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 | $19.6B | $24.4B | $24.9B | $23.6B | $25.5B |
| YoY | — | +24.4% | +2.0% | -5.4% | +8.3% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $-346.0M | $495.0M | $1.6B | $4.4B | $3.1B |
| YoY | — | +243.1% | +225.3% | +170.3% | -29.1% |
| Pretax income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Income tax | $225.0M | $-388.0M | $859.0M | $774.0M | $1.2B |
| YoY | — | -272.4% | +321.4% | -9.9% | +53.4% |
| Net income | $-205.0M | $-160.0M | $1.6B | $3.7B | $2.3B |
| YoY | — | +22.0% | +1114.4% | +131.0% | -38.1% |
| EPS — basic | $0.00 | $-0.49 | $5.02 | $11.91 | $7.40 |
| YoY | — | — | +1124.5% | +137.3% | -37.9% |
| EPS — diluted | $0.00 | $-0.49 | $5.01 | $11.89 | $7.40 |
| YoY | — | — | +1122.4% | +137.3% | -37.8% |
| Weighted shares — basic | 0 | 328.0M | 323.0M | 315.0M | 313.0M |
| Weighted shares — diluted | 0 | 329.0M | 324.0M | 315.0M | 314.0M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $504.0M | $422.0M | $368.0M | $3.0B | $3.6B |
| YoY | — | -16.3% | -12.8% | +721.2% | +20.5% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $1.7B | $2.6B | $1.9B | $3.7B | $4.3B |
| YoY | — | +54.9% | -25.2% | +92.2% | +14.7% |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | $8.0B | $9.4B | $8.3B | $10.8B | $12.1B |
| YoY | — | +17.3% | -11.3% | +29.8% | +12.5% |
| Total assets | $48.1B | $46.9B | $50.8B | $52.9B | $57.2B |
| YoY | — | -2.4% | +8.2% | +4.3% | +8.2% |
| Total current liabilities | $8.0B | $7.8B | $6.3B | $6.8B | $7.9B |
| YoY | — | -2.0% | -19.4% | +8.3% | +16.0% |
| Total liabilities | $36.5B | $35.5B | $39.5B | $39.4B | $42.4B |
| YoY | — | -2.6% | +11.1% | -0.2% | +7.6% |
| Total equity | $11.2B | $11.0B | $10.9B | $13.2B | $14.5B |
| YoY | — | -1.8% | -0.8% | +20.5% | +10.3% |
| Shares outstanding | — | 327.0M | 317.0M | 313.0M | 312.0M |
| YoY | — | — | -3.1% | -1.3% | -0.3% |
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 | $-1.3B | $-2.4B | $-5.3B | $-2.5B | $4.2B |
| YoY | — | -75.9% | -125.3% | +53.5% | +272.0% |
| Capital expenditures | $1.3B | $1.7B | $2.4B | $2.6B | $2.9B |
| YoY | — | +27.1% | +43.4% | +5.9% | +15.0% |
| Free cash flow | $-2.7B | $-4.0B | $-7.7B | $-5.0B | $1.3B |
| YoY | — | -51.6% | -91.1% | +34.9% | +125.6% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $0 | $0 | $992.0M | $999.0M | $400.0M |
| YoY | — | — | — | +0.7% | -60.0% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | -1.8% | 2.0% | 6.5% | 18.5% | 12.1% |
| Net margin | -1.0% | -0.7% | 6.5% | 15.9% | 9.1% |
| Free cash flow margin | -13.6% | -16.5% | -31.0% | -21.3% | 5.0% |
| Effective tax rate | — | — | — | — | — |
| Current ratio | 1.00x | 1.19x | 1.31x | 1.57x | 1.53x |
| Total liabilities / equity | 3.25x | 3.23x | 3.61x | 2.99x | 2.92x |
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 |
|---|---|---|---|---|---|---|
| CEG FY25 · this stock | $25.5B | +8.3% | — | 12.1% | 9.1% | 5.0% |
| SO FY25 | $29.6B | +10.6% | — | 24.7% | — | -9.9% |
| 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% | — |
| PCG FY09 | $13.4B | -8.4% | — | 17.2% | — | -6.9% |
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.