ABNB Nasdaq Hotels, Resorts & Cruise Lines Financials FY2019βFY2025
Airbnb runs an online marketplace, through its website and mobile app, that connects guests with places to stay, experiences and services offered by hosts in over 220 countries and regions. Founded in 2007, it says it has over 5 million hosts, who have welcomed over 2.5 billion guest arrivals. It added services and redesigned experiences in May 2025.
Hi! I read Airbnbβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+10.3%
Yes. Sales grew 10.3% last year.
Does it make a profit?
20.5%
Yes. It keeps 20.5% of every sale as profit.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
38.9x
One share costs 38.9 times its yearly profit per share. Typical for its sector: 17.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Airbnb's cash flow statement has included its small capital spending (US$34 million in 2025) in other investing activities since 2023, so capital spending and free cash flow are blank from 2023.
Is it selling more, and how much does it keep?
KIRA Β· Airbnb had $12.2B of revenue in fiscal 2025, up 10.3% on the year before. Over five years, revenue changed +29.4% a year on average. Its operating margin was 20.8%, down 2.2Β pts: of every 100 in sales, about 21 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Airbnb made $2.5B of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Airbnb returned $3.8B to shareholders in fiscal 2025. The diluted share count fell 3.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $1.2B of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$1.2B
7 insiders
Of sales under plans
100%
$1.2B
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | David C BernsteinChief Accounting Officer | Sold plan | 1,369 | $168.01 | $0.2M | Form 4 |
| Oct 12, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $165.18 | $2.2M | Form 4 |
| Sep 28, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $156.83 | $2.1M | Form 4 |
| Sep 15, 2026 | David C BernsteinChief Accounting Officer | Sold plan | 1,489 | $168.93 | $0.3M | Form 4 |
| Sep 14, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $172.36 | $2.3M | Form 4 |
| Sep 1, 2026 | David C BernsteinChief Accounting Officer | Sold plan | 5,224 | $182.49 | $1.0M | Form 4 |
| Aug 31, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $187.27 | $2.5M | Form 4 |
| Aug 28, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 57,160 | $190.71 | $10.9M | Form 4 |
| Aug 26, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 19,659 | $190.73 | $3.7M | Form 4 |
| Aug 25, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 202,652 | $190.28 | $38.6M | Form 4 |
| Aug 24, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 150,640 | $190.94 | $28.8M | Form 4 |
| Aug 20, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 2,738 | $184.42 | $0.5M | Form 4 |
| Aug 17, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $182.86 | $2.5M | Form 4 |
| Aug 7, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 200,000 | $174.79 | $35.0M | Form 4 |
| Aug 7, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 20,000 | $173.61 | $3.5M | Form 4 |
| Aug 7, 2026 | Kenneth I ChenaultDirector | Sold plan | 8,346 | $170.00 | $1.4M | Form 4 |
| Aug 7, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 531,000 | $174.41 | $92.6M | Form 4 |
| Aug 3, 2026 | Elinor MertzChief Financial Officer | Sold plan | 3,748 | $153.34 | $0.6M | Form 4 |
| Aug 3, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $151.80 | $2.1M | Form 4 |
| Jul 28, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 1,828,303 | $151.67 | $277M | Form 4 |
| Jul 27, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 265,000 | $145.70 | $38.6M | Form 4 |
| Jul 20, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $145.43 | $2.0M | Form 4 |
| Jul 16, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 49,577 | $150.23 | $7.4M | Form 4 |
| Jul 15, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 187,024 | $150.15 | $28.1M | Form 4 |
