Tesla, Inc.
Selected financial measures — level and five-year trend
Selected financial measures — level and five-year trend
Revenue growth
% YoYRevenue growth — five-year track
The tile shows the current value (% YoY) and, below it, how it developed across the recent fiscal years.
- Revenue growth — from 51.40% to -2.90%: FY22 51.40%, FY23 18.80%, FY24 0.90%, FY25 -2.90%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Revenue growth = revenue / prior-year revenue − 1. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Operating margin
EBIT / revenueOperating margin — five-year track
The tile shows the current value (EBIT / revenue) and, below it, how it developed across the recent fiscal years.
- Operating margin — from 12.10% to 4.60%: FY21 12.10%, FY22 16.80%, FY23 9.20%, FY24 7.20%, FY25 4.60%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Operating margin = EBIT / revenue. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
ROIC
NOPAT / invested capitalROIC — five-year track
The tile shows the current value (NOPAT / invested capital) and, below it, how it developed across the recent fiscal years.
- ROIC — from 32.30% to 4.30%: FY21 32.30%, FY22 41.10%, FY23 26.20%, FY24 8.70%, FY25 4.30%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROIC = EBIT·(1 − effective tax rate) / (equity + debt − cash). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Free cash flow
OCF − capexFree cash flow — five-year track
The tile shows the current value (OCF − capex) and, below it, how it developed across the recent fiscal years.
- Free cash flow — from 5.01 to 6.22: FY21 5.01, FY22 7.57, FY23 4.36, FY24 3.58, FY25 6.22
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Free cash flow = operating cash flow − capex, in $bn. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Cash conversion
FCF / OCFCash conversion — five-year track
The tile shows the current value (FCF / OCF) and, below it, how it developed across the recent fiscal years.
- Cash conversion — from 44.00% to 42.00%: FY21 44.00%, FY22 51.00%, FY23 33.00%, FY24 24.00%, FY25 42.00%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
Cash conversion = free cash flow / operating cash flow. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Segment revenue and profit contributions — revenue × margin by segment.
Segment revenue and profit contributions — revenue × margin by segment.
Profit pool
Segment reconciliation & profit
| Segment | Revenue | Gross $ | Gross % |
|---|---|---|---|
| Energy Generation & Storage | 12.77 | 3.80 | 29.8% |
| Automotive | 82.06 | 13.29 | 16.2% |
| Σ Segments | 94.83 | 17.09 | 18.0% |
| Corporate & reconciling | 0.00 | 0.00 | — |
| = Group (consol. P&L) | 94.83 | 17.09 | 18.0% |
| Segment / income-statement line | FY2025 · $bn | % |
|---|---|---|
| Energy Generation & Storage | 12.77 | 29.8% |
| Revenue | 12.77 | 100.0% |
| − Cost of revenue | 8.97 | 70.2% |
| = Gross profit | 3.80 | 29.8% |
| Automotive | 82.06 | 16.2% |
| Revenue | 82.06 | 100.0% |
| − Cost of revenue | 68.76 | 83.8% |
| = Gross profit | 13.29 | 16.2% |
| Σ Segments | 94.83 | — |
| = Group (consol. P&L) | 94.83 | — |
Findings
structure · concentration · cost lever- Automotive is ~87% of revenue at ~16% gross — the wide bar.
- Energy generation & storage is small (~$13bn) but higher-margin (~30%) — a narrow, tall bar.
- Tesla tags segment gross profit + COGS but no segment revenue, so revenue is derived = gross + COGS.
- The ladder stops at gross — no segment operating income is tagged.
Apparatus
sources · limitations · provenance · linksSources
SEC EDGAR companyfacts 10-K (audited) · Segment-XBRL · curated kpi. Every row reconciles to the group.
Limitations
Profit levels by segment: Gross. Segment data annual-only (no LTM).
Provenance
reported derived (yellow tint).
Related
→ Segment-Walk (who) · → Operating-Bridge (why) · → P&L
Income statement — the full earnings ladder, collapsible.
