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 | $3.0B | $3.0B | $3.1B | $3.1B | $3.0B | $3.0B | $3.5B | $3.5B |
| YoY | — | — | — | — | -1.7% | +0.2% | +11.4% | +13.6% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $1.1B | $1.1B | $1.2B | $1.1B | $937.0M | $877.0M | $1.1B | $1.1B |
| YoY | — | — | — | — | -17.2% | -23.5% | -4.3% | +4.7% |
| Pretax income | $928.0M | $978.0M | $998.0M | $924.0M | $765.0M | $715.0M | $959.0M | $987.0M |
| YoY | — | — | — | — | -17.6% | -26.9% | -3.9% | +6.8% |
| Income tax | $195.0M | $228.0M | $230.0M | $213.0M | $121.0M | $168.0M | $225.0M | $228.0M |
| YoY | — | — | — | — | -37.9% | -26.3% | -2.2% | +7.0% |
| Net income | $733.0M | $750.0M | $768.0M | $711.0M | $644.0M | $547.0M | $734.0M | $759.0M |
| YoY | — | — | — | — | -12.1% | -27.1% | -4.4% | +6.8% |
| EPS — basic | — | $3.31 | $3.41 | $3.16 | — | $2.43 | $3.26 | $3.38 |
| YoY | — | — | — | — | — | -26.6% | -4.4% | +7.0% |
| EPS — diluted | — | $3.31 | $3.41 | $3.16 | — | $2.43 | $3.26 | $3.37 |
| YoY | — | — | — | — | — | -26.6% | -4.4% | +6.6% |
| Weighted shares — basic | — | 226.1M | 225.0M | 224.4M | — | 224.5M | 224.6M | 224.6M |
| Weighted shares — diluted | — | 226.5M | 225.2M | 224.7M | — | 225.0M | 225.0M | 225.2M |
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 | $1.6B | $1.0B | $1.3B | $1.4B | $1.5B | $1.3B | $1.1B | $1.6B |
| YoY | — | — | — | — | -6.8% | +33.3% | -18.0% | +12.7% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $1.1B | $1.2B | $1.1B | $1.1B | $988.0M | $1.1B | $1.2B | $1.2B |
| YoY | — | — | — | — | -7.6% | -8.8% | +4.8% | +11.5% |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | $3.2B | $2.7B | $2.9B | $3.0B | $3.2B | $3.0B | $2.8B | $3.3B |
| YoY | — | — | — | — | +0.3% | +12.0% | -3.6% | +9.5% |
| Total assets | $43.7B | $43.8B | $44.2B | $44.6B | $45.2B | $45.1B | $45.1B | $45.9B |
| YoY | — | — | — | — | +3.6% | +3.0% | +2.2% | +3.1% |
| Total current liabilities | $3.5B | $3.5B | $3.7B | $3.5B | $3.8B | $3.3B | $3.4B | $3.7B |
| YoY | — | — | — | — | +6.5% | -3.3% | -8.1% | +4.5% |
| Total liabilities | $29.4B | $29.3B | $29.4B | $29.4B | $29.7B | $29.3B | $28.9B | $29.2B |
| YoY | — | — | — | — | +1.1% | +0.1% | -1.7% | -0.7% |
| Total equity | $14.3B | $14.5B | $14.8B | $15.1B | $15.5B | $15.8B | $16.3B | $16.7B |
| YoY | — | — | — | — | +8.7% | +8.9% | +9.9% | +10.5% |
| Shares outstanding | 226.3M | 225.4M | 224.6M | 224.4M | 224.4M | 224.6M | 224.6M | 224.6M |
| YoY | — | — | — | — | -0.8% | -0.4% | +0.0% | +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.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $951.0M | $950.0M | $1.1B | $1.3B | $1.1B | $344.0M | $1.1B | $1.3B |
| YoY | — | — | — | — | +11.8% | -63.8% | -2.1% | +4.0% |
| Capital expenditures | $675.0M | $449.0M | $475.0M | $551.0M | $729.0M | $382.0M | $439.0M | $586.0M |
| YoY | — | — | — | — | +8.0% | -14.9% | -7.6% | +6.4% |
| Free cash flow | $276.0M | $501.0M | $602.0M | $720.0M | $334.0M | $-38.0M | $615.0M | $736.0M |
| YoY | — | — | — | — | +21.0% | -107.6% | +2.2% | +2.2% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $0 | $248.0M | $208.0M | $78.0M | $0 | $5.0M | $0 | $0 |
| YoY | — | — | — | — | — | -98.0% | -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 | 37.4% | 38.3% | 37.8% | 35.4% | 31.5% | 29.3% | 32.4% | 32.6% |
| Net margin | 24.2% | 25.1% | 24.7% | 22.9% | 21.7% | 18.2% | 21.2% | 21.5% |
| Free cash flow margin | 9.1% | 16.7% | 19.4% | 23.2% | 11.2% | -1.3% | 17.7% | 20.9% |
| Effective tax rate | 21.0% | 23.3% | 23.0% | 23.1% | 15.8% | 23.5% | 23.5% | 23.1% |
| Current ratio | 0.90x | 0.78x | 0.79x | 0.86x | 0.85x | 0.91x | 0.83x | 0.90x |
| Total liabilities / equity | 2.05x | 2.02x | 1.99x | 1.94x | 1.91x | 1.85x | 1.78x | 1.75x |
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.