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 | $62.16B | $79.04B +27.1% | $90.62B +14.7% | $92.15B +1.7% | $94.22B +2.2% | $101.20B +7.4% | $102.30B +1.1% | $88.42B -13.6% | $95.57B +8.1% |
| Cost of Revenue | $48.68B | $58.61B +20.4% | $65.57B +11.9% | $63.22B -3.6% | $64.81B +2.5% | $79.31B +22.4% | $79.61B +0.4% | $67.56B -15.1% | $74.32B +10.0% |
| Gross Profit | $12.96B | $20.05B +54.7% | $25.05B +24.9% | $28.93B +15.5% | $29.42B +1.7% | $21.89B -25.6% | $22.69B +3.6% | $20.87B -8.0% | $21.25B +1.8% |
| OPERATING EXPENSES | |||||||||
| Research & Development | $2.64B | $4.38B +66.3% | $4.60B +5.0% | $4.99B +8.4% | $5.28B +5.7% | $2.58B -51.1% | $2.78B +7.8% | $2.80B +0.8% | $3.06B +9.3% |
| Selling, General & Admin | $13.57B | $19.00B +40.0% | $20.64B +8.6% | $21.32B +3.3% | $19.00B -10.9% | $14.65B -22.9% | $14.14B -3.5% | $12.86B -9.0% | $11.95B -7.0% |
| Depreciation & Amort. | $4.94B | $8.63B +74.8% | $7.75B -10.3% | $6.14B -20.7% | $5.39B -12.3% | $4.55B -15.6% | $3.16B -30.7% | $3.30B +4.7% | $3.12B -5.4% |
| Operating Income (EBIT) | -$3.25B | -$3.33B -2.5% | -$191M +94.3% | $2.62B +1472.8% | $5.14B +96.2% | $4.66B -9.4% | $5.77B +23.9% | $5.21B -9.7% | $6.24B +19.7% |
| Interest Expense | $0K | $0K | $0K | $0K | $0K | $0K | $1.22B | $1.50B +22.8% | $1.39B -7.1% |
| Pre-Tax Income | -$3.25B | -$3.33B -2.5% | -$191M +94.3% | $2.62B +1472.8% | $5.14B +96.2% | $4.66B -9.4% | $4.55B -2.4% | $3.71B -18.4% | $4.84B +30.5% |
| Income Tax Expense | -$1.62B | -$1.83B -13.2% | -$180M +90.2% | -$5.53B -2973.9% | $165M +103.0% | $981M +494.5% | $803M -18.1% | $692M -13.8% | $472M -31.8% |
| Net Income | -$1.67B | -$3.73B -123.0% | -$2.31B +38.0% | $4.62B +299.8% | $3.25B -29.6% | $5.56B +71.2% | $2.44B -56.1% | $3.21B +31.5% | $4.59B +43.0% |
| EBITDA | $1.69B | $5.30B +214.4% | $7.55B +42.5% | $8.77B +16.0% | $10.53B +20.2% | $9.21B -12.6% | $8.93B -3.1% | $8.51B -4.6% | $9.36B +9.9% |
| Stock-Based Comp. | $398M | $835M +109.8% | $918M +9.9% | $1.26B +37.5% | $1.61B +27.5% | $1.62B +0.8% | $931M -42.6% | $878M -5.7% | $785M -10.6% |
| PER SHARE DATA | |||||||||
| EPS (Basic) | $0.00 | $0.00 | $0.00 | $6.38 | $4.37 -31.5% | $7.30 +67.1% | $3.33 -54.4% | $4.46 +34.0% | $6.51 +46.1% |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $6.38 | $4.37 -31.5% | $7.30 +67.1% | $3.33 -54.4% | $4.46 +34.0% | $6.51 +46.1% |
| Shares Outstanding | 0M | 0M | 0M | 724M | 744M +2.8% | 762M +2.4% | 734M -3.7% | 720M -1.9% | 705M -2.1% |
| PROFITABILITY RATIOS | |||||||||
| Gross Margin | 20.8% | 25.4% +4.5pp | 27.6% +2.3pp | 31.4% +3.8pp | 31.2% -0.2pp | 21.6% -9.6pp | 22.2% +0.5pp | 23.6% +1.4pp | 22.2% -1.4pp |
| Operating Margin | -5.2% | -4.2% +1.0pp | -0.2% +4.0pp | 2.8% +3.1pp | 5.5% +2.6pp | 4.6% -0.9pp | 5.6% +1.0pp | 5.9% +0.3pp | 6.5% +0.6pp |
| Net Margin | -2.7% | -4.7% -2.0pp | -2.5% +2.2pp | 5.0% +7.6pp | 3.4% -1.6pp | 5.5% +2.0pp | 2.4% -3.1pp | 3.6% +1.2pp | 4.8% +1.2pp |
