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 | 65,984.0 | 67,044.0 | 65,398.0 | 59,812.0 | 53,762.0 | 49,960.0 | 47,290.0 | 40,536.0 |
Revenue growth | -1.6% | 2.5% | 9.3% | 11.3% | 7.6% | 5.6% | 16.7% | 1.5% |
Cost of goods sold | 57,697.0 | 57,983.0 | 56,744.0 | 51,445.0 | 46,584.0 | 43,589.0 | 41,889.0 | 36,044.0 |
Gross profit | 8,287.0 | 9,061.0 | 8,654.0 | 8,367.0 | 7,178.0 | 6,371.0 | 5,401.0 | 4,492.0 |
Gross margin | 12.6% | 13.5% | 13.2% | 14.0% | 13.4% | 12.8% | 11.4% | 11.1% |
Selling, general and administrative | 161.0 | 98.0 | 17.0 | 178.0 | 60.0 | 373.0 | 506.0 | 220.0 |
EBITA | 8,696.0 | 9,444.0 | 8,942.0 | 8,829.0 | 7,726.0 | 7,056.0 | 6,191.0 | 4,862.0 |
EBITA margin | 13.2% | 14.1% | 13.7% | 14.8% | 14.4% | 14.1% | 13.1% | 12.0% |
Amortization of intangibles | 248.0 | 285.0 | 271.0 | 284.0 | 296.0 | 312.0 | 284.0 | 68.0 |
EBIT | 8,448.0 | 9,159.0 | 8,671.0 | 8,545.0 | 7,430.0 | 6,744.0 | 5,907.0 | 4,794.0 |
EBIT margin | 12.8% | 13.7% | 13.3% | 14.3% | 13.8% | 13.5% | 12.5% | 11.8% |
Pre-tax income | 6,680.0 | 7,550.0 | 8,235.0 | 7,241.0 | 5,838.0 | 5,246.0 | 4,754.0 | 4,299.0 |
Income taxes | 948.0 | 1,235.0 | 1,347.0 | 1,011.0 | 792.0 | 3,356.0 | 1,093.0 | 1,173.0 |
Tax rate | 14.2% | 16.4% | 16.4% | 14.0% | 13.6% | 64.0% | 23.0% | 27.3% |
Earnings from continuing ops | 5,732.0 | 6,315.0 | 6,888.0 | 6,230.0 | 5,046.0 | 1,890.0 | 3,661.0 | 3,126.0 |
Earnings from discontinued ops | | | -55.0 | | | 73.0 | 1,512.0 | 479.0 |
Net income | 5,732.0 | 6,315.0 | 6,833.0 | 6,230.0 | 5,046.0 | 1,963.0 | 5,173.0 | 3,605.0 |
Net margin | 8.7% | 9.4% | 10.4% | 10.4% | 9.4% | 3.9% | 10.9% | 8.9% |
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Diluted EPS | $21.66 | $22.76 | $24.50 | $21.95 | $17.59 | $6.50 | $12.08 | $9.93 |
Shares outstanding (diluted) | 264.6 | 277.4 | 281.2 | 283.8 | 286.8 | 290.6 | 303.1 | 314.7 |
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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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