| Jul 13, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 265,000 | $145.50 | $38.6M | Form 4 |
| Jul 7, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 2,460 | $150.00 | $0.4M | Form 4 |
| Jul 6, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 13,615 | $148.38 | $2.0M | Form 4 |
| Jul 2, 2026 | Elinor MertzChief Financial Officer | Sold plan | 3,750 | $148.01 | $0.6M | Form 4 |
| Jul 2, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 27,733 | $150.01 | $4.2M | Form 4 |
| Jun 29, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 294,903 | $148.43 | $43.8M | Form 4 |
| Jun 29, 2026 | Kenneth I ChenaultDirector | Sold plan | 8,346 | $150.00 | $1.3M | Form 4 |
| Jun 26, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 31,033 | $146.43 | $4.5M | Form 4 |
| Jun 25, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 2,113 | $145.09 | $0.3M | Form 4 |
| Jun 24, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 88,366 | $145.81 | $12.9M | Form 4 |
| Jun 15, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 30,743 | $138.40 | $4.3M | Form 4 |
| Jun 15, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 265,000 | $138.51 | $36.7M | Form 4 |
| Jun 9, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 4,195 | $135.71 | $0.6M | Form 4 |
| Jun 8, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 37,704 | $135.33 | $5.1M | Form 4 |
| Jun 5, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 16,515 | $135.17 | $2.2M | Form 4 |
| Jun 4, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 64,333 | $136.14 | $8.8M | Form 4 |
| Jun 2, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 62,764 | $134.00 | $8.4M | Form 4 |
| Jun 2, 2026 | Elinor MertzChief Financial Officer | Sold plan | 7,433 | $136.24 | $1.0M | Form 4 |
| Jun 1, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 199,739 | $135.86 | $27.1M | Form 4 |
| Jun 1, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 265,000 | $135.45 | $35.9M | Form 4 |
| May 29, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 108,711 | $134.43 | $14.6M | Form 4 |
| May 28, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 265,746 | $132.23 | $35.1M | Form 4 |
| May 27, 2026 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 249,550 | $133.15 | $33.2M | Form 4 |
| May 26, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 2,860 | $133.44 | $0.4M | Form 4 |
| May 20, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 2,739 | $131.40 | $0.4M | Form 4 |
| May 18, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 54,000 | $134.87 | $7.3M | Form 4 |
| May 11, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 627 | $145.67 | $0.1M | Form 4 |
| May 8, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 60,136 | $145.70 | $8.8M | Form 4 |
| May 4, 2026 | Elinor MertzChief Financial Officer | Sold plan | 3,750 | $143.00 | $0.5M | Form 4 |
| May 4, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $140.37 | $8.1M | Form 4 |
| Apr 22, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 24,788 | $145.86 | $3.6M | Form 4 |
| Apr 21, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 10,777 | $145.25 | $1.6M | Form 4 |
| Apr 20, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $142.59 | $8.3M | Form 4 |
| Apr 8, 2026 | Elinor MertzChief Financial Officer | Sold plan | 3,750 | $130.99 | $0.5M | Form 4 |
| Apr 6, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $126.17 | $7.3M | Form 4 |
| Mar 23, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $132.51 | $7.7M | Form 4 |
| Mar 9, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $131.27 | $7.6M | Form 4 |
| Mar 5, 2026 | Elinor MertzChief Financial Officer | Sold plan | 4,308 | $135.73 | $0.6M | Form 4 |
| Mar 2, 2026 | Elinor MertzChief Financial Officer | Sold plan | 3,750 | $130.00 | $0.5M | Form 4 |
| Feb 23, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $121.97 | $7.1M | Form 4 |
| Feb 20, 2026 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 4,260 | $125.29 | $0.5M | Form 4 |
| Feb 9, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $121.15 | $7.0M | Form 4 |
