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 | $3.1B | $3.0B | $4.1B | $2.8B | $3.2B | $3.4B | $4.5B | $2.9B |
| YoY | — | — | — | — | +5.1% | +13.4% | +9.4% | +2.3% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $612.4M | $347.8M | $926.4M | $663.0M | $688.7M | $710.5M | $1.1B | $540.9M |
| YoY | — | — | — | — | +12.5% | +104.3% | +16.2% | -18.4% |
| Pretax income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Income tax | $76.5M | $76.4M | $165.2M | $110.6M | $-197.0M | $61.4M | $203.3M | $79.9M |
| YoY | — | — | — | — | -357.5% | -19.6% | +23.1% | -27.8% |
| Net income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| EPS — basic | $-0.33 | — | $1.50 | $0.96 | $0.99 | — | $1.61 | $0.14 |
| YoY | — | — | — | — | +400.0% | — | +7.3% | -85.4% |
| EPS — diluted | $-0.33 | — | $1.50 | $0.96 | $0.99 | — | $1.61 | $0.14 |
| YoY | — | — | — | — | +400.0% | — | +7.3% | -85.4% |
| Weighted shares — basic | 359.5M | — | 367.3M | 368.7M | 371.9M | — | 376.0M | 376.5M |
| Weighted shares — diluted | 359.8M | — | 367.7M | 368.9M | 372.3M | — | 376.6M | 377.0M |
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 | $97.9M | $26.7M | $111.4M | $343.7M | $259.3M | $135.4M | $270.2M | $1.8B |
| YoY | — | — | — | — | +164.9% | +407.1% | +142.5% | +429.3% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $1.6B | $1.7B | $1.9B | $1.7B | $1.7B | $1.8B | $2.1B | $1.7B |
| YoY | — | — | — | — | +6.0% | +11.9% | +11.4% | +0.7% |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | $4.8B | $5.1B | $4.9B | $4.9B | $4.9B | $5.1B | $5.3B | $6.4B |
| YoY | — | — | — | — | +0.5% | +0.0% | +8.8% | +31.3% |
| Total assets | $58.6B | $59.6B | $60.2B | $61.0B | $61.7B | $63.8B | $64.7B | $63.4B |
| YoY | — | — | — | — | +5.3% | +7.0% | +7.5% | +4.0% |
| Total current liabilities | $5.6B | $6.7B | $6.5B | $6.9B | $6.8B | $7.8B | $8.2B | $8.1B |
| YoY | — | — | — | — | +21.0% | +16.2% | +26.0% | +17.1% |
| Total liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total equity | $15.0B | $15.0B | $15.3B | $15.7B | $16.0B | $16.2B | $16.5B | $16.3B |
| YoY | — | — | — | — | +6.5% | +7.7% | +7.8% | +4.3% |
| Shares outstanding | 363.9M | 366.6M | 367.3M | 371.0M | 375.1M | 375.4M | 376.0M | 376.6M |
| YoY | — | — | — | — | +3.1% | +2.4% | +2.4% | +1.5% |
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 | $555.6M | $642.1M | $1.0B | $1.1B | $1.1B | $916.1M | $1.3B | $1.1B |
| YoY | — | — | — | — | +97.9% | +42.7% | +27.3% | +3.1% |
| Capital expenditures | $1.1B | $1.2B | $1.0B | $1.0B | $1.1B | $983.3M | $1.0B | $1.0B |
| YoY | — | — | — | — | +5.1% | -17.3% | +0.2% | -2.7% |
| Free cash flow | $-515.3M | $-546.6M | $33.2M | $15.3M | $-26.4M | $-67.2M | $315.0M | $76.3M |
| YoY | — | — | — | — | +94.9% | +87.7% | +848.8% | +398.7% |
| 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 | 20.0% | 11.7% | 22.5% | 23.4% | 21.4% | 21.1% | 23.9% | 18.6% |
| Net margin | — | — | — | — | — | — | — | — |
| Free cash flow margin | -16.8% | -18.4% | 0.8% | 0.5% | -0.8% | -2.0% | 7.0% | 2.6% |
| Effective tax rate | — | — | — | — | — | — | — | — |
| Current ratio | 0.86x | 0.76x | 0.75x | 0.71x | 0.71x | 0.65x | 0.65x | 0.80x |
| 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 |
|---|---|---|---|---|---|---|
| ES FY23 · this stock | $11.9B | -3.1% | — | 20.1% | — | -22.6% |
| 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.