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Stryker Corp. (SYK)

Income Statement
Quarterly Data

Low level of difficulty

The income statement presents information on the financial results of a company’s 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.

Stryker Corp., consolidated income statement (quarterly data)

US$ in millions

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3 months ended Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Net sales 3,587  3,650  3,516  3,796  3,242  3,322  3,241  3,471  3,006  3,012  2,955  3,157  2,833  2,840  2,495  2,715  2,420  2,432  2,379  2,618  2,389  2,363  2,305 
Cost of sales (1,257) (1,270) (1,233) (1,340) (1,087) (1,132) (1,104) (1,232) (1,024) (1,022) (993) (1,071) (960) (998) (801) (895) (796) (827) (826) (871) (829) (815) (776)
Gross profit 2,330  2,380  2,283  2,456  2,155  2,190  2,137  2,239  1,982  1,990  1,962  2,086  1,873  1,842  1,694  1,820  1,624  1,605  1,553  1,747  1,560  1,548  1,529 
Research, development and engineering expenses (246) (246) (225) (221) (221) (216) (204) (205) (198) (192) (192) (189) (184) (183) (159) (164) (155) (154) (152) (153) (153) (158) (150)
Selling, general and administrative expenses (1,291) (1,282) (1,403) (1,431) (1,242) (1,190) (1,236) (1,217) (1,103) (1,130) (1,102) (1,093) (1,057) (1,043) (944) (970) (887) (861) (892) (968) (878) (870) (859)
Recall charges (49) (117) (13) (13) (4) (2) (4) (9) (66) (72) (26) (54) (57) (28) (19) 20  (150) (112) (54) (112) (29) (276) (344)
Amortization of intangible assets (116) (122) (114) (93) (112) (110) (102) (96) (92) (95) (88) (89) (89) (88) (53) (58) (54) (49) (49) (46) (50) (47) (45)
Operating expenses (1,702) (1,767) (1,755) (1,758) (1,579) (1,518) (1,546) (1,527) (1,459) (1,489) (1,408) (1,425) (1,387) (1,342) (1,175) (1,172) (1,246) (1,176) (1,147) (1,279) (1,110) (1,351) (1,398)
Operating income 628  613  528  698  576  672  591  712  523  501  554  661  486  500  519  648  378  429  406  468  450  197  131 
Other income (expense), net (47) (48) (48) (41) (42) (49) (49) (63) (52) (57) (55) (73) (67) (67) (38) (36) (33) (28) (29) (7) (25) (30) (24)
Earnings before income taxes 581  565  480  657  534  623  542  649  471  444  499  588  419  433  481  612  345  401  377  461  425  167  107 
Income taxes (115) (85) (68) 1,411  56  (171) (99) (898) (37) (53) (55) (78) (64) (53) (79) (90) (44) (9) (153) (201) (368) (39) (37)
Net earnings 466  480  412  2,068  590  452  443  (249) 434  391  444  510  355  380  402  522  301  392  224  260  57  128  70 

Based on: 10-Q (filing date: 2019-10-30), 10-Q (filing date: 2019-07-26), 10-Q (filing date: 2019-04-24), 10-K (filing date: 2019-02-07), 10-Q (filing date: 2018-10-26), 10-Q (filing date: 2018-07-25), 10-Q (filing date: 2018-04-27), 10-K (filing date: 2018-02-08), 10-Q (filing date: 2017-10-27), 10-Q (filing date: 2017-07-28), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-09), 10-Q (filing date: 2016-10-28), 10-Q (filing date: 2016-07-22), 10-Q (filing date: 2016-04-22), 10-K (filing date: 2016-02-11), 10-Q (filing date: 2015-10-23), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-30), 10-K (filing date: 2015-02-12), 10-Q (filing date: 2014-10-23), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-24).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Stryker Corp.’s net sales increased from Q1 2019 to Q2 2019 but then slightly declined from Q2 2019 to Q3 2019.
Operating income The net result for the period of deducting operating expenses from operating revenues. Stryker Corp.’s operating income increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
Earnings before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Stryker Corp.’s earnings before income taxes increased from Q1 2019 to Q2 2019 and from Q2 2019 to Q3 2019.
Net earnings The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Stryker Corp.’s net earnings increased from Q1 2019 to Q2 2019 but then slightly declined from Q2 2019 to Q3 2019.