All values in $Billions unless noted
| Line Item | FY2017 | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $229.23B | $265.60B +15.9% | $260.17B -2.0% | $274.51B +5.5% | $365.82B +33.3% | $394.33B +7.8% | $383.29B -2.8% | $391.04B +2.0% | $416.16B +6.4% |
| Cost of Revenue | $141.05B | $163.76B +16.1% | $161.78B -1.2% | $169.56B +4.8% | $212.98B +25.6% | $223.55B +5.0% | $214.14B -4.2% | $210.35B -1.8% | $220.96B +5.0% |
| Gross Profit | $88.19B | $101.84B +15.5% | $98.39B -3.4% | $104.96B +6.7% | $152.84B +45.6% | $170.78B +11.7% | $169.15B -1.0% | $180.68B +6.8% | $195.20B +8.0% |
| OPERATING EXPENSES | |||||||||
| Research & Development | $11.58B | $14.24B +22.9% | $16.22B +13.9% | $18.75B +15.6% | $21.91B +16.9% | $26.25B +19.8% | $29.91B +14.0% | $31.37B +4.9% | $34.55B +10.1% |
| Selling, General & Admin | $15.26B | $16.70B +9.5% | $18.25B +9.2% | $19.92B +9.2% | $21.97B +10.3% | $25.09B +14.2% | $24.93B -0.6% | $26.10B +4.7% | $27.60B +5.8% |
| Depreciation & Amort. | $8.20B | $10.90B +33.0% | $12.55B +15.1% | $11.06B -11.9% | $11.28B +2.1% | $11.10B -1.6% | $11.52B +3.7% | $11.45B -0.6% | $11.70B +2.2% |
| Operating Income (EBIT) | $61.34B | $70.90B +15.6% | $63.93B -9.8% | $66.29B +3.7% | $108.95B +64.4% | $119.44B +9.6% | $114.30B -4.3% | $123.22B +7.8% | $133.05B +8.0% |
| Interest Expense | $2.32B | $3.24B +39.5% | $3.58B +10.4% | $2.87B -19.7% | $2.65B -7.9% | $2.93B +10.8% | $3.93B +34.2% | $0K -100.0% | $0K |
| Pre-Tax Income | $59.02B | $67.66B +14.6% | $60.35B -10.8% | $63.41B +5.1% | $106.30B +67.6% | $116.51B +9.6% | $110.37B -5.3% | $123.22B +11.6% | $133.05B +8.0% |
| Income Tax Expense | $15.74B | $13.37B -15.0% | $10.48B -21.6% | $9.68B -7.6% | $14.53B +50.1% | $19.30B +32.9% | $16.74B -13.3% | $29.75B +77.7% | $20.72B -30.4% |
| Net Income | $48.35B | $59.53B +23.1% | $55.26B -7.2% | $57.41B +3.9% | $94.68B +64.9% | $99.80B +5.4% | $97.00B -2.8% | $93.74B -3.4% | $112.01B +19.5% |
| EBITDA | $69.54B | $81.80B +17.6% | $76.48B -6.5% | $77.34B +1.1% | $120.23B +55.5% | $130.54B +8.6% | $125.82B -3.6% | $134.66B +7.0% | $144.75B +7.5% |
| Stock-Based Comp. | $4.84B | $5.34B +10.3% | $6.07B +13.6% | $6.83B +12.5% | $7.91B +15.8% | $9.04B +14.3% | $10.83B +19.9% | $11.69B +7.9% | $12.86B +10.1% |
| PER SHARE DATA | |||||||||
| EPS (Basic) | $9.27 | $12.01 +29.6% | $11.97 -0.4% | $3.31 -72.3% | $5.67 +71.3% | $6.15 +8.6% | $6.16 +0.1% | $6.11 -0.8% | $7.49 +22.7% |
| EPS (Diluted) | $9.27 | $12.01 +29.6% | $11.97 -0.4% | $3.31 -72.3% | $5.67 +71.3% | $6.15 +8.6% | $6.16 +0.1% | $6.11 -0.8% | $7.49 +22.7% |
| Shares Outstanding | 5.22B | 4.96B -5.0% | 4.62B -6.8% | 17.35B +275.8% | 16.70B -3.8% | 16.22B -2.9% | 15.74B -2.9% | 15.34B -2.5% | 14.95B -2.6% |
| PROFITABILITY RATIOS | |||||||||
| Gross Margin | 38.5% | 38.3% -0.1pp | 37.8% -0.5pp | 38.2% +0.4pp | 41.8% +3.5pp | 43.3% +1.5pp | 44.1% +0.8pp | 46.2% +2.1pp | 46.9% +0.7pp |
| Operating Margin | 26.8% | 26.7% -0.1pp | 24.6% -2.1pp | 24.1% -0.4pp | 29.8% +5.6pp | 30.3% +0.5pp | 29.8% -0.5pp | 31.5% +1.7pp | 32.0% +0.5pp |
