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 | $292.1B | $322.5B | $357.8B | $372.8B | $402.1B |
| YoY | — | +10.4% | +10.9% | +4.2% | +7.8% |
| Cost of goods sold | $175.8B | $196.9B | $217.1B | $206.3B | $221.2B |
| YoY | — | +12.0% | +10.3% | -5.0% | +7.2% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $13.3B | $8.0B | $13.7B | $8.5B | $4.7B |
| YoY | — | -40.2% | +72.8% | -38.0% | -45.3% |
| Pretax income | $10.5B | $5.8B | $11.2B | $6.1B | $2.1B |
| YoY | — | -44.6% | +91.4% | -45.0% | -65.3% |
| Income tax | $2.5B | $1.5B | $2.8B | $1.6B | $408.0M |
| YoY | — | -40.8% | +85.9% | -44.3% | -73.9% |
| Net income | $8.0B | $4.3B | $8.3B | $4.6B | $1.8B |
| YoY | — | -46.1% | +93.6% | -44.7% | -61.7% |
| EPS — basic | $6.07 | $3.29 | $6.49 | $3.67 | $1.40 |
| YoY | — | -45.8% | +97.3% | -43.5% | -61.9% |
| EPS — diluted | $6.02 | $3.26 | $6.47 | $3.66 | $1.39 |
| YoY | — | -45.8% | +98.5% | -43.4% | -62.0% |
| Weighted shares — basic | 1.32B | 1.31B | 1.28B | 1.26B | 1.27B |
| Weighted shares — diluted | 1.33B | 1.32B | 1.29B | 1.26B | 1.27B |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $9.4B | $12.9B | $8.2B | $8.6B | $8.5B |
| YoY | — | +37.6% | -36.7% | +4.8% | -1.5% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $24.4B | $27.3B | $35.2B | $36.5B | $39.8B |
| YoY | — | +11.6% | +29.2% | +3.5% | +9.1% |
| Inventory | $17.8B | $19.1B | $18.0B | $18.1B | $19.2B |
| YoY | — | +7.5% | -5.6% | +0.5% | +6.3% |
| Total current assets | $60.0B | $65.6B | $67.9B | $68.6B | $74.7B |
| YoY | — | +9.4% | +3.4% | +1.2% | +8.8% |
| Total assets | $233.0B | $228.3B | $249.7B | $253.2B | $253.5B |
| YoY | — | -2.0% | +9.4% | +1.4% | +0.1% |
| Total current liabilities | $67.8B | $69.4B | $79.2B | $84.6B | $88.7B |
| YoY | — | +2.4% | +14.1% | +6.8% | +4.8% |
| Total liabilities | $157.6B | $156.5B | $173.1B | $177.5B | $178.2B |
| YoY | — | -0.7% | +10.6% | +2.5% | +0.4% |
| Total equity | $75.1B | $71.5B | $76.5B | $75.6B | $75.2B |
| YoY | — | -4.8% | +7.0% | -1.2% | -0.5% |
| Shares outstanding | 1.32B | 1.30B | 1.29B | 1.26B | 1.27B |
| YoY | — | -1.7% | -0.9% | -2.2% | +0.9% |
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 | $18.3B | $16.2B | $13.4B | $9.1B | $10.6B |
| YoY | — | -11.4% | -17.0% | -32.2% | +16.8% |
| Capital expenditures | $2.5B | $2.7B | $3.0B | $2.8B | $2.8B |
| YoY | — | +8.2% | +11.1% | -8.2% | +1.8% |
| Free cash flow | $15.7B | $13.4B | $10.4B | $6.3B | $7.8B |
| YoY | — | -14.6% | -22.7% | -39.1% | +23.4% |
| Dividends paid | $2.6B | $2.9B | $3.1B | $3.4B | $3.4B |
| YoY | — | +10.7% | +7.7% | +7.7% | +0.7% |
| Share repurchases | $0 | $3.5B | $2.0B | $3.0B | $0 |
| YoY | — | — | -42.5% | +50.2% | -100.0% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 4.6% | 2.5% | 3.8% | 2.3% | 1.2% |
| Net margin | 2.7% | 1.3% | 2.3% | 1.2% | 0.4% |
| Free cash flow margin | 5.4% | 4.2% | 2.9% | 1.7% | 1.9% |
| Effective tax rate | 24.2% | 25.9% | 25.1% | 25.4% | 19.1% |
| Current ratio | 0.88x | 0.95x | 0.86x | 0.81x | 0.84x |
| Total liabilities / equity | 2.10x | 2.19x | 2.26x | 2.35x | 2.37x |
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 |
|---|---|---|---|---|---|---|
| CVS FY25 · this stock | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| 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% |
| ABT FY25 | $44.3B | +5.7% | — | 18.2% | 14.7% | 16.7% |
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.