All values in $Billions unless noted
| Line Item | FY2016 | FY2017 YoY | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $91.15B | $96.57B +5.9% | $110.36B +14.3% | $125.84B +14.0% | $143.01B +13.6% | $168.09B +17.5% | $198.27B +18.0% | $211.91B +6.9% | $245.12B +15.7% | $281.72B +14.9% |
| Cost of Revenue | $32.78B | $34.26B +4.5% | $38.35B +11.9% | $42.91B +11.9% | $46.08B +7.4% | $52.23B +13.4% | $62.65B +19.9% | $65.86B +5.1% | $74.11B +12.5% | $87.83B +18.5% |
| Gross Profit | $52.54B | $55.69B +6.0% | $72.01B +29.3% | $82.93B +15.2% | $96.94B +16.9% | $115.86B +19.5% | $135.62B +17.1% | $146.05B +7.7% | $171.01B +17.1% | $193.89B +13.4% |
| OPERATING EXPENSES | ||||||||||
| Research & Development | $11.99B | $13.04B +8.8% | $14.73B +13.0% | $16.88B +14.6% | $19.27B +14.2% | $20.72B +7.5% | $24.51B +18.3% | $27.20B +10.9% | $29.51B +8.5% | $32.49B +10.1% |
| Selling, General & Admin | $4.56B | $4.48B -1.8% | $4.75B +6.1% | $4.88B +2.8% | $5.11B +4.6% | $5.11B -0.1% | $5.90B +15.5% | $7.58B +28.4% | $7.61B +0.4% | $7.22B -5.1% |
| Depreciation & Amort. | $4.90B | $6.10B +24.5% | $7.70B +26.2% | $9.70B +26.0% | $10.70B +10.3% | $9.30B -13.1% | $12.60B +35.5% | $11.00B -12.7% | $15.20B +38.2% | $22.00B +44.7% |
| Operating Income (EBIT) | $20.18B | $22.33B +10.6% | $35.06B +57.0% | $42.96B +22.5% | $52.96B +23.3% | $69.92B +32.0% | $83.38B +19.3% | $88.52B +6.2% | $109.43B +23.6% | $128.53B +17.4% |
| Interest Expense | $0K | $0K | $0K | $0K | $0K | $0K | $0K | $1.97B | $2.94B +49.1% | $2.38B -18.7% |
| Pre-Tax Income | $20.18B | $22.33B +10.6% | $35.06B +57.0% | $42.96B +22.5% | $52.96B +23.3% | $69.92B +32.0% | $83.38B +19.3% | $86.55B +3.8% | $106.50B +23.0% | $126.14B +18.4% |
| Income Tax Expense | $2.95B | $1.95B -34.1% | $19.90B +923.3% | $4.45B -77.7% | $8.76B +96.8% | $9.83B +12.3% | $10.98B +11.7% | $16.95B +54.4% | $19.65B +15.9% | $21.80B +10.9% |
| Net Income | $16.80B | $21.20B +26.2% | $16.57B -21.8% | $39.24B +136.8% | $44.28B +12.8% | $61.27B +38.4% | $72.74B +18.7% | $72.36B -0.5% | $88.14B +21.8% | $101.83B +15.5% |
| EBITDA | $25.08B | $28.43B +13.3% | $42.76B +50.4% | $52.66B +23.2% | $63.66B +20.9% | $79.22B +24.4% | $95.98B +21.2% | $99.52B +3.7% | $124.63B +25.2% | $150.53B +20.8% |
| Stock-Based Comp. | $2.67B | $3.27B +22.4% | $3.94B +20.6% | $4.65B +18.1% | $5.29B +13.7% | $6.12B +15.7% | $7.50B +22.6% | $9.61B +28.1% | $10.73B +11.7% | $11.97B +11.6% |
| PER SHARE DATA | ||||||||||