Income statement — the full earnings ladder, collapsible.
| Income statement · $m | Fiscal year · $m | Quarter (fiscal) · $m | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY25 | FY24 | FY23 | FY22 | FY21 | Q1·26 | Q4·25 | Q3·25 | Q2·25 | Q1·25 | Q4·24 | Q3·24 | Q2·24 | |
| Revenue | 94,827 | 97,690 | 96,773 | 81,462 | 53,823 | 22,387 | 24,901 | 28,095 | 22,496 | 19,335 | 25,707 | 25,182 | 25,500 |
| Cost of revenue | 77,733 | 80,240 | 79,113 | 60,609 | 40,217 | 17,667 | 19,892 | 23,041 | 18,618 | 16,182 | 21,528 | 20,185 | 20,922 |
| Gross profit | 17,094 | 17,450 | 17,660 | 20,853 | 13,606 | 4,720 | 5,009 | 5,054 | 3,878 | 3,153 | 4,179 | 4,997 | 4,578 |
| Gross margin % | 18.0% | 17.9% | 18.2% | 25.6% | 25.3% | 21.1% | 20.1% | 18.0% | 17.2% | 16.3% | 16.3% | 19.8% | 18.0% |
| Operating expenses | 12,739 | 10,374 | 8,769 | 7,197 | 7,083 | 3,779 | 3,600 | 3,430 | 2,955 | 2,754 | 2,596 | 2,280 | 2,973 |
| Research and development | 6,411 | 4,540 | 3,969 | 3,075 | 2,593 | 1,946 | 1,783 | 1,630 | 1,589 | 1,409 | 1,276 | 1,039 | 1,074 |
| R&D % of revenue | 6.8% | 4.6% | 4.1% | 3.8% | 4.8% | 8.7% | 7.2% | 5.8% | 7.1% | 7.3% | 5.0% | 4.1% | 4.2% |
| Operating income (EBIT) | 4,355 | 7,076 | 8,891 | 13,656 | 6,523 | 941 | 1,409 | 1,624 | 923 | 399 | 1,583 | 2,717 | 1,605 |
| Operating margin % | 4.6% | 7.2% | 9.2% | 16.8% | 12.1% | 4.2% | 5.7% | 5.8% | 4.1% | 2.1% | 6.2% | 10.8% | 6.3% |
| Other income (expense), net | -419 | 695 | 172 | -43 | 135 | -535 | -592 | -28 | 320 | -119 | 595 | -263 | -80 |
| Income before income taxes | 5,278 | 8,990 | 9,973 | 13,719 | 6,343 | 748 | 1,181 | 1,959 | 1,549 | 589 | 2,524 | 2,791 | 1,787 |
| Provision for income taxes | 1,423 | 1,837 | -5,001 | 1,132 | 699 | 257 | 325 | 570 | 359 | 169 | 381 | 602 | 371 |
| Effective tax rate % | 27.0% | 20.4% | -50.1% | 8.3% | 11.0% | 34.4% | 27.5% | 29.1% | 23.2% | 28.7% | 15.1% | 21.6% | 20.8% |
| Net income | 3,794 | 7,091 | 14,997 | 12,556 | 5,519 | 477 | 840 | 1,373 | 1,172 | 409 | 2,128 | 2,173 | 1,400 |
| Net margin % | 4.0% | 7.3% | 15.5% | 15.4% | 10.3% | 2.1% | 3.4% | 4.9% | 5.2% | 2.1% | 8.3% | 8.6% | 5.5% |
| Diluted earnings per share ($) | 1.08 | 2.04 | 4.30 | 3.62 | 1.63 | 0.13 | — | 0.39 | 0.33 | 0.12 | — | 0.62 | 0.40 |
| Basic earnings per share ($) | 1.18 | 2.23 | 4.73 | 4.02 | 1.87 | 0.15 | — | 0.43 | 0.36 | 0.13 | — | 0.68 | 0.44 |
Balance sheet — assets, liabilities and equity, collapsible.
