Stryker (SYK) FY2022 results: revenue $18.4 billion, up 7.8% on the year

Stryker Corp. (SYK) reported revenue of $18.4 billion for fiscal 2022, the year ended 31 December 2022, up 7.8% on the year before. Net income was $2.4 billion, up 18.3%, and diluted earnings per share $6.17. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2023.

Revenue

$18.4 billion

+7.8% on the year

FY2015FY2022

Operating margin

15.4%

15.1% a year earlier

FY2015FY2022

Net income

$2.4 billion

+18.3% on the year

FY2015FY2022

Diluted EPS

$6.17

+18.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	18,449	17,108	14,351	+7.8%
Cost of revenue	6,871	6,140	5,294	+11.9%
Gross profit	11,578	10,968	9,057	+5.6%
Gross margin	62.8%	64.1%	63.1%
Research and development	1,454	1,235	984	+17.7%
Selling, general and administrative	6,386	6,427	5,361	-0.6%
Operating income	2,841	2,584	2,223	+9.9%
Operating margin	15.4%	15.1%	15.5%
Interest expense	337	337	315	0.0%
Pre-tax income	2,683	2,281	1,954	+17.6%
Income tax	325	287	355	+13.2%
Effective tax rate	12.1%	12.6%	18.2%
Net income	2,358	1,994	1,599	+18.3%
Net margin	12.8%	11.7%	11.1%
Diluted EPS	$6.17	$5.21	$4.20	+18.4%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	2,624	3,263	3,277	-19.6%
Capital expenditure	588	525	487	+12.0%
Free cash flow	2,036	2,738	2,790	-25.6%
Free cash flow margin	11.0%	16.0%	19.4%
Cash from investing	-2,924	-859	-4,701
Cash from financing	-749	-2,365	-11.0
Depreciation and amortisation	1,278	1,272	1,076	+0.5%
Share-based compensation	168	171	142	-1.8%
Buybacks	n/a	0.0	0.0
Dividends paid	1,051	950	863	+10.6%
Diluted shares, weighted	382m	382m	380m	-0.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	16,616	14,877	13,084	+11.7%
Debt	13,048	12,479	13,991	+4.6%
Operating lease liabilities	357	310	325	+15.2%
Other liabilities	6,863	6,965	6,930	-1.5%
Total liabilities and equity	36,884	34,631	34,330	+6.5%
Fixed assets	2,970	2,833	2,752	+4.8%
Goodwill	14,880	12,918	12,778	+15.2%
Intangible assets	4,885	4,840	5,554	+0.9%
Investments	84.0	75.0	81.0	+12.0%
Cash and equivalents	1,844	2,944	2,943	-37.4%
Receivables	3,565	3,022	2,701	+18.0%
Inventory	3,995	3,314	3,494	+20.5%
Other assets	4,661	4,685	4,027	-0.5%
Total assets	36,884	34,631	34,330	+6.5%

10-K for the year ended 31 December 2022, filed 10 February 2023: the filing.