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.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.7B | $3.8B | $3.0B | $3.7B | $3.8B | $3.9B | $3.6B | $4.3B |
| YoY | — | — | — | — | +0.9% | +2.5% | +19.0% | +16.7% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | $1.3B | $1.4B | $1.3B | $1.4B | $1.5B | $1.6B | $1.5B | $1.6B |
| YoY | — | — | — | — | +16.0% | +15.2% | +16.3% | +14.8% |
| Selling, general & administrative | $714.4M | $792.2M | $633.0M | $634.2M | $657.8M | $775.0M | $647.7M | $662.1M |
| YoY | — | — | — | — | -7.9% | -2.2% | +2.3% | +4.4% |
| Operating income | $1.2B | $990.2M | $591.7M | $1.1B | $1.0B | $879.9M | $642.9M | $1.3B |
| YoY | — | — | — | — | -12.9% | -11.1% | +8.7% | +19.8% |
| Pretax income | $1.5B | $958.1M | $905.0M | $1.5B | $1.8B | $1.0B | $831.2M | $1.5B |
| YoY | — | — | — | — | +18.1% | +8.9% | -8.2% | +0.6% |
| Income tax | $152.4M | $40.4M | $96.3M | $127.1M | $303.3M | $199.1M | $104.0M | $230.9M |
| YoY | — | — | — | — | +99.0% | +392.8% | +8.0% | +81.7% |
| Net income | $1.3B | $917.7M | $808.7M | $1.4B | $1.5B | $844.6M | $727.2M | $1.3B |
| YoY | — | — | — | — | +8.9% | -8.0% | -10.1% | -6.8% |
| EPS — basic | $12.40 | — | $7.58 | $13.24 | $14.09 | — | $6.99 | $12.62 |
| YoY | — | — | — | — | +13.6% | — | -7.8% | -4.7% |
| EPS — diluted | $11.54 | — | $7.27 | $12.81 | $13.62 | — | $6.75 | $12.23 |
| YoY | — | — | — | — | +18.0% | — | -7.2% | -4.5% |
| Weighted shares — basic | 108.1M | — | 106.7M | 105.1M | 103.6M | — | 104.0M | 102.8M |
| Weighted shares — diluted | 116.2M | — | 111.2M | 108.6M | 107.2M | — | 107.7M | 106.0M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.0B | $2.5B | $3.1B | $2.0B | $2.5B | $3.1B | $3.0B | $2.5B |
| YoY | — | — | — | — | +24.6% | +25.3% | -4.1% | +23.0% |
| Marketable securities (current) | $7.8B | $6.5B | $5.3B | $5.5B | $5.9B | $5.5B | $5.8B | $5.5B |
| YoY | — | — | — | — | -23.7% | -15.9% | +10.1% | +1.2% |
| Accounts receivable | $6.1B | $6.2B | $5.6B | $5.6B | $5.7B | $5.7B | $5.7B | $6.6B |
| YoY | — | — | — | — | -6.9% | -7.6% | +3.1% | +17.0% |
| Inventory | $3.0B | $3.1B | $3.2B | $3.2B | $3.3B | $3.2B | $3.1B | $3.1B |
| YoY | — | — | — | — | +7.8% | +3.7% | -2.8% | -3.8% |
| Total current assets | $19.3B | $18.7B | $17.6B | $16.9B | $18.0B | $18.0B | $18.2B | $18.4B |
| YoY | — | — | — | — | -7.0% | -3.4% | +3.6% | +9.4% |
| Total assets | $37.4B | $37.8B | $37.5B | $38.2B | $40.2B | $40.6B | $40.9B | $41.7B |
| YoY | — | — | — | — | +7.3% | +7.4% | +8.9% | +9.2% |
| Total current liabilities | $3.7B | $3.9B | $3.6B | $3.7B | $4.4B | $4.4B | $5.1B | $5.5B |
| YoY | — | — | — | — | +20.9% | +10.8% | +43.2% | +50.8% |
| Total liabilities | $8.1B | $8.4B | $8.2B | $8.3B | $9.2B | $9.3B | $9.4B | $10.0B |
| YoY | — | — | — | — | +13.5% | +10.7% | +15.8% | +21.0% |
| Total equity | $29.3B | $29.4B | $29.4B | $29.9B | $31.0B | $31.3B | $31.4B | $31.7B |
| YoY | — | — | — | — | +5.6% | +6.5% | +6.9% | +5.9% |
| Shares outstanding | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.3B | $1.0B | $1.1B | $1.6B | $1.2B | $1.1B | $813.0M |
| YoY | — | — | — | — | +25.4% | -7.3% | +3.2% | -29.0% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | $0 | $0 | $93.8M | $92.6M | $91.2M | $92.7M | $97.8M | $96.8M |
| YoY | — | — | — | — | — | — | +4.3% | +4.5% |
| Share repurchases | $735.1M | $973.0M | $1.0B | $1.1B | $664.0M | $671.7M | $794.3M | $1.2B |
| YoY | — | — | — | — | -9.7% | -31.0% | -23.7% | +10.2% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 31.7% | 26.1% | 19.5% | 29.4% | 27.3% | 22.7% | 17.8% | 30.1% |
| Net margin | 36.0% | 24.2% | 26.7% | 37.9% | 38.9% | 21.7% | 20.2% | 30.2% |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | 10.2% | 4.2% | 10.6% | 8.4% | 17.2% | 19.1% | 12.5% | 15.1% |
| Current ratio | 5.28x | 4.73x | 4.93x | 4.60x | 4.06x | 4.13x | 3.57x | 3.34x |
| Total liabilities / equity | 0.28x | 0.29x | 0.28x | 0.28x | 0.30x | 0.30x | 0.30x | 0.32x |
Peer comparison — latest full year
Same sector (Health Care), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| REGN FY25 · this stock | $14.3B | +1.0% | — | 24.9% | 31.4% | — |
| UNH FY25 | $447.6B | +11.8% | — | 4.2% | 2.7% | 3.6% |
| CVS FY25 | $402.1B | +7.8% | — | 1.2% | 0.4% | 1.9% |
| CI FY25 | $274.9B | +11.2% | — | 3.3% | — | — |
| ELV FY25 | $199.1B | +12.5% | — | 3.6% | 2.8% | 1.6% |
| JNJ FY25 | $94.2B | +6.0% | 67.9% | — | 28.5% | 20.9% |
| LLY FY25 | $65.2B | +44.7% | — | — | 31.7% | — |
| MRK FY25 | $65.0B | +1.3% | — | — | 28.1% | 19.0% |
| ABBV FY25 | $61.2B | +8.6% | — | 24.6% | 6.9% | 29.1% |
| BMY FY25 | $48.2B | -0.2% | — | — | 14.6% | 26.7% |
| TMO FY25 | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
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.