Balance sheet — assets, liabilities and equity, collapsible.
| Balance sheet · $m | Fiscal year · $m | Quarter (fiscal) · $m | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY25 | FY24 | FY23 | FY22 | FY21 | Q1·26 | Q4·25 | Q3·25 | Q2·25 | Q1·25 | Q4·24 | Q3·24 | Q2·24 | |
| Total assets | 137,806 | 122,070 | 106,618 | 82,338 | 62,131 | 143,724 | 137,806 | 133,735 | 128,567 | 125,111 | 122,070 | 119,852 | 112,832 |
| Total current assets | 68,642 | 58,360 | 49,616 | 40,917 | 27,100 | 69,748 | 68,642 | 64,653 | 61,133 | 59,389 | 58,360 | 56,379 | 52,977 |
| Cash and equivalents | 16,513 | 16,139 | 16,398 | 16,253 | 17,576 | 16,603 | 16,513 | 18,289 | 15,587 | 16,352 | 16,139 | 18,111 | 14,635 |
| Short-term investments | 27,546 | 20,424 | 12,696 | 5,932 | 131 | 28,140 | 27,546 | 23,358 | 21,195 | 20,644 | 20,424 | 15,537 | 16,085 |
| Accounts receivable, net | 4,576 | 4,418 | 3,508 | 2,952 | 1,913 | 3,959 | 4,576 | 4,703 | 3,838 | 3,782 | 4,418 | 3,313 | 3,737 |
| Inventories | 12,392 | 12,017 | 13,626 | 12,839 | 5,757 | 14,434 | 12,392 | 12,276 | 14,570 | 13,706 | 12,017 | 14,530 | 14,195 |
| Other current assets | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other / unclassified, net | 7,615 | 5,362 | 3,388 | 2,941 | 1,723 | 6,612 | 7,615 | 6,027 | 5,943 | 4,905 | 5,362 | 4,888 | 4,325 |
| Total non-current assets | 69,164 | 63,710 | 57,002 | 41,421 | 35,031 | 73,976 | 69,164 | 69,082 | 67,434 | 65,722 | 63,710 | 63,473 | 59,855 |
| Property and equipment, net | — | 35,836 | 29,725 | 23,548 | 18,884 | — | — | 39,407 | 38,574 | 37,088 | 35,836 | 36,116 | 32,902 |
| Goodwill | 257 | 244 | 253 | 194 | 200 | — | 257 | 257 | 258 | 248 | 244 | 253 | 249 |
| Intangible assets, net | — | — | — | — | 242 | — | — | — | — | — | — | — | — |
| Long-term investments | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other long-term assets | 5,045 | 4,609 | 4,531 | 3,865 | 2,138 | 7,490 | 5,045 | 5,860 | 4,857 | 4,942 | 4,609 | 4,989 | 4,458 |
| Other / unclassified, net | 63,862 | 23,021 | 22,493 | 13,814 | 13,567 | 66,486 | 63,862 | 23,558 | 23,745 | 23,444 | 23,021 | 22,115 | 22,246 |
| Total liabilities | 54,941 | 48,390 | 43,009 | 36,440 | 30,548 | 58,922 | 54,941 | 53,019 | 50,495 | 49,693 | 48,390 | 49,142 | 45,569 |
| Total current liabilities | 31,714 | 28,821 | 28,748 | 26,709 | 19,705 | 34,138 | 31,714 | 31,290 | 30,008 | 29,753 | 28,821 | 30,577 | 27,729 |