| EPS (Basic) | $2.12 | $2.74 +29.1% | $2.15 -21.4% | $5.11 +137.6% | $5.82 +13.8% | $8.12 +39.5% | $9.70 +19.5% | $9.72 +0.1% | $11.86 +22.0% | $13.70 +15.5% |
| EPS (Diluted) | $2.12 | $2.74 +29.1% | $2.15 -21.4% | $5.11 +137.6% | $5.82 +13.8% | $8.12 +39.5% | $9.70 +19.5% | $9.72 +0.1% | $11.86 +22.0% | $13.70 +15.5% |
| Shares Outstanding | 7.92B | 7.75B -2.3% | 7.70B -0.6% | 7.67B -0.4% | 7.61B -0.8% | 7.55B -0.8% | 7.50B -0.7% | 7.45B -0.7% | 7.43B -0.2% | 7.43B +0.0% |
| PROFITABILITY RATIOS | ||||||||||
| Gross Margin | 57.6% | 57.7% +0.0pp | 65.2% +7.6pp | 65.9% +0.7pp | 67.8% +1.9pp | 68.9% +1.1pp | 68.4% -0.5pp | 68.9% +0.5pp | 69.8% +0.8pp | 68.8% -0.9pp |
| Operating Margin | 22.1% | 23.1% +1.0pp | 31.8% +8.6pp | 34.1% +2.4pp | 37.0% +2.9pp | 41.6% +4.6pp | 42.1% +0.5pp | 41.8% -0.3pp | 44.6% +2.9pp | 45.6% +1.0pp |
| Net Margin | 18.4% | 22.0% +3.5pp | 15.0% -6.9pp | 31.2% +16.2pp | 31.0% -0.2pp | 36.5% +5.5pp | 36.7% +0.2pp | 34.1% -2.5pp | 36.0% +1.8pp | 36.1% +0.2pp |
| EBITDA Margin | 27.5% | 29.4% +1.9pp | 38.7% +9.3pp | 41.8% +3.1pp | 44.5% +2.7pp | 47.1% +2.6pp | 48.4% +1.3pp | 47.0% -1.4pp | 50.8% +3.9pp | 53.4% +2.6pp |
All values in $Billions
| Line Item | FY2016 | FY2017 YoY | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||
| CURRENT ASSETS | ||||||||||
| Cash & Equivalents | $6.51B | $7.66B +17.7% | $11.95B +55.9% | $11.36B -4.9% | $13.58B +19.5% | $14.22B +4.8% | $13.93B -2.1% | $34.70B +149.1% | $18.32B -47.2% | $30.24B +65.1% |
| Short-term Investments | $0K | $0K | $121.82B | $122.46B +0.5% | $122.95B +0.4% | $116.11B -5.6% | $90.83B -21.8% | $76.56B -15.7% | $57.23B -25.2% | $64.32B +12.4% |
| Accounts Receivable | $18.28B | $19.79B +8.3% | $26.48B +33.8% | $29.52B +11.5% | $32.01B +8.4% | $38.04B +18.8% | $44.26B +16.3% | $48.69B +10.0% | $56.92B +16.9% | $69.91B +22.8% |
| Inventory | $2.25B | $2.18B -3.1% | $2.66B +22.1% | $2.06B -22.5% | $1.90B -8.1% | $2.64B +39.1% | $3.74B +42.0% | $2.50B -33.2% | $1.25B -50.2% | $938M -24.7% |
| Total Current Assets | $139.66B | $159.85B +14.5% | $169.66B +6.1% | $175.55B +3.5% | $181.91B +3.6% | $184.41B +1.4% | $169.68B -8.0% | $184.26B +8.6% | $159.73B -13.3% | $191.13B +19.7% |
| NON-CURRENT ASSETS | ||||||||||
| Property, Plant & Equipment | $18.36B | $23.73B +29.3% | $29.46B +24.1% | $36.48B +23.8% | $44.15B +21.0% | $59.72B +35.3% | $74.40B +24.6% | $95.64B +28.6% | $135.59B +41.8% | $204.97B +51.2% |
| Goodwill | $17.87B | $35.12B +96.5% | $35.68B +1.6% | $42.03B +17.8% | $43.35B +3.2% | $49.71B +14.7% | $67.52B +35.8% | $67.89B +0.5% | $119.22B +75.6% | $119.51B +0.2% |
