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 | $35.7B | $36.6B | $39.3B | $41.0B | $42.0B |
| YoY | — | +2.6% | +7.3% | +4.4% | +2.2% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | $1.1B | $1.2B | $1.2B | $1.1B | $1.1B |
| YoY | — | +9.1% | +0.0% | -8.3% | +0.0% |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $5.7B | $3.6B | $2.5B | $4.4B | $4.5B |
| YoY | — | -36.3% | -29.5% | +72.3% | +3.2% |
| Pretax income | $8.9B | $5.8B | $2.3B | $5.0B | $5.1B |
| YoY | — | -34.7% | -59.8% | +113.8% | +1.0% |
| Income tax | $1.9B | $940.0M | $290.0M | $842.0M | $886.0M |
| YoY | — | -51.4% | -69.1% | +190.3% | +5.2% |
| Net income | $7.0B | $4.9B | $2.1B | $4.2B | $4.2B |
| YoY | — | -30.1% | -58.0% | +103.0% | +0.2% |
| EPS — basic | $43.70 | $31.61 | $13.57 | $28.39 | $29.14 |
| YoY | — | -27.7% | -57.1% | +109.2% | +2.6% |
| EPS — diluted | $43.54 | $31.47 | $13.53 | $28.34 | $29.08 |
| YoY | — | -27.7% | -57.0% | +109.5% | +2.6% |
| Weighted shares — basic | 160.3M | 154.9M | 151.5M | 147.0M | 143.5M |
| Weighted shares — diluted | 160.9M | 155.6M | 152.0M | 147.3M | 143.8M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $3.5B | $2.6B | $3.1B | $4.4B | $4.4B |
| YoY | — | -27.0% | +20.6% | +40.0% | +1.1% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $1.5B | $1.5B | $1.5B | $1.3B | $1.4B |
| YoY | — | +3.0% | -3.8% | -12.5% | +8.1% |
| Inventory | $811.0M | $978.0M | $1.1B | $1.5B | $1.3B |
| YoY | — | +20.6% | +13.4% | +31.2% | -10.0% |
| Total current assets | $12.4B | $12.5B | $13.7B | $14.3B | $15.3B |
| YoY | — | +0.5% | +9.8% | +4.1% | +7.1% |
| Total assets | $42.6B | $43.8B | $46.5B | $49.4B | $51.4B |
| YoY | — | +2.8% | +6.4% | +6.0% | +4.1% |
| Total current liabilities | $9.5B | $11.6B | $11.9B | $14.1B | $13.9B |
| YoY | — | +21.6% | +3.1% | +18.3% | -1.7% |
| Total liabilities | $29.7B | $28.4B | $31.7B | $34.1B | $34.7B |
| YoY | — | -4.1% | +11.6% | +7.3% | +1.9% |
| Total equity | $12.9B | $15.3B | $14.8B | $15.3B | $16.7B |
| YoY | — | +18.5% | -3.4% | +3.3% | +9.1% |
| Shares outstanding | 156.3M | 153.2M | 150.1M | 145.0M | 142.0M |
| YoY | — | -2.0% | -2.0% | -3.4% | -2.1% |
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 | $3.6B | $2.9B | $3.9B | $4.4B | $4.8B |
| YoY | — | -18.7% | +33.6% | +13.2% | +8.4% |
| Capital expenditures | $1.4B | $1.4B | $1.8B | $1.8B | $1.4B |
| YoY | — | +1.4% | +23.7% | -0.5% | -17.9% |
| Free cash flow | $2.2B | $1.5B | $2.1B | $2.6B | $3.3B |
| YoY | — | -31.9% | +43.2% | +24.8% | +26.2% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $3.7B | $1.5B | $1.5B | $2.5B | $1.6B |
| YoY | — | -59.4% | -0.3% | +67.6% | -35.4% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 15.8% | 9.8% | 6.5% | 10.6% | 10.8% |
| Net margin | 19.6% | 13.4% | 5.2% | 10.2% | 10.0% |
| Free cash flow margin | 6.0% | 4.0% | 5.3% | 6.4% | 7.9% |
| Effective tax rate | 21.6% | 16.1% | 12.4% | 16.8% | 17.5% |
| Current ratio | 1.30x | 1.08x | 1.15x | 1.01x | 1.10x |
| Total liabilities / equity | 2.29x | 1.86x | 2.15x | 2.23x | 2.08x |
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.