-Air Missiles (AMRAAM®) for the U.S. Air Force, U.S. Navy, and international customers; $186 million for Small Diameter Bomb II (SDB IITM) for the U.S. Air Force; and $114 million for Commander’s Independent Thermal Viewers (CITV) for the U.S. Army and an international customer. MS also booked $130 million on a number of classified contracts.
Space and Airborne Systems
 
 
 
1st Quarter
 
 
($ in millions)
2018
 
2017
 
% Change
Net Sales
$
1,568

 
$
1,555

 
1%
Operating Income
$
193

 
$
190

 
2%
Operating Margin
12.3
%
 
12.2
%
 
 
Space and Airborne Systems (SAS) had first quarter 2018 net sales of $1,568 million, up 1 percent compared to $1,555 million in the first quarter 2017.
SAS recorded $193 million of operating income in the first quarter 2018 compared to $190 million in the first quarter 2017.
During the quarter, SAS booked $87 million on the next-generation Multi-Spectral Targeting System (MTS) for the U.S. Air Force and $85 million for radar components for the U.S. Navy. SAS also booked $356 million on a number of classified contracts.
Forcepoint
 
 
 
1st Quarter
 
 
($ in millions)
2018
 
2017
 
% Change
Net Sales
$
141

 
$
144

 
(2)%
Operating Income (Loss)
$
(7
)
 
$
16

 
NM
Operating Margin
(5.0
)%
 
11.1
%
 
 
NM = Not Meaningful
 
 
 
 
 
Forcepoint had first quarter 2018 net sales of $141 million compared to $144 million in the first quarter 2017.
Forcepoint recorded a loss of $7 million in the first quarter 2018 compared to operating income of $16 million in the first quarter 2017. As expected, the decrease in operating income for the quarter was primarily driven by higher operating costs.



4


About Raytheon
Raytheon Company, with 2017 sales of $25 billion and 64,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. With a history of innovation spanning 96 years, Raytheon provides state-of-the-art electronics, mission systems integration, C5ITM products and services, sensing, effects, and mission support for customers in more than 80 countries. Raytheon is headquartered in Waltham, Massachusetts. Follow us on Twitter.
Conference Call on the First Quarter 2018 Financial Results
Raytheon’s financial results conference call will be held on Thursday, April 26, 2018 at 9 a.m. ET. Participants will include Thomas A. Kennedy, Chairman and CEO; Anthony F. O’Brien, vice president and CFO; and other company executives.
The dial-in number for the conference call will be (866) 270-6057 in the U.S. or (617) 213-8891 outside of the U.S. The conference call will also be audiocast on the Internet at www.raytheon.com/ir. Individuals may listen to the call and download charts that will be used during the call. These charts will be available for printing prior to the call.
Interested parties are encouraged to check the website ahead of time to ensure their computers are configured for the audio stream. Instructions for obtaining the free required downloadable software are posted on the site.
Disclosure Regarding Forward-looking Statements
This release and the attachments contain forward-looking statements, including information regarding the company’s financial outlook, future plans, objectives, business prospects and anticipated financial performance. These forward-looking statements are not statements of historical facts and represent only the company’s current expectations regarding such matters. These statements inherently involve a wide range of known and unknown risks and uncertainties. The company’s actual actions and results could differ materially from what is expressed or implied by these statements. Specific factors that could cause such a difference include, but are not limited to: the company’s dependence on the U.S. government for a significant portion of its business and the risks associated with U.S. government sales, including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a government shutdown, or otherwise, uncertain funding of programs, potential termination of contracts and performance under undefinitized contract awards; difficulties in contract performance; the resolution of program terminations; the ability to procure new contracts; the risks of conducting business in foreign countries; the unpredictability of timing of international bookings; the ability to comply with extensive governmental regulation, including export and import requirements such as the International Traffic in Arms Regulations and the Export Administration Regulations, anti-bribery and anti-corruption requirements including the Foreign Corrupt Practices Act, industrial cooperation agreement obligations, and procurement and other regulations; the ability to obtain timely U.S. government approvals for international contracts; changes in government procurement practices; the impact of competition; the ability to develop products and technologies, and the impact of associated investments and costs; the ability to recruit and retain qualified personnel; the impact of potential security and cyber threats, and other disruptions; the risk that actual pension returns, discount rates or other actuarial assumptions, including the long-term return on asset assumption, are significantly different than the company’s current assumptions; the risk of cost overruns, particularly for the company’s fixed-price


