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 | $1.39B | $1.92B +37.9% | $2.61B +36.0% | $3.46B +32.6% | $4.52B +30.6% | $5.90B +30.5% | $7.25B +22.9% | $8.97B +23.8% | $10.98B +22.4% | $13.28B +20.9% |
| Cost of Revenue | $399M | $500M +25.4% | $623M +24.6% | $797M +27.9% | $987M +23.9% | $1.35B +37.1% | $1.57B +16.3% | $1.92B +22.1% | $2.29B +19.1% | $2.98B +30.4% |
| Gross Profit | $992M | $1.43B +44.5% | $1.99B +38.6% | $2.66B +34.1% | $3.53B +32.6% | $4.54B +28.6% | $5.67B +24.9% | $7.05B +24.3% | $8.70B +23.4% | $10.29B +18.4% |
| OPERATING EXPENSES | ||||||||||
| Research & Development | $285M | $378M +32.4% | $530M +40.3% | $748M +41.3% | $1.02B +36.9% | $1.40B +36.4% | $1.77B +26.6% | $2.12B +20.1% | $2.54B +19.7% | $2.96B +16.4% |
| Selling, General & Admin | $159M | $211M +32.5% | $296M +40.6% | $339M +14.5% | $454M +34.0% | $597M +31.5% | $735M +23.1% | $863M +17.4% | $936M +8.5% | $1.12B +20.0% |
| Depreciation & Amort. | $68M | $93M +37.5% | $123M +32.0% | $168M +36.5% | $225M +34.0% | $312M +38.7% | $261M -16.3% | $372M +42.5% | $371M -0.3% | $508M +36.9% |
| Operating Income (EBIT) | -$423M | -$101M +76.0% | -$42M +58.2% | $42M +199.3% | $199M +372.1% | $257M +29.2% | $355M +38.1% | $762M +114.6% | $1.36B +79.0% | $1.82B +33.7% |
| Interest Expense | $0K | $0K | $0K | $0K | $0K | $41M | $24M -41.5% | $23M -4.2% | $23M +0.0% | $22M -4.3% |
| Pre-Tax Income | -$423M | -$101M +76.0% | -$42M +58.2% | $42M +199.3% | $199M +372.1% | $216M +8.6% | $331M +53.2% | $739M +123.3% | $1.34B +81.5% | $1.80B +34.4% |
| Income Tax Expense | $2M | $126K -92.8% | -$12M -9877.8% | -$560M -4441.5% | $31M +105.5% | $19M -38.1% | $74M +289.5% | -$723M -1077.0% | $313M +143.3% | $513M +63.9% |
| Net Income | -$452M | -$149M +67.0% | -$27M +82.1% | $627M +2446.8% | $119M -81.1% | $230M +94.2% | $325M +41.2% | $1.73B +432.6% | $1.43B -17.7% | $1.75B +22.7% |
| EBITDA | -$355M | -$8M +97.7% | $81M +1080.9% | $210M +160.7% | $424M +101.8% | $569M +34.2% | $616M +8.3% | $1.13B +84.1% | $1.74B +53.0% | $2.33B +34.4% |
| Stock-Based Comp. | $318M | $394M +24.1% | $544M +38.0% | $662M +21.7% | $870M +31.4% | $1.13B +29.9% | $1.40B +23.9% | $1.60B +14.5% | $1.75B +8.9% | $1.96B +12.0% |
| PER SHARE DATA | ||||||||||
| EPS (Basic) | $0.00 | $-0.87 | $-0.15 +82.8% | $3.36 +2337.6% | $0.61 -81.7% | $1.16 +89.3% | $1.61 +38.9% | $8.48 +425.5% | $6.92 -18.4% | $1.69 -75.6% |
| EPS (Diluted) | $0.00 | $-0.87 | $-0.15 +82.8% | $3.36 +2337.6% | $0.61 -81.7% | $1.16 +89.3% | $1.61 +38.9% | $8.48 +425.5% | $6.92 -18.4% | $1.69 -75.6% |
| Shares Outstanding | 0M | 171M | 178M +3.9% | 186M +4.8% | 193M +3.6% | 198M +2.6% | 201M +1.7% | 204M +1.3% | 206M +0.8% | 1.04B +403.7% |
| PROFITABILITY RATIOS | ||||||||||
| Gross Margin | 71.3% | 74.7% +3.4pp | 76.1% +1.4pp | 77.0% +0.8pp | 78.2% +1.2pp | 77.1% -1.1pp | 78.3% +1.2pp | 78.6% +0.3pp | 79.2% +0.6pp | 77.5% -1.6pp |
