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Stryker (SYK) FY2024 results: revenue $22.6 billion, up 10.2% on the year

Stryker Corp. (SYK) reported revenue of $22.6 billion for fiscal 2024, the year ended 31 December 2024, up 10.2% on the year before. Net income was $3.0 billion, down 5.4%, and diluted earnings per share $7.76. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2025.

Revenue
$22.6 billion
+10.2% on the year
FY2017FY2024
Operating margin
16.3%
19.0% a year earlier
FY2017FY2024
Net income
$3.0 billion
-5.4% on the year
FY2017FY2024
Diluted EPS
$7.76
-5.9% on the year
FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ millionFY2024FY2023FY2022On the yearLast 8 years
Revenue22,59520,49818,449+10.2%
Cost of revenue8,1557,4406,871+9.6%
Gross profit14,44013,05811,578+10.6%
Gross margin63.9%63.7%62.8%
Research and development1,4661,3881,454+5.6%
Selling, general and administrative7,6857,1116,386+8.1%
Operating income3,6893,8882,841-5.1%
Operating margin16.3%19.0%15.4%
Interest expense409363337+12.7%
Pre-tax income3,4923,6732,683-4.9%
Income tax499508325-1.8%
Effective tax rate14.3%13.8%12.1%
Net income2,9933,1652,358-5.4%
Net margin13.2%15.4%12.8%
Diluted EPS$7.76$8.25$6.17-5.9%
$ 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

$ millionFY2024FY2023FY2022On the yearLast 8 years
Operating cash flow4,2423,7112,624+14.3%
Capital expenditure755575588+31.3%
Free cash flow3,4873,1362,036+11.2%
Free cash flow margin15.4%15.3%11.0%
Cash from investing-3,000-962-2,924
Cash from financing-525-1,594-749
Depreciation and amortisation1,4261,3411,278+6.3%
Share-based compensation229205168+11.7%
Dividends paid1,2191,1391,051+7.0%
Diluted shares, weighted386m384m382m+0.5%

Balance sheet

$ millionFY2024FY2023FY2022On the yearLast 8 years
Shareholders' equity20,63418,59316,616+11.0%
Debt13,59712,99513,048+4.6%
Operating lease liabilities379356357+6.5%
Other liabilities8,3617,9686,863+4.9%
Total liabilities and equity42,97139,91236,884+7.7%
Fixed assets3,4483,2152,970+7.2%
Goodwill15,85515,24314,880+4.0%
Intangible assets4,3954,5934,885-4.3%
Investments91.082.084.0+11.0%
Cash and equivalents3,6522,9711,844+22.9%
Receivables3,9873,7653,565+5.9%
Inventory4,7744,8433,995-1.4%
Other assets6,7695,2004,661+30.2%
Total assets42,97139,91236,884+7.7%

10-K for the year ended 31 December 2024, filed 12 February 2025: the filing.