| EBITDA Margin | 2.7% | 6.7% +4.0pp | 8.3% +1.6pp | 9.5% +1.2pp | 11.2% +1.7pp | 9.1% -2.1pp | 8.7% -0.4pp | 9.6% +0.9pp | 9.8% +0.2pp |
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 | $9.47B | $13.94B +47.2% | $9.68B -30.6% | $9.30B -3.9% | $14.20B +52.7% | $9.48B -33.3% | $8.61B -9.2% | $7.37B -14.4% | $3.63B -50.7% |
| Short-term Investments | $0K | $2.19B | $0K -100.0% | $0K | $0K | $0K | $0K | $0K | $0K |
| Accounts Receivable | $9.42B | $11.18B +18.7% | $12.37B +10.7% | $12.48B +0.9% | $12.79B +2.4% | $12.91B +1.0% | $12.48B -3.3% | $9.34B -25.1% | $10.30B +10.2% |
| Inventory | $2.54B | $2.68B +5.5% | $3.65B +36.3% | $3.28B -10.1% | $3.40B +3.7% | $5.90B +73.4% | $4.78B -19.0% | $3.62B -24.2% | $6.72B +85.4% |
| Total Current Assets | $30.77B | $38.96B +26.6% | $36.14B -7.2% | $36.87B +2.0% | $43.57B +18.2% | $45.03B +3.4% | $42.35B -6.0% | $35.95B -15.1% | $36.23B +0.8% |
| NON-CURRENT ASSETS | |||||||||
| Property, Plant & Equipment | $5.65B | $5.39B -4.7% | $5.26B -2.4% | $6.05B +15.1% | $6.43B +6.2% | $5.42B -15.8% | $6.21B +14.7% | $6.43B +3.6% | $6.34B -1.5% |
| Goodwill | $38.91B | $39.92B +2.6% | $40.09B +0.4% | $41.69B +4.0% | $40.83B -2.1% | $19.77B -51.6% | $19.68B -0.5% | $19.70B +0.1% | $19.12B -2.9% |
| Intangible Assets | $35.05B | $28.27B -19.4% | $22.27B -21.2% | $18.11B -18.7% | $14.43B -20.3% | $7.46B -48.3% | $6.47B -13.3% | $5.70B -11.9% | $4.99B -12.5% |
| Total Assets | $118.21B | $122.28B +3.4% | $111.82B -8.6% | $118.86B +6.3% | $123.42B +3.8% | $92.73B -24.9% | $89.61B -3.4% | $82.09B -8.4% | $79.75B -2.9% |
| LIABILITIES | |||||||||
| CURRENT LIABILITIES | |||||||||
| Accounts Payable | $14.42B | $18.33B +27.1% | $19.21B +4.8% | $20.07B +4.4% | $21.70B +8.1% | $27.14B +25.1% | $18.60B -31.5% | $19.23B +3.4% | $20.83B +8.4% |
| Short-term Debt | $6.33B | $7.87B +24.4% | $4.32B -45.1% | $7.74B +79.1% | $6.36B -17.8% | $5.82B -8.5% | $6.57B +12.9% | $6.98B +6.2% | $5.20B -25.5% |
| Total Current Liabilities | $38.13B | $45.89B +20.3% | $44.97B -2.0% | $52.46B +16.6% | $54.13B +3.2% | $56.22B +3.9% | $51.65B -8.1% | $48.49B -6.1% | $46.53B -4.1% |
| NON-CURRENT LIABILITIES | |||||||||
| Long-term Debt | $43.06B | $44.00B +2.2% | $49.20B +11.8% | $44.32B -9.9% | $41.62B -6.1% | $21.13B -49.2% | $23.02B +8.9% | $19.01B -17.4% | $19.36B +1.8% |
| Total Liabilities | $98.97B | $106.91B +8.0% | $111.57B +4.4% | $115.08B +3.1% | $115.39B +0.3% | $94.31B -18.3% | $92.64B -1.8% | $84.40B -8.9% | $81.13B -3.9% |
| EQUITY | |||||||||
| Retained Earnings | -$5.61B | -$9.25B -65.0% | -$21.35B -130.7% | -$16.89B +20.9% | -$13.75B +18.6% | -$8.19B +40.5% | -$6.73B +17.8% | -$4.63B +31.2% | -$1.16B +74.9% |
| Treasury Stock | $0K | $0K | $0K | $0K | $0K | $964M | $3.81B +295.5% | $5.90B +54.7% | $8.50B +44.1% |
| Minority Interest | $5.77B | $5.66B -1.8% | $4.82B -14.8% | $4.73B -1.9% | $5.07B +7.3% | $105M -97.9% | $97M -7.6% | $95M -2.1% | $95M +0.0% |
