Financial Summary (All financials)
In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 |
Revenues | 322,336 | 257,637 | 182,527 | 161,857 | 136,819 | 110,855 | 90,272 | 74,989 |
Revenue growth | 25.1% | 41.2% | 12.8% | 18.3% | 23.4% | 22.8% | 20.4% | 13.6% |
Cost of goods sold | 126,203 | 110,939 | 84,732 | 71,896 | 59,549 | 45,583 | 35,138 | 28,164 |
Gross profit | 196,133 | 146,698 | 97,795 | 89,961 | 77,270 | 65,272 | 55,134 | 46,825 |
Gross margin | 60.8% | 56.9% | 53.6% | 55.6% | 56.5% | 58.9% | 61.1% | 62.4% |
Sales and marketing | 26,567 | 22,912 | 17,946 | 18,464 | 16,333 | 12,893 | 10,485 | 9,047 |
Research and development | | 31,562 | 27,573 | 26,018 | 21,419 | 16,625 | 13,948 | 12,282 |
General and administrative | 15,724 | 13,510 | 11,052 | 9,551 | 6,923 | 6,840 | 6,985 | 6,136 |
EBITA | 75,483 | 79,600 | 42,016 | 36,853 | 33,466 | 29,726 | 24,593 | 20,291 |
EBITA margin | 23.4% | 30.9% | 23.0% | 22.8% | 24.5% | 26.8% | 27.2% | 27.1% |
Amortization of intangibles | 641 | 886 | 792 | 925 | 871 | 812 | 877 | 931 |
EBIT | 74,842 | 78,714 | 41,224 | 35,928 | 32,595 | 28,914 | 23,716 | 19,360 |
EBIT margin | 23.2% | 30.6% | 22.6% | 22.2% | 23.8% | 26.1% | 26.3% | 25.8% |
Pre-tax income | 71,328 | 90,734 | 48,082 | 39,625 | 34,913 | 27,193 | 24,150 | 19,651 |
Income taxes | 11,356 | 14,701 | 7,813 | 5,282 | 4,177 | 14,531 | 4,672 | 3,303 |
Tax rate | 15.9% | 16.2% | 16.2% | 13.3% | 12.0% | 53.4% | 19.3% | 16.8% |
Net income | 59,972 | 76,033 | 40,269 | 34,343 | 30,736 | 12,662 | 19,478 | 15,826 |
Net margin | 18.6% | 29.5% | 22.1% | 21.2% | 22.5% | 11.4% | 21.6% | 21.1% |
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Diluted EPS | | $105.15 | $54.92 | $46.09 | $40.97 | $16.87 | $26.06 | $21.25 |
Shares outstanding (diluted) | | 723 | 733 | 745 | 750 | 751 | 748 | 745 |
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EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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