Income Statement
Quarterly Data
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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- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Stryker Corp., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31).
- Net Sales
- Net sales exhibit a generally upward trend from Q1 2017 to Q1 2022, increasing from 2,955 million USD to 4,275 million USD. Notable seasonal fluctuations occur, with stronger sales typically in Q4 of each year. A significant dip is observed in Q2 2020, dropping sharply to 2,764 million USD, likely reflecting external economic impacts during that period, before rebounding in subsequent quarters.
- Cost of Sales
- Cost of sales closely follows the pattern of net sales, increasing over time from 993 million USD in Q1 2017 to 1,541 million USD in Q1 2022. The cost increases are somewhat proportional to sales growth, though a slight margin improvement is suggested later in the period. An exception is visible in Q2 2020 when costs decrease, but less sharply than sales, contributing to a temporary margin compression.
- Gross Profit
- Gross profit trends upward overall from 1,962 million USD in Q1 2017 to 2,734 million USD in Q1 2022, reflecting positive sales growth. The margin remains relatively stable, although the Q2 2020 period shows a pronounced decline in gross profit aligning with the drop in sales, before recovering with subsequent quarters. Seasonal peaks in gross profit align with Q4 results, consistent with sales patterns.
- Research, Development, and Engineering Expenses
- R&D expenses show a gradual increase over the analyzed quarters, starting at 192 million USD and reaching 413 million USD by Q1 2022. This consistent growth indicates sustained investment in innovation and product development. There is no large fluctuation or sharp reduction, suggesting steady commitment to R&D activities even amidst other financial pressures.
- Selling, General, and Administrative Expenses
- SG&A expenses generally increase from 1,102 million USD in early 2017 to 1,710 million USD by Q1 2022, with some volatility in between. Notably, there is a decline during mid-2020, perhaps as a response to external pressures, followed by a significant rise toward the end of the period analyzed, which may reflect increased operational scale or inflationary pressures.
- Recall Charges
- Recall charges exhibit irregular and generally low amounts across periods, with spikes in Q2 2019 (-117 million USD) and Q3 2021 (-76 million USD). Several quarters report negative or negligible recall charges, indicating episodic rather than systematic impacts from product recalls.
- Amortization of Intangible Assets
- This expense steadily rises from 88 million USD in Q1 2017 to approximately 150 million USD near the end of the period, reflecting ongoing amortization of acquired intangible assets. The increasing trend indicates sustained acquisition activity or higher amortizable asset bases.
- Operating Expenses
- Operating expenses increase over time in line with expanded business activities, moving from 1,408 million USD to 2,287 million USD by Q1 2022. Spikes correspond with periods of increased SG&A and R&D, while Q2 2020 shows a decrease consistent with reductions in related expenses during that quarter.
- Operating Income (Loss)
- Operating income fluctuates with sales and expenses, reaching a peak of 944 million USD in Q4 2019 but dropping to a loss of 20 million USD in Q2 2020 amid the broader economic downturn. Post-2020 recovery is evident, with operating income rebounding to solid positive figures by Q4 2020 and maintaining growth thereafter, although with some volatility.
- Other Income (Expense), Net
- This category remains consistently negative around 40 to 90 million USD losses per quarter, indicating ongoing net expenses unrelated to core operations. No significant improving or deteriorating trends are detected.
- Earnings Before Income Taxes
- Earnings before taxes follow operating income patterns, with general growth indicative of improved profitability, but impacted by the sharp decline in Q2 2020 (recording a negative figure). Recovery in subsequent quarters is evident, demonstrating resilience and operational adjustment post downturn.
- Income Taxes
- Income tax figures are volatile, with some quarters displaying negative tax expenses indicative of tax benefits or adjustments, such as in Q4 2017 (-898 million USD) and Q4 2018 (1,411 million USD). The variability complicates direct comparison but suggests significant tax events or adjustments occurring intermittently.
- Net Earnings (Loss)
- Net earnings generally trend upwards in parallel with operating and pre-tax income, reaching as high as 2,068 million USD in Q4 2018. The data shows severe fluctuations, notably a substantial loss in Q4 2017 (-249 million USD) and Q2 2020 (-83 million USD). Following the mid-2020 trough, earnings recover steadily but experience volatility in later quarters. Net profits remain positive predominantly, reflecting overall financial strength despite episodic setbacks.