5


contracts; dependence on component availability, subcontractor and partner performance and key suppliers; risks of a negative government audit; risks associated with acquisitions, investments, dispositions, joint ventures and other business arrangements; the ability to grow in the government and commercial cybersecurity markets; risks of an impairment of goodwill or other intangible assets; the impact of financial markets and global economic conditions; the use of accounting estimates in the company’s financial statements, including with respect to the provisional impact of the Tax Cuts and Jobs Act of 2017; the outcome of contingencies and litigation matters, including government investigations; the risk of environmental liabilities; and other factors as may be detailed from time to time in the company’s public announcements and Securities and Exchange Commission filings. The company undertakes no obligation to make any revisions to the forward-looking statements contained in this release and the attachments or to update them to reflect events or circumstances occurring after the date of this release, including any acquisitions, dispositions or other business arrangements that may be announced or closed after such date.

# # #


6


Attachment A
 
 
 
 
Raytheon Company
 

Preliminary Statement of Operations Information
 
 
 
 
First Quarter 2018
 
 
 
 
(In millions, except per share amounts)
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
1-Apr-18
 
2-Apr-17
 
 
 
 
 
Net sales
 
$
6,267

 
$
6,000

Operating expenses
 
 
 
 
Cost of sales
 
4,532

 
4,366

General and administrative expenses
 
694

 
686

Total operating expenses
 
5,226

 
5,052

Operating income
 
1,041

 
948

Non-operating (income) expense, net
 
 
 
 
Retirement benefits non-service expense
 
239

 
207

Interest expense
 
47

 
58

Interest income
 
(7
)
 
(5
)
Other (income) expense, net
 
5

 
(7
)
Total non-operating (income) expense, net
 
284

 
253

Income from continuing operations before taxes
 
757

 
695

Federal and foreign income taxes
 
133

 
198

Income from continuing operations
 
624

 
497

Income (loss) from discontinued operations, net of tax
 
(1
)
 
3

Net income
 
623

 
500

Less: Net income (loss) attributable to noncontrolling interests in subsidiaries
 
(10
)
 
(6
)
Net income attributable to Raytheon Company
 
$
633

 
$
506

 
 
 
 
 
Basic earnings per share attributable to Raytheon Company common stockholders:
 
 
 
 
Income from continuing operations
 
$
2.20

 
$
1.73

Income (loss) from discontinued operations, net of tax
 

 
0.01

Net income
 
2.20

 
1.74

 
 
 
 
 
Diluted earnings per share attributable to Raytheon Company common stockholders:
 
 
 
 
Income from continuing operations
 
$
2.20

 
$
1.73

Income (loss) from discontinued operations, net of tax
 

 
0.01

Net income
 
2.19

 
1.74

 
 
 
 
 
Amounts attributable to Raytheon Company common stockholders:
 
 
 
 
Income from continuing operations
 
$
634

 
$
503

Income (loss) from discontinued operations, net of tax
 
(1
)
 
3

Net income
 
$
633

 
$
506

 
 
 
 
 
Average shares outstanding
 
 
 
 
Basic
 
288.5

 
292.5

Diluted
 
288.8

 
292.8






Attachment B
 
 
 
 
 
 
 
 
 
 
 
 
Raytheon Company
 

 
 
Preliminary Segment Information
 
 
 
 
 
 
 
 
 
 
 
 
First Quarter 2018
 
 
 
 
 
 
 
 
 
