FirmAtlas
Company handbook · JNJ · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
JNJ · CIK 200406 · LATEST FILING: 10-Q JUN '26 · FILED JUL 23, 2026
Johnson & Johnson
$255.56
+2.28 (+0.90%)
Last trade 3:59 PM ET, Oct 16, 2026 · 52-week $185–281
Johnson & Johnson makes prescription medicines for cancer, immune diseases, brain and mental health, and heart and lung disease, and medical devices for surgery, orthopedics, heart care and eye care. It spun off its consumer health business (Kenvue) in 2023.
- SegmentsPharmaceutical 64% · Medical Devices And Diagnostics 36% (FY25)
- RegionsUS 57% · Outside US 43% (FY25)
- CustomersHospitals, doctors and patients; medicines sold mostly to wholesalers and paid for by insurers and governments, devices sold to hospitals by its own sales force and through distributors
- ChangePharmaceutical 64% of revenue in FY25, up from 45% in FY15
- Cash useFY16–FY25: dividends $106.1B · acquisitions $104.1B · buybacks $54.1B · capex $38.5B
Reinvested 63% of operating cash flow · returned 86% of free cash flow
Last fiscal year
Johnson & Johnson reported revenue of $94.2B for the year ended Dec 28, 2025 (FY25), up 6.0% from FY24. Net income was $26.8B, operating cash flow $24.5B and free cash flow $19.7B. Source: 10-K filed Feb 11, 2026.
Johnson & Johnson agreed on July 27, 2026 to resolve the ovarian talc litigation with a $5.5 billion commitment, the first payment of no more than $3 billion in 2027; the deal needs at least 95% of remaining claims to take part.
8-K · Jul 2026In October 2025 it announced a plan to separate its Orthopaedics business, targeted within 18 to 24 months of the announcement.
10-Q Jun '26It bought Halda Therapeutics on December 26, 2025 for approximately $3.05 billion, and Firefly Bio for $1 billion in cash, closed in July 2026.
10-Q Jun '268-K · Jul 2026
As of 2026-10-16 · Opinion only, not investment advice or a forecast.
Market cap
$620.9B
P/E
29.5
EV/EBITDA
19.8x
P/B
7.3
Div yield
2.07%
ROIC
21.2%
Revenue 10Y
3.0%/yr
EPS 10Y
7.2%/yr
Shares 10Y
−14%
Share count down 14% in 10 years.
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJoaquin Duato
HQNew Brunswick, NJ
AuditorPricewaterhouseCoopers LLP
Year endsJanuary
Revenue by segment · FY25
Pharmaceutical64%
Medical Devices And Diagnostics36%
Compounded growth & averages
10Y
5Y
3Y
TTM
Revenue
3.0%
2.7%
5.6%
8.1%
Net income
5.7%
12.7%
14.3%
−7.2%
EPS
7.2%
14.9%
17.9%
−7.7%
Share price
8.1%
9.6%
17.5%
33.0%
Avg ROIC
22.8%
22.1%
21.8%
21.2%
Dividend / share
5.8%
5.4%
5.1%
—
Net income fell in 5 of the last 10 years.
Dividend per share raised every year for 10 years.
Growth rows are yearly compound rates; ROIC is an average.
TTM = last four quarters vs the four before (1Y for price, latest year for averages).
Where the cash went · FY16–FY25
$302.8B deployed
Capex
$38.5B
12.7%
Acquisitions
$104.1B
34.4%
Dividends
$106.1B
35.1%
Buybacks
$54.1B
17.9%
Operating cash flow over the period: $225.2B. Total debt changed by +$30.1B. R&D of $56.5B is already inside operating costs.
