Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.3.1.900
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 26, 2015
Dec. 27, 2014
Dec. 28, 2013
Income Statement [Abstract]      
Net revenue $ 55,355 $ 55,870 $ 52,708
Cost of sales 20,676 20,261 21,187
Gross margin 34,679 35,609 31,521
Research and development 12,128 11,537 10,611
Marketing, general and administrative 7,930 8,136 8,088
Restructuring and asset impairment charges 354 295 240
Amortization of acquisition-related intangibles 265 294 291
Operating expenses 20,677 20,262 19,230
Operating income 14,002 15,347 12,291
Gains (losses) on equity investments, net 315 411 471
Interest and other, net (105) 43 (151)
Income before taxes 14,212 15,801 12,611
Provision for taxes 2,792 4,097 2,991
Net income $ 11,420 $ 11,704 $ 9,620
Basic earnings per share of common stock $ 2.41 $ 2.39 $ 1.94
Diluted earnings per share of common stock $ 2.33 $ 2.31 $ 1.89
Weighted average shares of common stock outstanding:      
Basic (shares) 4,742 4,901 4,970
Diluted (shares) 4,894 5,056 5,097