| Feb 2, 2026 | Elinor MertzChief Financial Officer | Sold plan | 3,750 | $130.00 | $0.5M | Form 4 |
| Jan 26, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $133.28 | $7.7M | Form 4 |
| Jan 12, 2026 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $138.45 | $8.0M | Form 4 |
| Jan 2, 2026 | Elinor MertzChief Financial Officer | Sold plan | 3,750 | $135.94 | $0.5M | Form 4 |
| Dec 29, 2025 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $136.70 | $7.9M | Form 4 |
| Dec 19, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 2,565 | $134.79 | $0.3M | Form 4 |
| Dec 17, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 15,263 | $135.00 | $2.1M | Form 4 |
| Dec 15, 2025 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 51,230 | $131.16 | $6.7M | Form 4 |
| Dec 15, 2025 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $130.56 | $7.6M | Form 4 |
| Dec 12, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 650 | $128.93 | $0.1M | Form 4 |
| Dec 12, 2025 | Brian CheskyCEO and Chairman, Director, 10% owner | Sold plan | 8,770 | $130.17 | $1.1M | Form 4 |
| Dec 12, 2025 | Elinor MertzChief Financial Officer | Sold plan | 7,500 | $130.00 | $1.0M | Form 4 |
| Dec 9, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 16,875 | $125.19 | $2.1M | Form 4 |
| Dec 9, 2025 | Elinor MertzChief Financial Officer | Sold plan | 4,630 | $125.00 | $0.6M | Form 4 |
| Dec 9, 2025 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 36,370 | $123.23 | $4.5M | Form 4 |
| Dec 8, 2025 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 141,063 | $121.96 | $17.2M | Form 4 |
| Dec 5, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 650 | $120.92 | $0.1M | Form 4 |
| Dec 5, 2025 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 54,072 | $123.26 | $6.7M | Form 4 |
| Dec 4, 2025 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 77,527 | $120.52 | $9.3M | Form 4 |
| Dec 3, 2025 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 39,806 | $120.22 | $4.8M | Form 4 |
| Dec 2, 2025 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 5,162 | $120.03 | $0.6M | Form 4 |
| Dec 1, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 549 | $116.04 | $0.1M | Form 4 |
| Dec 1, 2025 | Joseph GebbiaDirector, 10% owner | Sold plan | 58,000 | $118.47 | $6.9M | Form 4 |
| Nov 28, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $116.71 | $0.1M | Form 4 |
| Nov 28, 2025 | Nathan BlecharczykChief Strategy Officer, Director, 10% owner | Sold plan | 3,307 | $116.71 | $0.4M | Form 4 |
| Nov 24, 2025 | Joseph GebbiaDirector, 10% owner | Sold plan | 232,000 | $114.23 | $26.5M | Form 4 |
| Nov 20, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $114.51 | $0.1M | Form 4 |
| Nov 13, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $121.38 | $0.1M | Form 4 |
| Nov 10, 2025 | Joseph GebbiaDirector, 10% owner | Sold plan | 236,000 | $120.65 | $28.5M | Form 4 |
| Nov 6, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $122.38 | $0.1M | Form 4 |
| Oct 30, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $125.47 | $0.1M | Form 4 |
| Oct 28, 2025 | Elinor MertzChief Financial Officer | Sold plan | 7,500 | $130.00 | $1.0M | Form 4 |
| Oct 27, 2025 | Joseph GebbiaDirector, 10% owner | Sold plan | 236,000 | $128.47 | $30.3M | Form 4 |
| Oct 24, 2025 | Elinor MertzChief Financial Officer | Sold plan | 12,184 | $127.65 | $1.6M | Form 4 |
| Oct 23, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $127.53 | $0.1M | Form 4 |
| Oct 16, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $124.26 | $0.1M | Form 4 |
| Oct 13, 2025 | Joseph GebbiaDirector, 10% owner | Sold plan | 236,000 | $119.23 | $28.1M | Form 4 |
| Oct 9, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $120.46 | $0.1M | Form 4 |
| Oct 2, 2025 | Aristotle N BaloghChief Technology Officer | Sold plan | 600 | $122.47 | $0.1M | Form 4 |
| Sep 29, 2025 | Joseph GebbiaDirector, 10% owner | Sold plan | 236,000 | $123.57 | $29.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Airbnb has $9.0B more cash than debt.
