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.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $287.6B | $324.2B | $371.6B | $400.3B | $447.6B |
| YoY | — | +12.7% | +14.6% | +7.7% | +11.8% |
| Cost of goods sold | $31.0B | $33.7B | $38.8B | $46.7B | $50.7B |
| YoY | — | +8.6% | +15.0% | +20.4% | +8.5% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $42.6B | $47.8B | $54.6B | $53.0B | $59.6B |
| YoY | — | +12.2% | +14.3% | -3.0% | +12.4% |
| Operating income | $24.0B | $28.4B | $32.4B | $32.3B | $19.0B |
| YoY | — | +18.6% | +13.8% | -0.2% | -41.3% |
| Pretax income | $22.3B | $26.3B | $29.1B | $20.1B | $14.7B |
| YoY | — | +18.1% | +10.5% | -31.1% | -26.8% |
| Income tax | $4.6B | $5.7B | $6.0B | $4.8B | $1.9B |
| YoY | — | +24.6% | +4.6% | -19.1% | -60.9% |
| Net income | $17.3B | $20.1B | $22.4B | $14.4B | $12.1B |
| YoY | — | +16.4% | +11.2% | -35.6% | -16.3% |
| EPS — basic | $18.33 | $21.47 | $24.12 | $15.64 | $13.28 |
| YoY | — | +17.1% | +12.3% | -35.2% | -15.1% |
| EPS — diluted | $18.08 | $21.18 | $23.86 | $15.51 | $13.23 |
| YoY | — | +17.1% | +12.7% | -35.0% | -14.7% |
| Weighted shares — basic | 943.0M | 937.0M | 928.0M | 921.0M | 908.0M |
| Weighted shares — diluted | 956.0M | 950.0M | 938.0M | 929.0M | 911.0M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $21.4B | $23.4B | $25.4B | $25.3B | $24.4B |
| YoY | — | +9.3% | +8.8% | -0.5% | -3.7% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $14.2B | $17.7B | $21.3B | $22.4B | $23.0B |
| YoY | — | +24.4% | +20.3% | +5.1% | +2.9% |
| Inventory | $2.9B | $3.5B | $2.8B | $3.8B | $3.3B |
| YoY | — | +20.7% | -20.0% | +35.7% | -13.2% |
| Total current assets | $61.8B | $69.1B | $78.4B | $85.8B | $90.6B |
| YoY | — | +11.8% | +13.6% | +9.4% | +5.6% |
| Total assets | $212.2B | $245.7B | $273.7B | $298.3B | $309.6B |
| YoY | — | +15.8% | +11.4% | +9.0% | +3.8% |
| Total current liabilities | $78.3B | $89.2B | $99.1B | $103.8B | $114.9B |
| YoY | — | +14.0% | +11.0% | +4.8% | +10.7% |
| Total liabilities | $135.7B | $159.4B | $174.8B | $195.7B | $207.9B |
| YoY | — | +17.4% | +9.7% | +11.9% | +6.2% |
| Total equity | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Shares outstanding | 941.0M | 934.0M | 924.0M | 915.0M | 906.0M |
| YoY | — | -0.7% | -1.1% | -1.0% | -1.0% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $22.3B | $26.2B | $29.1B | $24.2B | $19.7B |
| YoY | — | +17.3% | +10.9% | -16.7% | -18.6% |
| Capital expenditures | $2.5B | $2.8B | $3.4B | $3.5B | $3.6B |
| YoY | — | +14.2% | +20.8% | +3.3% | +3.5% |
| Free cash flow | $19.9B | $23.4B | $25.7B | $20.7B | $16.1B |
| YoY | — | +17.7% | +9.7% | -19.4% | -22.4% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $5.0B | $7.0B | $8.0B | $9.0B | $5.5B |
| YoY | — | +40.0% | +14.3% | +12.5% | -38.4% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 8.3% | 8.8% | 8.7% | 8.1% | 4.2% |
| Net margin | 6.0% | 6.2% | 6.0% | 3.6% | 2.7% |
| Free cash flow margin | 6.9% | 7.2% | 6.9% | 5.2% | 3.6% |
| Effective tax rate | 20.5% | 21.7% | 20.5% | 24.1% | 12.9% |
| Current ratio | 0.79x | 0.77x | 0.79x | 0.83x | 0.79x |
| 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.