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 | $10.6B | $11.4B | $10.4B | $10.9B | $11.1B | $12.2B | $11.0B | $12.0B |
| YoY | — | — | — | — | +4.9% | +7.2% | +6.2% | +10.5% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | $346.0M | $374.0M | $342.0M | $352.0M | $346.0M | $356.0M | $336.0M | $364.0M |
| YoY | — | — | — | — | +0.0% | -4.8% | -1.8% | +3.4% |
| Selling, general & administrative | $2.1B | $2.2B | $2.1B | $2.1B | $2.2B | $2.4B | $2.2B | $2.3B |
| YoY | — | — | — | — | +3.1% | +6.8% | +5.0% | +9.0% |
| Operating income | $1.8B | $2.0B | $1.7B | $1.8B | $1.9B | $2.3B | $1.9B | $2.1B |
| YoY | — | — | — | — | +5.6% | +11.9% | +8.6% | +13.8% |
| Pretax income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Income tax | $99.0M | $150.0M | $95.0M | $92.0M | $207.0M | $153.0M | $70.0M | $167.0M |
| YoY | — | — | — | — | +109.1% | +2.0% | -26.3% | +81.5% |
| Net income | $1.6B | $1.8B | $1.5B | $1.6B | $1.6B | $2.0B | $1.7B | $1.7B |
| YoY | — | — | — | — | -0.9% | +7.3% | +9.6% | +7.4% |
| EPS — basic | $4.26 | — | $3.99 | $4.28 | $4.28 | — | $4.44 | $4.68 |
| YoY | — | — | — | — | +0.5% | — | +11.3% | +9.3% |
| EPS — diluted | $4.25 | — | $3.98 | $4.28 | $4.27 | — | $4.43 | $4.68 |
| YoY | — | — | — | — | +0.5% | — | +11.3% | +9.3% |
| Weighted shares — basic | 382.0M | — | 378.0M | 378.0M | 378.0M | — | 372.0M | 371.0M |
| Weighted shares — diluted | 384.0M | — | 379.0M | 378.0M | 378.0M | — | 373.0M | 371.0M |
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 | $4.6B | $4.0B | $4.1B | $4.6B | $2.0B | $9.9B | $3.3B | $4.1B |
| YoY | — | — | — | — | -57.3% | +145.7% | -21.3% | -11.2% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $8.3B | $8.2B | $8.5B | $8.6B | $8.9B | $8.9B | $9.2B | $9.5B |
| YoY | — | — | — | — | +7.9% | +8.7% | +8.9% | +10.0% |
| Inventory | $5.4B | $5.0B | $5.2B | $5.6B | $5.7B | $5.4B | $5.5B | $5.6B |
| YoY | — | — | — | — | +5.8% | +9.0% | +5.2% | +1.2% |
| Total current assets | $23.8B | $22.1B | $23.4B | $24.6B | $22.3B | $28.7B | $22.3B | $23.4B |
| YoY | — | — | — | — | -6.3% | +29.7% | -4.5% | -5.0% |
| Total assets | $100.4B | $97.3B | $99.0B | $101.2B | $103.0B | $110.3B | $113.3B | $113.2B |
| YoY | — | — | — | — | +2.6% | +13.4% | +14.4% | +11.8% |
| Total current liabilities | $14.6B | $13.3B | $13.2B | $12.7B | $14.9B | $15.2B | $14.6B | $15.1B |
| YoY | — | — | — | — | +2.0% | +13.9% | +11.0% | +18.5% |
| Total liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total equity | $49.0B | $49.6B | $49.4B | $50.5B | $51.0B | $53.4B | $51.9B | $52.7B |
| YoY | — | — | — | — | +4.1% | +7.7% | +5.2% | +4.3% |
| 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 | $2.2B | $3.3B | $723.0M | $1.4B | $2.2B | $3.5B | $1.2B | $2.1B |
| YoY | — | — | — | — | +3.4% | +5.1% | +64.9% | +51.9% |
| Capital expenditures | $272.0M | $480.0M | $362.0M | $294.0M | $404.0M | $465.0M | $376.0M | $450.0M |
| YoY | — | — | — | — | +48.5% | -3.1% | +3.9% | +53.1% |
| Free cash flow | $1.9B | $2.8B | $361.0M | $1.1B | $1.8B | $3.0B | $816.0M | $1.7B |
| YoY | — | — | — | — | -3.1% | +6.5% | +126.0% | +51.6% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $0 | $1.0B | $2.0B | $0 | $963.0M | $37.0M | $3.0B | $1.0B |
| YoY | — | — | — | — | — | -96.3% | +50.0% | — |
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 | 17.3% | 17.7% | 16.6% | 16.9% | 17.5% | 18.5% | 16.9% | 17.4% |
| Net margin | 15.4% | 16.1% | 14.5% | 14.9% | 14.5% | 16.1% | 15.0% | 14.5% |
| Free cash flow margin | 17.9% | 24.7% | 3.5% | 10.2% | 16.5% | 24.5% | 7.4% | 14.0% |
| Effective tax rate | — | — | — | — | — | — | — | — |
| Current ratio | 1.63x | 1.66x | 1.77x | 1.93x | 1.50x | 1.89x | 1.53x | 1.55x |
| 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 |
|---|---|---|---|---|---|---|
| TMO FY25 · this stock | $44.6B | +3.9% | — | 17.4% | 15.0% | 14.1% |
| 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% |
| ABT FY25 | $44.3B | +5.7% | — | 18.2% | 14.7% | 16.7% |
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.