Income Statement
In millions of USD (except for per share items)
| Year Ending Dec 2025 (Update) | Year Ending Dec 2024 (Update) | Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | |
|---|---|---|---|---|---|
| Net Sales | 9,035.00 | 8,562.00 | 7,364.00 | 5,522.00 | 5,195.00 |
| Revenue | 9,035.00 | 8,562.00 | 7,364.00 | 5,522.00 | 5,195.00 |
| Total Revenue | 9,035.00 | 8,562.00 | 7,364.00 | 5,522.00 | 5,195.00 |
| Cost of Revenue | 5,560.00 | 5,350.00 | 4,647.00 | 3,438.00 | 3,220.00 |
| Cost of Revenue, Total | 5,560.00 | 5,350.00 | 4,647.00 | 3,438.00 | 3,220.00 |
| Gross Profit | 3,475.00 | 3,212.00 | 2,717.00 | 2,084.00 | 1,975.00 |
| Selling/General/Administrative Expense | 1,923.00 | 1,911.00 | 1,700.00 | 1,227.00 | 1,179.00 |
| Selling/General/Administrative Expenses, Total | 1,923.00 | 1,911.00 | 1,700.00 | 1,227.00 | 1,179.00 |
| Research & Development | 226.00 | 230.00 | 232.00 | 206.00 | 204.00 |
| Restructuring Charge | 95.00 | 55.00 | 72.00 | 15.00 | 6.00 |
| Impairment-Assets Held for Use | 8.00 | 7.00 | 4.00 | 14.00 | 1.00 |
| Other Unusual Expense (Income) | 31.00 | 46.00 | 58.00 | 139.00 | -2.00 |
| Unusual Expense (Income) | 134.00 | 108.00 | 134.00 | 168.00 | 5.00 |
| Total Operating Expense | 7,843.00 | 7,599.00 | 6,713.00 | 5,039.00 | 4,608.00 |
| Operating Income | 1,192.00 | 963.00 | 651.00 | 483.00 | 587.00 |
| Interest Expense - Non-Operating | -29.00 | -44.00 | -49.00 | -50.00 | -76.00 |
| Interest Expense, Net Non-Operating | -29.00 | -44.00 | -49.00 | -50.00 | -76.00 |
| Interest Income, Non-Operating | 27.00 | 28.00 | 28.00 | -- | -- |
| Investment Income, Non-Operating | -7.00 | -4.00 | 0.00 | -- | -- |
| Interest/Investment Income, Non-Operating | 20.00 | 24.00 | 28.00 | -- | -- |
| Interest Income (Expense), Net-Non-Operating, Total | -9.00 | -20.00 | -21.00 | -50.00 | -76.00 |
| Other Non-Operating Income (Expense) | -2.00 | 144.00 | 5.00 | 7.00 | 0.00 |
| Other, Net | -2.00 | 144.00 | 5.00 | 7.00 | 0.00 |
| Net Income Before Taxes | 1,181.00 | 1,087.00 | 635.00 | 440.00 | 511.00 |
| Income Tax – Total | 231.00 | 197.00 | 26.00 | 85.00 | 84.00 |
| Income After Tax | 950.00 | 890.00 | 609.00 | 355.00 | 427.00 |
| Minority Interest | 7.00 | -- | -- | -- | -- |
| Net Income Before Extraordinary Items | 957.00 | 890.00 | 609.00 | 355.00 | 427.00 |
| Extraordinary Item | -- | -- | -- | -- | -- |
| Total Extraordinary Items | -- | -- | -- | -- | -- |
| Net Income | 957.00 | 890.00 | 609.00 | 355.00 | 427.00 |
| Income Available to Common Excluding Extraordinary Items | 957.00 | 890.00 | 609.00 | 355.00 | 427.00 |
| Income Available to Common Stocks Including Extraordinary Items | 957.00 | 890.00 | 609.00 | 355.00 | 427.00 |