| Accounts payable | 13,371 | 12,474 | 14,431 | 15,255 | 10,025 | 14,696 | 13,371 | 12,819 | 13,212 | 13,471 | 12,474 | 14,654 | 13,056 |
| Current portion of debt | 1,569 | 2,343 | 1,975 | 1,016 | 1,088 | 1,374 | 1,569 | 1,852 | 1,962 | 2,164 | 2,343 | 2,115 | 2,024 |
| Other current liabilities | 1,932 | 1,549 | 517 | 354 | 310 | 2,131 | 1,932 | 1,846 | 1,613 | 1,352 | 1,549 | 1,543 | 1,022 |
| Other / unclassified, net | 14,842 | 12,455 | 11,825 | 10,084 | 8,282 | 15,937 | 14,842 | 14,773 | 13,221 | 12,766 | 12,455 | 12,265 | 11,627 |
| Total non-current liabilities | 23,227 | 19,569 | 14,261 | 9,731 | 10,843 | 24,784 | 23,227 | 21,729 | 20,487 | 19,940 | 19,569 | 18,565 | 17,840 |
| Long-term debt | 6,584 | 5,535 | 2,682 | 1,029 | 4,254 | 7,645 | 6,584 | 5,609 | 4,994 | 5,080 | 5,535 | 5,275 | 5,338 |
| Other long-term liabilities | 12,860 | 10,495 | 8,153 | 5,330 | 3,546 | 13,155 | 12,860 | 12,205 | 11,543 | 11,038 | 10,495 | 9,810 | 9,002 |
| Other / unclassified, net | 3,783 | 3,539 | 3,426 | 3,372 | 3,043 | 3,984 | 3,783 | 3,915 | 3,950 | 3,822 | 3,539 | 3,480 | 3,500 |
| Stockholders' equity | 82,137 | 72,913 | 62,634 | 44,704 | 30,189 | 84,116 | 82,137 | 79,970 | 77,314 | 74,653 | 72,913 | 69,931 | 66,468 |
| Common stock and paid-in capital | 42,770 | 38,371 | 34,892 | 32,177 | 29,803 | 44,299 | 42,770 | 41,597 | 40,363 | 39,456 | 38,371 | 37,286 | 36,443 |
| Retained earnings | 39,003 | 35,209 | 27,882 | 12,885 | 329 | 39,480 | 39,003 | 38,163 | 36,790 | 35,618 | 35,209 | 33,081 | 30,908 |
| Accumulated other comprehensive income | 361 | -670 | -143 | -361 | 54 | 334 | 361 | 207 | 158 | -424 | -670 | -14 | -467 |
| Other / unclassified, net | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | -422 | -416 |
| Total liabilities and equity | 137,806 | 122,070 | 106,618 | 82,338 | 62,131 | 143,724 | 137,806 | 133,735 | 128,567 | 125,111 | 122,070 | 119,852 | 112,832 |
| Memo — leverage & capital | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total debt | 8,153 | 7,878 | 4,657 | 2,045 | 5,342 | 9,019 | 8,153 | 7,461 | 6,956 | 7,244 | 7,878 | 7,390 | 7,362 |
| Net cash (debt) | 8,360 | 8,261 | 11,741 | 14,208 | 12,234 | 7,584 | 8,360 | 10,828 | 8,631 | 9,108 | 8,261 | 10,721 | 7,273 |
| Equity ratio % | 59.6% | 59.7% | 58.7% | 54.3% | 48.6% | 58.5% | 59.6% | 59.8% | 60.1% | 59.7% | 59.7% | 58.3% | 58.9% |
Cash flow — operating, investing, financing and free cash flow.
Cash flow — operating, investing, financing and free cash flow.
