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 | 23,182.6 | 23,222.9 | 19,207.8 | 21,364.4 | 21,257.9 | 22,820.4 | 24,621.9 | 25,413.0 |
Revenue growth | -0.2% | 20.9% | -10.1% | 0.5% | -6.8% | -7.3% | -3.1% | -7.4% |
Cost of goods sold | 9,730.6 | 10,382.3 | 9,188.7 | 7,760.6 | 8,265.9 | 10,409.6 | 14,417.2 | 15,623.8 |
Gross profit | 13,452.0 | 12,840.6 | 10,019.1 | 13,603.8 | 12,992.0 | 12,410.8 | 10,204.7 | 9,789.2 |
Gross margin | 58.0% | 55.3% | 52.2% | 63.7% | 61.1% | 54.4% | 41.4% | 38.5% |
Selling, general and administrative | 2,492.2 | 2,377.8 | 2,245.0 | 1,966.9 | 1,985.4 | 2,231.3 | 2,384.5 | 2,434.3 |
EBIT | 9,371.0 | 10,356.0 | 7,324.0 | 9,069.8 | 8,822.6 | 9,552.7 | 7,744.5 | 7,145.5 |
EBIT margin | 40.4% | 44.6% | 38.1% | 42.5% | 41.5% | 41.9% | 31.5% | 28.1% |
Pre-tax income | 7,825.4 | 9,127.9 | 6,140.7 | 8,018.1 | 7,816.1 | 8,573.5 | 6,866.0 | 6,555.7 |
Income taxes | 1,648.0 | 1,582.7 | 1,410.2 | 1,992.7 | 1,891.8 | 3,381.2 | 2,179.5 | 2,026.4 |
Tax rate | 21.1% | 17.3% | 23.0% | 24.9% | 24.2% | 39.4% | 31.7% | 30.9% |
Net income | 6,177.4 | 7,545.2 | 4,730.5 | 6,025.4 | 5,924.3 | 5,192.3 | 4,686.5 | 4,529.3 |
Net margin | 26.6% | 32.5% | 24.6% | 28.2% | 27.9% | 22.8% | 19.0% | 17.8% |
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Diluted EPS | $8.33 | $10.04 | $6.31 | $7.88 | $7.54 | $6.37 | $5.44 | $4.79 |
Shares outstanding (diluted) | 741.3 | 751.8 | 750.1 | 764.9 | 785.6 | 815.5 | 861.2 | 944.6 |
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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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