| Basic Weighted Average Shares | 243.40 | 242.60 | 217.00 | 180.20 | 180.20 |
| Basic EPS Excluding Extraordinary Items | 3.93 | 3.67 | 2.81 | 1.97 | 2.37 |
| Basic EPS Including Extraordinary Items | 3.93 | 3.67 | 2.81 | 1.97 | 2.37 |
| Diluted Net Income | 957.00 | 890.00 | 609.00 | 355.00 | 427.00 |
| Diluted Weighted Average Shares | 244.00 | 243.50 | 218.20 | 181.00 | 181.50 |
| Diluted EPS Excluding Extraordinary Items | 3.92 | 3.66 | 2.79 | 1.96 | 2.35 |
| Diluted EPS Including Extraordinary Items | 3.92 | 3.66 | 2.79 | 1.96 | 2.35 |
| DPS - Common Stock Primary Issue | 1.60 | 1.44 | 1.32 | 1.20 | 1.12 |
| Gross Dividends - Common Stock | 391.00 | 351.00 | 300.00 | 217.00 | 203.00 |
| Restructuring Charge, Supplemental | 28.00 | 36.00 | 31.00 | 34.00 | -- |
| Other Unusual Expense (Income), Supplemental | 36.00 | 57.00 | 79.00 | 20.00 | 10.00 |
| Non-Recurring Items, Total | 64.00 | 93.00 | 110.00 | 54.00 | 10.00 |
| Total Special Items | 198.00 | 201.00 | 244.00 | 222.00 | 15.00 |
| Normalized Income Before Taxes | 1,379.00 | 1,288.00 | 879.00 | 662.00 | 526.00 |
| Effect of Special Items on Income Taxes | -52.00 | -19.00 | 9.99 | 42.89 | 0.00 |
| Income Taxes Excluding Impact of Special Items | 179.00 | 178.00 | 35.99 | 127.89 | 84.00 |
| Normalized Income After Taxes | 1,200.00 | 1,110.00 | 843.01 | 534.11 | 442.00 |
| Normalized Income Available to Common | 1,207.00 | 1,110.00 | 843.01 | 534.11 | 442.00 |
| Basic Normalized EPS | 4.96 | 4.58 | 3.88 | 2.96 | 2.45 |
| Diluted Normalized EPS | 4.95 | 4.56 | 3.86 | 2.95 | 2.44 |
| Amortization of Intangibles, Supplemental | 308.00 | 304.00 | 243.00 | 125.00 | 127.00 |
| Depreciation, Supplemental | 267.00 | 258.00 | 193.00 | 111.00 | 118.00 |
| Interest Expense, Supplemental | 29.00 | 44.00 | 49.00 | 50.00 | 76.00 |
| Rental Expense, Supplemental | 111.00 | 106.00 | 96.00 | 83.00 | 84.00 |
| Stock-Based Compensation, Supplemental | 53.00 | 56.00 | 60.00 | 37.00 | 33.00 |
| Equity in Affiliates, Supplemental | -7.00 | -4.00 | 0.00 | -- | -- |
| Minority Interest, Supplemental | 7.00 | -- | -- | -- | -- |
| Research & Development Expense, Supplemental | 226.00 | 230.00 | 232.00 | 206.00 | 204.00 |
| Audit-Related Fees, Supplemental | -- | 8.78 | 8.43 | 7.01 | 6.71 |
| Audit-Related Fees | -- | 0.18 | 0.13 | 0.07 | 0.19 |
| Tax Fees, Supplemental | -- | 0.10 | 0.11 | 0.11 | 0.01 |
| All Other Fees Paid to Auditor, Supplemental | -- | 0.01 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 38.46 | 37.51 | 36.90 | 37.74 | 38.02 |
| Operating Margin | 13.19 | 11.25 | 8.84 | 8.75 | 11.30 |
| Pretax Margin | 13.07 | 12.70 | 8.62 | 7.97 | 9.84 |
| Effective Tax Rate | 19.56 | 18.12 | 4.09 | 19.32 | 16.44 |