Paid out more than free cash flow in FY22.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
After-tax operating profit growth, split into its two engines · A = FY22, B = FY25 · A = FY20, B = FY25 · A = FY15, B = FY25
Total growth
+6.0%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+9.8%
ROIIC 32.9% × reinvestment 29.9%
+
Engine 2 · existing capital
−3.9%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $3.3B ÷ Δ capital $10.1B
Total growth
+3.5%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+6.0%
ROIIC 32.1% × reinvestment 18.7%
+
Engine 2 · existing capital
−2.5%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $3.3B ÷ Δ capital $10.4B
Total growth
+3.9%
NOPAT CAGR, A to B
=
Engine 1 · new investment
+4.3%
ROIIC 45.4% × reinvestment 9.6%
+
Engine 2 · existing capital
−0.5%
Change in return on the capital already in place
Capital = operating invested capital (net PP&E + working capital) · Δ NOPAT $6.6B ÷ Δ capital $14.5B
Financials
10-year record · USD millions · each year opens its 10-K · FY25 = year ended Dec 28, 2025 · change vs previous year
Last 8 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
71,890+2.6%
76,450+6.3%
81,581+6.7%
82,059+0.6%
82,584+0.6%
78,740−4.7%
79,990+1.6%
85,159+6.5%
88,821+4.3%
94,193+6.0%
97,929
YoY
+2.6%
+6.3%
+6.7%
+0.6%
+0.6%
−4.7%
+1.6%
+6.5%
+4.3%
+6.0%
Gross profit
50,101+3.2%
51,011+1.8%
54,490+6.8%
54,503+0.0%
54,157−0.6%
55,338+2.2%
55,394+0.1%
58,606+5.8%
61,350+4.7%
63,937+4.2%
66,501
Gross margin
69.7%+0.4 pp
66.7%−3.0 pp
66.8%+0.1 pp
66.4%−0.4 pp
65.6%−0.8 pp
70.3%+4.7 pp
69.3%−1.0 pp
68.8%−0.4 pp
69.1%+0.3 pp
67.9%−1.2 pp
—
Operating income
20,400+14.7%
18,588−8.9%
20,924+12.6%
20,704−1.1%
19,667−5.0%
20,734+5.4%
20,738+0.0%
21,520+3.8%
21,015−2.3%
25,368+20.7%
—
Operating margin
28.4%+3.0 pp
24.3%−4.1 pp
25.6%+1.3 pp
25.2%−0.4 pp
23.8%−1.4 pp
26.3%+2.5 pp
25.9%−0.4 pp
25.3%−0.7 pp
23.7%−1.6 pp
26.9%+3.3 pp
—
EBITDA
24,154+12.2%
24,230+0.3%
27,853+15.0%
27,713−0.5%
26,898−2.9%
28,124+4.6%
27,708−1.5%
29,006+4.7%
28,354−2.2%
32,871+15.9%
—
EBITDA margin
33.6%+2.9 pp
31.7%−1.9 pp
34.1%+2.4 pp
33.8%−0.4 pp
32.6%−1.2 pp
35.7%+3.1 pp
34.6%−1.1 pp
34.1%−0.6 pp
31.9%−2.1 pp
34.9%+3.0 pp
—
Interest expense
726+31.5%
934+28.7%
1,005+7.6%
318−68.4%
201−36.8%
183−9.0%
276+50.8%
772+179.7%
755−2.2%
971+28.6%
—
Interest coverage
33.27x−5.73x
25.94x−7.33x
27.71x+1.77x
87.15x+59.43x
133.82x+46.67x
153.68x+19.86x
100.39x−53.29x
37.57x−62.82x
37.55x−0.02x
33.85x−3.70x
—
Net income
16,540+7.3%
1,300−92.1%
15,297+1076.7%
15,119−1.2%
14,714−2.7%
20,878+41.9%
17,941−14.1%
35,153+95.9%
14,066−60.0%
26,804+90.6%
21,037
YoY
+7.3%
−92.1%
+1076.7%