| Operating Margin | -30.4% | -5.3% +25.1pp | -1.6% +3.7pp | 1.2% +2.8pp | 4.4% +3.2pp | 4.4% -0.0pp | 4.9% +0.5pp | 8.5% +3.6pp | 12.4% +3.9pp | 13.7% +1.3pp |
| Net Margin | -32.5% | -7.8% +24.7pp | -1.0% +6.7pp | 18.1% +19.1pp | 2.6% -15.5pp | 3.9% +1.3pp | 4.5% +0.6pp | 19.3% +14.8pp | 13.0% -6.3pp | 13.2% +0.2pp |
| EBITDA Margin | -25.5% | -0.4% +25.1pp | 3.1% +3.5pp | 6.1% +3.0pp | 9.4% +3.3pp | 9.7% +0.3pp | 8.5% -1.1pp | 12.6% +4.1pp | 15.8% +3.2pp | 17.6% +1.8pp |
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 | $401M | $726M +81.1% | $566M -22.1% | $776M +37.0% | $1.68B +116.1% | $1.73B +3.1% | $1.47B -14.9% | $1.90B +29.0% | $2.30B +21.5% | $3.73B +61.7% |
| Short-term Investments | $498M | $1.05B +111.4% | $0K -100.0% | $0K | $0K | $0K | $0K | $0K | $0K | $0K |
| Accounts Receivable | $323M | $435M +34.7% | $575M +32.2% | $835M +45.3% | $1.01B +20.8% | $1.39B +37.7% | $1.73B +24.1% | $2.04B +18.0% | $2.24B +10.0% | $2.63B +17.3% |
| Total Current Assets | $1.34B | $2.41B +79.6% | $2.34B -2.7% | $2.83B +20.6% | $4.52B +60.0% | $5.22B +15.4% | $6.65B +27.5% | $7.78B +16.9% | $9.19B +18.1% | $10.47B +14.0% |
| NON-CURRENT ASSETS | ||||||||||
| Property, Plant & Equipment | $182M | $245M +35.0% | $347M +41.6% | $468M +34.8% | $660M +40.9% | $766M +16.1% | $1.05B +37.5% | $1.36B +29.0% | $1.76B +29.8% | $2.29B +29.8% |
| Goodwill | $83M | $129M +56.0% | $149M +15.6% | $157M +5.3% | $241M +53.6% | $777M +222.7% | $824M +6.0% | $1.23B +49.4% | $1.27B +3.4% | $3.58B +181.1% |
| Intangible Assets | $66M | $87M +32.0% | $101M +15.7% | $144M +43.0% | $153M +6.6% | $287M +87.1% | $232M -19.2% | $224M -3.4% | $209M -6.7% | $1.12B +436.4% |
| Total Assets | $2.03B | $3.40B +67.1% | $3.88B +14.2% | $6.02B +55.3% | $8.72B +44.7% | $10.80B +23.9% | $13.30B +23.2% | $17.39B +30.7% | $20.38B +17.2% | $26.04B +27.7% |
| LIABILITIES | ||||||||||
| CURRENT LIABILITIES | ||||||||||
| Accounts Payable | $38M | $32M -15.7% | $31M -4.3% | $53M +72.3% | $34M -35.4% | $89M +160.0% | $274M +207.9% | $126M -54.0% | $68M -46.0% | $204M +200.0% |
| Short-term Debt | $0K | $0K | $0K | $0K | $0K | $92M | $0K -100.0% | $0K | $0K | $0K |
| Total Current Liabilities | $1.07B | $2.10B +96.0% | $2.01B -4.2% | $2.75B +36.8% | $3.74B +35.8% | $4.95B +32.4% | $6.00B +21.3% | $7.37B +22.6% | $8.36B +13.5% | $10.44B +24.9% |
| NON-CURRENT LIABILITIES | ||||||||||
| Total Liabilities | $1.65B | $2.81B +70.9% | $2.77B -1.6% | $3.89B +40.7% | $5.88B +51.0% | $7.10B +20.8% | $8.27B +16.4% | $9.76B +18.0% | $10.77B +10.4% | $13.07B +21.3% |
| EQUITY | ||||||||||
| Retained Earnings | -$997M | -$1.15B -15.0% | -$979M +14.6% | -$352M +64.0% | -$234M +33.6% | -$4M +98.3% | $338M +8550.0% | $2.07B +512.1% | $3.49B +68.9% | $5.24B +50.0% |
| Treasury Stock | $0K | $0K | $0K | $0K | $0K | $0K | $0K | $535M | $1.22B +127.9% | $3.04B +149.8% |
