We are focused on executing our plan, improving fundamentals and simplifying how we work – ensuring we are more competitive and agile, and delivering growth and margin expansion, with patient safety and quality as priority.
Roy Jakobs
CEO Royal Philips
Read CEO message
Philips CEO Roy Jakobs

Philips 2024 annual results

The year at a glance

18.0
billion
EUR
sales
1%
comparable sales growth
11.5%
Adjusted EBITA margin
1.96
billion
lives improved
24%
circular revenues
~67,800
employees
View charts and historical results
Our strategy and businesses
Our purpose is to improve people’s health and well-being through meaningful innovation. We see huge opportunities to make a difference through innovation, design, and sustainability – partnering with our healthcare customers to increase productivity and deliver better care for more people, and empowering more people to take care of their health and well-being.
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Healthcare professional smiles down at a patient lying flat in front of an imaging apparatus

Customer impact and innovation

The technological and business model innovation that Philips brings to healthcare – often as part of long-term partnerships – is critical, making care delivery more effective, efficient and sustainable.

Technician examines the insides of an imaging apparatus
Environmental, Social and Governance
At Philips, we are partnering with our stakeholders to drive environmental, social and governance priorities and make a global impact.
Discover moreRead Country Activity & Tax Report

Progress toward our goals

Lives improved

At Philips, we are striving to make the world healthier and more sustainable through innovation, with the goal of improving the lives of 2.5 billion people a year by 2030. This includes improving access to care in underserved communities for 400 million people a year.

To ensure we remain on track to achieve this goal, we have developed a model, audited externally, that tells us how many lives have been improved by our products and solutions in a given year.

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0.00billion
1.96
2.5
Lives improved
000million
242
400
Lives improved in underserved communities
2E226E4A-9D34-428E-9603-8F2147474F3A
71%100%100% of new product introductions designed in line with our EcoDesign requirements
76.4%
7C04B12B-8CA6-4A93-B8DE-DECFF9EDAB7D
16%25%25% sales from products and services that contribute to circularity
24%
B58BD847-4D65-4A26-B2B8-387BFF8C1715
100%75% operations powered by renewable energy
80%
E2C0C3A3-A18F-4561-B6FB-CF881CE7508A
87%95%95% circular materials management 2
94%
124104F3-3131-41A9-B350-DCA9E31AE498
100%100% industrial sites sending zero waste to landfill
100%
15158A4B-4536-4366-A76C-8D8AB0A0B760
1%5%5% reduction in water consumption from 2019 level
11%
All data points refer to 2024
1  Revenue from current green/EcoDesigned products and solutions2  Recycling, reuse and circular materials management of the total used materials
Environmental sustainability targets

Reflecting our commitment to SDG 12 (Sustainable consumption and production) and SDG 13 (Climate action), we have set specific targets – to be achieved by 2025 – to reduce our environmental impact and help fight climate change. Here you can see how we’re progressing towards these goals.

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Sustainability highlights

In 2024, we made further advances in the focal areas of climate action, circular economy and access to care.

Installed Philips helium-free MRI scannerInstalled Philips helium-free MRI scanner
Marking 1,111 installations of helium-free MRI operations 
Healthcare professionals stand over patient's bedside in examination settingHealthcare professionals stand over patient's bedside in examination setting
Sustainability effort with Champalimaud Foundation achieves emissions reduction
Logo of the Fortune Change the World programLogo of the Fortune Change the World program
Philips selected as Fortune ‘Change the World’ finalist
Healthcare professional looks at a screen of patient images being generated by colleagues in a nearby exam roomHealthcare professional looks at a screen of patient images being generated by colleagues in a nearby exam room
Calling for action to expand access to life-saving stroke care
Healthcare experts participate in a panel at a Philips officeHealthcare experts participate in a panel at a Philips office
Power of partnerships to drive sustainable and equitable healthcare
Healthcare professional at patient's beside looks at monitor with vital signsHealthcare professional at patient's beside looks at monitor with vital signs
Measuring the sustainability impact of transitioning to next-generation monitoring solutions
Creating value with sustainable impact
Based on the International Integrated Reporting Council framework, we use various resources to create value with sustainable impact for our stakeholders.
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Healthcare professional holds the hand of a patient in a hospital gown wearing a monitor

Charts and historical results

Statement of income
Profitability
Balance sheet
Cash flow
Key figures per share
Ratios
ESG
Tax

Total tax contributions 

in millions of EUR

2022

2023

2024

Total tax contributions3,4693,0513,263

Composition of tax contributions 

in millions of EUR

2022

2023

2024

Corporate income tax paid36252186
Customs duties144127131
Value Added Tax664737717
Payroll taxes2,1742,0212,154
Other taxes12411576

[maintitle]

in millions of EUR

2022

2023

2024

Net cash provided by operating activities

(173)
2,136
1,569

Net capital expenditures

(788)
(554)
(663)

Free cash flow

(961)
1,582
906

Organic Return on Invested Capital (in %)


%

2022

2023

2024

Philips Group6.3%10.3%11.8%

Return on total assets (in %)


%

2022

2023

2024

Philips Group(5.0)%(0.4)%1.8%

R&D investment as a % of sales


%

2022

2023

2024

Philips Group11.7%10.4%9.7%

Net debt : group equity ratio

 

2022

2023

2024

Philips Group35:6533:6730:70

Comparable sales growth (in %)


%

2022

2023

2024

Diagnosis & Treatment(0.6)%11.0%1.3%
Connected Care(9.1)%1.1%2.0%
Personal Health0.1%3.2%(0.7)%
Philips Group(2.8)%6.0%1.2%

