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 | $12.1B | $13.7B | $14.8B | $17.2B | $17.7B |
| YoY | — | +13.7% | +7.7% | +16.5% | +3.0% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $1.0B | $1.2B | $1.3B | $1.6B | $1.7B |
| YoY | — | +14.3% | +10.0% | +22.4% | +7.1% |
| Operating income | $-1.5B | $-1.2B | $2.7B | $4.1B | $1.9B |
| YoY | — | +22.3% | +326.1% | +53.4% | -53.3% |
| Pretax income | $-1.7B | $-1.6B | $2.0B | $3.5B | $1.1B |
| YoY | — | +9.4% | +228.2% | +73.4% | -67.6% |
| Income tax | $-458.0M | $-350.0M | $508.0M | $655.0M | $179.0M |
| YoY | — | +23.6% | +245.1% | +28.9% | -72.7% |
| Net income | $-1.3B | $-1.2B | $1.5B | $2.7B | $944.0M |
| YoY | — | +3.7% | +221.7% | +78.1% | -64.5% |
| EPS — basic | $-2.69 | $-3.26 | $3.63 | $7.16 | $2.22 |
| YoY | — | -21.2% | +211.3% | +97.2% | -69.0% |
| EPS — diluted | $-2.69 | $-3.26 | $3.58 | $7.00 | $2.18 |
| YoY | — | -21.2% | +209.8% | +95.5% | -68.9% |
| Weighted shares — basic | 482.2M | 422.4M | 369.8M | 344.8M | 339.1M |
| Weighted shares — diluted | 482.2M | 422.4M | 375.2M | 352.6M | 345.7M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $455.0M | $3.5B | $1.2B | $785.0M |
| YoY | — | -65.7% | +665.9% | -65.9% | -33.9% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $1.4B | $2.1B | $1.7B | $2.0B | $2.3B |
| YoY | — | +47.4% | -18.7% | +18.4% | +17.2% |
| Inventory | $610.0M | $570.0M | $740.0M | $970.0M | — |
| YoY | — | -6.6% | +29.8% | +31.1% | — |
| Total current assets | $7.9B | $11.1B | $11.6B | $8.1B | $9.2B |
| YoY | — | +41.0% | +4.7% | -30.2% | +13.1% |
| Total assets | $29.7B | $32.8B | $33.0B | $37.8B | $41.5B |
| YoY | — | +10.5% | +0.5% | +14.6% | +10.0% |
| Total current liabilities | $5.8B | $10.3B | $9.8B | $8.4B | $11.8B |
| YoY | — | +76.9% | -5.0% | -14.2% | +40.1% |
| Total liabilities | $21.4B | $27.9B | $27.6B | $32.2B | $36.4B |
| YoY | — | +30.3% | -0.8% | +16.4% | +13.2% |
| Total equity | $8.3B | $4.9B | $5.3B | $5.6B | $5.1B |
| YoY | — | -40.9% | +8.3% | +5.0% | -8.5% |
| Shares outstanding | 469.1M | 389.8M | 351.5M | 339.8M | 338.1M |
| YoY | — | -16.9% | -9.8% | -3.3% | -0.5% |
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 | $-206.0M | $485.0M | $5.5B | $4.6B | $4.1B |
| YoY | — | +335.4% | +1024.3% | -16.3% | -10.8% |
| Capital expenditures | $1.0B | $1.3B | $1.7B | $2.1B | $2.8B |
| YoY | — | +25.9% | +28.8% | +24.0% | +32.4% |
| Free cash flow | $-1.2B | $-816.0M | $3.8B | $2.5B | $1.3B |
| YoY | — | +34.1% | +562.9% | -34.2% | -47.0% |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $471.0M | $1.9B | $1.2B | $1.3B | $1.0B |
| YoY | — | +313.8% | -36.1% | +1.7% | -18.8% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | -12.5% | -8.6% | 18.0% | 23.7% | 10.7% |
| Net margin | -10.5% | -8.9% | 10.1% | 15.4% | 5.3% |
| Free cash flow margin | -10.3% | -5.9% | 25.6% | 14.4% | 7.4% |
| Effective tax rate | 26.6% | 22.4% | 25.4% | 18.9% | 15.9% |
| Current ratio | 1.35x | 1.08x | 1.18x | 0.96x | 0.78x |
| Total liabilities / equity | 2.58x | 5.69x | 5.21x | 5.78x | 7.15x |
Peer comparison — latest full year
Same sector (Utilities), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| VST FY25 · this stock | $17.7B | +3.0% | — | 10.7% | 5.3% | 7.4% |
| SO FY25 | $29.6B | +10.6% | — | 24.7% | — | -9.9% |
| CEG FY25 | $25.5B | +8.3% | — | 12.1% | 9.1% | 5.0% |
| EXC FY12 | $23.5B | +23.2% | — | 10.1% | — | 1.5% |
| EIX FY25 | $19.3B | +9.8% | — | 36.7% | 23.1% | -3.7% |
| ED FY25 | $16.9B | +10.9% | — | 17.3% | 12.0% | — |
| D FY25 | $16.5B | +14.2% | — | 26.7% | 18.2% | — |
| FE FY25 | $15.1B | +12.0% | — | 14.6% | 6.8% | — |
| AEP FY13 | $14.8B | -0.9% | — | 19.1% | — | — |
| SRE FY25 | $13.7B | +3.9% | — | — | 13.4% | — |
| PCG FY09 | $13.4B | -8.4% | — | 17.2% | — | -6.9% |
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.