| Cash flow · $m | Fiscal year · $m | Quarter (fiscal) · $m | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY25 | FY24 | FY23 | FY22 | FY21 | Q1·26 | Q4·25 | Q3·25 | Q2·25 | Q1·25 | Q4·24 | Q3·24 | Q2·24 | |
| Net cash from operating activities | 14,747 | 14,923 | 13,256 | 14,724 | 11,497 | 3,937 | 3,813 | 6,238 | 2,540 | 2,156 | 4,814 | 6,255 | — |
| Net income | 3,794 | 7,091 | 14,997 | 12,556 | 5,519 | 477 | 840 | 1,373 | 1,172 | 409 | 2,128 | 2,173 | — |
| Depreciation and amortization | 5,030 | 4,120 | 3,330 | 2,420 | 1,961 | 1,340 | 1,380 | 1,350 | 1,150 | 1,150 | 1,160 | 1,050 | — |
| Stock-based compensation | 2,825 | 1,999 | 1,812 | 1,560 | 2,121 | 1,030 | 954 | 663 | 635 | 573 | 579 | 457 | — |
| Deferred income taxes | 123 | 477 | -6,349 | -196 | -149 | -136 | -111 | 225 | 52 | -43 | 6 | 286 | — |
| Working capital & other, net | 2,975 | 1,236 | -534 | -1,616 | 2,045 | 1,226 | 750 | 2,627 | -469 | 67 | 941 | 2,289 | — |
| Operating cash flow margin % | 15.6% | 15.3% | 13.7% | 18.1% | 21.4% | 17.6% | 15.3% | 22.2% | 11.3% | 11.2% | 18.7% | 24.8% | — |
| Net cash used in investing activities | -15,478 | -18,787 | -15,584 | -11,973 | -7,868 | -5,023 | -6,528 | -4,355 | -2,944 | -1,651 | -7,603 | -2,875 | — |
| Capital expenditures | -8,527 | -11,342 | -8,899 | -7,158 | -6,482 | -2,493 | -2,393 | -2,248 | -2,394 | -1,492 | -2,780 | -3,513 | — |
| Acquisitions, net | -0 | -0 | -64 | -0 | -0 | — | — | — | — | — | -0 | -0 | — |
| Other investing, net | -6,951 | -7,445 | -6,621 | -4,815 | -1,386 | -2,530 | -4,135 | -2,107 | -550 | -159 | -4,823 | 638 | — |
| Net cash from financing activities | 1,139 | 3,853 | 2,589 | -3,527 | -5,203 | 1,172 | 710 | 983 | -222 | -332 | 985 | 132 | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Debt repayments, net | — | — | -1,351 | -3,364 | -14,167 | — | — | — | — | — | — | — | — |
| Other financing, net | 1,139 | 3,853 | 3,940 | -163 | 8,964 | 1,172 | 710 | 983 | -222 | -332 | 985 | 132 | — |
| Effect of exchange rate & other | 171 | -141 | 4 | -444 | -183 | -47 | 37 | -17 | 111 | 40 | -133 | 108 | — |
| Net change in cash | 579 | -152 | 265 | -1,220 | -1,757 | 39 | -1,968 | 2,849 | -515 | 213 | -1,937 | 3,620 | — |
| Free cash flow (OCF − capex) | 6,220 | 3,581 | 4,357 | 7,566 | 5,015 | 1,444 | 1,420 | 3,990 | 146 | 664 | 2,034 | 2,742 | — |
| Free cash flow margin % | 6.6% | 3.7% | 4.5% | 9.3% | 9.3% | 6.5% | 5.7% | 14.2% | 0.6% | 3.4% | 7.9% | 10.9% | — |
| Capital returned (buybacks + dividends) | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Payout % of free cash flow | — | — | — | — | — | — | — | — | — | — | — | — | — |
Change by segment — walk and build-up
Change by segment — walk and build-up
Segment walk — who moved the group number
$bn / ppRevenue by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 97.69 → FY25 94.83, change -2.86.
- Automotive -5.55
- Energy Generation. 2.68
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Revenue by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 96.77 → FY25 94.83, change -1.95.
- Automotive -8.68
- Energy Generation. 6.74
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 17.45 → FY25 17.09, change -0.36.
- Automotive -1.52
- Energy Generation. 1.16
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 17.45 → FY25 17.09, change -0.36.
- Automotive · vol -0.92
- Automotive · marge -0.60
- Energy Generation. · vol 0.75
- Energy Generation. · marge 0.41
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit by Segments — 2024 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY24 17.45 → FY25 17.09, change -0.36.
