Name: Stryker Corp. (NYSE:SYK) | Income Statement
Creator: Stock Analysis on Net

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.

Download chart

Stryker Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net sales	17,108)	14,351)	14,884)	13,601)	12,444)
Cost of sales	(6,140)	(5,294)	(5,188)	(4,663)	(4,271)
Gross profit	10,968)	9,057)	9,696)	8,938)	8,173)
Research, development and engineering expenses	(1,235)	(984)	(971)	(862)	(787)
Selling, general and administrative expenses	(6,427)	(5,361)	(5,356)	(5,099)	(4,552)
Recall charges	(103)	(17)	(192)	(23)	(173)
Amortization of intangible assets	(619)	(472)	(464)	(417)	(371)
Operating expenses	(8,384)	(6,834)	(6,983)	(6,401)	(5,883)
Operating income	2,584)	2,223)	2,713)	2,537)	2,290)
Interest expense	(337)	(315)	(287)	(264)	(247)
Other income (expense), net	34)	46)	136)	83)	20)
Earnings before income taxes	2,281)	1,954)	2,562)	2,356)	2,063)
Income taxes	(287)	(355)	(479)	1,197)	(1,043)
Net earnings	1,994)	1,599)	2,083)	3,553)	1,020)

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 income statement reveals a general upward trajectory in top-line revenue, interrupted by a brief contraction in 2020, followed by a significant recovery and expansion in 2021.

Revenue and Gross Profitability: Net sales grew from 12,444 million in 2017 to 17,108 million in 2021. Gross profit followed a similar trend, reaching 10,968 million in 2021. The gross margin remained relatively stable over the five-year period, generally hovering between 63% and 66%, which indicates a consistent ability to manage the cost of sales relative to revenue growth.
Operating Expense Trends: A steady increase in operational investment is observed. Research, development, and engineering expenses rose consistently from 787 million in 2017 to 1,235 million in 2021, signaling a sustained commitment to innovation. Similarly, selling, general, and administrative expenses climbed from 4,552 million to 6,427 million over the same period. Recall charges exhibited high volatility, with notable spikes in 2017, 2019, and 2021, introducing intermittent pressure on operating results.
Operating Income and Margin Performance: Operating income increased from 2,290 million in 2017 to a peak of 2,713 million in 2019, before experiencing a dip in 2020 and recovering to 2,584 million in 2021. Despite the growth in absolute revenue, the operating margin faced slight compression toward the end of the period, as the growth in operating expenses marginally outpaced the growth in operating income.
Net Earnings and Bottom-Line Volatility: Net earnings demonstrated significant fluctuation, most prominently in 2018, where earnings surged to 3,553 million. This spike is attributable to a positive tax adjustment of 1,197 million in that fiscal year. Excluding this anomaly, there is a general positive trend in profitability, with net earnings rising from 1,020 million in 2017 to 1,994 million in 2021. Interest expenses grew steadily from 247 million in 2017 to 337 million in 2021, reflecting a gradual increase in financing costs.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?