| Net Margin | 21.1% | 22.4% +1.3pp | 21.2% -1.2pp | 20.9% -0.3pp | 25.9% +5.0pp | 25.3% -0.6pp | 25.3% -0.0pp | 24.0% -1.3pp | 26.9% +2.9pp |
| EBITDA Margin | 30.3% | 30.8% +0.5pp | 29.4% -1.4pp | 28.2% -1.2pp | 32.9% +4.7pp | 33.1% +0.2pp | 32.8% -0.3pp | 34.4% +1.6pp | 34.8% +0.3pp |
All values in $Billions
| Line Item | FY2017 | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||
| CURRENT ASSETS | |||||||||
| Cash & Equivalents | $20.29B | $25.91B +27.7% | $48.84B +88.5% | $38.02B -22.2% | $34.94B -8.1% | $23.65B -32.3% | $29.96B +26.7% | $29.94B -0.1% | $35.93B +20.0% |
| Short-term Investments | $0K | $40.39B | $51.71B +28.0% | $52.93B +2.3% | $27.70B -47.7% | $24.66B -11.0% | $31.59B +28.1% | $35.23B +11.5% | $18.76B -46.7% |
| Accounts Receivable | $17.87B | $23.19B +29.7% | $22.93B -1.1% | $16.12B -29.7% | $26.28B +63.0% | $28.18B +7.3% | $29.51B +4.7% | $33.41B +13.2% | $39.78B +19.1% |
| Inventory | $4.86B | $3.96B -18.5% | $4.11B +3.8% | $4.06B -1.1% | $6.58B +62.0% | $4.95B -24.8% | $6.33B +28.0% | $7.29B +15.1% | $5.72B -21.5% |
| Total Current Assets | $128.65B | $131.34B +2.1% | $162.82B +24.0% | $143.71B -11.7% | $134.84B -6.2% | $135.41B +0.4% | $143.57B +6.0% | $152.99B +6.6% | $147.96B -3.3% |
| NON-CURRENT ASSETS | |||||||||
| Property, Plant & Equipment | $33.78B | $41.30B +22.3% | $37.38B -9.5% | $36.77B -1.6% | $39.44B +7.3% | $42.12B +6.8% | $43.72B +3.8% | $45.68B +4.5% | $49.83B +9.1% |
| Goodwill | $5.72B | $0K -100.0% | $0K | $0K | $0K | $0K | $0K | $0K | $0K |
| Intangible Assets | $2.30B | $0K -100.0% | $0K | $0K | $0K | $0K | $0K | $0K | $0K |
| Total Assets | $375.32B | $365.73B -2.6% | $338.52B -7.4% | $323.89B -4.3% | $351.00B +8.4% | $352.75B +0.5% | $352.58B -0.0% | $364.98B +3.5% | $359.24B -1.6% |
| LIABILITIES | |||||||||
| CURRENT LIABILITIES | |||||||||
| Accounts Payable | $49.05B | $55.89B +13.9% | $46.24B -17.3% | $42.30B -8.5% | $54.76B +29.5% | $64.11B +17.1% | $62.61B -2.3% | $68.96B +10.1% | $69.86B +1.3% |
| Short-term Debt | $6.50B | $8.78B +35.2% | $10.26B +16.8% | $8.77B -14.5% | $9.61B +9.6% | $11.13B +15.8% | $9.82B -11.7% | $10.91B +11.1% | $12.35B +13.2% |
| Total Current Liabilities | $100.81B | $116.87B +15.9% | $105.72B -9.5% | $105.39B -0.3% | $125.48B +19.1% | $153.98B +22.7% | $145.31B -5.6% | $176.39B +21.4% | $165.63B -6.1% |
| NON-CURRENT LIABILITIES | |||||||||
| Long-term Debt | $97.21B | $93.73B -3.6% | $91.81B -2.1% | $98.67B +7.5% | $109.11B +10.6% | $98.96B -9.3% | $95.28B -3.7% | $85.75B -10.0% | $78.33B -8.7% |
| Total Liabilities | $241.27B | $258.58B +7.2% | $248.03B -4.1% | $258.55B +4.2% | $287.91B +11.4% | $302.08B +4.9% | $290.44B -3.9% | $308.03B +6.1% | $285.51B -7.3% |
| EQUITY | |||||||||
| Retained Earnings | $98.33B | $70.40B -28.4% | $45.90B -34.8% | $14.97B -67.4% | $5.56B -62.8% | -$3.07B -155.2% | -$214M +93.0% | -$19.15B -8850.5% | -$14.26B +25.5% |
| Total Stockholders' Equity | $134.05B | $107.15B -20.1% | $90.49B -15.5% | $65.34B -27.8% | $63.09B -3.4% | $50.67B -19.7% | $62.15B +22.6% | $56.95B -8.4% | $73.73B +29.5% |
