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 | $2.48B | $3.36B +35.2% | $3.50B +4.2% | $3.34B -4.6% | $3.56B +6.5% | $5.20B +46.1% | $7.12B +37.1% | $14.99B +110.4% | $21.97B +46.6% |
| Cost of Revenue | $2.13B | $2.93B +37.3% | $3.00B +2.5% | $2.81B -6.4% | $3.02B +7.5% | $4.40B +45.4% | $5.84B +32.9% | $12.93B +121.3% | $19.54B +51.2% |
| Gross Profit | $350M | $430M +22.9% | $496M +15.2% | $526M +6.2% | $535M +1.6% | $800M +49.7% | $1.28B +60.4% | $2.06B +60.7% | $2.43B +17.9% |
| OPERATING EXPENSES | |||||||||
| Research & Development | $144M | $165M +14.7% | $180M +9.0% | $221M +23.1% | $224M +1.3% | $272M +21.4% | $307M +12.8% | $464M +50.9% | $637M +37.3% |
| Selling, General & Admin | $45M | $99M +120.8% | $141M +43.2% | $134M -5.2% | $101M -24.9% | $102M +1.9% | $100M -2.8% | $197M +98.2% | $267M +35.4% |
| Depreciation & Amort. | $16M | $22M +33.6% | $24M +10.8% | $28M +17.6% | $28M -1.0% | $32M +15.2% | $35M +7.5% | $30M -13.8% | $41M +36.2% |
| Operating Income (EBIT) | $95M | $95M -0.2% | $97M +2.7% | $86M -11.9% | $124M +44.7% | $335M +170.4% | $761M +127.1% | $1.21B +59.1% | $1.25B +3.5% |
| Interest Expense | $0K | $0K | $0K | $0K | $0K | $6M | $10M +63.6% | $19M +84.5% | $60M +207.8% |
| Pre-Tax Income | $95M | $95M -0.2% | $97M +2.7% | $86M -11.9% | $124M +44.7% | $329M +165.2% | $751M +128.3% | $1.19B +58.7% | $1.19B +0.2% |
| Income Tax Expense | $24M | $38M +57.3% | $15M -61.3% | $3M -80.4% | $7M +137.4% | $53M +662.3% | $111M +109.3% | $63M -42.8% | $157M +147.8% |
| Net Income | $67M | $46M -30.9% | $72M +55.8% | $84M +17.2% | $112M +32.7% | $285M +154.9% | $640M +124.4% | $1.15B +80.1% | $1.05B -9.0% |
| EBITDA | $111M | $117M +4.8% | $121M +4.2% | $114M -6.0% | $152M +33.3% | $368M +141.7% | $796M +116.5% | $1.24B +55.9% | $1.29B +4.3% |
| Stock-Based Comp. | $20M | $20M +2.7% | $21M +4.9% | $20M -4.7% | $29M +41.4% | $33M +14.9% | $54M +65.9% | $232M +325.3% | $314M +35.8% |
| PER SHARE DATA | |||||||||
| EPS (Basic) | $1.38 | $0.94 -32.3% | $1.44 +54.0% | $1.65 +14.8% | $2.19 +32.2% | $5.54 +153.3% | $12.09 +118.3% | $2.07 -82.9% | $1.77 -14.8% |
| EPS (Diluted) | $1.38 | $0.94 -32.3% | $1.44 +54.0% | $1.65 +14.8% | $2.19 +32.2% | $5.54 +153.3% | $12.09 +118.3% | $2.07 -82.9% | $1.77 -14.8% |
| Shares Outstanding | 48M | 49M +2.0% | 50M +1.2% | 51M +2.1% | 51M +0.3% | 51M +0.6% | 53M +2.8% | 556M +950.3% | 594M +6.8% |
| PROFITABILITY RATIOS | |||||||||
| Gross Margin | 14.1% | 12.8% -1.3pp | 14.2% +1.4pp | 15.8% +1.6pp | 15.0% -0.7pp | 15.4% +0.4pp | 18.0% +2.6pp | 13.8% -4.3pp | 11.1% -2.7pp |
