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 | $5.5B | $6.4B | $5.9B | $6.0B | $6.1B | $7.2B | $6.0B | $6.6B |
| YoY | — | — | — | — | +10.2% | +11.4% | +2.6% | +9.4% |
| Cost of goods sold | $2.0B | $2.3B | $2.1B | $2.2B | $2.2B | $2.5B | $2.2B | $2.1B |
| YoY | — | — | — | — | +11.5% | +12.4% | +4.1% | -4.1% |
| Gross profit | $3.5B | $4.2B | $3.7B | $3.8B | $3.9B | $4.6B | $3.8B | $4.5B |
| YoY | — | — | — | — | +9.5% | +10.9% | +1.8% | +17.1% |
| Research & development | $377.0M | $358.0M | $405.0M | $407.0M | $410.0M | $401.0M | $413.0M | $434.0M |
| YoY | — | — | — | — | +8.8% | +12.0% | +2.0% | +6.6% |
| Selling, general & administrative | $1.9B | $2.1B | $2.3B | $2.1B | $2.0B | $2.2B | $2.3B | $2.2B |
| YoY | — | — | — | — | +8.0% | +4.9% | -0.8% | +7.2% |
| Operating income | $1.1B | $581.0M | $837.0M | $1.1B | $1.1B | $1.8B | $936.0M | $1.7B |
| YoY | — | — | — | — | +4.6% | +210.5% | +11.8% | +49.1% |
| Pretax income | $1.0B | $528.0M | $764.0M | $1.0B | $1.0B | $1.7B | $850.0M | $1.6B |
| YoY | — | — | — | — | -1.3% | +222.9% | +11.3% | +53.9% |
| Income tax | $209.0M | $-18.0M | $110.0M | $132.0M | $170.0M | $856.0M | $105.0M | $288.0M |
| YoY | — | — | — | — | -18.7% | +4855.6% | -4.5% | +118.2% |
| Net income | $834.0M | $546.0M | $654.0M | $884.0M | $859.0M | $849.0M | $745.0M | $1.3B |
| YoY | — | — | — | — | +3.0% | +55.5% | +13.9% | +44.3% |
| EPS — basic | $2.18 | $1.43 | $1.71 | $2.32 | $2.25 | $2.21 | $1.95 | $3.32 |
| YoY | — | — | — | — | +3.2% | +54.5% | +14.0% | +43.1% |
| EPS — diluted | $2.16 | $1.41 | $1.69 | $2.29 | $2.22 | $2.20 | $1.93 | $3.30 |
| YoY | — | — | — | — | +2.8% | +56.0% | +14.2% | +44.1% |
| Weighted shares — basic | 381.1M | — | 381.7M | 382.2M | 382.4M | — | 382.9M | 383.5M |
| Weighted shares — diluted | 385.6M | — | 386.4M | 386.4M | 386.7M | — | 386.5M | 386.0M |
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 | $3.9B | $3.7B | $2.3B | $2.4B | $3.3B | $4.0B | $2.9B | $3.4B |
| YoY | — | — | — | — | -15.4% | +9.8% | +24.1% | +42.8% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $3.7B | $4.0B | $4.0B | $3.9B | $3.6B | $4.0B | $3.6B | $3.7B |
| YoY | — | — | — | — | -2.5% | +1.3% | -9.8% | -4.5% |
| Inventory | $5.3B | $4.8B | $5.1B | $5.3B | $5.4B | $5.3B | $5.4B | $5.5B |
| YoY | — | — | — | — | +1.5% | +11.2% | +6.2% | +4.4% |
| Total current assets | $14.7B | $14.8B | $13.0B | $13.0B | $13.7B | $14.8B | $13.3B | $14.4B |
| YoY | — | — | — | — | -6.6% | -0.6% | +2.4% | +10.9% |
| Total assets | $43.8B | $43.0B | $46.0B | $46.3B | $47.1B | $47.8B | $46.3B | $47.9B |
| YoY | — | — | — | — | +7.4% | +11.3% | +0.6% | +3.5% |
| Total current liabilities | $7.7B | $7.6B | $7.9B | $7.3B | $7.4B | $7.8B | $6.3B | $6.7B |
| YoY | — | — | — | — | -3.3% | +2.3% | -20.4% | -8.3% |
| Total liabilities | $23.7B | $22.3B | $25.1B | $25.1B | $25.3B | $25.4B | $23.3B | $23.9B |
| YoY | — | — | — | — | +6.7% | +13.8% | -7.0% | -4.8% |
| Total equity | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| 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 | $1.5B | $1.9B | $250.0M | $1.1B | $1.5B | $2.1B | $581.0M | $1.3B |
| YoY | — | — | — | — | +4.5% | +11.0% | +132.4% | +13.5% |
| Capital expenditures | $170.0M | $266.0M | $123.0M | $183.0M | $187.0M | $268.0M | $166.0M | $202.0M |
| YoY | — | — | — | — | +10.0% | +0.8% | +35.0% | +10.4% |
| Free cash flow | $1.3B | $1.7B | $127.0M | $928.0M | $1.4B | $1.9B | $415.0M | $1.1B |
| YoY | — | — | — | — | +3.8% | +12.6% | +226.8% | +14.1% |
| Dividends paid | $305.0M | $305.0M | $320.0M | $321.0M | $322.0M | $321.0M | $337.0M | $337.0M |
| YoY | — | — | — | — | +5.6% | +5.2% | +5.3% | +5.0% |
| Share repurchases | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
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 | 64.0% | 64.9% | 63.8% | 63.8% | 63.6% | 64.5% | 63.3% | 68.3% |
| Operating margin | 19.7% | 9.0% | 14.3% | 18.5% | 18.7% | 25.2% | 15.5% | 25.2% |
| Net margin | 15.2% | 8.5% | 11.1% | 14.7% | 14.2% | 11.8% | 12.4% | 19.4% |
| Free cash flow margin | 23.7% | 25.9% | 2.2% | 15.4% | 22.3% | 26.1% | 6.9% | 16.1% |
| Effective tax rate | 20.0% | -3.4% | 14.4% | 13.0% | 16.5% | 50.2% | 12.4% | 18.4% |
| Current ratio | 1.91x | 1.95x | 1.64x | 1.78x | 1.85x | 1.89x | 2.11x | 2.16x |
| Total liabilities / equity | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| SYK FY25 · this stock | $25.1B | +11.2% | 64.0% | 19.5% | 12.9% | 17.1% |
| 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.