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 | $5.7B | $6.2B | $7.1B | $8.4B | $10.1B |
| YoY | — | +9.0% | +14.5% | +17.2% | +20.5% |
| Cost of goods sold | $1.8B | $2.0B | $2.4B | $2.7B | $3.4B |
| YoY | — | +15.7% | +18.2% | +13.5% | +25.9% |
| Gross profit | $4.0B | $4.2B | $4.7B | $5.6B | $6.6B |
| YoY | — | +6.0% | +12.7% | +19.1% | +17.9% |
| Research & development | $671.0M | $879.0M | $998.8M | $1.1B | $1.3B |
| YoY | — | +31.0% | +13.6% | +14.7% | +14.5% |
| Selling, general & administrative | $1.5B | $1.7B | $2.0B | $2.1B | $2.4B |
| YoY | — | +18.6% | +12.9% | +9.0% | +11.4% |
| Operating income | $1.8B | $1.6B | $1.8B | $2.3B | $2.9B |
| YoY | — | -13.4% | +12.0% | +32.9% | +25.4% |
| Pretax income | $1.9B | $1.6B | $2.0B | $2.7B | $3.3B |
| YoY | — | -15.0% | +21.9% | +36.5% | +23.8% |
| Income tax | $162.2M | $262.4M | $141.6M | $336.3M | $434.8M |
| YoY | — | +61.8% | -46.0% | +137.5% | +29.3% |
| Net income | $1.7B | $1.3B | $1.8B | $2.3B | $2.9B |
| YoY | — | -22.4% | +36.0% | +29.2% | +23.0% |
| EPS — basic | $4.79 | $3.72 | $5.12 | $6.54 | $8.00 |
| YoY | — | -22.3% | +37.6% | +27.7% | +22.3% |
| EPS — diluted | $4.66 | $3.65 | $5.03 | $6.42 | $7.87 |
| YoY | — | -21.7% | +37.8% | +27.6% | +22.6% |
| Weighted shares — basic | 356.1M | 355.7M | 351.2M | 355.2M | 356.9M |
| Weighted shares — diluted | 365.8M | 362.0M | 357.4M | 362.0M | 362.7M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $1.6B | $2.8B | $2.0B | $3.4B |
| YoY | — | +22.5% | +73.9% | -26.3% | +66.1% |
| Marketable securities (current) | $2.9B | $2.5B | $2.5B | $2.0B | $2.6B |
| YoY | — | -12.9% | -2.5% | -19.7% | +29.3% |
| Accounts receivable | $782.7M | $942.1M | $1.1B | $1.2B | $1.5B |
| YoY | — | +20.4% | +20.0% | +8.4% | +24.6% |
| Inventory | $587.1M | $893.2M | $1.2B | $1.5B | $1.8B |
| YoY | — | +52.1% | +36.7% | +21.8% | +23.7% |
| Total current assets | $5.8B | $6.3B | $7.9B | $7.1B | $9.8B |
| YoY | — | +7.0% | +26.1% | -9.9% | +37.5% |
| Total assets | $13.6B | $13.0B | $15.4B | $18.7B | $20.5B |
| YoY | — | -4.3% | +19.0% | +21.4% | +9.2% |
| Total current liabilities | $1.1B | $1.4B | $1.7B | $1.7B | $2.0B |
| YoY | — | +23.7% | +16.6% | +5.2% | +14.9% |
| Total liabilities | $1.6B | $1.9B | $2.0B | $2.2B | $2.5B |
| YoY | — | +16.1% | +9.8% | +8.3% | +13.7% |
| Total equity | $11.9B | $11.0B | $13.3B | $16.4B | $17.8B |
| YoY | — | -7.2% | +20.5% | +23.5% | +8.5% |
| Shares outstanding | 357.7M | 350.0M | 352.3M | 356.6M | 355.1M |
| YoY | — | -2.2% | +0.7% | +1.2% | -0.4% |
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 | $2.1B | $1.5B | $1.8B | $2.4B | $3.0B |
| YoY | — | -28.6% | +21.7% | +33.1% | +25.5% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $0 | $2.6B | $416.3M | $0 | $2.3B |
| YoY | — | — | -84.0% | -100.0% | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | 69.3% | 67.4% | 66.4% | 67.5% | 66.0% |
| Operating margin | 31.9% | 25.3% | 24.8% | 28.1% | 29.3% |
| Net margin | 29.9% | 21.3% | 25.2% | 27.8% | 28.4% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | 8.6% | 16.3% | 7.2% | 12.6% | 13.1% |
| Current ratio | 5.08x | 4.40x | 4.76x | 4.07x | 4.87x |
| Total liabilities / equity | 0.13x | 0.17x | 0.15x | 0.13x | 0.14x |
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 |
|---|---|---|---|---|---|---|
| ISRG FY25 · this stock | $10.1B | +20.5% | 66.0% | 29.3% | 28.4% | — |
| 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% | — | — |
| 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% |
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.