| Total Stockholders' Equity | $19.01B | $14.99B -21.2% | -$942M -106.3% | $3.15B +434.9% | $7.55B +139.4% | -$1.58B -120.9% | -$3.02B -91.5% | -$2.31B +23.7% | -$1.39B +39.9% |
| KEY BALANCE SHEET METRICS | |||||||||
| Total Debt (ST + LT) | $49.39B | $51.87B +5.0% | $53.52B +3.2% | $52.06B -2.7% | $47.98B -7.8% | $26.95B -43.8% | $29.59B +9.8% | $25.99B -12.1% | $24.57B -5.5% |
| Working Capital (CA - CL) | -$7.36B | -$6.93B +5.8% | -$8.83B -27.4% | -$15.59B -76.5% | -$10.56B +32.2% | -$11.19B -5.9% | -$9.30B +16.8% | -$12.55B -34.9% | -$10.30B +17.9% |
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 | -$1.67B | -$3.73B -123.0% | -$2.31B +38.0% | $4.62B +299.8% | $3.25B -29.6% | $5.56B +71.2% | $2.44B -56.1% | $3.21B +31.5% | $4.59B +43.0% |
| Depreciation & Amort. | $4.94B | $8.63B +74.8% | $7.75B -10.3% | $6.14B -20.7% | $5.39B -12.3% | $4.55B -15.6% | $3.16B -30.7% | $3.30B +4.7% | $3.12B -5.4% |
| Stock-Based Comp. | $398M | $835M +109.8% | $918M +9.9% | $1.26B +37.5% | $1.61B +27.5% | $1.62B +0.8% | $931M -42.6% | $878M -5.7% | $785M -10.6% |
| Net Cash from Operations | $2.22B | $6.81B +206.5% | $6.99B +2.7% | $9.29B +32.9% | $11.41B +22.8% | $10.31B -9.6% | $3.56B -65.4% | $8.68B +143.4% | $4.52B -47.9% |
| INVESTING ACTIVITIES | |||||||||
| Capital Expenditures | $699M | $1.21B +73.4% | $1.16B -4.5% | $2.24B +93.5% | $2.08B -7.1% | $2.80B +34.3% | $3.00B +7.4% | $2.76B -8.2% | $2.65B -3.8% |
| Net Cash from Investing | -$31.26B | -$2.88B +90.8% | $3.39B +217.6% | -$4.69B -238.3% | -$460M +90.2% | $1.31B +383.9% | -$3.02B -331.5% | -$2.78B +8.0% | -$2.21B +20.4% |
| FINANCING ACTIVITIES | |||||||||
| Dividends Paid | $0K | $0K | $0K | $0K | $0K | $0K | $964M | $1.07B +11.2% | $1.27B +18.9% |
| Share Repurchases | $752M | $688M -8.5% | $47M -93.2% | $2M -95.7% | $240M +11900.0% | $659M +174.6% | $2.85B +332.3% | $2.09B -26.7% | $2.60B +24.7% |
| Net Cash from Financing | $31.91B | $364M -98.9% | -$14.33B -4036.5% | -$4.60B +67.9% | -$5.95B -29.2% | -$16.61B -179.1% | -$1.63B +90.2% | -$7.09B -336.6% | -$5.82B +18.0% |
| SUMMARY | |||||||||
| Free Cash Flow (OCF − CapEx) | $1.52B | $5.60B +267.6% | $5.83B +4.2% | $7.05B +20.9% | $9.32B +32.3% | $7.51B -19.5% | $562M -92.5% | $5.92B +953.4% | $1.87B -68.4% |
| Ending Cash Position | $9.47B | $13.94B +47.2% | $9.68B -30.6% | $9.30B -3.9% | $14.20B +52.7% | $9.48B -33.3% | $8.61B -9.2% | $7.37B -14.4% | $3.63B -50.7% |
| CASH QUALITY METRICS | |||||||||
| OCF / Net Income | -132.9% | -182.7% -49.8pp | -302.6% -120.0pp | 201.3% +503.9pp | 351.0% +149.7pp | 185.3% -165.7pp | 146.0% -39.3pp | 270.2% +124.2pp | 98.5% -171.7pp |
| FCF / Revenue | 2.4% | 7.1% +4.6pp | 6.4% -0.6pp | 7.7% +1.2pp | 9.9% +2.2pp | 7.4% -2.5pp | 0.5% -6.9pp | 6.7% +6.1pp | 2.0% -4.7pp |
| CapEx / OCF | 31.5% | 17.8% -13.7pp | 16.6% -1.2pp | 24.1% +7.6pp | 18.3% -5.9pp | 27.1% +8.9pp | 84.2% +57.1pp | 31.8% -52.5pp | 58.7% +26.9pp |