v3.26.1
CONSOLIDATED INCOME STATEMENTS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CONSOLIDATED INCOME STATEMENTS      
Net sales $ 11,981,157 $ 12,523,934 $ 14,868,860
Cost of sales (7,860,744) (8,135,489) (8,668,915)
Gross profit 4,120,413 4,388,445 6,199,945
Selling, general and administrative expenses (1,828,496) (1,904,828) (1,919,307)
Other operating income 23,789 60,650 53,043
Other operating expenses (32,490) (125,418) (17,273)
Operating income 2,283,216 2,418,849 4,316,408
Finance income 252,238 242,319 213,474
Finance cost (46,933) (61,212) (106,862)
Other financial results, net (72,664) (52,051) 114,365
Income before equity in earnings of non-consolidated companies and income tax 2,415,857 2,547,905 4,537,385
Equity in earnings of non-consolidated companies 58,038 8,548 95,404
Income before income tax 2,473,895 2,556,453 4,632,789
Income tax (500,616) (479,680) (674,956)
Income for the year 1,973,279 2,076,773 3,957,833
Attributable to:      
Shareholders' equity 1,932,813 2,036,445 3,918,065
Non-controlling interests 40,466 40,328 39,768
Income for the year $ 1,973,279 $ 2,076,773 $ 3,957,833
Earnings per share attributable to shareholders' equity during the year:      
Weighted average number of outstanding ordinary shares (thousands) (in shares) [1] 1,055,929 1,127,491 1,178,876
Basic earnings per share (U.S. dollars per share) $ 1.83 $ 1.81 $ 3.32
Diluted earnings per share (U.S. dollars per share) 1.83 1.81 3.32
American Depositary Shares (“ADSs”)      
Earnings per share attributable to shareholders' equity during the year:      
Basic earnings per share (U.S. dollars per share) [2] 3.66 3.61 6.65
Diluted earnings per share (U.S. dollars per share) [2] $ 3.66 $ 3.61 $ 6.65
[1] Number of outstanding shares as of December 31, 2025, 2024 and 2023 were 1,011,823,958, 1,084,272,191 and 1,167,888,739 respectively.
[2] Each ADS equals two shares.