Financial Summary (All financials)
| In millions, except per share items | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 | Dec-31-13 | Dec-31-12 |
| Revenues | 29,176 | 27,058 | 25,348 | 24,124 | 23,321 | 22,826 | 23,706 | 24,414 |
| Revenue growth | 7.8% | 6.7% | 5.1% | 3.4% | 2.2% | -3.7% | -2.9% | -1.5% |
| Cost of goods sold | 21,413 | 19,573 | 18,340 | 17,507 | 17,608 | 17,295 | 18,532 | 19,092 |
| Gross profit | 7,763 | 7,485 | 7,008 | 6,617 | 5,713 | 5,531 | 5,174 | 5,322 |
| Gross margin | 26.6% | 27.7% | 27.6% | 27.4% | 24.5% | 24.2% | 21.8% | 21.8% |
| Selling, general and administrative | 2,989 | 2,947 | 2,777 | 2,721 | 2,646 | 2,352 | 2,236 | 2,333 |
| Research and development | | | | | | | | |
| EBIT | 4,774 | 4,538 | 4,231 | 3,896 | 3,067 | 3,179 | 2,938 | 2,989 |
| EBIT margin | 16.4% | 16.8% | 16.7% | 16.1% | 13.2% | 13.9% | 12.4% | 12.2% |
| Pre-tax income | 3,986 | 3,147 | 3,113 | 3,085 | 2,841 | 2,983 | 2,757 | 2,779 |
| Income taxes | 658 | 264 | 1,114 | 873 | 747 | 790 | 808 | 878 |
| Tax rate | 16.5% | 8.4% | 35.8% | 28.3% | 26.3% | 26.5% | 29.3% | 31.6% |
| Earnings from continuing ops | 3,342 | 5,793 | 2,022 | 2,243 | 2,097 | 2,179 | 1,932 | 1,889 |
| Earnings from discontinued ops | 1 | -1 | 2 | 1 | 13 | 65 | 64 | -1 |
| Net income | 3,343 | 5,792 | 2,024 | 2,244 | 2,110 | 2,244 | 1,996 | 1,888 |
| Net margin | 11.5% | 21.4% | 8.0% | 9.3% | 9.0% | 9.8% | 8.4% | 7.7% |
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| Diluted EPS | $11.93 | $20.20 | $6.94 | $7.56 | $6.87 | $6.97 | $5.97 | $5.65 |
| Shares outstanding (diluted) | 280 | 287 | 291 | 297 | 305 | 313 | 323 | 334 |
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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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