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 | $35.4B | $26.2B | $24.6B | $24.6B | $24.9B |
| YoY | — | -26.0% | -5.9% | -0.1% | +1.5% |
| Cost of goods sold | $18.8B | $15.9B | $15.0B | $14.4B | $15.0B |
| YoY | — | -15.7% | -5.5% | -3.6% | +3.8% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $7.2B | $7.2B | $19.2B | $4.2B | $4.0B |
| YoY | — | +0.5% | +165.5% | -78.0% | -5.3% |
| Operating income | $7.4B | $4.4B | $-10.7B | $4.8B | $4.6B |
| YoY | — | -40.7% | -344.7% | +145.1% | -4.0% |
| Pretax income | $7.2B | $4.2B | $-11.3B | $4.8B | $4.2B |
| YoY | — | -41.6% | -368.1% | +142.8% | -12.6% |
| Income tax | $1.3B | $188.0M | $-2.9B | $804.0M | $1.0B |
| YoY | — | -85.4% | -1625.0% | +128.0% | +24.8% |
| Net income | $5.9B | $5.8B | $-7.0B | $4.2B | $3.2B |
| YoY | — | -2.4% | -221.1% | +159.7% | -22.1% |
| EPS — basic | $10.23 | $10.21 | $-12.63 | $7.58 | $6.05 |
| YoY | — | -0.2% | -223.7% | +160.0% | -20.2% |
| EPS — diluted | $10.12 | $10.18 | $-12.63 | $7.55 | $6.00 |
| YoY | — | +0.6% | -224.1% | +159.8% | -20.5% |
| Weighted shares — basic | 579.0M | 566.0M | 553.9M | 550.8M | 537.4M |
| Weighted shares — diluted | 585.3M | 567.6M | 553.9M | 552.4M | 541.3M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $4.7B | $4.5B | $3.6B | $3.2B | $3.5B |
| YoY | — | -2.7% | -20.5% | -11.3% | +10.6% |
| Inventory | $5.0B | $5.4B | $3.9B | $3.7B | $3.7B |
| YoY | — | +7.8% | -26.6% | -6.2% | -1.0% |
| Total current assets | $15.4B | $14.7B | $16.4B | $15.9B | $16.4B |
| YoY | — | -4.6% | +11.5% | -3.0% | +3.2% |
| Total assets | $47.1B | $46.5B | $50.6B | $39.9B | $37.7B |
| YoY | — | -1.3% | +8.9% | -21.2% | -5.4% |
| Total current liabilities | $9.0B | $9.5B | $15.3B | $11.3B | $9.6B |
| YoY | — | +5.4% | +60.6% | -26.4% | -14.8% |
| Total liabilities | $32.0B | $31.7B | $45.7B | $36.0B | $33.0B |
| YoY | — | -0.8% | +44.3% | -21.3% | -8.3% |
| Total equity | $15.0B | $14.7B | $4.8B | $3.8B | $4.7B |
| YoY | — | -2.2% | -67.3% | -20.1% | +22.4% |
| Shares outstanding | 571.8M | 549.2M | 552.6M | 539.5M | 530.3M |
| YoY | — | -4.0% | +0.6% | -2.4% | -1.7% |
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 | $7.5B | $5.6B | $6.7B | $1.8B | $2.3B |
| YoY | — | -25.0% | +19.5% | -72.8% | +26.8% |
| Capital expenditures | $1.6B | $1.7B | $1.6B | $1.2B | $910.0M |
| YoY | — | +9.1% | -7.7% | -26.9% | -22.9% |
| Free cash flow | $5.9B | $3.8B | $5.1B | $638.0M | $1.4B |
| YoY | — | -34.3% | +31.8% | -87.4% | +118.8% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $2.2B | $1.5B | $33.0M | $1.8B | $3.3B |
| YoY | — | -33.4% | -97.7% | +5357.6% | +80.5% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 20.8% | 16.7% | -43.4% | 19.6% | 18.6% |
| Net margin | 16.7% | 22.1% | -28.4% | 17.0% | 13.0% |
| Free cash flow margin | 16.5% | 14.7% | 20.6% | 2.6% | 5.6% |
| Effective tax rate | 17.8% | 4.5% | 25.4% | 16.7% | 23.8% |
| Current ratio | 1.70x | 1.54x | 1.07x | 1.41x | 1.71x |
| Total liabilities / equity | 2.12x | 2.15x | 9.51x | 9.36x | 7.02x |
Peer comparison — latest full year
Same sector (Industrials), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| MMM FY25 · this stock | $24.9B | +1.5% | — | 18.6% | 13.0% | 5.6% |
| FDX FY26 | $94.7B | +7.7% | — | 5.8% | 4.7% | — |
| BA FY25 | $89.5B | +34.5% | 4.8% | 4.8% | 2.5% | -2.1% |
| UPS FY25 | $88.7B | -2.6% | — | 8.9% | 6.3% | 5.4% |
| RTX FY25 | $88.6B | +9.7% | — | 10.5% | 7.6% | 9.0% |
| LMT FY25 | $75.0B | +5.6% | 10.2% | 10.3% | 6.7% | — |
| GD FY25 | $52.5B | +10.1% | — | 10.2% | 8.0% | 7.5% |
| UBER FY25 | $52.0B | +18.3% | — | 10.7% | 19.3% | 18.8% |
| GE FY25 | $45.9B | +18.5% | — | — | 19.0% | — |
| DE FY25 | $45.7B | -11.7% | — | — | 11.0% | 13.4% |
| CAT FY10 | $42.6B | +31.5% | — | 9.3% | — | — |
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.