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 | $6.3B | $4.0B | $3.9B | $4.2B | $5.0B | $4.6B | $5.6B | $4.0B |
| YoY | — | — | — | — | -20.9% | +13.5% | +43.4% | -5.5% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | $411.0M | $464.0M | $391.0M | $419.0M | $444.0M | $460.0M | $427.0M | $392.0M |
| YoY | — | — | — | — | +8.0% | -0.9% | +9.2% | -6.4% |
| Operating income | $2.6B | $599.0M | $-120.0M | $515.0M | $1.0B | $474.0M | $1.5B | $553.0M |
| YoY | — | — | — | — | -59.9% | -20.9% | +1349.2% | +7.4% |
| Pretax income | $2.4B | $451.0M | $-444.0M | $403.0M | $856.0M | $308.0M | $1.2B | $427.0M |
| YoY | — | — | — | — | -64.2% | -31.7% | +373.0% | +6.0% |
| Income tax | $555.0M | $-39.0M | $-176.0M | $76.0M | $204.0M | $75.0M | $183.0M | $122.0M |
| YoY | — | — | — | — | -63.2% | +292.3% | +204.0% | +60.5% |
| Net income | $1.9B | $441.0M | $-268.0M | $327.0M | $652.0M | $233.0M | $1.0B | $305.0M |
| YoY | — | — | — | — | -65.5% | -47.2% | +484.0% | -6.7% |
| EPS — basic | $5.36 | — | $-0.93 | $0.82 | $1.78 | — | $2.90 | $0.77 |
| YoY | — | — | — | — | -66.8% | — | +411.8% | -6.1% |
| EPS — diluted | $5.25 | — | $-0.93 | $0.81 | $1.75 | — | $2.87 | $0.76 |
| YoY | — | — | — | — | -66.7% | — | +408.6% | -6.2% |
| Weighted shares — basic | 343.0M | — | 339.8M | 339.4M | 338.7M | — | 337.8M | 336.8M |
| Weighted shares — diluted | 350.2M | — | 339.8M | 345.5M | 345.0M | — | 341.9M | 339.2M |
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 | $905.0M | $1.2B | $561.0M | $458.0M | $602.0M | $785.0M | $634.0M | $435.0M |
| YoY | — | — | — | — | -33.5% | -33.9% | +13.0% | -5.0% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $2.2B | $2.0B | $1.9B | $2.2B | $2.3B | $2.3B | $2.0B | $2.3B |
| YoY | — | — | — | — | +6.8% | +17.2% | +3.1% | +2.9% |
| Inventory | $949.0M | $970.0M | $960.0M | $965.0M | $970.0M | — | — | — |
| YoY | — | — | — | — | +2.2% | — | — | — |
| Total current assets | $8.5B | $8.1B | $8.4B | $8.5B | $8.4B | $9.2B | $9.0B | $10.3B |
| YoY | — | — | — | — | -1.8% | +13.1% | +7.0% | +21.1% |
| Total assets | $37.9B | $37.8B | $38.2B | $38.1B | $38.0B | $41.5B | $41.3B | $42.6B |
| YoY | — | — | — | — | +0.4% | +10.0% | +8.1% | +11.7% |
| Total current liabilities | $7.7B | $8.4B | $9.8B | $9.4B | $8.4B | $11.8B | $10.1B | $10.6B |
| YoY | — | — | — | — | +10.0% | +40.1% | +3.1% | +11.9% |
| Total liabilities | $29.2B | $32.2B | $33.4B | $33.3B | $32.8B | $36.4B | $35.7B | $37.1B |
| YoY | — | — | — | — | +12.2% | +13.2% | +6.9% | +11.4% |
| Total equity | $5.4B | $5.6B | $4.8B | $4.8B | $5.2B | $5.1B | $5.6B | $5.5B |
| YoY | — | — | — | — | -4.2% | -8.5% | +16.0% | +13.7% |
| Shares outstanding | 340.7M | 339.8M | 340.0M | 339.1M | 338.7M | 338.1M | 338.1M | 336.0M |
| YoY | — | — | — | — | -0.6% | -0.5% | -0.6% | -0.9% |
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 | $1.7B | $1.4B | $599.0M | $572.0M | $1.5B | $1.4B | $1.2B | $1.0B |
| YoY | — | — | — | — | -13.8% | +5.8% | +100.2% | +78.8% |
| Capital expenditures | $685.0M | $430.0M | $768.0M | $690.0M | $458.0M | $836.0M | $883.0M | $689.0M |
| YoY | — | — | — | — | -33.1% | +94.4% | +15.0% | -0.1% |
| Free cash flow | $1.0B | $923.0M | $-169.0M | $-118.0M | $1.0B | $596.0M | $316.0M | $334.0M |
| YoY | — | — | — | — | -0.8% | -35.4% | +287.0% | +383.1% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $399.0M | $245.0M | $337.0M | $252.0M | $187.0M | $252.0M | $372.0M | $337.0M |
| YoY | — | — | — | — | -53.1% | +2.9% | +10.4% | +33.7% |
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 | 41.2% | 14.8% | -3.1% | 12.1% | 20.9% | 10.3% | 26.6% | 13.8% |
| Net margin | 30.0% | 10.9% | -6.8% | 7.7% | 13.1% | 5.1% | 18.2% | 7.6% |
| Free cash flow margin | 16.2% | 22.9% | -4.3% | -2.8% | 20.3% | 13.0% | 5.6% | 8.3% |
| Effective tax rate | 23.2% | -8.6% | 39.6% | 18.9% | 23.8% | 24.4% | 15.1% | 28.6% |
| Current ratio | 1.11x | 0.96x | 0.86x | 0.90x | 0.99x | 0.78x | 0.90x | 0.97x |
| Total liabilities / equity | 5.37x | 5.78x | 6.92x | 6.91x | 6.30x | 7.15x | 6.38x | 6.77x |
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.