Fourth Quarter 2021
• Net sales increased 9% to $137.4 billion in the fourth quarter, compared with $125.6 billion in fourth quarter 2020.
Excluding the $1.3 billion unfavorable impact from year-over-year changes in foreign exchange rates throughout the
quarter, net sales increased 10% compared with fourth quarter 2020.
• Operating income decreased to $3.5 billion in the fourth quarter, compared with $6.9 billion in fourth quarter 2020.
• Net income increased to $14.3 billion in the fourth quarter, or $27.75 per diluted share, compared with $7.2 billion, or
$14.09 per diluted share, in fourth quarter 2020. Fourth quarter 2021 net income includes a pre-tax valuation gain of
$11.8 billion included in non-operating income from our common stock investment in Rivian Automotive, Inc., which
completed an initial public offering in November.