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.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $10.7B | $9.5B | $10.4B | $10.4B | $11.7B | $9.9B | $10.9B | $11.1B |
| YoY | — | — | — | — | +9.6% | +4.4% | +5.1% | +6.7% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $1.1B | $573.0M | $1.4B | $1.2B | $1.3B | $989.0M | $1.1B | $1.3B |
| YoY | — | — | — | — | +16.7% | +72.6% | -23.1% | +2.2% |
| Pretax income | $1.6B | $578.0M | $1.4B | $1.3B | $1.7B | $1.0B | $1.2B | $1.3B |
| YoY | — | — | — | — | +12.2% | +78.2% | -18.1% | -1.9% |
| Income tax | $287.0M | $97.0M | $253.0M | $223.0M | $313.0M | $155.0M | $74.0M | $174.0M |
| YoY | — | — | — | — | +9.1% | +59.8% | -70.8% | -22.0% |
| Net income | $1.3B | $481.0M | $1.2B | $1.1B | $1.4B | $875.0M | $1.1B | $1.1B |
| YoY | — | — | — | — | +12.9% | +81.9% | -6.8% | +2.2% |
| EPS — basic | — | $3.33 | $8.17 | $7.69 | — | $6.16 | $7.70 | $7.91 |
| YoY | — | — | — | — | — | +85.0% | -5.8% | +2.9% |
| EPS — diluted | — | $3.32 | $8.15 | $7.67 | — | $6.14 | $7.68 | $7.89 |
| YoY | — | — | — | — | — | +84.9% | -5.8% | +2.9% |
| Weighted shares — basic | — | 144.6M | 143.7M | 143.1M | — | 142.1M | 142.1M | 142.1M |
| Weighted shares — diluted | — | 144.9M | 144.0M | 143.5M | — | 142.5M | 142.4M | 142.4M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $4.4B | $1.7B | $1.9B | $2.0B | $4.4B | $2.1B | $2.3B | $3.7B |
| YoY | — | — | — | — | +1.1% | +24.0% | +21.5% | +91.3% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $1.3B | $1.8B | $2.2B | $2.0B | $1.4B | $1.8B | $2.3B | $2.1B |
| YoY | — | — | — | — | +8.1% | +0.1% | +5.2% | +4.9% |
| Inventory | $1.5B | $1.6B | $1.6B | $1.6B | $1.3B | $1.4B | $1.4B | $1.4B |
| YoY | — | — | — | — | -10.0% | -8.1% | -8.9% | -15.7% |
| Total current assets | $14.3B | $13.3B | $14.0B | $14.1B | $15.3B | $14.8B | $15.6B | $17.0B |
| YoY | — | — | — | — | +7.1% | +11.3% | +11.2% | +20.4% |
| Total assets | $49.4B | $48.5B | $49.5B | $49.3B | $51.4B | $50.0B | $50.8B | $52.5B |
| YoY | — | — | — | — | +4.1% | +3.2% | +2.7% | +6.5% |
| Total current liabilities | $14.1B | $14.0B | $13.5B | $12.7B | $13.9B | $12.8B | $13.3B | $13.8B |
| YoY | — | — | — | — | -1.7% | -8.2% | -0.8% | +8.1% |
| Total liabilities | $34.1B | $33.5B | $34.0B | $33.3B | $34.7B | $32.9B | $32.9B | $33.8B |
| YoY | — | — | — | — | +1.9% | -1.8% | -3.2% | +1.5% |
| Total equity | $15.3B | $15.0B | $15.5B | $16.0B | $16.7B | $17.1B | $17.9B | $18.7B |
| YoY | — | — | — | — | +9.1% | +14.2% | +15.6% | +16.9% |
| Shares outstanding | 145.0M | 144.1M | 143.3M | 142.8M | 142.0M | 142.0M | 142.1M | 142.1M |
| YoY | — | — | — | — | -2.1% | -1.5% | -0.8% | -0.5% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.6B | $-1.6B | $868.0M | $1.6B | $3.9B | $-1.7B | $1.3B | $1.7B |
| YoY | — | — | — | — | +51.2% | -5.8% | +47.5% | +12.1% |
| Capital expenditures | $816.0M | $256.0M | $231.0M | $301.0M | $662.0M | $167.0M | $302.0M | $306.0M |
| YoY | — | — | — | — | -18.9% | -34.8% | +30.7% | +1.7% |
| Free cash flow | $1.8B | $-1.8B | $637.0M | $1.3B | $3.2B | $-1.8B | $978.0M | $1.4B |
| YoY | — | — | — | — | +83.6% | -0.1% | +53.5% | +14.6% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $441.0M | $480.0M | $411.0M | $277.0M | $456.0M | $68.0M | $0 | $0 |
| YoY | — | — | — | — | +3.4% | -85.8% | -100.0% | -100.0% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 10.2% | 6.1% | 13.8% | 11.9% | 10.9% | 10.0% | 10.1% | 11.4% |
| Net margin | 11.8% | 5.1% | 11.3% | 10.6% | 12.2% | 8.9% | 10.1% | 10.1% |
| Free cash flow margin | 16.5% | -19.2% | 6.2% | 12.1% | 27.6% | -18.4% | 9.0% | 12.9% |
| Effective tax rate | 18.5% | 16.8% | 17.7% | 16.9% | 18.0% | 15.0% | 6.3% | 13.4% |
| Current ratio | 1.01x | 0.95x | 1.04x | 1.11x | 1.10x | 1.15x | 1.17x | 1.23x |
| Total liabilities / equity | 2.23x | 2.23x | 2.20x | 2.08x | 2.08x | 1.92x | 1.84x | 1.81x |
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 |
|---|---|---|---|---|---|---|
| NOC FY25 · this stock | $42.0B | +2.2% | — | 10.8% | 10.0% | 7.9% |
| 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.