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.
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Revenue | $31.7B | $31.2B | $32.4B | $33.5B | $36.4B |
| YoY | — | -1.4% | +3.6% | +3.6% | +8.4% |
| Cost of goods sold | $10.1B | $10.7B | $11.2B | $11.6B | $12.7B |
| YoY | — | +5.7% | +4.6% | +3.7% | +9.4% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $10.3B | $10.4B | $10.7B | $10.8B | $11.8B |
| YoY | — | +1.2% | +3.1% | +1.1% | +8.6% |
| Operating income | $5.8B | $5.5B | $5.1B | $6.0B | $6.5B |
| YoY | — | -4.6% | -6.2% | +15.8% | +8.6% |
| Pretax income | $5.5B | $5.4B | $4.8B | $5.6B | $6.1B |
| YoY | — | -2.8% | -9.8% | +16.4% | +9.0% |
| Income tax | $456.0M | $1.6B | $1.1B | $936.0M | $1.3B |
| YoY | — | +246.5% | -28.3% | -17.4% | +38.8% |
| Net income | $5.0B | $3.8B | $3.7B | $4.7B | $4.8B |
| YoY | — | -25.4% | -2.2% | +26.8% | +3.0% |
| EPS — basic | $3.75 | $2.83 | $2.77 | $3.63 | $3.75 |
| YoY | — | -24.5% | -2.1% | +31.0% | +3.3% |
| EPS — diluted | $3.73 | $2.82 | $2.76 | $3.61 | $3.73 |
| YoY | — | -24.4% | -2.1% | +30.8% | +3.3% |
| Weighted shares — basic | 1.34B | 1.33B | 1.33B | 1.29B | 1.28B |
| Weighted shares — diluted | 1.35B | 1.33B | 1.33B | 1.29B | 1.29B |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash & equivalents | $3.7B | $1.5B | $1.3B | $2.2B | $1.9B |
| YoY | — | -58.5% | -16.8% | +72.7% | -12.1% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $5.6B | $6.0B | $6.1B | $6.5B | $6.6B |
| YoY | — | +8.1% | +2.2% | +6.3% | +2.0% |
| Inventory | $4.6B | $5.3B | $5.2B | $5.5B | $6.0B |
| YoY | — | +14.7% | -1.4% | +5.0% | +8.7% |
| Total current assets | $23.1B | $21.7B | $21.9B | $23.8B | $24.8B |
| YoY | — | -6.0% | +1.2% | +8.6% | +4.1% |
| Total assets | $91.0B | $90.9B | $90.0B | $91.7B | $93.0B |
| YoY | — | -0.0% | -1.1% | +1.9% | +1.5% |
| Total current liabilities | $12.4B | $9.1B | $10.8B | $12.9B | $11.7B |
| YoY | — | -27.0% | +19.2% | +19.4% | -9.5% |
| Total liabilities | $38.3B | $39.3B | $39.6B | $43.4B | $43.0B |
| YoY | — | +2.7% | +0.7% | +9.8% | -1.1% |
| Total equity | $52.6B | $51.5B | $50.2B | $48.0B | $49.5B |
| YoY | — | -2.0% | -2.5% | -4.4% | +3.0% |
| Shares outstanding | 1.33B | 1.33B | 1.31B | 1.28B | 1.28B |
| YoY | — | +0.0% | -1.5% | -2.2% | -0.1% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating cash flow | $7.3B | $6.0B | $6.8B | $7.0B | $7.3B |
| YoY | — | -17.8% | +12.4% | +3.8% | +4.1% |
| Capital expenditures | $1.4B | $1.5B | $1.6B | $1.9B | $1.9B |
| YoY | — | +6.7% | +8.8% | +17.1% | +2.4% |
| Free cash flow | $6.0B | $4.6B | $5.2B | $5.2B | $5.4B |
| YoY | — | -23.4% | +13.5% | -0.3% | +4.6% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $2.5B | $645.0M | $2.1B | $3.2B | $1.0B |
| YoY | — | -74.6% | +231.5% | +51.3% | -68.0% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 18.2% | 17.6% | 15.9% | 17.8% | 17.8% |
| Net margin | 15.9% | 12.0% | 11.4% | 13.9% | 13.2% |
| Free cash flow margin | 18.9% | 14.7% | 16.1% | 15.5% | 14.9% |
| Effective tax rate | 8.3% | 29.5% | 23.4% | 16.6% | 21.2% |
| Current ratio | 1.86x | 2.39x | 2.03x | 1.85x | 2.13x |
| Total liabilities / equity | 0.73x | 0.76x | 0.79x | 0.90x | 0.87x |
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 |
|---|---|---|---|---|---|---|
| MDT FY26 · this stock | $36.4B | +8.4% | — | 17.8% | 13.2% | 14.9% |
| 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.