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 | $11.1B | $12.7B | $12.2B | $12.1B | $12.2B |
| YoY | — | +14.4% | -4.6% | -0.3% | +0.5% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $4.4B | $4.8B | $2.9B | $4.1B | $4.4B |
| YoY | — | +8.1% | -40.7% | +42.8% | +7.0% |
| Pretax income | $3.9B | $4.1B | $2.3B | $3.3B | $3.7B |
| YoY | — | +6.5% | -43.8% | +43.5% | +10.1% |
| Income tax | $873.0M | $860.0M | $493.0M | $707.0M | $792.0M |
| YoY | — | -1.5% | -42.7% | +43.4% | +12.0% |
| Net income | $3.0B | $3.3B | $1.8B | $2.6B | $2.9B |
| YoY | — | +8.8% | -44.1% | +43.5% | +9.6% |
| EPS — basic | $12.16 | $13.92 | $8.04 | $11.58 | $12.76 |
| YoY | — | +14.5% | -42.2% | +44.0% | +10.2% |
| EPS — diluted | $12.11 | $13.88 | $8.02 | $11.57 | $12.75 |
| YoY | — | +14.6% | -42.2% | +44.3% | +10.2% |
| Weighted shares — basic | 246.9M | 234.8M | 226.9M | 226.1M | 225.0M |
| Weighted shares — diluted | 248.1M | 235.6M | 227.4M | 226.4M | 225.3M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $839.0M | $456.0M | $1.6B | $1.6B | $1.5B |
| YoY | — | -45.6% | +243.9% | +4.7% | -6.8% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $976.0M | $1.1B | $1.1B | $1.1B | $988.0M |
| YoY | — | +17.6% | -0.1% | -6.8% | -7.6% |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | $2.2B | $2.0B | $3.3B | $3.2B | $3.2B |
| YoY | — | -7.4% | +63.0% | -2.5% | +0.3% |
| Total assets | $38.5B | $38.9B | $41.7B | $43.7B | $45.2B |
| YoY | — | +1.0% | +7.1% | +4.9% | +3.6% |
| Total current liabilities | $2.5B | $2.6B | $2.6B | $3.5B | $3.8B |
| YoY | — | +5.1% | -0.6% | +34.7% | +6.5% |
| Total liabilities | $24.9B | $26.2B | $28.9B | $29.4B | $29.7B |
| YoY | — | +5.2% | +10.4% | +1.7% | +1.1% |
| Total equity | $13.6B | $12.7B | $12.8B | $14.3B | $15.5B |
| YoY | — | -6.7% | +0.4% | +11.9% | +8.7% |
| Shares outstanding | 240.2M | 228.1M | 225.7M | 226.3M | 224.4M |
| YoY | — | -5.0% | -1.1% | +0.3% | -0.8% |
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 | $4.3B | $4.2B | $3.2B | $4.1B | $4.4B |
| YoY | — | -0.8% | -24.7% | +27.5% | +7.6% |
| Capital expenditures | $1.5B | $1.9B | $2.3B | $2.4B | $2.2B |
| YoY | — | +32.5% | +19.5% | +2.3% | -7.4% |
| Free cash flow | $2.8B | $2.3B | $852.0M | $1.7B | $2.2B |
| YoY | — | -18.3% | -62.5% | +96.1% | +29.1% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $3.4B | $3.1B | $622.0M | $0 | $534.0M |
| YoY | — | -8.3% | -80.0% | -100.0% | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 39.9% | 37.7% | 23.5% | 33.6% | 35.8% |
| Net margin | 27.0% | 25.7% | 15.0% | 21.6% | 23.6% |
| Free cash flow margin | 25.0% | 17.8% | 7.0% | 13.8% | 17.7% |
| Effective tax rate | 22.5% | 20.8% | 21.2% | 21.2% | 21.6% |
| Current ratio | 0.86x | 0.76x | 1.24x | 0.90x | 0.85x |
| Total liabilities / equity | 1.82x | 2.05x | 2.26x | 2.05x | 1.91x |
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 |
|---|---|---|---|---|---|---|
| NSC FY25 · this stock | $12.2B | +0.5% | — | 35.8% | 23.6% | 17.7% |
| 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.