 
 
 
(In millions, except percentages)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating Income
 
 
Net Sales
 
Operating Income
 
As a Percent of Net Sales
 
 
Three Months Ended
 
Three Months Ended
 
Three Months Ended
 
 
1-Apr-18
 
2-Apr-17
 
1-Apr-18
 
2-Apr-17
 
1-Apr-18
 
2-Apr-17
 
 
 
 
 
 
 
 
 
 
 
 
 
Integrated Defense Systems
 
$
1,489

 
$
1,398

 
$
273

 
$
212

 
18.3
 %
 
15.2
%
Intelligence, Information and Services
 
1,582

 
1,507

 
117

 
111

 
7.4
 %
 
7.4
%
Missile Systems
 
1,848

 
1,756

 
212

 
216

 
11.5
 %
 
12.3
%
Space and Airborne Systems
 
1,568

 
1,555

 
193

 
190

 
12.3
 %
 
12.2
%
Forcepoint
 
141

 
144

 
(7
)
 
16

 
(5.0
)%
 
11.1
%
Eliminations
 
(357
)
 
(350
)
 
(40
)
 
(37
)
 


 


Total business segment
 
6,271

 
6,010

 
748

 
708

 
11.9
 %
 
11.8
%
Acquisition Accounting Adjustments
 
(4
)
 
(10
)
 
(33
)
 
(42
)
 
 
 
 
FAS/CAS Operating Adjustment
 

 

 
354

 
315

 
 
 
 
Corporate
 

 

 
(28
)
 
(33
)
 
 
 
 
Total
 
$
6,267

 
$
6,000

 
$
1,041

 
$
948

 
16.6
 %
 
15.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 

 



Attachment C
 
 
 
 
 
 
Raytheon Company

Other Preliminary Information
 
 
 
 
 
 
First Quarter 2018
 
 
 
 
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Backlog
 
 
 
1-Apr-18
 
31-Dec-17
 
 
 
 
 
 
 
Integrated Defense Systems
 
 
 
$
10,160

 
$
9,186

Intelligence, Information and Services
 
 
6,079

 
6,503

Missile Systems
 
 
 
13,037

 
13,426

Space and Airborne Systems
 
 
 
8,414

 
8,611

Forcepoint
 
 
 
449

 
484

Total backlog
 
 
 
$
38,139

 
$
38,210

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
Bookings
 
 
 
1-Apr-18
 
2-Apr-17
 
 
 
 
 
 
 
Total bookings
 
 
 
$
6,311

 
$
5,688

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
General and Administrative Expenses
 
 
 
1-Apr-18
 
2-Apr-17
 
 
 
 
 
 
 
Administrative and selling expenses
 
 
$
528

 
$
523

Research and development expenses
 
 
166

 
163

Total general and administrative expenses
 
 
$
694

 
$
686

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash, Cash Equivalents and Restricted Cash
 
 
 
1-Apr-18
 
31-Dec-17
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
$
2,748

 
$
3,103

Restricted cash
 
21

 
12

Total cash, cash equivalents and restricted cash shown in Attachment E
 
$
2,769

 
$
3,115






Attachment D
 
 
 
Raytheon Company

Preliminary Balance Sheet Information
 
First Quarter 2018
(In millions)
 
 
 
 
 
 
 
 
1-Apr-18
 
31-Dec-17
 
 
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
2,748

 
$
3,103

Short-term investments

 
297

Receivables, net
1,639

 
1,324

Contract assets
5,444

 
5,247

Inventories
640

 
594

Prepaid expenses and other current assets
489

 
761

Total current assets
10,960

 
11,326

 
 
 
 
Property, plant and equipment, net
2,478

 
2,439

Goodwill
14,871

 
14,871

Other assets, net
2,188

 
2,224

Total assets
$
30,497

 
$
30,860

 
 
 
 
Liabilities, Redeemable Noncontrolling Interest and Equity
 
 
 
Current liabilities
 
 
 