| Operating Margin | 3.8% | 2.8% -1.0pp | 2.8% -0.0pp | 2.6% -0.2pp | 3.5% +0.9pp | 6.5% +3.0pp | 10.7% +4.2pp | 8.1% -2.6pp | 5.7% -2.4pp |
| Net Margin | 2.7% | 1.4% -1.3pp | 2.1% +0.7pp | 2.5% +0.5pp | 3.1% +0.6pp | 5.5% +2.3pp | 9.0% +3.5pp | 7.7% -1.3pp | 4.8% -2.9pp |
| EBITDA Margin | 4.5% | 3.5% -1.0pp | 3.5% +0.0pp | 3.4% -0.1pp | 4.3% +0.9pp | 7.1% +2.8pp | 11.2% +4.1pp | 8.3% -2.9pp | 5.9% -2.4pp |
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 | $111M | $115M +4.3% | $248M +115.1% | $211M -15.2% | $232M +10.3% | $267M +15.1% | $440M +64.7% | $1.67B +279.1% | $5.17B +209.6% |
| Accounts Receivable | $324M | $451M +39.3% | $394M -12.8% | $404M +2.6% | $464M +14.9% | $835M +79.9% | $1.15B +37.6% | $2.74B +138.4% | $2.20B -19.5% |
| Inventory | $737M | $853M +15.8% | $670M -21.5% | $851M +27.1% | $1.04B +22.3% | $1.55B +48.5% | $1.45B -6.5% | $4.33B +199.7% | $4.68B +8.0% |
| Total Current Assets | $1.26B | $1.53B +21.4% | $1.42B -7.1% | $1.59B +12.0% | $1.87B +17.2% | $2.81B +50.3% | $3.18B +13.3% | $8.93B +180.9% | $12.30B +37.7% |
| NON-CURRENT ASSETS | |||||||||
| Property, Plant & Equipment | $196M | $197M +0.5% | $207M +5.4% | $234M +12.8% | $275M +17.5% | $286M +4.1% | $290M +1.5% | $414M +42.6% | $504M +21.9% |
| Total Assets | $1.52B | $1.77B +16.8% | $1.68B -4.9% | $1.92B +14.0% | $2.24B +16.9% | $3.21B +43.0% | $3.67B +14.7% | $9.83B +167.4% | $14.02B +42.7% |
| LIABILITIES | |||||||||
| CURRENT LIABILITIES | |||||||||
| Accounts Payable | $397M | $527M +32.8% | $360M -31.6% | $418M +15.9% | $612M +46.6% | $655M +7.0% | $777M +18.5% | $1.47B +89.5% | $1.28B -12.9% |
| Short-term Debt | $0K | $116M | $24M -79.6% | $24M +0.2% | $63M +167.8% | $449M +607.4% | $170M -62.1% | $0K -100.0% | $0K |
| Total Current Liabilities | $673M | $812M +20.7% | $606M -25.3% | $708M +16.8% | $969M +36.9% | $1.47B +51.7% | $1.37B -6.5% | $2.35B +70.6% | $2.34B -0.0% |
| NON-CURRENT LIABILITIES | |||||||||
| Long-term Debt | $0K | $0K | $0K | $6M | $35M +509.1% | $148M +325.4% | $120M -18.6% | $0K -100.0% | $0K |
| Total Liabilities | $741M | $926M +24.9% | $741M -19.9% | $853M +15.0% | $1.15B +34.3% | $1.78B +55.3% | $1.70B -4.3% | $4.41B +158.9% | $7.72B +75.0% |
| EQUITY | |||||||||
| Retained Earnings | $486M | $532M +9.5% | $612M +15.0% | $696M +13.8% | $658M -5.5% | $943M +43.4% | $1.43B +52.0% | $2.59B +80.4% | $3.43B +32.8% |
| Treasury Stock | $1M | $1M +0.0% | $1M +0.0% | $1M +0.0% | $0K -100.0% | $0K | $0K | $0K | $0K |