−1.2%
−2.7%
+41.9%
−14.1%
+95.9%
−60.0%
+90.6%
Net margin
23.0%+1.0 pp
1.7%−21.3 pp
18.8%+17.1 pp
18.4%−0.3 pp
17.8%−0.6 pp
26.5%+8.7 pp
22.4%−4.1 pp
41.3%+18.9 pp
15.8%−25.4 pp
28.5%+12.6 pp
—
EPS (diluted, $)
5.93+8.2%
0.47−92.1%
5.61+1093.6%
5.63+0.4%
5.51−2.1%
7.81+41.7%
6.73−13.8%
13.72+103.9%
5.79−57.8%
11.03+90.5%
8.64
YoY
+8.2%
−92.1%
+1093.6%
+0.4%
−2.1%
+41.7%
−13.8%
+103.9%
−57.8%
+90.5%
Balance sheet
Total assets
141,208+5.8%
157,303+11.4%
152,954−2.8%
157,728+3.1%
174,894+10.9%
182,018+4.1%
187,378+2.9%
167,558−10.6%
180,104+7.5%
199,210+10.6%
201,061
Cash & short-term investments
41,907+9.2%
18,296−56.3%
19,687+7.6%
19,287−2.0%
25,185+30.6%
31,608+25.5%
23,519−25.6%
22,927−2.5%
24,522+7.0%
20,102−18.0%
—
Accounts receivable
11,699+9.0%
13,490+15.3%
14,098+4.5%
14,481+2.7%
13,576−6.2%
15,283+12.6%
14,039−8.1%
14,873+5.9%
14,842−0.2%
17,178+15.7%
—
Inventory
8,144+1.1%
8,765+7.6%
8,599−1.9%
9,020+4.9%
9,344+3.6%
10,387+11.2%
10,268−1.1%
11,181+8.9%
12,444+11.3%
14,191+14.0%
—
Net PP&E
15,912+0.0%
17,005+6.9%
17,035+0.2%
17,658+3.7%
18,766+6.3%
18,962+1.0%
17,982−5.2%
19,898+10.7%
20,518+3.1%
23,169+12.9%
—
Other assets
63,546+5.3%
99,747+57.0%
93,535−6.2%
97,282+4.0%
108,023+11.0%
105,778−2.1%
121,570+14.9%
98,679−18.8%
107,778+9.2%
124,570+15.6%
—
Total liabilities
70,790+13.7%
97,143+37.2%
93,202−4.1%
98,257+5.4%
111,616+13.6%
107,995−3.2%
110,574+2.4%
98,784−10.7%
108,614+10.0%
117,666+8.3%
116,090
Accounts payable
6,918+3.7%
7,310+5.7%
7,537+3.1%
8,544+13.4%
9,505+11.2%
11,055+16.3%
9,889−10.5%
9,632−2.6%
10,311+7.0%
11,991+16.3%
—
Total debt
27,126+36.6%
34,581+27.5%
30,480−11.9%
27,696−9.1%
37,065+33.8%
35,882−3.2%
41,193+14.8%
30,801−25.2%
38,383+24.6%
49,933+30.1%
49,036
Other liabilities
36,746+2.8%
55,252+50.4%
55,185−0.1%
62,017+12.4%
65,046+4.9%
61,058−6.1%
59,492−2.6%
58,351−1.9%
59,920+2.7%
55,742−7.0%
—
Shareholders’ equity
70,418−1.0%
60,160−14.6%
59,752−0.7%
59,471−0.5%
63,278+6.4%
74,023+17.0%
76,804+3.8%
68,774−10.5%
71,490+3.9%
81,544+14.1%
84,971
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
18,767−4.1%
21,056+12.2%
22,201+5.4%
23,416+5.5%
23,536+0.5%
23,410−0.5%
21,194−9.5%
22,791+7.5%
24,266+6.5%
24,530+1.1%
27,608
Net income
16,540+7.3%
1,300−92.1%
15,297+1076.7%
15,119−1.2%
14,714−2.7%
20,878+41.9%
17,941−14.1%
35,153+95.9%
14,066−60.0%
26,804+90.6%
—
Depreciation & amortization
3,754+0.2%
5,642+50.3%
6,929+22.8%
7,009+1.2%
7,231+3.2%
7,390+2.2%
6,970−5.7%
7,486+7.4%
7,339−2.0%
7,503+2.2%
—
Stock-based compensation
878+0.5%
962+9.6%
978+1.7%
977−0.1%
1,005+2.9%
1,135+12.9%
1,138+0.3%
1,162+2.1%
1,176+1.2%
1,354+15.1%
—
Working capital & other
(2,405)n/m
