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 | $7.6B | $8.9B | $9.9B | $11.0B | $12.0B |
| YoY | — | +17.9% | +10.5% | +11.7% | +8.9% |
| Cost of goods sold | $904.2M | $1.1B | $1.3B | $1.5B | $1.7B |
| YoY | — | +19.5% | +16.8% | +21.3% | +7.9% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $840.1M | $944.7M | $1.1B | $1.5B | $1.8B |
| YoY | — | +12.5% | +20.3% | +28.8% | +19.7% |
| Operating income | $2.8B | $4.3B | $3.8B | $-232.9M | $4.2B |
| YoY | — | +54.8% | -11.0% | -106.1% | +1891.9% |
| Pretax income | $2.7B | $4.2B | $4.4B | $248.5M | $4.6B |
| YoY | — | +55.0% | +3.5% | -94.3% | +1768.5% |
| Income tax | $388.3M | $910.4M | $760.2M | $784.1M | $690.0M |
| YoY | — | +134.5% | -16.5% | +3.1% | -12.0% |
| Net income | $2.3B | $3.3B | $3.6B | $-535.6M | $4.0B |
| YoY | — | +41.8% | +9.0% | -114.8% | +838.1% |
| EPS — basic | $9.09 | $12.97 | $14.05 | $-2.08 | $15.46 |
| YoY | — | +42.7% | +8.3% | -114.8% | +843.3% |
| EPS — diluted | $9.01 | $12.82 | $13.89 | $-2.08 | $15.32 |
| YoY | — | +42.3% | +8.3% | -115.0% | +836.5% |
| Weighted shares — basic | 257.7M | 256.1M | 257.7M | 257.9M | 255.7M |
| Weighted shares — diluted | 259.9M | 259.1M | 260.5M | 257.9M | 258.0M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $6.8B | $10.5B | $10.4B | $4.6B | $5.1B |
| YoY | — | +54.6% | -1.3% | -55.9% | +11.3% |
| Marketable securities (current) | $729.9M | $274.5M | $849.2M | $1.5B | $1.5B |
| YoY | — | -62.4% | +209.4% | +82.1% | -1.5% |
| Accounts receivable | $1.1B | $1.4B | $1.6B | $1.6B | $2.1B |
| YoY | — | +26.9% | +8.4% | +2.9% | +27.6% |
| Inventory | $353.1M | $460.6M | $738.8M | $1.2B | $1.7B |
| YoY | — | +30.4% | +60.4% | +63.2% | +39.9% |
| Total current assets | $9.6B | $13.2B | $14.1B | $9.6B | $11.2B |
| YoY | — | +38.4% | +6.9% | -32.2% | +16.7% |
| Total assets | $13.4B | $18.2B | $22.7B | $22.5B | $25.6B |
| YoY | — | +35.1% | +25.2% | -0.9% | +13.8% |
| Total current liabilities | $2.1B | $2.7B | $3.5B | $3.6B | $3.9B |
| YoY | — | +28.0% | +29.4% | +0.5% | +8.3% |
| Total liabilities | $3.3B | $4.2B | $5.1B | $6.1B | $7.0B |
| YoY | — | +27.2% | +21.5% | +18.9% | +13.9% |
| Total equity | $10.1B | $13.9B | $17.6B | $16.4B | $18.7B |
| YoY | — | +37.7% | +26.4% | -6.7% | +13.7% |
| Shares outstanding | 254.5M | 257.0M | 257.7M | 256.9M | 254.0M |
| YoY | — | +1.0% | +0.3% | -0.3% | -1.1% |
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 | $2.6B | $4.1B | $3.5B | $-492.6M | $3.6B |
| YoY | — | +56.2% | -14.3% | -113.9% | +837.2% |
| Capital expenditures | $235.0M | $204.7M | $200.4M | $297.7M | $437.6M |
| YoY | — | -12.9% | -2.1% | +48.6% | +47.0% |
| Free cash flow | $2.4B | $3.9B | $3.3B | $-790.3M | $3.2B |
| YoY | — | +63.0% | -15.0% | -123.7% | +504.1% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $1.4B | $0 | $427.6M | $1.2B | $2.0B |
| YoY | — | -100.0% | — | +175.3% | +71.4% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 36.7% | 48.2% | 38.8% | -2.1% | 34.8% |
| Net margin | 30.9% | 37.2% | 36.7% | -4.9% | 32.9% |
| Free cash flow margin | 31.8% | 44.0% | 33.8% | -7.2% | 26.6% |
| Effective tax rate | 14.2% | 21.5% | 17.4% | 315.5% | 14.9% |
| Current ratio | 4.46x | 4.83x | 3.99x | 2.69x | 2.90x |
| Total liabilities / equity | 0.33x | 0.30x | 0.29x | 0.37x | 0.37x |
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 |
|---|---|---|---|---|---|---|
| VRTX FY25 · this stock | $12.0B | +8.9% | — | 34.8% | 32.9% | 26.6% |
| 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.