- Automotive · vol -0.90
- Automotive · marge -0.62
- Energy Generation. · vol 0.80
- Energy Generation. · marge 0.36
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit by Segments — 2024 → 2025
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY24 17.86pp → FY25 18.03pp, change 0.16pp.
- Automotive -0.54pp
- Energy Generation. 0.71pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 17.66 → FY25 17.09, change -0.57.
- Automotive -3.23
- Energy Generation. 2.66
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 17.66 → FY25 17.09, change -0.57.
- Automotive · vol -1.49
- Automotive · marge -1.73
- Energy Generation. · vol 1.64
- Energy Generation. · marge 1.02
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit by Segments — 2023 → 2025
Who moved the group number? The bridge distributes the change across the individual members and closes exactly on the reported group figure via a residual item.
Shown: FY23 17.66 → FY25 17.09, change -0.57.
- Automotive · vol -1.41
- Automotive · marge -1.82
- Energy Generation. · vol 2.01
- Energy Generation. · marge 0.66
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Each segment additionally split into volume and margin (margin-first: vol = Δrev·m₁, margin = r₀·Δm). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit by Segments — 2023 → 2025
How many percentage points of group margin does each segment contribute? A segment acts through two channels: its profit contribution and its revenue weight — both sit inside its bar.
Shown: FY23 18.25pp → FY25 18.03pp, change -0.22pp.
- Automotive -1.72pp
- Energy Generation. 1.50pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Segment values from the EDGAR segment axis, operating rows only (OperatingSegments preferred so nothing double-counts); group anchor from the consolidated P&L. Per-segment contribution to group margin, order-neutral: c = ½·(1/R₀+1/R₁)·ΔP − ½·(P₀+P₁)/(R₀R₁)·ΔR. The residual Corporate & elim. carries central costs and intersegment eliminations. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Segment build-up — Revenue
$bn| $bn | FY23 | FY24 | FY25 | Δ | Anteil |
|---|---|---|---|---|---|
| Automotive | 90.74 | 87.60 | 82.06 | -5.55 | 87% |
| Energy Generation & Storage | 6.04 | 10.09 | 12.77 | +2.68 | 13% |
| Group (Revenue) | 96.77 | 97.69 | 94.83 | -2.86 | 100% |
Change in profit — volume, margin and cost components
Change in profit — volume, margin and cost components
Driver walk — volume, margin and the cost drivers behind it
$bn / ppGross profit — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 17.45 → FY25 17.09, change -0.36.
- Volume -0.52
- Margin 0.16
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 17.45 → FY25 17.09, change -0.36.
- Volume -0.51
- Margin 0.16
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 17.45 → FY25 17.09, change -0.36.
- Volume -0.52
- Cost of revenue 0.16
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 17.45 → FY25 17.09, change -0.36.
- Volume -0.51
- Cost of revenue 0.16
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 17.86% → FY25 18.03%, change 0.16%.
- Cost of revenue 0.16%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 17.66 → FY25 17.09, change -0.57.
- Volume -0.35
- Margin -0.22
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 17.66 → FY25 17.09, change -0.57.
- Volume -0.35
- Margin -0.21
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 17.66 → FY25 17.09, change -0.57.
- Volume -0.35
- Cost of revenue -0.22
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 17.66 → FY25 17.09, change -0.57.
- Volume -0.35
- Cost of revenue -0.21
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 18.25% → FY25 18.03%, change -0.22%.
- Cost of revenue -0.22%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 20.85 → FY25 17.09, change -3.76.
- Volume 2.41
- Margin -6.17
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 20.85 → FY25 17.09, change -3.76.
- Volume 2.92
- Margin -6.67
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 20.85 → FY25 17.09, change -3.76.
- Volume 2.41
- Cost of revenue -6.17
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 20.85 → FY25 17.09, change -3.76.