Sales 

in millions of EUR

2022

2023

2024

Diagnosis & Treatment8,3038,8258,790
Connected Care5,2685,1385,134
Personal Health3,6263,6023,486
Other630604611
Philips Group17,82718,16918,021

Income from operations 

in millions of EUR

2022

2023

2024

Diagnosis & Treatment536721592
Connected Care(2,347)(1,199)(466)
Personal Health515552544
Other(233)(190)(142)
Philips Group(1,529)(115)529

Adjusted EBITA 

in millions of EUR

2022

2023

2024

Diagnosis & Treatment7861,0281,018
Connected Care111369494
Personal Health538597584
Other(118)(73)(18)
Philips Group1,3181,9212,077

Income (loss) from continuing operations 

in millions of EUR

2022

2023

2024

Philips Group(1,618)(454)(840)

Net income (loss) 

in millions of EUR

2022

2023

2024

Philips Group(1,605)(463)(698)

Income from operations as a % of sales

as a % of sales

2022

2023

2024

Diagnosis & Treatment6.5%8.2%6.7%
Connected Care(44.6)%(23.3)%(9.1)%
Personal Health14.2%15.3%15.6%
Philips Group(8.6)%(0.6)%2.9%

Adjusted EBITA as a % of sales

as a % of sales

2022

2023

2024

Diagnosis & Treatment9.5%11.6%11.6%
Connected Care2.1%7.2%9.6%
Personal Health14.8%16.6%16.7%
Philips Group7.4%10.6%11.5%

Balance sheet 

in millions of EUR

2022

2023

2024

Total assets

30,68829,40628,976

Total liabilities

17,40517,34516,933

Group equity

13,28312,06112,043

Per share information (in EUR)

in EUR

2022

2023

2024

Income from continuing operations attributable to shareholders per common share - diluted

(1.70)(0.48)(0.90)

Adjusted income from continuing operations attributable to shareholders per common share - diluted

0.891.211.39

Dividend distributed per common share

0.850.850.85

Share price information (in EUR)

in EUR

2022

2023

2024

Share price at year-end

14.00
21.09
24.40

Price/earnings ratio (basic EPS)

0.00
0.00
17.55

Market capitalization at year-end (in EUR billions)

in millions of EUR

2022

2023

2024

Philips Group12,34419,11523,000

Employees in FTE at year-end

 

2022

2023

2024

Diagnosis & Treatment26,84025,77324,544
Connected Care19,75917,38516,829
Personal Health7,8587,5357,991
Other22,77718,96318,459

Philips Group

77,23369,65667,823

Engagement index (in % of positive score)

% positive score

2022

2023

2024

Philips Group

777378

Female executives (in % of total)

in % of total

2022

2023

2024

Philips Group

242530

Lost Workday Injuries (per 100 FTEs)

per 100 FTEs202220232024
Diagnosis & Treatment0.210.280.16
Connected Care0.090.130.07
Personal Health0.090.090.08
Other0.080.090.10
Philips Group0.110.120.11

Total recordable cases (per 100 FTEs)

202220232024
Diagnosis & Treatment0.410.430.29
Connected Care0.190.270.19
Personal Health0.270.210.18
Other0.170.180.20
Philips Group0.230.240.21

Fatalities

202220232024
Philips Group000

Green Revenues (in EUR millions)

in millions of EUR202220232024
Diagnosis & Treatment7,2457,1127,299
Connected Care2,2522,9243,047
Personal Health3,2782,7233,343
Other0520
Philips Group12,77412,81113,689

Green Revenues (as a % of total sales)

202220232024
Diagnosis & Treatment87.480.783.0
Connected Care42.756.959.3
Personal Health90.475.695.9
Othererr8.5err
Philips Group71.770.576.4

Green Innovation (in EUR millions)

in millions of EUR202220232024
Diagnosis & Treatment9378109
Connected Care312994
Personal Health403360
Other420
Philips group168142263

Operational carbon footprint for logistics (in tonnes CO2-equivalent)

202220232024
Air freight213,562168,153210,633
Road freight27,27626,39322,183
Sea freight22,15023,55218,774
Parcel freight63,81186,98886,387
Philips Group326,798305,086337,977

Total energy consumption (in MWh)

 202220232024
Total energy consumption496,600457,576464,587

Operational energy efficiency (in MWh per EUR million sales) 

in MWh/million EUR sales20232024
Philips Group25.1825.78

Total energy consumption in manufacturing (in MWh)

in gigawatt hours202220232024
Diagnosis & Treatment169,893166,461168,328
Connected Care41,50939,52338,736
Personal Health126,738116,548124,249
Philips Group338,140322,532331,313

Water withdrawal (in thousands of m3)

in thousands of m3202220232024
Diagnosis & Treatment310324333
Connected Care1119988
Personal Health302286252
Philips Group723709673

Zero waste to landfill (in tonnes)

202220232024
Philips Group131

Materials recirculated (Circular Materials Management) per total waste (in %)

202220232024
Philips Group919194

Hazardous substances emissions (in kilos)

202220232024
Diagnosis & Treatment175158162
Connected Care863781708
Personal Health510362345
Philips Group1,5481,3001,216

VOC emissions (in tonnes)

202220232024
Diagnosis & Treatment383438
Connected Care222
Personal Health373829
Philips Group777469

ISO 14001 certification (as a % of all reporting organizations)

%202220232024
Philips Group9696100

All holders of Philips securities can receive a hard copy of the complete annual audited financial statements free of charge by submitting a request to annual.report@philips.com