Cash, debt and the ratios that show how comfortably Airbnb can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.3B | $9.6B | $10.1B | $10.6B | $11.0B |
| Debt incl. finance leases | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B |
| Net debt / EBITDA | β12.3x | β4.1x | β5.2x | β3.4x | β3.5x |
| Debt / equity | 0.4x | 0.4x | 0.2x | 0.2x | 0.2x |
| Interest coverage | 8.6x | 225.3x | 27.6x | 1,276.5x | 1,272.0x |
| Current ratio | 2.0x | 1.9x | 1.7x | 1.7x | 1.4x |
| Quick ratio | 2.0x | 1.9x | 1.7x | 1.7x | 1.4x |
| Total assets | $13.7B | $16.0B | $20.6B | $21.0B | $22.2B |
| Total liabilities | $8.9B | $10.5B | $12.5B | $12.5B | $14.0B |
| Shareholders' equity | $4.8B | $5.6B | $8.2B | $8.4B | $8.2B |
| Net debt (β = net cash) | β$6.3B | β$7.6B | β$8.1B | β$8.6B | β$9.0B |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Airbnb passes 6 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | 5.0% | β9.0% | β9.9% |
| Altman Z'' | 2.72 | 3.06 | 2.10 |
What does the share cost, and how does it compare?
KIRA Β· At $171.05 a share, the company is worth $102.1B: 38.9 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $9.0B and divides by 623.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 39.1x Β· peers 17.5x Β· sector 17.7x.
KIRA Β· Airbnb grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 3 of 4.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Airbnb ABNB | $102.1B | 10.3% | 20.8% | β | β | 38.9x | 6 | |
| Hilton Worldwide HLT | $80.6B | 7.7% | 22.4% | 16.9% | 31.1% | 51.6x | 5 | Compare β |
| Expedia Group EXPE | $34.8B | 7.6% | 12.7% | 21.1% | 40.5% | 17.7x | 8 | Compare β |
| Norwegian Cruise Line NCLH | $7.1B | 3.7% | 15.9% | β11.9% | 9.8% | 9.4x | 7 | Compare β |
| Royal Caribbean Group RCL | $75.2B | 8.8% | 27.4% | 6.9% | 16.6% | 17.3x | 9 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $4.8B | $3.4B | $6.0B | $8.4B | $9.9B | $11.1B | $12.2B |
| Gross profit | $3.6B | $2.5B | $4.8B | $6.9B | $8.2B | $9.2B | $10.2B |
| Research and development | $977M | $2.8B | $1.4B | $1.5B | $1.7B | $2.1B | $2.4B |
| Operating income | β$502M | β$3.6B | $429M | $1.8B | $1.5B | $2.6B | $2.5B |
| Interest expense | $5.2M | $130M | $50.0M | $8.0M | $55.0M | $2.0M | $2.0M |
| Pretax income | β$412M | β$4.7B | β$300M | $2.0B | $2.1B | $3.3B | $3.1B |
| Income tax | $263M | β$97.0M | $52.0M | $96.0M | β$2.7B | $683M | $626M |
| Net income | β$674M | β$4.6B | β$352M | $1.9B | $4.8B | $2.6B | $2.5B |
| Diluted EPS | β | β$16.12 | β$0.57 | $2.79 | $7.24 | $4.11 | $4.03 |
| Diluted shares | 0.26B | 0.28B | 0.62B | 0.68B | 0.66B | 0.65B | 0.62B |
| Cash flow | |||||||
| Cash from operations | $223M | β$740M | $2.3B | $3.4B | $3.9B | $4.5B | $4.6B |
| Capital expenditure | $126M | $37.0M | $25.0M | $25.0M | β | β | β |
| Free cash flow | $97.3M | β$777M | $2.3B | $3.4B | β | β | β |
| Depreciation and amortization | $57.2M | $67.2M | $85.6M | $42.6M | $31.0M | $16.0M | $17.0M |