- Volume 2.92
- Cost of revenue -6.67
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross profit — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 25.60% → FY25 18.03%, change -7.57%.
- Cost of revenue -7.57%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.08 → FY25 4.36, change -2.72.
- Volume -0.13
- Margin -2.59
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.08 → FY25 4.36, change -2.72.
- Volume -0.17
- Margin -2.55
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.08 → FY25 4.36, change -2.72.
- Volume -0.13
- Cost of revenue 0.16
- R&D -2.06
- G&A -0.86
- Other operating expenses 0.18
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.08 → FY25 4.36, change -2.72.
- Volume -0.17
- Cost of revenue 0.16
- R&D -2.03
- G&A -0.85
- Other operating expenses 0.17
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 7.24% → FY25 4.59%, change -2.65%.
- Cost of revenue 0.16%
- R&D -2.11%
- G&A -0.88%
- Other operating expenses 0.18%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 8.89 → FY25 4.36, change -4.54.
- Volume -0.09
- Margin -4.45
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 8.89 → FY25 4.36, change -4.54.
- Volume -0.13
- Margin -4.40
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 8.89 → FY25 4.36, change -4.54.
- Volume -0.09
- Cost of revenue -0.22
- R&D -2.57
- G&A -1.15
- Other operating expenses -0.50
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 8.89 → FY25 4.36, change -4.54.
- Volume -0.13
- Cost of revenue -0.21
- R&D -2.55
- G&A -1.14
- Other operating expenses -0.50
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 9.19% → FY25 4.59%, change -4.59%.
- Cost of revenue -0.22%
- R&D -2.66%
- G&A -1.19%
- Other operating expenses -0.52%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.66 → FY25 4.36, change -9.30.
- Volume 0.61
- Margin -9.91
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.66 → FY25 4.36, change -9.30.
- Volume 1.43
- Margin -10.73
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.66 → FY25 4.36, change -9.30.
- Volume 0.61
- Cost of revenue -6.17
- R&D -2.43
- G&A -1.07
- Other operating expenses -0.25
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.66 → FY25 4.36, change -9.30.
- Volume 1.43
- Cost of revenue -6.67
- R&D -2.63
- G&A -1.15
- Other operating expenses -0.27
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
EBIT — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 16.76% → FY25 4.59%, change -12.17%.
- Cost of revenue -7.57%
- R&D -2.99%
- G&A -1.31%
- Other operating expenses -0.30%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 8.93 → FY25 5.22, change -3.71.
- Volume -0.16
- Margin -3.55
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 8.93 → FY25 5.22, change -3.71.
- Volume -0.21
- Margin -3.50
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 8.93 → FY25 5.22, change -3.71.
- Volume -0.16
- Cost of revenue 0.16
- R&D -2.06
- G&A -0.86
- Other operating expenses 0.18
- Non-operating, net -0.96
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 8.93 → FY25 5.22, change -3.71.
- Volume -0.21
- Cost of revenue 0.16
- R&D -2.03
- G&A -0.85
- Other operating expenses 0.17
- Non-operating, net -0.95
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 9.14% → FY25 5.50%, change -3.64%.
- Cost of revenue 0.16%
- R&D -2.11%
- G&A -0.88%
- Other operating expenses 0.18%
- Non-operating, net -0.99%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 10.00 → FY25 5.22, change -4.78.
- Volume -0.11
- Margin -4.67
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 10.00 → FY25 5.22, change -4.78.
- Volume -0.15
- Margin -4.62
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 10.00 → FY25 5.22, change -4.78.
- Volume -0.11
- Cost of revenue -0.22
- R&D -2.57
- G&A -1.15
- Other operating expenses -0.50
- Non-operating, net -0.23
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 10.00 → FY25 5.22, change -4.78.
- Volume -0.15
- Cost of revenue -0.21
- R&D -2.55
- G&A -1.14
- Other operating expenses -0.50
- Non-operating, net -0.22
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 10.33% → FY25 5.50%, change -4.83%.