| Net Profit Margin | 10.59 | 10.39 | 8.27 | 6.43 | 8.22 |
| Normalized EBIT | 1,390.00 | 1,164.00 | 895.00 | 705.00 | 602.00 |
| Normalized EBITDA | 1,965.00 | 1,726.00 | 1,331.00 | 941.00 | 847.00 |
| Current Tax - Domestic | 122.00 | 108.00 | -4.00 | 77.00 | 16.00 |
| Current Tax - Foreign | 108.00 | 90.00 | 86.00 | 56.00 | 53.00 |
| Current Tax - Local | 36.00 | 35.00 | 23.00 | 16.00 | 5.00 |
| Current Tax - Total | 266.00 | 233.00 | 105.00 | 149.00 | 74.00 |
| Deferred Tax - Domestic | -30.00 | -38.00 | -49.00 | -43.00 | -2.00 |
| Deferred Tax - Foreign | 2.00 | 13.00 | -22.00 | -9.00 | 12.00 |
| Deferred Tax - Local | -7.00 | -11.00 | -8.00 | -12.00 | 0.00 |
| Deferred Tax - Total | -35.00 | -36.00 | -79.00 | -64.00 | 10.00 |
| Income Tax - Total | 231.00 | 197.00 | 26.00 | 85.00 | 84.00 |
| Interest Cost - Domestic | 5.00 | 5.00 | 5.00 | 3.00 | 3.00 |
| Service Cost - Domestic | 2.00 | 2.00 | 3.00 | 3.00 | 3.00 |
| Expected Return on Assets - Domestic | -6.00 | -6.00 | -6.00 | -6.00 | -7.00 |
| Actuarial Gains and Losses - Domestic | 1.00 | 1.00 | 0.00 | 3.00 | 4.00 |
| Domestic Pension Plan Expense | 2.00 | 2.00 | 2.00 | 3.00 | 3.00 |
| Interest Cost - Foreign | 17.00 | 16.00 | 16.00 | 13.00 | 11.00 |
| Service Cost - Foreign | 10.00 | 9.00 | 7.00 | 12.00 | 14.00 |
| Expected Return on Assets - Foreign | -13.00 | -13.00 | -11.00 | -13.00 | -14.00 |
| Actuarial Gains and Losses - Foreign | -- | 0.00 | -2.00 | 10.00 | 17.00 |
| Curtailments & Settlements - Foreign | 1.00 | 0.00 | 0.00 | 140.00 | 0.00 |
| Foreign Pension Plan Expense | 15.00 | 12.00 | 10.00 | 162.00 | 28.00 |
| Interest Cost - Post-Retirement | 2.00 | 2.00 | 2.00 | 1.00 | 1.00 |
| Service Cost - Post-Retirement | -- | -- | -- | -- | -- |
| Prior Service Cost - Post-Retirement | -1.00 | -2.00 | -3.00 | -3.00 | -3.00 |
| Actuarial Gains and Losses - Post-Retirement | 1.00 | 1.00 | 1.00 | 9.00 | 2.00 |
| Post-Retirement Plan Expense | 2.00 | 1.00 | 0.00 | 7.00 | 0.00 |
| Defined Contribution Expense - Domestic | 31.00 | 31.00 | 31.00 | 31.00 | 42.00 |
| Total Pension Expense | 50.00 | 46.00 | 43.00 | 203.00 | 73.00 |
| Discount Rate - Domestic | -- | 5.00 | 5.25 | 3.00 | 2.50 |
| Discount Rate - Foreign | -- | 3.55 | 4.13 | 1.55 | 1.06 |
| Expected Rate of Return - Domestic | -- | 6.00 | 6.00 | 5.50 | 6.50 |
| Expected Rate of Return - Foreign | -- | 5.78 | 5.85 | 2.79 | 2.60 |
| Compensation Rate - Foreign | -- | 2.87 | 2.79 | 2.79 | 2.79 |
| Total Plan Interest Cost | 24.00 | 23.00 | 23.00 | 17.00 | 15.00 |
| Total Plan Service Cost | 12.00 | 11.00 | 10.00 | 15.00 | 17.00 |
| Total Plan Expected Return | -19.00 | -19.00 | -17.00 | -19.00 | -21.00 |
Source: LSEG