Income Statement

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Year Ending Dec 2025 (Update) Year Ending Dec 2024 (Restated) Year Ending Dec 2023 (Restated) Year Ending Dec 2022 (Update)
Net Sales 37,442 34,717 33,009 35,466
Revenue 37,442 34,717 33,009 35,466
Total Revenue 37,442 34,717 33,009 35,466
Cost of Revenue 23,613 21,360 20,637 23,825
Cost of Revenue, Total 23,613 21,360 20,637 23,825
Gross Profit 13,829 13,357 12,372 11,641
Selling/General/Administrative Expense 5,244 5,041 4,685 4,717
Labor & Related Expense 206 194 202 188
Selling/General/Administrative Expenses, Total 5,450 5,235 4,887 4,905
Research & Development 1,812 1,454 1,375
Interest Expense - Operating 1,344 1,048 749 414
Interest Expense, Net - Operating 1,344 1,048 749 414
Interest Income - Operating -369 -430 -321 -138
Investment Income - Operating -92 -2 -83 -13
Interest/Investment Income - Operating -461 -432 -404 -151
Interest Expense (Income), Net-Operating, Total 883 616 345 263
Restructuring Charge 696
Litigation 0 0
Impairment-Assets Held for Use 994 219 0
Other Unusual Expense (Income) -313 62 10 23
Unusual Expense (Income) 681 281 10 719
Other, Net -473 -473 -436 -625
Other Operating Expenses, Total -473 -473 -436 -625
Total Operating Expense 31,966 28,473 26,818 29,087
Operating Income 5,476 6,244 6,191 6,379
Net Income Before Taxes 5,476 6,244 6,191 6,379
Income Tax – Total 1,008 1,249 1,262 1,412
Income After Tax 4,468 4,995 4,929 4,967
Minority Interest -43 -35 -14 -1
Net Income Before Extraordinary Items 4,425 4,960 4,915 4,966
Discontinued Operations 304 745 743
Extraordinary Item
Total Extraordinary Items 304 745 743
Net Income 4,729 5,705 5,658 4,966
Income Available to Common Excluding Extraordinary Items 4,425 4,960 4,915 4,966
Income Available to Common Stocks Including Extraordinary Items 4,729 5,705 5,658 4,966
Basic Weighted Average Shares 319.50 325.45 331.50 338.55
Basic EPS Excluding Extraordinary Items 13.85 15.24 14.83 14.67
Basic EPS Including Extraordinary Items 14.80 17.53 17.07 14.67
Diluted Net Income 4,729 5,705 5,658 4,966
Diluted Weighted Average Shares 321.40 327.65 334.10 341.55
Diluted EPS Excluding Extraordinary Items 13.77 15.14 14.71 14.54
Diluted EPS Including Extraordinary Items 14.71 17.41 16.94 14.54
DPS - Common Stock Primary Issue 9.16 8.74 8.34 7.94
Gross Dividends - Common Stock 2,934 2,849 2,772 2,700
Impairment-Assets Held for Use, Supplemental 55 70 41
Litigation Charge, Supplemental 214 61 534
Restructuring Charge, Supplemental 142 102 238 572
Other Unusual Expense (Income), Supplemental 416 37 31
Non-Recurring Items, Total 827 270 844 572
Total Special Items 1,508 551 854 1,291
Normalized Income Before Taxes 6,984 6,795 7,045 7,670
Effect of Special Items on Income Taxes 277.59 110.22 174.08 285.76
Income Taxes Excluding Impact of Special Items 1,285.59 1,359.22 1,436.08 1,697.76
Normalized Income After Taxes 5,698.41 5,435.78 5,608.92 5,972.24
Normalized Income Available to Common 5,655.41 5,400.78 5,594.92 5,971.24
Basic Normalized EPS 17.70 16.59 16.88 17.64
Diluted Normalized EPS 17.60 16.48 16.75 17.48
Amortization of Intangibles, Supplemental 842 663 517 547
Depreciation, Supplemental 546 493 490 657
Interest Expense, Supplemental 1,344 1,048 749 414
Rental Expense, Supplemental 235 232 217 224
Stock-Based Compensation, Supplemental 206 194 202 188
Equity in Affiliates, Supplemental 44 47 82 61
Minority Interest, Supplemental -43 -35 -14 -1
Research & Development Expense, Supplemental 2,886 2,559 2,520 1,478
Audit-Related Fees, Supplemental 16.89 16.92
Audit-Related Fees 29.58 3.33
Tax Fees, Supplemental 0.03 0
All Other Fees Paid to Auditor, Supplemental 0.08 0.04
Gross Margin 36.93 38.47 37.48 32.82
Operating Margin 14.63 17.99 18.76 17.99
Pretax Margin 14.63 17.99 18.76 17.99
Effective Tax Rate 18.41 20 20.38 22.14
Net Profit Margin 11.82 14.29 14.89 14
Normalized EBIT 7,867 7,411 7,390 7,933
Normalized EBITDA 9,255 8,567 8,397 9,137
Current Tax - Domestic 49 478 13 653
Current Tax - Foreign 914 943 1,038 815
Current Tax - Local 27 57 22 124
Current Tax - Total 990 1,478 1,073 1,592
Deferred Tax - Domestic 10 -209 58 -176
Deferred Tax - Foreign 62 3 114 32
Deferred Tax - Local -54 -23 17 -36
Deferred Tax - Total 18 -229 189 -180
Income Tax - Total 1,008 1,249 1,262 1,412
Interest Cost - Domestic 576 380
Service Cost - Domestic 27 86
Prior Service Cost - Domestic 0 -42
Expected Return on Assets - Domestic -1,153 -1,281
Actuarial Gains and Losses - Domestic 39 -14
Curtailments & Settlements - Domestic 0 -2
Domestic Pension Plan Expense -511 -873
Interest Cost - Foreign 179 103
Service Cost - Foreign 4 19
Prior Service Cost - Foreign
Expected Return on Assets - Foreign -279 -278
Actuarial Gains and Losses - Foreign 124 537
Curtailments & Settlements - Foreign 68
Transition Costs - Foreign 2
Foreign Pension Plan Expense 98 381
Interest Cost - Post-Retirement 5 5
Service Cost - Post-Retirement 0
Prior Service Cost - Post-Retirement -11 -42
Actuarial Gains and Losses - Post-Retirement -10 -4
Post-Retirement Plan Expense -16 -41
Total Pension Expense -429 -533
Discount Rate - Domestic 5.57 2.87
Discount Rate - Foreign 5.09 1.77
Discount Rate - Post-Retirement 5.42 2.66
Expected Rate of Return - Domestic 7.25 6.40
Expected Rate of Return - Foreign 6.06 3.61
Compensation Rate - Domestic 3.25 3.25
Compensation Rate - Foreign 2.90 2.56
Total Plan Interest Cost 760 488
Total Plan Service Cost 31 105
Total Plan Expected Return -1,432 -1,559

In millions of USD (except for per share items)

Source: LSEG

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