| Total Stockholders' Equity | $774M | $844M +9.0% | $941M +11.6% | $1.07B +13.2% | $1.10B +2.9% | $1.43B +30.0% | $1.97B +38.3% | $5.42B +174.7% | $6.30B +16.3% |
| KEY BALANCE SHEET METRICS | |||||||||
| Total Debt (ST + LT) | $0K | $116M | $24M -79.6% | $29M +24.3% | $98M +234.0% | $597M +507.8% | $290M -51.4% | $0K -100.0% | $0K |
| Working Capital (CA - CL) | $589M | $719M +22.2% | $816M +13.4% | $885M +8.5% | $898M +1.5% | $1.34B +48.7% | $1.80B +35.1% | $6.59B +264.9% | $9.96B +51.2% |
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 | $67M | $46M -30.9% | $72M +55.8% | $84M +17.2% | $112M +32.7% | $285M +154.9% | $640M +124.4% | $1.15B +80.1% | $1.05B -9.0% |
| Depreciation & Amort. | $16M | $22M +33.6% | $24M +10.8% | $28M +17.6% | $28M -1.0% | $32M +15.2% | $35M +7.5% | $30M -13.8% | $41M +36.2% |
| Stock-Based Comp. | $20M | $20M +2.7% | $21M +4.9% | $20M -4.7% | $29M +41.4% | $33M +14.9% | $54M +65.9% | $232M +325.3% | $314M +35.8% |
| Net Cash from Operations | -$96M | $84M +187.7% | $263M +211.3% | -$30M -111.6% | $123M +505.3% | -$441M -458.5% | $664M +250.5% | -$2.49B -474.6% | $1.66B +166.8% |
| INVESTING ACTIVITIES | |||||||||
| Capital Expenditures | $29M | $25M -15.5% | $25M +0.1% | $44M +78.4% | $58M +30.8% | $45M -22.1% | $37M -18.6% | $124M +237.8% | $127M +2.4% |
| Net Cash from Investing | -$30M | -$26M +12.7% | -$25M +4.1% | -$44M -75.4% | -$58M -33.1% | -$46M +20.2% | -$39M +14.7% | -$194M -391.9% | -$183M +5.7% |
| FINANCING ACTIVITIES | |||||||||
| Share Repurchases | $0K | $0K | $0K | $0K | $130M | $0K -100.0% | $150M | $0K -100.0% | $200M |
| Net Cash from Financing | $58M | -$51M -188.1% | -$96M -88.5% | $24M +124.8% | -$44M -286.8% | $523M +1276.6% | -$448M -185.7% | $3.91B +972.6% | $2.02B -48.3% |
| SUMMARY | |||||||||
| Free Cash Flow (OCF − CapEx) | -$126M | $60M +147.4% | $238M +299.3% | -$75M -131.4% | $65M +187.0% | -$486M -848.4% | $627M +229.0% | -$2.61B -516.4% | $1.53B +158.7% |
| Ending Cash Position | $111M | $115M +4.3% | $248M +115.1% | $211M -15.2% | $232M +10.3% | $267M +15.1% | $440M +64.7% | $1.67B +279.1% | $5.17B +209.6% |
| CASH QUALITY METRICS | |||||||||
| OCF / Net Income | -143.9% | 182.7% +326.6pp | 365.1% +182.4pp | -36.0% -401.1pp | 109.9% +145.9pp | -154.6% -264.5pp | 103.7% +258.3pp | -215.7% -319.4pp | 158.2% +373.9pp |
| FCF / Revenue | -5.1% | 1.8% +6.8pp | 6.8% +5.0pp | -2.2% -9.0pp | 1.8% +4.1pp | -9.4% -11.2pp | 8.8% +18.2pp | -17.4% -26.2pp | 7.0% +24.4pp |
| CapEx / OCF | -30.5% | 29.4% +60.0pp | 9.5% -20.0pp | -146.2% -155.6pp | 47.2% +193.4pp | -10.2% -57.4pp | 5.5% +15.8pp | -5.0% -10.5pp | 7.7% +12.7pp |