Stock Analysis on Net
Stock Analysis on Net

Stryker Corp. (NYSE:SYK)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 29, 2022.

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Stryker Corp., consolidated income statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net sales
Cost of sales
Gross profit
Research, development and engineering expenses
Selling, general and administrative expenses
Recall charges
Amortization of intangible assets
Operating expenses
Operating income
Interest expense
Other income (expense), net
Earnings before income taxes
Income taxes
Net earnings

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

The financial performance over the five-year period reveals several consistent trends and noteworthy fluctuations in key financial metrics.

Net Sales
Net sales exhibited a general upward trend, increasing from 12,444 million US dollars in 2017 to 17,108 million US dollars in 2021. This growth suggests an expansion in the company's revenue-generating activities, with a slight dip observed in 2020.
Cost of Sales and Gross Profit
Cost of sales increased steadily from -4,271 million US dollars in 2017 to -6,140 million US dollars in 2021, paralleling the rise in sales. Gross profit followed a similar pattern, rising from 8,173 million US dollars in 2017 to 10,968 million US dollars in 2021. However, gross profit decreased in 2020, likely due to the increased cost pressures or sales decline during that year.
Research, Development, and Engineering Expenses
Research, development, and engineering expenses showed a steady increase from -787 million US dollars in 2017 to -1,235 million US dollars in 2021, indicating sustained investment in innovation and product development over the period.
Selling, General, and Administrative Expenses
These expenses also increased consistently from -4,552 million US dollars in 2017 to -6,427 million US dollars in 2021. This trend reflects higher operational costs associated with sales, marketing, and administrative functions.
Recall Charges
Recall charges fluctuated significantly, with large charges recorded in 2017 (-173 million) and 2019 (-192 million), but relatively minor expenses in the other years. This variability indicates sporadic product recall events impacting costs.
Amortization of Intangible Assets
Amortization expenses gradually increased from -371 million US dollars in 2017 to -619 million US dollars in 2021, which may relate to acquisitions or development of intangible assets during the period.
Operating Expenses and Operating Income
Operating expenses grew from -5,883 million US dollars in 2017 to -8,384 million US dollars in 2021, with a slight decrease in 2020. Operating income rose from 2,290 million US dollars in 2017 to a peak of 2,713 million in 2019, then declined to 2,223 million in 2020, before recovering to 2,584 million in 2021. This pattern suggests a temporary impact on operating profitability in 2020, followed by partial recovery.
Interest Expense and Other Income (Expense), Net
Interest expense displayed a steady increase from -247 million US dollars in 2017 to -337 million US dollars in 2021, indicating rising debt costs or increased borrowing. Other income (expense) was generally positive but declined after peaking at 136 million in 2019, reflecting fluctuating non-operating income components.
Earnings Before Income Taxes and Income Taxes
Earnings before income taxes rose from 2,063 million US dollars in 2017 to 2,562 million in 2019 but fell to 1,954 million in 2020 before improving to 2,281 million in 2021. Income taxes showed irregular patterns, with significant positive values in 2018 (1,197 million), but negative values in 2019 (-479 million), 2020 (-355 million), and 2021 (-287 million), likely influenced by tax credits, adjustments, or losses carried forward.
Net Earnings
Net earnings increased sharply from 1,020 million US dollars in 2017 to 3,553 million in 2018, followed by a decline to 2,083 million in 2019 and a further decrease in 2020 to 1,599 million. In 2021, net earnings rebounded moderately to 1,994 million. This volatility indicates sensitivity to tax effects and operating performance changes, especially notable in 2018 and 2020.