13,152n/m
(1,003)−107.6%
311n/m
586+88.4%
(5,993)−1122.7%
(4,855)n/m
(21,010)n/m
1,685n/m
(11,131)−760.6%
—
Cash from investing
(4,761)n/m
(14,868)n/m
(3,167)n/m
(6,194)n/m
(20,825)n/m
(8,683)n/m
(12,371)n/m
878n/m
(18,599)−2218.3%
(23,588)n/m
—
Capex
(3,226)n/m
(3,279)n/m
(3,670)n/m
(3,498)n/m
(3,347)n/m
(3,652)n/m
(4,009)n/m
(4,543)n/m
(4,424)n/m
(4,832)n/m
—
PP&E sold
1,267−63.4%
1,832+44.6%
3,203+74.8%
3,265+1.9%
305−90.7%
711+133.1%
543−23.6%
358−34.1%
675+88.5%
720+6.7%
—
Acquisitions
(4,509)n/m
(35,151)n/m
(899)n/m
(5,810)n/m
(7,323)n/m
(60)n/m
(17,652)n/m
0n/m
(15,146)n/m
(17,541)n/m
—
Investments bought
(33,950)n/m
(6,153)n/m
(5,626)n/m
(3,920)n/m
(21,089)n/m
(30,394)n/m
(32,384)n/m
(10,906)n/m
(1,726)n/m
(920)n/m
—
Investments sold / matured
35,780+4.8%
28,117−21.4%
4,289−84.7%
3,387−21.0%
12,137+258.3%
25,006+106.0%
41,609+66.4%
19,390−53.4%
2,462−87.3%
1,661−32.5%
—
Other investing
(123)n/m
(234)n/m
(464)n/m
382n/m
(1,508)−494.8%
(294)n/m
(478)n/m
(3,421)n/m
(440)n/m
(2,676)n/m
—
Cash from financing
(8,551)n/m
(7,673)n/m
(18,510)n/m
(18,015)n/m
(6,120)n/m
(14,047)n/m
(8,871)n/m
(15,825)n/m
(3,132)n/m
(5,539)n/m
—
Debt raised
12,004+15905.3%
8,992−25.1%
5−99.9%
3−40.0%
7,431+247600.0%
5−99.9%
2−60.0%
0−100.0%
6,660n/m
9,138+37.2%
—
Debt repaid
(2,223)n/m
(1,777)n/m
(1,555)n/m
(2,823)n/m
(1,064)n/m
(1,802)n/m
(2,134)n/m
(1,551)n/m
(1,453)n/m
(1,757)n/m
—
Dividends
(8,621)n/m
(8,943)n/m
(9,494)n/m
(9,917)n/m
(10,481)n/m
(11,032)n/m
(11,682)n/m
(11,770)n/m
(11,823)n/m
(12,381)n/m
—
Buybacks
(8,979)n/m
(6,358)n/m
(5,868)n/m
(6,746)n/m
(3,221)n/m
(3,456)n/m
(6,035)n/m
(5,054)n/m
(2,432)n/m
(5,953)n/m
—
Other financing
(732)−131.6%
413n/m
(1,598)−486.9%
1,468n/m
1,215−17.2%
2,238+84.2%
10,978+390.5%
2,550−76.8%
5,916+132.0%
5,414−8.5%
—
Net change in cash
5,240n/m
(1,148)−121.9%
283n/m
(802)−383.4%
(3,320)n/m
502n/m
(360)−171.7%
7,732n/m
2,246−71.0%
(4,396)−295.7%
—
Free cash flow (OCF − capex)
15,541−3.5%
17,777+14.4%
18,531+4.2%
19,918+7.5%
20,189+1.4%
19,758−2.1%
17,185−13.0%
18,248+6.2%
19,842+8.7%
19,698−0.7%
22,244
Where the cash went
Operating cash flow
18,767−4.1%
21,056+12.2%
22,201+5.4%
23,416+5.5%
23,536+0.5%
23,410−0.5%
21,194−9.5%
22,791+7.5%
24,266+6.5%
24,530+1.1%
27,608
Reinvested in the business
7,735+75.1%
38,430+396.8%
4,569−88.1%
9,308+103.7%
10,670+14.6%
3,712−65.2%
21,661+483.5%
4,543−79.0%
19,570+330.8%
22,373+14.3%
—
% of operating cash flow
41.2%
182.5%
20.6%
39.8%
45.3%
15.9%
102.2%
19.9%
80.6%
91.2%
Capex
3,226−6.8%
3,279+1.6%
3,670+11.9%
3,498−4.7%
3,347−4.3%
3,652+9.1%
4,009+9.8%
4,543+13.3%
4,424−2.6%
4,832+9.2%
5,364
Acquisitions
4,509+372.6%
35,151+679.6%