| Total Stockholders' Equity | $387M | $584M +51.0% | $1.11B +90.2% | $2.13B +91.5% | $2.83B +33.2% | $3.69B +30.4% | $5.03B +36.2% | $7.63B +51.6% | $9.61B +26.0% | $12.96B +34.9% |
| KEY BALANCE SHEET METRICS | ||||||||||
| Total Debt (ST + LT) | $0K | $0K | $0K | $0K | $0K | $92M | $0K -100.0% | $0K | $0K | $0K |
| Working Capital (CA - CL) | $271M | $310M +14.4% | $332M +7.2% | $74M -77.7% | $785M +958.7% | $271M -65.5% | $649M +139.5% | $412M -36.5% | $829M +101.2% | $28M -96.6% |
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 | -$452M | -$149M +67.0% | -$27M +82.1% | $627M +2446.8% | $119M -81.1% | $230M +94.2% | $325M +41.2% | $1.73B +432.6% | $1.43B -17.7% | $1.75B +22.7% |
| Depreciation & Amort. | $68M | $93M +37.5% | $123M +32.0% | $168M +36.5% | $225M +34.0% | $312M +38.7% | $261M -16.3% | $372M +42.5% | $371M -0.3% | $508M +36.9% |
| Stock-Based Comp. | $318M | $394M +24.1% | $544M +38.0% | $662M +21.7% | $870M +31.4% | $1.13B +29.9% | $1.40B +23.9% | $1.60B +14.5% | $1.75B +8.9% | $1.96B +12.0% |
| Net Cash from Operations | $160M | $643M +302.0% | $811M +26.2% | $1.24B +52.4% | $1.79B +44.6% | $2.19B +22.6% | $2.72B +24.3% | $3.40B +24.8% | $4.27B +25.6% | $5.44B +27.6% |
| INVESTING ACTIVITIES | ||||||||||
| Capital Expenditures | $106M | $151M +42.6% | $224M +49.1% | $265M +18.0% | $419M +58.3% | $392M -6.5% | $550M +40.3% | $694M +26.2% | $852M +22.8% | $868M +1.9% |
| Net Cash from Investing | -$108M | -$884M -715.1% | -$347M +60.7% | -$724M -108.5% | -$1.51B -108.0% | -$1.61B -6.6% | -$2.58B -60.7% | -$2.17B +16.1% | -$2.50B -15.4% | -$1.69B +32.5% |
| FINANCING ACTIVITIES | ||||||||||
| Share Repurchases | $0K | $55M | $0K -100.0% | $0K | $0K | $0K | $0K | $538M | $696M +29.4% | $1.84B +164.4% |
| Net Cash from Financing | -$56M | $539M +1066.6% | -$607M -212.7% | -$302M +50.3% | $597M +297.7% | -$506M -184.8% | -$344M +32.0% | -$803M -133.4% | -$1.34B -67.2% | -$2.34B -74.2% |
| SUMMARY | ||||||||||
| Free Cash Flow (OCF − CapEx) | $54M | $492M +805.7% | $587M +19.2% | $971M +65.5% | $1.37B +40.8% | $1.80B +31.6% | $2.17B +20.8% | $2.70B +24.4% | $3.42B +26.3% | $4.58B +34.0% |
| Ending Cash Position | $401M | $726M +81.1% | $566M -22.1% | $776M +37.0% | $1.68B +116.1% | $1.73B +3.1% | $1.47B -14.9% | $1.90B +29.0% | $2.30B +21.5% | $3.73B +61.7% |
| CASH QUALITY METRICS | ||||||||||
| OCF / Net Income | -35.4% | -431.1% -395.7pp | -3037.3% -2606.3pp | 197.2% +3234.6pp | 1507.6% +1310.4pp | 952.0% -555.6pp | 837.8% -114.2pp | 196.3% -641.5pp | 299.4% +103.1pp | 311.4% +12.0pp |
| FCF / Revenue | 3.9% | 25.7% +21.8pp | 22.5% -3.2pp | 28.1% +5.6pp | 30.3% +2.2pp | 30.5% +0.3pp | 30.0% -0.5pp | 30.1% +0.1pp | 31.1% +0.9pp | 34.5% +3.4pp |
| CapEx / OCF | 66.0% | 23.4% -42.6pp | 27.7% +4.3pp | 21.4% -6.2pp | 23.5% +2.0pp | 17.9% -5.6pp | 20.2% +2.3pp | 20.4% +0.2pp | 20.0% -0.5pp | 15.9% -4.0pp |