Commercial paper
$
300

 
$
300

Contract liabilities
2,949

 
2,927

Accounts payable
1,255

 
1,519

Accrued employee compensation
921

 
1,342

Other current liabilities
1,354

 
1,260

Total current liabilities
6,779

 
7,348

 
 
 
 
Accrued retiree benefits and other long-term liabilities
8,238

 
8,287

Long-term debt
4,751

 
4,750

 
 
 
 
Redeemable noncontrolling interest
492

 
512

 
 
 
 
Equity
 
 
 
Raytheon Company stockholders’ equity
 
 
 
Common stock
3

 
3

Additional paid-in capital

 

Accumulated other comprehensive loss(1)
(9,095
)
 
(7,935
)
Retained earnings(1)
19,329

 
17,895

Total Raytheon Company stockholders’ equity
10,237

 
9,963

Noncontrolling interests in subsidiaries

 

Total equity
10,237

 
9,963

Total liabilities, redeemable noncontrolling interest and equity
$
30,497

 
$
30,860

(1)
In the first quarter 2018 we adopted ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. As a result, we reclassified $1,451 million from accumulated other comprehensive loss to retained earnings related to the reclassification of stranded income tax effects of the Tax Cuts and Jobs Act of 2017.




Attachment E
 
 
 
Raytheon Company

Preliminary Cash Flow Information
 
 
 
First Quarter 2018
 
 
 
(In millions)
 
 
 
 
Three Months Ended
 
1-Apr-18
 
2-Apr-17
 
 
 
 
Cash flows from operating activities
 
 
 
Net income
$
623

 
$
500

(Income) loss from discontinued operations, net of tax
1

 
(3
)
Income from continuing operations
624

 
497

Adjustments to reconcile to net cash provided by (used in) operating activities from continuing operations, net of the effect of acquisitions and divestitures
 
 
 
Depreciation and amortization
135

 
130

Stock-based compensation
63

 
57

Deferred income taxes
(77
)
 
(54
)
Changes in assets and liabilities
 
 
 
Receivables, net
(314
)
 
(155
)
Contract assets and contract liabilities
(174
)
 
(554
)
Inventories
(46
)
 
9

Prepaid expenses and other current assets
138

 
125

Income taxes receivable/payable
290

 
244

Accounts payable
(167
)
 
(219
)
Accrued employee compensation
(420
)
 
(361
)
Other current liabilities
(60
)
 
(1
)
Accrued retiree benefits
306

 
283

Other, net
(15
)
 
(42
)
Net cash provided by (used in) operating activities from continuing operations
283

 
(41
)
Net cash provided by (used in) operating activities from discontinued operations
1

 

Net cash provided by (used in) operating activities
284

 
(41
)
Cash flows from investing activities
 
 
 
Additions to property, plant and equipment
(219
)
 
(86
)
Proceeds from sales of property, plant and equipment

 
11

Additions to capitalized internal use software
(12
)
 
(16
)
Purchases of short-term investments

 
(399
)
Maturities of short-term investments
309

 
100

Payments for purchases of acquired companies, net of cash received

 
(39
)
Other
(1
)
 
(1
)
Net cash provided by (used in) investing activities
77

 
(430
)
Cash flows from financing activities
 
 
 
Dividends paid
(230
)
 
(215
)
Net borrowings (payments) on commercial paper

 

Repurchases of common stock under share repurchase programs
(400
)
 
(400
)
Repurchases of common stock to satisfy tax withholding obligations
(72
)
 
(38
)
Contribution from noncontrolling interests in Forcepoint

 
8

Other
(5
)
 

Net cash provided by (used in) financing activities
(707
)
 
(645
)
Net increase (decrease) in cash, cash equivalents and restricted cash
(346
)
 
(1,116
)
Cash, cash equivalents and restricted cash at beginning of the year
3,115

 
3,303

Cash, cash equivalents and restricted cash at end of period
$
2,769

 
$
2,187


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