Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $26.0B | $26.3B | $28.2B | $33.4B | $36.8B |
| YoY | — | +1.3% | +7.1% | +18.6% | +10.0% |
| Cost of goods sold | $6.5B | $6.4B | $8.5B | $12.9B | $12.0B |
| YoY | — | -0.7% | +31.9% | +52.1% | -6.4% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $5.4B | $5.4B | $6.2B | $7.1B | $7.0B |
| YoY | — | +0.9% | +14.1% | +14.8% | -0.6% |
| Operating income | $7.6B | $9.6B | $7.9B | $7.3B | $9.1B |
| YoY | — | +25.2% | -17.4% | -8.1% | +25.1% |
| Pretax income | $6.7B | $7.3B | $7.9B | $4.6B | $9.0B |
| YoY | — | +9.6% | +6.9% | -41.3% | +94.7% |
| Income tax | $808.0M | $794.0M | $1.1B | $519.0M | $1.3B |
| YoY | — | -1.7% | +43.3% | -54.4% | +143.7% |
| Net income | $5.9B | $6.6B | $6.7B | $4.1B | $7.7B |
| YoY | — | +11.2% | +2.5% | -39.1% | +88.5% |
| EPS — basic | $10.34 | $12.18 | $12.56 | $7.62 | $14.33 |
| YoY | — | +17.8% | +3.1% | -39.3% | +88.1% |
| EPS — diluted | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 |
| YoY | — | +17.8% | +3.1% | -39.5% | +88.2% |
| Weighted shares — basic | 570.0M | 538.0M | 535.0M | 537.0M | 538.0M |
| Weighted shares — diluted | 573.0M | 541.0M | 538.0M | 541.0M | 542.0M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $8.0B | $7.6B | $10.9B | $12.0B | $9.1B |
| YoY | — | -4.5% | +43.5% | +9.4% | -23.8% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $4.9B | $5.6B | $7.3B | $6.8B | $9.6B |
| YoY | — | +13.6% | +30.6% | -6.7% | +41.1% |
| Inventory | $4.1B | $4.9B | $9.5B | $7.0B | $6.2B |
| YoY | — | +20.7% | +93.1% | -26.5% | -11.0% |
| Total current assets | $19.4B | $22.2B | $30.3B | $29.0B | $29.1B |
| YoY | — | +14.4% | +36.7% | -4.3% | +0.1% |
| Total assets | $61.2B | $65.1B | $97.2B | $91.8B | $90.6B |
| YoY | — | +6.5% | +49.2% | -5.5% | -1.4% |
| Total current liabilities | $12.2B | $15.7B | $18.4B | $23.1B | $25.5B |
| YoY | — | +28.8% | +17.2% | +25.6% | +10.3% |
| Total liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total equity | $6.7B | $3.7B | $6.2B | $5.9B | $8.7B |
| YoY | — | -45.4% | +70.2% | -5.7% | +47.3% |
| Shares outstanding | 558.3M | 534.0M | 535.4M | 536.9M | 538.8M |
| YoY | — | -4.4% | +0.3% | +0.3% | +0.4% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $9.3B | $9.7B | $8.5B | $11.5B | $10.0B |
| YoY | — | +5.0% | -12.9% | +35.6% | -13.3% |
| Capital expenditures | $880.0M | $936.0M | $1.1B | $1.1B | $1.9B |
| YoY | — | +6.4% | +18.8% | -1.4% | +69.5% |
| Free cash flow | $8.4B | $8.8B | $7.4B | $10.4B | $8.1B |
| YoY | — | +4.8% | -16.2% | +41.2% | -22.1% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $5.0B | $6.4B | $0 | $200.0M | $0 |
| YoY | — | +27.8% | -100.0% | — | -100.0% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% |
| Net margin | 22.7% | 24.9% | 23.8% | 12.2% | 21.0% |
| Free cash flow margin | 32.3% | 33.4% | 26.1% | 31.1% | 22.0% |
| Effective tax rate | 12.1% | 10.8% | 14.5% | 11.3% | 14.1% |
| Current ratio | 1.59x | 1.41x | 1.65x | 1.26x | 1.14x |
| Total liabilities / equity | — | — | — | — | — |
Peer comparison — latest full year
Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| AMGN FY25 · this stock | $36.8B | +10.0% | — | 24.7% | 21.0% | 22.0% |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| CVS FY25 | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| CI FY25 | $274.9B | +11.2% | — | 3.3% | — | — |
| ELV FY25 | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| JNJ FY25 | $94.2B | +6.0% | 67.9% | — | 28.5% | 20.9% |
| LLY FY25 | $65.2B | +44.7% | — | — | 31.7% | — |
| MRK FY25 | $65.0B | +1.3% | — | — | 28.1% | 19.0% |
| ABBV FY25 | $61.2B | +8.6% | — | 24.6% | 6.9% | 29.1% |
| BMY FY25 | $48.2B | -0.2% | — | — | 14.6% | 26.7% |
| TMO FY25 | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.