All values in $Billions unless noted
| Line Item | FY2023 | FY2024 YoY | FY2025 YoY |
|---|---|---|---|
| Revenue | $7.06B | $8.88B +25.8% | $11.56B +30.1% |
| Cost of Revenue | $3.54B | $4.41B +24.3% | $6.00B +36.1% |
| Gross Profit | $3.52B | $4.47B +27.2% | $5.55B +24.2% |
| OPERATING EXPENSES | |||
| Research & Development | $1.73B | $1.37B -21.0% | $1.54B +12.4% |
| Selling, General & Admin | $491M | $410M -16.5% | $471M +14.9% |
| Depreciation & Amort. | $70M | $36M -48.6% | $31M -13.9% |
| Operating Income (EBIT) | -$1.42B | $1.07B +175.8% | $1.47B +36.6% |
| Interest Expense | $1M | $1M +0.0% | $1M +0.0% |
| Pre-Tax Income | -$1.42B | $1.07B +175.7% | $1.47B +36.6% |
| Income Tax Expense | $53M | $209M +294.3% | $278M +33.0% |
| Net Income | $132M | $2.02B +1429.5% | $1.23B -39.0% |
| EBITDA | -$1.35B | $1.11B +182.4% | $1.50B +34.9% |
| Stock-Based Comp. | $615M | $430M -30.1% | $449M +4.4% |
| PER SHARE DATA | |||
| EPS (Basic) | $0.10 | $1.57 +1419.7% | $0.95 -39.5% |
| EPS (Diluted) | $0.10 | $1.57 +1419.7% | $0.95 -39.5% |
| Shares Outstanding | 1.28B | 1.29B +0.6% | 1.30B +0.7% |
| PROFITABILITY RATIOS | |||
| Gross Margin | 49.8% | 50.4% +0.6pp | 48.1% -2.3pp |
| Operating Margin | -20.1% | 12.1% +32.2pp | 12.7% +0.6pp |
| Net Margin | 1.9% | 22.7% +20.9pp | 10.7% -12.1pp |
| EBITDA Margin | -19.1% | 12.5% +31.6pp | 13.0% +0.5pp |
All values in $Billions
| Line Item | FY2023 | FY2024 YoY | FY2025 YoY |
|---|---|---|---|
| ASSETS | |||
| CURRENT ASSETS | |||
| Cash & Equivalents | $1.41B | $1.50B +6.0% | $1.54B +3.1% |
| Short-term Investments | $3.60B | $3.98B +10.7% | $4.23B +6.3% |
| Accounts Receivable | $282M | $342M +21.3% | $500M +46.2% |
| Inventory | $19M | $26M +36.8% | $21M -19.2% |
| Total Current Assets | $6.28B | $7.25B +15.6% | $8.30B +14.4% |
| NON-CURRENT ASSETS | |||
| Property, Plant & Equipment | $49M | $47M -4.1% | $53M +12.8% |
| Goodwill | $427M | $452M +5.9% | $491M +8.6% |
| Intangible Assets | $29M | $22M -24.1% | $30M +36.4% |
| Total Assets | $11.30B | $13.92B +23.2% | $15.19B +9.1% |
| LIABILITIES | |||
| CURRENT LIABILITIES | |||
| Total Current Liabilities | $898M | $1.96B +117.8% | $1.39B -28.8% |
| NON-CURRENT LIABILITIES | |||
| Total Liabilities | $2.23B | $2.37B +6.0% | $1.72B -27.5% |
| EQUITY | |||
| Retained Earnings | -$390M | $1.63B +517.7% | $2.86B +75.6% |
| Total Stockholders' Equity | $9.07B | $11.56B +27.5% | $13.47B +16.6% |
| KEY BALANCE SHEET METRICS | |||
| Working Capital (CA - CL) | $5.38B | $5.30B -1.5% | $6.90B +30.3% |
All values in $Billions
| Line Item | FY2023 | FY2024 YoY | FY2025 YoY |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $132M | $2.02B +1429.5% | $1.23B -39.0% |
| Depreciation & Amort. | $70M | $36M -48.6% | $31M -13.9% |
| Stock-Based Comp. | $615M | $430M -30.1% | $449M +4.4% |
| Net Cash from Operations | $944M | $1.62B +71.2% | $2.03B +25.8% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $39M | $19M -51.3% | $26M +36.8% |
| Net Cash from Investing | -$1.24B | -$1.59B -27.5% | -$1.19B +25.0% |
| FINANCING ACTIVITIES | |||
| Net Cash from Financing | $60M | $61M +1.7% | -$811M -1429.5% |
| SUMMARY | |||
| Free Cash Flow (OCF − CapEx) | $905M | $1.60B +76.5% | $2.01B +25.7% |
| Ending Cash Position | $1.41B | $1.50B +6.0% | $1.54B +3.1% |
| CASH QUALITY METRICS | |||
| OCF / Net Income | 715.2% | 80.0% -635.1pp | 165.2% +85.1pp |
| FCF / Revenue | 12.8% | 18.0% +5.2pp | 17.4% -0.6pp |
| CapEx / OCF | 4.1% | 1.2% -3.0pp | 1.3% +0.1pp |