Stryker (SYK) FY2018 results: revenue $13.6 billion, up 9.3% on the year
Stryker Corp. (SYK) reported revenue of $13.6 billion for fiscal 2018, the year ended 31 December 2018, up 9.3% on the year before. Net income was $3.6 billion, up 248.3%, and diluted earnings per share $9.34. The figures are the company's own, from the 10-K it filed with the SEC on 7 February 2019.
Revenue
$13.6 billion
+9.3% on the year
FY2011FY2018
Operating margin
18.7%
18.5% a year earlier
FY2011FY2018
Net income
$3.6 billion
+248.3% on the year
FY2011FY2018
Diluted EPS
$9.34
+248.5% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
13,601
12,444
11,325
+9.3%
Cost of revenue
4,663
4,264
3,821
+9.4%
Gross profit
8,938
8,173
7,495
+9.4%
Gross margin
65.7%
65.7%
66.2%
Research and development
862
787
715
+9.5%
Selling, general and administrative
5,099
4,552
4,137
+12.0%
Operating income
2,537
2,297
2,175
+10.4%
Operating margin
18.7%
18.5%
19.2%
Interest expense
264
247
228
+6.9%
Pre-tax income
2,356
2,063
1,921
+14.2%
Income tax
-1,197
1,043
274
Effective tax rate
-50.8%
50.6%
14.3%
Net income
3,553
1,020
1,647
+248.3%
Net margin
26.1%
8.2%
14.5%
Diluted EPS
$9.34
$2.68
$4.35
+248.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,610
1,559
1,915
+67.4%
Capital expenditure
572
598
490
-4.3%
Free cash flow
2,038
961
1,425
+112.1%
Free cash flow margin
15.0%
7.7%
12.6%
Cash from investing
-2,857
-1,613
-4,191
Cash from financing
1,329
-794
2,258
Depreciation and amortisation
966
859
752
+12.5%
Share-based compensation
119
113
97.0
+5.3%
Buybacks
300
230
13.0
+30.4%
Dividends paid
703
636
568
+10.5%
Dividend per share
n/a
n/a
$1.56
Diluted shares, weighted
380m
380m
378m
+0.1%
Shares outstanding at period end
n/a
374m
375m
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
11,730
9,966
9,550
+17.7%
Non-controlling interest
n/a
14.0
0.0
Debt
9,859
7,222
6,914
+36.5%
Other liabilities
5,640
4,995
3,971
+12.9%
Total liabilities and equity
27,229
22,197
20,435
+22.7%
Fixed assets
2,291
1,975
1,569
+16.0%
Goodwill
8,563
7,168
6,356
+19.5%
Intangible assets
4,163
3,477
3,508
+19.7%
Investments
83.0
251
68.0
-66.9%
Cash and equivalents
3,616
2,542
3,316
+42.3%
Receivables
2,332
2,198
1,967
+6.1%
Inventory
2,955
2,465
2,030
+19.9%
Other assets
3,226
2,121
1,621
+52.1%
Total assets
27,229
22,197
20,435
+22.7%
10-K for the year ended 31 December 2018, filed 7 February 2019: the filing.