Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.21.4
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 25, 2021
Dec. 26, 2020
Dec. 28, 2019
Income Statement [Abstract]      
Net revenue $ 79,024 $ 77,867 $ 71,965
Cost of sales 35,209 34,255 29,825
Gross margin 43,815 43,612 42,140
Research and development 15,190 13,556 13,362
Marketing, general and administrative 6,543 6,180 6,350
Restructuring and other charges 2,626 198 393
Operating expenses 24,359 19,934 20,105
Operating income 19,456 23,678 22,035
Gains (losses) on equity investments, net 2,729 1,904 1,539
Interest and other, net (482) (504) 484
Income before taxes 21,703 25,078 24,058
Provision for taxes 1,835 4,179 3,010
Net income $ 19,868 $ 20,899 $ 21,048
Earnings per share—basic $ 4.89 $ 4.98 $ 4.77
Earnings per share—diluted $ 4.86 $ 4.94 $ 4.71
Weighted average shares of common stock outstanding:      
Basic (shares) 4,059 4,199 4,417
Diluted (shares) 4,090 4,232 4,473