| Total Assets | $193.69B | $241.09B +24.5% | $258.85B +7.4% | $286.56B +10.7% | $301.31B +5.1% | $333.78B +10.8% | $364.84B +9.3% | $411.98B +12.9% | $512.16B +24.3% | $619.00B +20.9% |
| LIABILITIES | ||||||||||
| CURRENT LIABILITIES | ||||||||||
| Accounts Payable | $6.90B | $7.39B +7.1% | $8.62B +16.6% | $9.38B +8.9% | $12.53B +33.6% | $15.16B +21.0% | $19.00B +25.3% | $18.09B -4.8% | $22.00B +21.6% | $27.72B +26.0% |
| Short-term Debt | $0K | $1.05B | $4.00B +281.1% | $5.52B +38.0% | $3.75B -32.0% | $8.07B +115.3% | $2.75B -65.9% | $5.25B +90.9% | $2.25B -57.1% | $3.00B +33.3% |
| Total Current Liabilities | $59.36B | $64.53B +8.7% | $58.49B -9.4% | $69.42B +18.7% | $72.31B +4.2% | $88.66B +22.6% | $95.08B +7.2% | $104.15B +9.5% | $125.29B +20.3% | $141.22B +12.7% |
| NON-CURRENT LIABILITIES | ||||||||||
| Long-term Debt | $40.78B | $76.07B +86.5% | $72.24B -5.0% | $66.66B -7.7% | $59.58B -10.6% | $50.07B -16.0% | $47.03B -6.1% | $41.99B -10.7% | $42.69B +1.7% | $40.15B -5.9% |
| Total Liabilities | $121.70B | $168.69B +38.6% | $176.13B +4.4% | $184.23B +4.6% | $183.01B -0.7% | $191.79B +4.8% | $198.30B +3.4% | $205.75B +3.8% | $243.69B +18.4% | $275.52B +13.1% |
| EQUITY | ||||||||||
| Retained Earnings | $2.28B | $2.65B +16.0% | $13.68B +416.7% | $24.15B +76.5% | $34.57B +43.1% | $57.05B +65.1% | $84.28B +47.7% | $118.85B +41.0% | $173.14B +45.7% | $237.73B +37.3% |
| Total Stockholders' Equity | $72.00B | $72.39B +0.6% | $82.72B +14.3% | $102.33B +23.7% | $118.30B +15.6% | $141.99B +20.0% | $166.54B +17.3% | $206.22B +23.8% | $268.48B +30.2% | $343.48B +27.9% |
| KEY BALANCE SHEET METRICS | ||||||||||
| Total Debt (ST + LT) | $40.78B | $77.12B +89.1% | $76.24B -1.1% | $72.18B -5.3% | $63.33B -12.3% | $58.15B -8.2% | $49.78B -14.4% | $47.24B -5.1% | $44.94B -4.9% | $43.15B -4.0% |
| Working Capital (CA - CL) | $80.30B | $95.32B +18.7% | $111.17B +16.6% | $106.13B -4.5% | $109.61B +3.3% | $95.75B -12.6% | $74.60B -22.1% | $80.11B +7.4% | $34.45B -57.0% | $49.91B +44.9% |
All values in $Billions
| Line Item | FY2016 | FY2017 YoY | FY2018 YoY | FY2019 YoY | FY2020 YoY | FY2021 YoY | FY2022 YoY | FY2023 YoY | FY2024 YoY | FY2025 YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING ACTIVITIES | ||||||||||
| Net Income | $16.80B | $21.20B +26.2% | $16.57B -21.8% | $39.24B +136.8% | $44.28B +12.8% | $61.27B +38.4% | $72.74B +18.7% | $72.36B -0.5% | $88.14B +21.8% | $101.83B +15.5% |