899−97.4%
5,810+546.3%
7,323+26.0%
60−99.2%
17,652+29320.0%
0−100.0%
15,146n/m
17,541+15.8%
—
R&D (memo, already in costs)
9,143+1.1%
10,594+15.9%
10,775+1.7%
11,355+5.4%
12,159+7.1%
0−100.0%
0n/m
483n/m
1,841+281.2%
109−94.1%
—
Free cash flow
15,541−3.5%
17,777+14.4%
18,531+4.2%
19,918+7.5%
20,189+1.4%
19,758−2.1%
17,185−13.0%
18,248+6.2%
19,842+8.7%
19,698−0.7%
22,244
YoY
−3.5%
+14.4%
+4.2%
+7.5%
+1.4%
−2.1%
−13.0%
+6.2%
+8.7%
−0.7%
Returned to shareholders
17,600+30.7%
15,301−13.1%
15,362+0.4%
16,663+8.5%
13,702−17.8%
14,488+5.7%
17,717+22.3%
16,824−5.0%
14,255−15.3%
18,334+28.6%
—
% of free cash flow
113.2%
86.1%
82.9%
83.7%
67.9%
73.3%
103.1%
92.2%
71.8%
93.1%
Dividends
8,621+5.5%
8,943+3.7%
9,494+6.2%
9,917+4.5%
10,481+5.7%
11,032+5.3%
11,682+5.9%
11,770+0.8%
11,823+0.5%
12,381+4.7%
—
Buybacks
8,979+69.7%
6,358−29.2%
5,868−7.7%
6,746+15.0%
3,221−52.3%
3,456+7.3%
6,035+74.6%
5,054−16.3%
2,432−51.9%
5,953+144.8%
—
Change in total debt
7,265
7,455+2.6%
(4,101)−155.0%
(2,784)n/m
9,369n/m
(1,183)−112.6%
5,311n/m
(10,392)−295.7%
7,582n/m
11,550+52.3%
—
Cash left over
697
(25,220)−3718.4%
(1,831)n/m
(5,339)n/m
8,533n/m
4,027−52.8%
(12,873)−419.7%
(8,968)n/m
(1,977)n/m
(4,627)n/m
—
FCF conversion (FCF ÷ net income)
94.0%−10.6 pp
1367.5%+1273.5 pp
121.1%−1246.3 pp
131.7%+10.6 pp
137.2%+5.5 pp
94.6%−42.6 pp
95.8%+1.2 pp
51.9%−43.9 pp
141.1%+89.2 pp
73.5%−67.6 pp
—
Owner earnings
16,262
1,643−89.9%
18,341+1016.3%
18,833+2.7%
20,140+6.9%
23,416+16.3%
21,099−9.9%
36,092+71.1%
16,428−54.5%
27,072+64.8%
—
Owner earnings margin
22.6%
2.1%−20.5 pp
22.5%+20.3 pp
23.0%+0.5 pp
24.4%+1.4 pp
29.7%+5.4 pp
26.4%−3.4 pp
42.4%+16.0 pp
18.5%−23.9 pp
28.7%+10.2 pp
—
Buyback yield
2.8%+1.0 pp
1.7%−1.1 pp
1.7%+0.0 pp
1.7%+0.0 pp
0.8%−1.0 pp
0.8%−0.0 pp
1.3%+0.5 pp
1.3%−0.0 pp
0.7%−0.6 pp
1.2%+0.5 pp
—
Returns & ratios
ROIC (all capital)
31.5%+4.4 pp
11.3%−20.2 pp
24.2%+12.9 pp
26.1%+1.9 pp
24.5%−1.6 pp
25.1%+0.6 pp
20.3%−4.8 pp
22.3%+2.0 pp
21.9%−0.4 pp
21.2%−0.7 pp
—
ROIC (operating)
59.9%+9.0 pp
24.5%−35.5 pp
55.4%+31.0 pp
55.7%+0.3 pp
54.1%−1.6 pp
58.5%+4.4 pp
53.2%−5.4 pp
55.4%+2.3 pp
48.0%−7.4 pp
52.1%+4.2 pp
—
Net debt / EBITDA
−0.61x+0.25x
0.67x+1.28x
0.39x−0.28x
0.30x−0.08x
0.44x+0.14x
0.15x−0.29x
0.64x+0.49x
0.27x−0.37x
0.49x+0.22x
0.91x+0.42x
—
Debt / equity
0.39x+0.11x
0.57x+0.19x
0.51x−0.06x
0.47x−0.04x
0.59x+0.12x
0.48x−0.10x
0.54x+0.05x
0.45x−0.09x
0.54x+0.09x
0.61x+0.08x
—
Cash conversion cycle (days)
80+1 d
85+5 d
77−8 d
71−7 d
58−13 d
60+2 d
70+9 d
85+15 d
89+4 d
93+4 d
—
ROE
23.5%+1.8 pp
2.2%−21.3 pp
25.6%+23.4 pp
25.4%−0.2 pp
23.3%−2.2 pp
28.2%+5.0 pp
23.4%−4.8 pp
51.1%+27.8 pp
19.7%−31.4 pp
