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.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.2B | $1.1B | $1.3B | $1.5B | $1.3B | $1.2B | $1.4B |
| YoY | — | — | — | — | +9.5% | +7.5% | +6.1% | +6.1% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $543.0M | $400.0M | $371.0M | $489.0M | $614.0M | $405.0M | $391.0M | $542.0M |
| YoY | — | — | — | — | +13.1% | +1.2% | +5.4% | +10.8% |
| Pretax income | $453.0M | $303.0M | $270.0M | $376.0M | $494.0M | $282.0M | $259.0M | $405.0M |
| YoY | — | — | — | — | +9.1% | -6.9% | -4.1% | +7.7% |
| Income tax | $103.0M | $64.0M | $65.0M | $87.0M | $115.0M | $44.0M | $63.0M | $90.0M |
| YoY | — | — | — | — | +11.7% | -31.2% | -3.1% | +3.4% |
| Net income | $350.0M | $239.0M | $205.0M | $289.0M | $379.0M | $238.0M | $196.0M | $315.0M |
| YoY | — | — | — | — | +8.3% | -0.4% | -4.4% | +9.0% |
| EPS — basic | $1.80 | $1.22 | $1.05 | $1.48 | $1.94 | — | $1.00 | $1.61 |
| YoY | — | — | — | — | +7.8% | — | -4.8% | +8.8% |
| EPS — diluted | $1.80 | $1.22 | $1.05 | $1.48 | $1.94 | — | $1.00 | $1.61 |
| YoY | — | — | — | — | +7.8% | — | -4.8% | +8.8% |
| Weighted shares — basic | 195.0M | — | 195.0M | 195.0M | 195.0M | — | 195.0M | 196.0M |
| Weighted shares — diluted | 195.0M | — | 195.0M | 195.0M | 195.0M | — | 195.0M | 196.0M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $127.0M | $96.0M | $114.0M | $94.0M | $166.0M | $98.0M | $137.0M | $191.0M |
| YoY | — | — | — | — | +30.7% | +2.1% | +20.2% | +103.2% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $453.0M | $416.0M | $380.0M | $424.0M | $459.0M | $395.0M | $386.0M | $432.0M |
| YoY | — | — | — | — | +1.3% | -5.0% | +1.6% | +1.9% |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | $1.2B | $1.2B | $1.2B | $1.4B | $1.6B | $2.2B | $1.5B | $1.7B |
| YoY | — | — | — | — | +25.5% | +80.3% | +27.6% | +22.2% |
| Total assets | $31.8B | $32.8B | $33.2B | $33.9B | $34.7B | $35.4B | $35.3B | $36.5B |
| YoY | — | — | — | — | +9.3% | +8.0% | +6.4% | +7.5% |
| Total current liabilities | $2.1B | $3.1B | $2.4B | $4.0B | $3.7B | $4.7B | $4.1B | $3.3B |
| YoY | — | — | — | — | +72.9% | +50.7% | +68.3% | -18.1% |
| Total liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total equity | $10.4B | $10.3B | $10.5B | $10.7B | $10.9B | $10.8B | $11.0B | $11.7B |
| YoY | — | — | — | — | +5.3% | +4.9% | +4.8% | +9.2% |
| Shares outstanding | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $679.0M | $639.0M | $331.0M | $301.0M | $764.0M | $663.0M | $305.0M | $602.0M |
| YoY | — | — | — | — | +12.5% | +3.8% | -7.9% | +100.0% |
| Capital expenditures | $683.0M | $894.0M | $548.0M | $733.0M | $797.0M | $1.0B | $659.0M | $860.0M |
| YoY | — | — | — | — | +16.7% | +17.2% | +20.3% | +17.3% |
| Free cash flow | $-4.0M | $-255.0M | $-217.0M | $-432.0M | $-33.0M | $-385.0M | $-354.0M | $-258.0M |
| YoY | — | — | — | — | -725.0% | -51.0% | -63.1% | +40.3% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 40.9% | 34.0% | 32.7% | 38.4% | 42.2% | 32.0% | 32.5% | 40.1% |
| Net margin | 26.4% | 20.3% | 18.1% | 22.7% | 26.1% | 18.8% | 16.3% | 23.3% |
| Free cash flow margin | -0.3% | -21.6% | -19.1% | -34.0% | -2.3% | -30.4% | -29.4% | -19.1% |
| Effective tax rate | 22.7% | 21.1% | 24.1% | 23.1% | 23.3% | 15.6% | 24.3% | 22.2% |
| Current ratio | 0.58x | 0.39x | 0.49x | 0.35x | 0.42x | 0.46x | 0.37x | 0.52x |
| Total liabilities / equity | — | — | — | — | — | — | — | — |
Peer comparison — latest full year
Same sector (Utilities), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| AWK FY25 · this stock | $5.1B | +10.1% | — | 36.7% | 21.7% | -20.8% |
| SO FY25 | $29.6B | +10.6% | — | 24.7% | — | -9.9% |
| CEG FY25 | $25.5B | +8.3% | — | 12.1% | 9.1% | 5.0% |
| EXC FY12 | $23.5B | +23.2% | — | 10.1% | — | 1.5% |
| EIX FY25 | $19.3B | +9.8% | — | 36.7% | 23.1% | -3.7% |
| VST FY25 | $17.7B | +3.0% | — | 10.7% | 5.3% | 7.4% |
| ED FY25 | $16.9B | +10.9% | — | 17.3% | 12.0% | — |
| D FY25 | $16.5B | +14.2% | — | 26.7% | 18.2% | — |
| FE FY25 | $15.1B | +12.0% | — | 14.6% | 6.8% | — |
| AEP FY13 | $14.8B | -0.9% | — | 19.1% | — | — |
| SRE FY25 | $13.7B | +3.9% | — | — | 13.4% | — |
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.