Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $17.1B | $18.4B | $20.5B | $22.6B | $25.1B |
| YoY | — | +7.8% | +11.1% | +10.2% | +11.2% |
| Cost of goods sold | $6.1B | $6.9B | $7.4B | $8.2B | $9.1B |
| YoY | — | +11.9% | +8.3% | +9.6% | +11.0% |
| Gross profit | $11.0B | $11.6B | $13.1B | $14.4B | $16.1B |
| YoY | — | +5.6% | +12.8% | +10.6% | +11.3% |
| Research & development | $1.2B | $1.5B | $1.4B | $1.5B | $1.6B |
| YoY | — | +17.7% | -4.5% | +5.6% | +10.7% |
| Selling, general & administrative | $6.4B | $6.4B | $7.1B | $7.7B | $8.7B |
| YoY | — | -0.6% | +11.4% | +8.1% | +12.6% |
| Operating income | $2.6B | $2.8B | $3.9B | $3.7B | $4.9B |
| YoY | — | +9.9% | +36.9% | -5.1% | +32.5% |
| Pretax income | $2.3B | $2.7B | $3.7B | $3.5B | $4.5B |
| YoY | — | +17.6% | +36.9% | -4.9% | +29.3% |
| Income tax | $287.0M | $325.0M | $508.0M | $499.0M | $1.3B |
| YoY | — | +13.2% | +56.3% | -1.8% | +154.1% |
| Net income | $2.0B | $2.4B | $3.2B | $3.0B | $3.2B |
| YoY | — | +18.3% | +34.2% | -5.4% | +8.5% |
| EPS — basic | $5.29 | $6.23 | $8.34 | $7.86 | $8.49 |
| YoY | — | +17.8% | +33.9% | -5.8% | +8.0% |
| EPS — diluted | $5.21 | $6.17 | $8.25 | $7.76 | $8.40 |
| YoY | — | +18.4% | +33.7% | -5.9% | +8.2% |
| Weighted shares — basic | 377.0M | 378.2M | 379.6M | 381.0M | 382.2M |
| Weighted shares — diluted | 382.3M | 382.2M | 383.7M | 385.6M | 386.5M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $2.9B | $1.8B | $3.0B | $3.7B | $4.0B |
| YoY | — | -37.4% | +61.1% | +22.9% | +9.8% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $3.0B | $3.6B | $3.8B | $4.0B | $4.0B |
| YoY | — | +18.0% | +5.6% | +5.9% | +1.3% |
| Inventory | $3.3B | $4.0B | $4.8B | $4.8B | $5.3B |
| YoY | — | +20.5% | +21.2% | -1.4% | +11.2% |
| Total current assets | $10.0B | $10.3B | $12.5B | $14.8B | $14.8B |
| YoY | — | +2.6% | +21.8% | +18.6% | -0.6% |
| Total assets | $34.6B | $36.9B | $39.9B | $43.0B | $47.8B |
| YoY | — | +6.5% | +8.2% | +7.7% | +11.3% |
| Total current liabilities | $4.5B | $6.3B | $7.9B | $7.6B | $7.8B |
| YoY | — | +38.6% | +25.7% | -3.9% | +2.3% |
| Total liabilities | $19.8B | $20.3B | $21.3B | $22.3B | $25.4B |
| YoY | — | +2.6% | +5.2% | +4.8% | +13.8% |
| Total equity | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Shares outstanding | — | — | — | — | — |
| YoY | — | — | — | — | — |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $2.6B | $3.7B | $4.2B | $5.0B |
| YoY | — | -19.6% | +41.4% | +14.3% | +18.9% |
| Capital expenditures | $525.0M | $588.0M | $575.0M | $755.0M | $761.0M |
| YoY | — | +12.0% | -2.2% | +31.3% | +0.8% |
| Free cash flow | $2.7B | $2.0B | $3.1B | $3.5B | $4.3B |
| YoY | — | -25.6% | +54.0% | +11.2% | +22.8% |
| Dividends paid | $950.0M | $1.1B | $1.1B | $1.2B | $1.3B |
| YoY | — | +10.6% | +8.4% | +7.0% | +5.3% |
| Share repurchases | — | — | — | — | — |
| YoY | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | 64.1% | 62.8% | 63.7% | 63.9% | 64.0% |
| Operating margin | 15.1% | 15.4% | 19.0% | 16.3% | 19.5% |
| Net margin | 11.7% | 12.8% | 15.4% | 13.2% | 12.9% |
| Free cash flow margin | 16.0% | 11.0% | 15.3% | 15.4% | 17.1% |
| Effective tax rate | 12.6% | 12.1% | 13.8% | 14.3% | 28.1% |
| Current ratio | 2.20x | 1.63x | 1.58x | 1.95x | 1.89x |
| Total liabilities / equity | — | — | — | — | — |
Peer comparison — latest full year
Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| SYK FY25 · this stock | $25.1B | +11.2% | 64.0% | 19.5% | 12.9% | 17.1% |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| CVS FY25 | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| CI FY25 | $274.9B | +11.2% | — | 3.3% | — | — |
| ELV FY25 | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| JNJ FY25 | $94.2B | +6.0% | 67.9% | — | 28.5% | 20.9% |
| LLY FY25 | $65.2B | +44.7% | — | — | 31.7% | — |
| MRK FY25 | $65.0B | +1.3% | — | — | 28.1% | 19.0% |
| ABBV FY25 | $61.2B | +8.6% | — | 24.6% | 6.9% | 29.1% |
| BMY FY25 | $48.2B | -0.2% | — | — | 14.6% | 26.7% |
| TMO FY25 | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.