| Depreciation & Amort. | $4.90B | $6.10B +24.5% | $7.70B +26.2% | $9.70B +26.0% | $10.70B +10.3% | $9.30B -13.1% | $12.60B +35.5% | $11.00B -12.7% | $15.20B +38.2% | $22.00B +44.7% |
| Stock-Based Comp. | $2.67B | $3.27B +22.4% | $3.94B +20.6% | $4.65B +18.1% | $5.29B +13.7% | $6.12B +15.7% | $7.50B +22.6% | $9.61B +28.1% | $10.73B +11.7% | $11.97B +11.6% |
| Net Cash from Operations | $33.33B | $39.51B +18.6% | $43.88B +11.1% | $52.19B +18.9% | $60.67B +16.3% | $76.74B +26.5% | $89.03B +16.0% | $87.58B -1.6% | $118.55B +35.4% | $136.16B +14.9% |
| INVESTING ACTIVITIES | ||||||||||
| Capital Expenditures | $8.34B | $8.13B -2.6% | $11.63B +43.1% | $13.93B +19.7% | $15.44B +10.9% | $20.62B +33.6% | $23.89B +15.8% | $28.11B +17.7% | $44.48B +58.2% | $64.55B +45.1% |
| Net Cash from Investing | -$23.95B | -$46.78B -95.3% | -$6.06B +87.0% | -$15.77B -160.2% | -$12.22B +22.5% | -$27.58B -125.6% | -$30.31B -9.9% | -$22.68B +25.2% | -$96.97B -327.6% | -$72.60B +25.1% |
| FINANCING ACTIVITIES | ||||||||||
| Dividends Paid | $11.01B | $11.85B +7.6% | $12.70B +7.2% | $13.81B +8.8% | $15.14B +9.6% | $16.52B +9.1% | $18.14B +9.8% | $19.80B +9.2% | $21.77B +10.0% | $24.08B +10.6% |
| Share Repurchases | $15.97B | $11.79B -26.2% | $10.72B -9.1% | $19.54B +82.3% | $22.97B +17.5% | $27.39B +19.2% | $32.70B +19.4% | $22.25B -32.0% | $17.25B -22.4% | $18.42B +6.8% |
| Net Cash from Financing | -$8.39B | $8.41B +200.2% | -$33.59B -499.5% | -$36.89B -9.8% | -$46.03B -24.8% | -$48.49B -5.3% | -$58.88B -21.4% | -$43.94B +25.4% | -$37.76B +14.1% | -$51.70B -36.9% |
| SUMMARY | ||||||||||
| Free Cash Flow (OCF − CapEx) | $24.98B | $31.38B +25.6% | $32.25B +2.8% | $38.26B +18.6% | $45.23B +18.2% | $56.12B +24.1% | $65.15B +16.1% | $59.48B -8.7% | $74.07B +24.5% | $71.61B -3.3% |
| Ending Cash Position | $6.51B | $7.66B +17.7% | $11.95B +55.9% | $11.36B -4.9% | $13.58B +19.5% | $14.22B +4.8% | $13.93B -2.1% | $34.70B +149.1% | $18.32B -47.2% | $30.24B +65.1% |
| CASH QUALITY METRICS | ||||||||||
| OCF / Net Income | 198.4% | 186.3% -12.1pp | 264.8% +78.5pp | 133.0% -131.8pp | 137.0% +4.0pp | 125.2% -11.8pp | 122.4% -2.8pp | 121.0% -1.4pp | 134.5% +13.5pp | 133.7% -0.8pp |
| FCF / Revenue | 27.4% | 32.5% +5.1pp | 29.2% -3.3pp | 30.4% +1.2pp | 31.6% +1.2pp | 33.4% +1.8pp | 32.9% -0.5pp | 28.1% -4.8pp | 30.2% +2.2pp | 25.4% -4.8pp |
| CapEx / OCF | 25.0% | 20.6% -4.5pp | 26.5% +5.9pp | 26.7% +0.2pp | 25.4% -1.2pp | 26.9% +1.4pp | 26.8% -0.0pp | 32.1% +5.3pp | 37.5% +5.4pp | 47.4% +9.9pp |