Financial Summary (All financials)
In millions, except per share items | Dec-31-22 | Dec-31-21 | Dec-31-20 | Dec-31-19 |
Revenues | 18,341 | 17,585 | 17,164 | 16,633 |
Revenue growth | 4.3% | 2.5% | 3.2% | |
Cost of goods sold | 11,162 | 10,411 | 10,397 | 10,085 |
Gross profit | 7,179 | 7,174 | 6,767 | 6,548 |
Gross margin | 39.1% | 40.8% | 39.4% | 39.4% |
Selling, general and administrative | 3,631 | 3,563 | 3,237 | 3,591 |
Research and development | 1,026 | 816 | 810 | 833 |
EBIT | 2,522 | 2,795 | 2,720 | 2,124 |
EBIT margin | 13.8% | 15.9% | 15.8% | 12.8% |
Pre-tax income | 2,512 | 2,875 | 2,710 | 2,091 |
Income taxes | 563 | 600 | 652 | 410 |
Tax rate | 22.4% | 20.9% | 24.1% | 19.6% |
Earnings from continuing ops | 1,949 | 2,275 | 2,058 | 1,681 |
Earnings from discontinued ops | 18 | 18 | 11,839 | -128 |
Net income | 1,967 | 2,293 | 13,897 | 1,553 |
Net margin | 10.7% | 13.0% | 81.0% | 9.3% |
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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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