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Stryker (SYK) FY2023 results: revenue $20.5 billion, up 11.1% on the year

Stryker Corp. (SYK) reported revenue of $20.5 billion for fiscal 2023, the year ended 31 December 2023, up 11.1% on the year before. Net income was $3.2 billion, up 34.2%, and diluted earnings per share $8.25. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue
$20.5 billion
+11.1% on the year
FY2016FY2023
Operating margin
19.0%
15.4% a year earlier
FY2016FY2023
Net income
$3.2 billion
+34.2% on the year
FY2016FY2023
Diluted EPS
$8.25
+33.7% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue20,49818,44917,108+11.1%
Cost of revenue7,4406,8716,140+8.3%
Gross profit13,05811,57810,968+12.8%
Gross margin63.7%62.8%64.1%
Research and development1,3881,4541,235-4.5%
Selling, general and administrative7,1116,3866,427+11.4%
Operating income3,8882,8412,584+36.9%
Operating margin19.0%15.4%15.1%
Interest expense363337337+7.7%
Pre-tax income3,6732,6832,281+36.9%
Income tax508325287+56.3%
Effective tax rate13.8%12.1%12.6%
Net income3,1652,3581,994+34.2%
Net margin15.4%12.8%11.7%
Diluted EPS$8.25$6.17$5.21+33.7%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow3,7112,6243,263+41.4%
Capital expenditure575588525-2.2%
Free cash flow3,1362,0362,738+54.0%
Free cash flow margin15.3%11.0%16.0%
Cash from investing-962-2,924-859
Cash from financing-1,594-749-2,365
Depreciation and amortisation1,3411,2781,272+4.9%
Share-based compensation205168171+22.0%
Buybacksn/an/a0.0
Dividends paid1,1391,051950+8.4%
Diluted shares, weighted384m382m382m+0.4%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity18,59316,61614,877+11.9%
Debt12,99513,04812,479-0.4%
Operating lease liabilities356357310-0.3%
Other liabilities7,9686,8636,965+16.1%
Total liabilities and equity39,91236,88434,631+8.2%
Fixed assets3,2152,9702,833+8.2%
Goodwill15,24314,88012,918+2.4%
Intangible assets4,5934,8854,840-6.0%
Investments82.084.075.0-2.4%
Cash and equivalents2,9711,8442,944+61.1%
Receivables3,7653,5653,022+5.6%
Inventory4,8433,9953,314+21.2%
Other assets5,2004,6614,685+11.6%
Total assets39,91236,88434,631+8.2%

10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.