| KEY BALANCE SHEET METRICS | |||||||||
| Total Debt (ST + LT) | $103.70B | $102.52B -1.1% | $102.07B -0.4% | $107.44B +5.3% | $118.72B +10.5% | $110.09B -7.3% | $105.10B -4.5% | $96.66B -8.0% | $90.68B -6.2% |
| Working Capital (CA - CL) | $27.83B | $14.47B -48.0% | $57.10B +294.5% | $38.32B -32.9% | $9.36B -75.6% | -$18.58B -298.6% | -$1.74B +90.6% | -$23.41B -1243.6% | -$17.67B +24.5% |
All values in $Billions
| Line Item | FY2017 | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|
| OPERATING ACTIVITIES | |||||||||
| Net Income | $48.35B | $59.53B +23.1% | $55.26B -7.2% | $57.41B +3.9% | $94.68B +64.9% | $99.80B +5.4% | $97.00B -2.8% | $93.74B -3.4% | $112.01B +19.5% |
| Depreciation & Amort. | $8.20B | $10.90B +33.0% | $12.55B +15.1% | $11.06B -11.9% | $11.28B +2.1% | $11.10B -1.6% | $11.52B +3.7% | $11.45B -0.6% | $11.70B +2.2% |
| Stock-Based Comp. | $4.84B | $5.34B +10.3% | $6.07B +13.6% | $6.83B +12.5% | $7.91B +15.8% | $9.04B +14.3% | $10.83B +19.9% | $11.69B +7.9% | $12.86B +10.1% |
| Net Cash from Operations | $63.60B | $77.43B +21.8% | $69.39B -10.4% | $80.67B +16.3% | $104.04B +29.0% | $122.15B +17.4% | $110.54B -9.5% | $118.25B +7.0% | $111.48B -5.7% |
| INVESTING ACTIVITIES | |||||||||
| Capital Expenditures | $12.45B | $13.31B +6.9% | $10.49B -21.2% | $7.31B -30.4% | $11.09B +51.7% | $10.71B -3.4% | $10.96B +2.3% | $9.45B -13.8% | $12.71B +34.6% |
| Net Cash from Investing | -$46.45B | $16.07B +134.6% | $45.90B +185.7% | -$4.29B -109.3% | -$14.54B -239.1% | -$22.35B -53.7% | $3.71B +116.6% | $2.94B -20.8% | $15.20B +417.7% |
| FINANCING ACTIVITIES | |||||||||
| Dividends Paid | $12.77B | $13.71B +7.4% | $14.12B +3.0% | $14.08B -0.3% | $14.47B +2.7% | $14.84B +2.6% | $15.03B +1.2% | $15.23B +1.4% | $15.42B +1.2% |
| Share Repurchases | $32.90B | $72.74B +121.1% | $66.90B -8.0% | $72.36B +8.2% | $85.97B +18.8% | $89.40B +4.0% | $77.55B -13.3% | $94.95B +22.4% | $90.71B -4.5% |
| Net Cash from Financing | -$17.35B | -$87.88B -406.6% | -$90.98B -3.5% | -$86.82B +4.6% | -$93.35B -7.5% | -$110.75B -18.6% | -$108.49B +2.0% | -$121.98B -12.4% | -$120.69B +1.1% |
| SUMMARY | |||||||||
| Free Cash Flow (OCF − CapEx) | $51.15B | $64.12B +25.4% | $58.90B -8.1% | $73.36B +24.6% | $92.95B +26.7% | $111.44B +19.9% | $99.58B -10.6% | $108.81B +9.3% | $98.77B -9.2% |
| Ending Cash Position | $20.29B | $25.91B +27.7% | $48.84B +88.5% | $38.02B -22.2% | $34.94B -8.1% | $23.65B -32.3% | $29.96B +26.7% | $29.94B -0.1% | $35.93B +20.0% |
| CASH QUALITY METRICS | |||||||||
| OCF / Net Income | 131.5% | 130.1% -1.5pp | 125.6% -4.5pp | 140.5% +14.9pp | 109.9% -30.6pp | 122.4% +12.5pp | 114.0% -8.4pp | 126.2% +12.2pp | 99.5% -26.6pp |
| FCF / Revenue | 22.3% | 24.1% +1.8pp | 22.6% -1.5pp | 26.7% +4.1pp | 25.4% -1.3pp | 28.3% +2.9pp | 26.0% -2.3pp | 27.8% +1.8pp | 23.7% -4.1pp |
| CapEx / OCF | 19.6% | 17.2% -2.4pp | 15.1% -2.1pp | 9.1% -6.1pp | 10.7% +1.6pp | 8.8% -1.9pp | 9.9% +1.1pp | 8.0% -1.9pp | 11.4% +3.4pp |