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 | $6.5B | $5.4B | $6.8B | $6.1B | $6.6B | $6.1B | $11.1B | $7.5B |
| YoY | — | — | — | — | +0.3% | +12.9% | +63.8% | +23.0% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $1.5B | $972.0M | $451.0M | $951.0M | $1.1B | $598.0M | $2.3B | $580.0M |
| YoY | — | — | — | — | -26.0% | -38.5% | +417.1% | -39.0% |
| Pretax income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Income tax | $449.0M | $6.0M | $22.0M | $440.0M | $466.0M | $259.0M | $530.0M | $398.0M |
| YoY | — | — | — | — | +3.8% | +4216.7% | +2309.1% | -9.5% |
| Net income | $1.2B | $852.0M | $118.0M | $839.0M | $930.0M | $432.0M | $1.6B | $513.0M |
| YoY | — | — | — | — | -22.5% | -49.3% | +1247.5% | -38.9% |
| EPS — basic | $3.83 | — | $0.38 | $2.67 | $2.98 | — | $4.49 | $1.42 |
| YoY | — | — | — | — | -22.2% | — | +1081.6% | -46.8% |
| EPS — diluted | $3.82 | — | $0.38 | $2.67 | $2.97 | — | $4.49 | $1.42 |
| YoY | — | — | — | — | -22.3% | — | +1081.6% | -46.8% |
| Weighted shares — basic | 313.0M | — | 313.0M | 314.0M | 313.0M | — | 354.0M | 360.0M |
| Weighted shares — diluted | 314.0M | — | 314.0M | 314.0M | 313.0M | — | 354.0M | 360.0M |
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 | $1.8B | $3.0B | $1.8B | $2.0B | $4.0B | $3.6B | $800.0M | $697.0M |
| YoY | — | — | — | — | +120.8% | +20.5% | -56.7% | -64.7% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $1.2B | $3.7B | $3.2B | $2.9B | $3.2B | $4.3B | $4.4B | $4.7B |
| YoY | — | — | — | — | +162.3% | +14.7% | +38.2% | +58.2% |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | $9.3B | $10.8B | $9.6B | $9.2B | $11.6B | $12.1B | $18.0B | $19.0B |
| YoY | — | — | — | — | +25.7% | +12.5% | +87.0% | +105.4% |
| Total assets | $51.8B | $52.9B | $52.3B | $53.0B | $56.2B | $57.2B | $96.9B | $98.3B |
| YoY | — | — | — | — | +8.3% | +8.2% | +85.5% | +85.3% |
| Total current liabilities | $5.5B | $6.8B | $6.5B | $6.3B | $7.5B | $7.9B | $13.2B | $13.0B |
| YoY | — | — | — | — | +36.7% | +16.0% | +101.9% | +108.3% |
| Total liabilities | $38.9B | $39.4B | $38.9B | $39.2B | $41.5B | $42.4B | $63.1B | $65.9B |
| YoY | — | — | — | — | +6.6% | +7.6% | +62.1% | +68.0% |
| Total equity | $12.6B | $13.2B | $13.0B | $13.4B | $14.3B | $14.5B | $33.5B | $32.0B |
| YoY | — | — | — | — | +14.2% | +10.3% | +158.4% | +137.8% |
| Shares outstanding | 313.0M | 313.0M | 313.0M | 312.0M | 312.0M | 312.0M | 362.0M | 355.0M |
| YoY | — | — | — | — | -0.3% | -0.3% | +15.7% | +13.8% |
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 | $-112.0M | $-1.0B | $107.0M | $1.5B | $1.8B | $805.0M | $425.0M | $1.1B |
| YoY | — | — | — | — | +1750.0% | +179.2% | +297.2% | -23.6% |
| Capital expenditures | $552.0M | $729.0M | $806.0M | $767.0M | $390.0M | $986.0M | $1.3B | $1.2B |
| YoY | — | — | — | — | -29.3% | +35.3% | +58.2% | +62.5% |
| Free cash flow | $-664.0M | $-1.7B | $-699.0M | $710.0M | $1.5B | $-181.0M | $-850.0M | $-118.0M |
| YoY | — | — | — | — | +319.6% | +89.6% | -21.6% | -116.6% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $0 | $0 | $0 | $400.0M | $0 | $0 | — | — |
| 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 | 22.4% | 18.1% | 6.6% | 15.6% | 16.5% | 9.8% | 21.0% | 7.7% |
| Net margin | 18.3% | 15.8% | 1.7% | 13.8% | 14.2% | 7.1% | 14.3% | 6.8% |
| Free cash flow margin | -10.1% | -32.4% | -10.3% | 11.6% | 22.2% | -3.0% | -7.6% | -1.6% |
| Effective tax rate | — | — | — | — | — | — | — | — |
| Current ratio | 1.70x | 1.57x | 1.47x | 1.48x | 1.56x | 1.53x | 1.36x | 1.46x |
| Total liabilities / equity | 3.09x | 2.99x | 3.00x | 2.92x | 2.89x | 2.92x | 1.88x | 2.06x |
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.