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 | $138.6B | $156.6B | $171.3B | $177.0B | $199.1B |
| YoY | — | +13.0% | +9.4% | +3.3% | +12.5% |
| Cost of goods sold | $10.9B | $13.0B | $17.3B | $19.8B | $21.2B |
| YoY | — | +19.6% | +32.7% | +14.2% | +7.2% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $15.9B | $17.7B | $20.1B | $20.0B | $21.0B |
| YoY | — | +11.2% | +13.5% | -0.3% | +4.8% |
| Operating income | $7.6B | $8.3B | $8.5B | $7.9B | $7.2B |
| YoY | — | +9.6% | +2.6% | -7.5% | -8.4% |
| Pretax income | $8.0B | $7.6B | $7.7B | $7.9B | $6.7B |
| YoY | — | -4.9% | +1.5% | +2.4% | -15.1% |
| Income tax | $1.8B | $1.7B | $1.7B | $1.9B | $1.0B |
| YoY | — | -7.3% | +0.7% | +12.1% | -45.7% |
| Net income | $6.2B | $5.9B | $6.0B | $6.0B | $5.7B |
| YoY | — | -4.3% | +1.6% | -0.1% | -5.3% |
| EPS — basic | $25.26 | $24.56 | $25.38 | $25.81 | $25.28 |
| YoY | — | -2.8% | +3.3% | +1.7% | -2.1% |
| EPS — diluted | $24.95 | $24.28 | $25.22 | $25.68 | $25.21 |
| YoY | — | -2.7% | +3.9% | +1.8% | -1.8% |
| Weighted shares — basic | 243.8M | 240.0M | 235.9M | 231.7M | 224.0M |
| Weighted shares — diluted | 246.8M | 242.8M | 237.4M | 232.9M | 224.6M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $4.9B | $7.4B | $6.5B | $8.3B | $9.5B |
| YoY | — | +51.4% | -11.7% | +27.0% | +14.5% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | $51.1B | $55.6B | $60.0B | $58.9B | $63.0B |
| YoY | — | +8.8% | +7.9% | -1.8% | +6.9% |
| Total assets | $97.5B | $102.8B | $108.9B | $116.9B | $121.5B |
| YoY | — | +5.4% | +6.0% | +7.3% | +3.9% |
| Total current liabilities | $34.9B | $39.7B | $41.8B | $40.6B | $41.0B |
| YoY | — | +13.8% | +5.3% | -2.9% | +1.1% |
| Total liabilities | $61.3B | $66.4B | $69.5B | $75.5B | $77.5B |
| YoY | — | +8.4% | +4.7% | +8.5% | +2.7% |
| Total equity | $36.1B | $36.2B | $39.3B | $41.3B | $43.9B |
| YoY | — | +0.4% | +8.5% | +5.1% | +6.2% |
| Shares outstanding | 241.8M | 238.0M | 233.1M | 227.5M | 220.7M |
| YoY | — | -1.6% | -2.1% | -2.4% | -3.0% |
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 | $8.4B | $8.4B | $8.1B | $5.8B | $4.3B |
| YoY | — | +0.4% | -4.0% | -27.9% | -26.1% |
| Capital expenditures | $1.1B | $1.2B | $1.3B | $1.3B | $1.1B |
| YoY | — | +6.0% | +12.5% | -3.1% | -11.1% |
| Free cash flow | $7.3B | $7.2B | $6.8B | $4.6B | $3.2B |
| YoY | — | -0.4% | -6.7% | -32.7% | -30.3% |
| Dividends paid | $1.1B | $1.2B | $1.4B | $1.5B | $1.5B |
| YoY | — | +11.3% | +13.5% | +8.1% | +1.4% |
| Share repurchases | $1.9B | $2.3B | $2.7B | $2.9B | $2.6B |
| YoY | — | +21.9% | +15.5% | +8.4% | -10.2% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 5.5% | 5.3% | 5.0% | 4.4% | 3.6% |
| Net margin | 4.4% | 3.8% | 3.5% | 3.4% | 2.8% |
| Free cash flow margin | 5.2% | 4.6% | 3.9% | 2.6% | 1.6% |
| Effective tax rate | 23.1% | 22.5% | 22.3% | 24.5% | 15.6% |
| Current ratio | 1.47x | 1.40x | 1.44x | 1.45x | 1.54x |
| Total liabilities / equity | 1.70x | 1.83x | 1.77x | 1.83x | 1.77x |
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 |
|---|---|---|---|---|---|---|
| ELV FY25 · this stock | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| 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% | — | — |
| 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.