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 | $100.8B | $100.8B | $109.6B | $111.6B | $113.2B | $113.2B | $111.7B | $112.0B |
| YoY | — | — | — | — | +12.2% | +12.3% | +2.0% | +0.4% |
| Cost of goods sold | $11.8B | $12.5B | $12.4B | $13.0B | $12.6B | $12.7B | $12.8B | $13.4B |
| YoY | — | — | — | — | +6.2% | +1.7% | +3.5% | +2.7% |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | $13.3B | $12.5B | $13.6B | $13.8B | $15.2B | $17.0B | $15.4B | $14.3B |
| YoY | — | — | — | — | +14.6% | +36.0% | +13.2% | +3.6% |
| Operating income | $8.7B | $7.8B | $9.1B | $5.2B | $4.3B | $380.0M | $9.0B | $8.0B |
| YoY | — | — | — | — | -50.4% | -95.1% | -1.4% | +55.2% |
| Pretax income | $7.6B | $6.8B | $8.1B | $4.1B | $3.2B | $-720.0M | $8.0B | $7.0B |
| YoY | — | — | — | — | -57.6% | -110.6% | -1.8% | +70.7% |
| Income tax | $1.4B | $1.0B | $1.6B | $510.0M | $686.0M | $-938.0M | $1.5B | $1.3B |
| YoY | — | — | — | — | -49.4% | -193.1% | -9.2% | +154.5% |
| Net income | $6.1B | $5.5B | $6.3B | $3.4B | $2.3B | $10.0M | $6.3B | $5.5B |
| YoY | — | — | — | — | -61.2% | -99.8% | -0.2% | +61.0% |
| EPS — basic | $6.56 | — | $6.90 | $3.76 | $2.59 | — | $6.92 | $6.06 |
| YoY | — | — | — | — | -60.5% | — | +0.3% | +61.2% |
| EPS — diluted | $6.51 | — | $6.85 | $3.74 | $2.59 | — | $6.90 | $6.04 |
| YoY | — | — | — | — | -60.2% | — | +0.7% | +61.5% |
| Weighted shares — basic | 923.0M | — | 912.0M | 907.0M | 906.0M | — | 908.0M | 902.0M |
| Weighted shares — diluted | 930.0M | — | 918.0M | 910.0M | 908.0M | — | 910.0M | 906.0M |
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 | $32.4B | $25.3B | $30.7B | $28.6B | $27.2B | $24.4B | $28.0B | $28.6B |
| YoY | — | — | — | — | -16.0% | -3.7% | -8.8% | -0.0% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $20.0B | $22.4B | $26.9B | $24.1B | $22.7B | $23.0B | $26.6B | $21.6B |
| YoY | — | — | — | — | +13.2% | +2.9% | -1.3% | -10.6% |
| Inventory | — | $3.8B | — | — | — | $3.3B | — | — |
| YoY | — | — | — | — | — | -13.2% | — | — |
| Total current assets | $92.3B | $85.8B | $96.3B | $93.7B | $95.1B | $90.6B | $91.1B | $86.9B |
| YoY | — | — | — | — | +3.0% | +5.6% | -5.4% | -7.3% |
| Total assets | $299.3B | $298.3B | $309.8B | $308.6B | $315.3B | $309.6B | $312.6B | $309.7B |
| YoY | — | — | — | — | +5.3% | +3.8% | +0.9% | +0.4% |
| Total current liabilities | $101.6B | $103.8B | $113.5B | $110.8B | $115.5B | $114.9B | $114.1B | $111.8B |
| YoY | — | — | — | — | +13.7% | +10.7% | +0.6% | +0.9% |
| Total liabilities | $194.9B | $195.7B | $204.6B | $203.8B | $209.5B | $207.9B | $207.3B | $203.8B |
| YoY | — | — | — | — | +7.5% | +6.2% | +1.3% | -0.0% |
| Total equity | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Shares outstanding | 923.0M | 915.0M | 910.0M | 905.0M | 906.0M | 906.0M | 908.0M | 905.0M |
| YoY | — | — | — | — | -1.8% | -1.0% | -0.2% | +0.0% |
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 | $13.9B | $2.4B | $5.5B | $7.2B | $5.9B | $1.1B | $8.9B | $11.1B |
| YoY | — | — | — | — | -57.4% | -53.2% | +63.3% | +53.8% |
| Capital expenditures | $991.0M | $912.0M | $898.0M | $886.0M | $890.0M | $948.0M | $763.0M | $799.0M |
| YoY | — | — | — | — | -10.2% | +3.9% | -15.0% | -9.8% |
| Free cash flow | $13.0B | $1.5B | $4.6B | $6.3B | $5.1B | $160.0M | $8.1B | $10.3B |
| YoY | — | — | — | — | -61.0% | -89.0% | +78.8% | +62.7% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $956.0M | $5.0B | $3.0B | $2.5B | $0 | $0 | $0 | $1.6B |
| YoY | — | — | — | — | -100.0% | -100.0% | -100.0% | -35.3% |
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 | 8.6% | 7.7% | 8.3% | 4.6% | 3.8% | 0.3% | 8.0% | 7.1% |
| Net margin | 6.0% | 5.5% | 5.7% | 3.1% | 2.1% | 0.0% | 5.6% | 4.9% |
| Free cash flow margin | 12.8% | 1.4% | 4.2% | 5.6% | 4.5% | 0.1% | 7.3% | 9.2% |
| Effective tax rate | 17.8% | 14.8% | 20.1% | 12.5% | 21.2% | 130.3% | 18.6% | 18.6% |
| Current ratio | 0.91x | 0.83x | 0.85x | 0.85x | 0.82x | 0.79x | 0.80x | 0.78x |
| 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 |
|---|---|---|---|---|---|---|
| UNH FY25 · this stock | $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% |
| 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.