| Stock-based compensation | $97.5M | $3.0B | $899M | $930M | $1.1B | $1.4B | $1.6B |
| Acquisitions | $192M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $1.5B | $2.3B | $3.4B | $3.8B |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $1.5B | $2.3B | $3.4B | $3.8B |
| Balance sheet | |||||||
| Cash and short-term investments | $2.0B | $6.4B | $8.3B | $9.6B | $10.1B | $10.6B | $11.0B |
| Total debt | β | $1.8B | $2.0B | $2.0B | $2.0B | $2.0B | $2.0B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | β | $8.9B | $12.4B | $14.9B | $16.5B | $17.2B | $18.8B |
| Current liabilities | β | $5.1B | $6.4B | $8.0B | $10.0B | $10.2B | $13.6B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | β | $270M | $157M | $121M | $160M | $147M | $107M |
| Total assets | β | $10.5B | $13.7B | $16.0B | $20.6B | $21.0B | $22.2B |
| Total liabilities | β | $7.6B | $8.9B | $10.5B | $12.5B | $12.5B | $14.0B |
| Shareholders' equity | β$808M | $2.9B | $4.8B | $5.6B | $8.2B | $8.4B | $8.2B |
| Margins | |||||||
| Gross margin | 75.1% | 74.1% | 80.7% | 82.2% | 82.8% | 83.1% | 83.0% |
| Operating margin | β10.4% | β106.3% | 7.2% | 21.5% | 15.3% | 23.0% | 20.8% |
| EBITDA margin | β9.3% | β104.3% | 8.6% | 22.0% | 15.6% | 23.1% | 20.9% |
| Net margin | β14.0% | β135.7% | β5.9% | 22.5% | 48.3% | 23.9% | 20.5% |
| FCF margin | 2.0% | β23.0% | 38.2% | 40.5% | β | β | β |
| Returns | |||||||
| Return on capital employed | β | β | 6.8% | 23.4% | 16.2% | 23.8% | 26.3% |
| Return on equity | β | β | β9.2% | 36.6% | 69.8% | 32.0% | 30.2% |
| Return on assets | β | β | β2.9% | 12.7% | 26.1% | 12.7% | 11.6% |
| Growth | |||||||
| Revenue growth | β | β29.7% | 77.4% | 40.2% | 18.1% | 12.0% | 10.3% |
| Net income growth | β | β | β | β | 153.1% | β44.7% | β5.2% |
| EPS growth | β | β | β | β | 159.5% | β43.2% | β2.0% |
| FCF growth | β | β898.8% | β | 48.8% | β | β | β |
| Share count change | β | 9.0% | 116.9% | 10.4% | β2.7% | β2.6% | β3.4% |
| Financial health | |||||||
| Net debt / EBITDA | β | β | β12.3x | β4.1x | β5.2x | β3.4x | β3.5x |
| Debt / equity | β | 0.6x | 0.4x | 0.4x | 0.2x | 0.2x | 0.2x |
| Interest coverage | β96.9x | β27.6x | 8.6x | 225.3x | 27.6x | 1,276.5x | 1,272.0x |
| Current ratio | β | 1.7x | 2.0x | 1.9x | 1.7x | 1.7x | 1.4x |
| Quick ratio | β | 1.7x | 2.0x | 1.9x | 1.7x | 1.7x | 1.4x |
| Capital allocation | |||||||
| Capex / revenue | 2.6% | 1.1% | 0.4% | 0.3% | β | β | β |
| Stock comp / revenue | 2.0% | 88.9% | 15.0% | 11.1% | 11.3% | 12.7% | 13.0% |
| Payouts / FCF | 0.0% | β | 0.0% | 44.1% | β | β | β |
| Quality scores | |||||||
| Piotroski F-score | β | β | β | 7.0 | 7.0 | 7.0 | 6.0 |
| Altman Z'' | β | β1.4 | 2.1 | 2.9 | 2.7 | 3.1 | 2.1 |
| Accruals ratio | β | β | β22.0% | β10.3% | 5.0% | β9.0% | β9.9% |
Source: SEC EDGAR XBRL filings (CIK 0001559720). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