32.9%+13.2 pp
—
ROA
11.7%+0.2 pp
0.8%−10.9 pp
10.0%+9.2 pp
9.6%−0.4 pp
8.4%−1.2 pp
11.5%+3.1 pp
9.6%−1.9 pp
21.0%+11.4 pp
7.8%−13.2 pp
13.5%+5.6 pp
—
ROCE
17.8%+0.9 pp
14.7%−3.1 pp
17.2%+2.5 pp
17.0%−0.2 pp
14.9%−2.1 pp
15.2%+0.3 pp
15.8%+0.6 pp
17.7%+2.0 pp
16.2%−1.6 pp
17.5%+1.3 pp
—
NOPAT
17,039+19.4%
7,435−56.4%
17,783+139.2%
18,065+1.6%
17,541−2.9%
19,245+9.7%
17,536−8.9%
19,040+8.6%
17,714−7.0%
20,870+17.8%
—
Invested capital (operating)
28,837+2.9%
31,950+10.8%
32,195+0.8%
32,615+1.3%
32,181−1.3%
33,577+4.3%
32,400−3.5%
36,320+12.1%
37,493+3.2%
42,547+13.5%
—
Invested capital (all)
55,637+5.7%
76,445+37.4%
70,545−7.7%
67,880−3.8%
75,158+10.7%
78,297+4.2%
94,478+20.7%
76,648−18.9%
85,351+11.4%
111,375+30.5%
—
Reinvestment rate
4.8%
41.9%+37.1 pp
1.4%−40.5 pp
2.3%+0.9 pp
−2.5%−4.8 pp
7.3%+9.7 pp
−6.7%−14.0 pp
20.6%+27.3 pp
6.6%−14.0 pp
24.2%+17.6 pp
—
Debtor days
59+3 d
64+5 d
63−1 d
64+1 d
60−4 d
71+11 d
64−7 d
64−0 d
61−3 d
67+6 d
—
Inventory days
136−0 d
126−11 d
116−10 d
119+4 d
120+0 d
162+42 d
152−10 d
154+1 d
165+12 d
171+6 d
—
Days payable
116+3 d
105−11 d
102−3 d
113+12 d
122+9 d
172+50 d
147−26 d
132−14 d
137+5 d
145+8 d
—
Income
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
22,471
22,520
21,893
23,743
23,993+6.8%
24,564+9.1%
24,062+9.9%
25,310+6.6%
vs year-ago quarter
+6.8%
+9.1%
+9.9%
+6.6%
Gross profit
15,508
15,392
14,536
16,115
16,690+7.6%
16,596+7.8%
15,956+9.8%
17,259+7.1%
Gross margin
69.0%
68.3%
66.4%
67.9%
69.6%+0.5 pp
67.6%−0.8 pp
66.3%−0.1 pp
68.2%+0.3 pp
Net income
2,694
3,431
10,999
5,537
5,152+91.2%
5,116+49.1%
5,235−52.4%
5,534−0.1%
vs year-ago quarter
+91.2%
+49.1%
−52.4%
−0.1%
Net margin
12.0%
15.2%
50.2%
23.3%
21.5%+9.5 pp
20.8%+5.6 pp
21.8%−28.5 pp
21.9%−1.5 pp
EPS (diluted, $)
1.11
1.41
4.54
2.29
2.12+91.0%
2.11+49.1%
2.14−52.9%
2.27−0.9%
vs year-ago quarter
+91.0%
+49.1%
−52.9%
−0.9%
Balance sheet
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
178,287
180,104
193,671
193,389
192,816+8.1%
199,210+10.6%
200,894+3.7%
201,061+4.0%
Cash & equivalents
20,297
24,522
38,780
18,880
18,562−8.5%
20,102−18.0%
22,051−43.1%
20,758+9.9%
Total debt
35,751
38,383
52,252
50,761
45,795+28.1%
49,933+30.1%
54,987+5.2%
49,036−3.4%
Shareholders’ equity
70,158
71,490
78,109
78,473
79,277+13.0%
81,544+14.1%
81,186+3.9%
84,971+8.3%
Cash flow
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
7,993
6,983
4,174
3,878
9,169+14.7%
7,309+4.7%
2,514−39.8%
8,616+122.2%
Capex
1,029
1,612
795
1,043
1,157+12.4%
1,837+14.0%
1,049+31.9%
1,321+26.7%
Free cash flow
6,964
5,371
3,379
2,835
8,012+15.0%
5,472+1.9%
1,465−56.6%
7,295+157.3%
vs year-ago quarter
+15.0%
+1.9%
−56.6%
+157.3%