- Cost of revenue -0.22%
- R&D -2.66%
- G&A -1.19%
- Other operating expenses -0.52%
- Non-operating, net -0.23%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.69 → FY25 5.22, change -8.47.
- Volume 0.74
- Margin -9.21
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.69 → FY25 5.22, change -8.47.
- Volume 1.49
- Margin -9.96
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.69 → FY25 5.22, change -8.47.
- Volume 0.74
- Cost of revenue -6.17
- R&D -2.43
- G&A -1.07
- Other operating expenses -0.25
- Non-operating, net 0.71
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 13.69 → FY25 5.22, change -8.47.
- Volume 1.49
- Cost of revenue -6.67
- R&D -2.63
- G&A -1.15
- Other operating expenses -0.27
- Non-operating, net 0.77
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Pre-tax — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 16.80% → FY25 5.50%, change -11.30%.
- Cost of revenue -7.57%
- R&D -2.99%
- G&A -1.31%
- Other operating expenses -0.30%
- Non-operating, net 0.87%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.09 → FY25 3.79, change -3.30.
- Volume -0.11
- Margin -3.18
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.09 → FY25 3.79, change -3.30.
- Volume -0.16
- Margin -3.14
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.09 → FY25 3.79, change -3.30.
- Volume -0.11
- Cost of revenue 0.16
- R&D -2.06
- G&A -0.86
- Other operating expenses 0.18
- Non-operating, net -0.96
- Income tax 0.37
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2024 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY24 7.09 → FY25 3.79, change -3.30.
- Volume -0.16
- Cost of revenue 0.16
- R&D -2.03
- G&A -0.85
- Other operating expenses 0.17
- Non-operating, net -0.95
- Income tax 0.37
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — margin bridge 2024 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY24 7.26% → FY25 4.00%, change -3.26%.
- Cost of revenue 0.16%
- R&D -2.11%
- G&A -0.88%
- Other operating expenses 0.18%
- Non-operating, net -0.99%
- Income tax 0.38%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 15.00 → FY25 3.79, change -11.20.
- Volume -0.08
- Margin -11.13
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 15.00 → FY25 3.79, change -11.20.
- Volume -0.19
- Margin -11.01
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 15.00 → FY25 3.79, change -11.20.
- Volume -0.08
- Cost of revenue -0.22
- R&D -2.57
- G&A -1.15
- Other operating expenses -0.50
- Non-operating, net -0.23
- Income tax -6.45
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2023 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY23 15.00 → FY25 3.79, change -11.20.
- Volume -0.19
- Cost of revenue -0.21
- R&D -2.55
- G&A -1.14
- Other operating expenses -0.50
- Non-operating, net -0.22
- Income tax -6.39
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — margin bridge 2023 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY23 15.50% → FY25 4.00%, change -11.50%.
- Cost of revenue -0.22%
- R&D -2.66%
- G&A -1.19%
- Other operating expenses -0.52%
- Non-operating, net -0.23%
- Income tax -6.67%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 12.56 → FY25 3.79, change -8.76.
- Volume 0.53
- Margin -9.30
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 12.56 → FY25 3.79, change -8.76.
- Volume 1.30
- Margin -10.06
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 12.56 → FY25 3.79, change -8.76.
- Volume 0.53
- Cost of revenue -6.17
- R&D -2.43
- G&A -1.07
- Other operating expenses -0.25
- Non-operating, net 0.71
- Income tax -0.09
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin margin-first: vol = Δrev·m₁, margin = r₀·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — profit bridge 2022 → 2025
Why profit moved: profit = revenue × margin. The bridge separates the volume effect from the margin effect and breaks the margin effect into the individual cost blocks.
Shown: FY22 12.56 → FY25 3.79, change -8.76.
- Volume 1.30
- Cost of revenue -6.67
- R&D -2.63
- G&A -1.15
- Other operating expenses -0.27
- Non-operating, net 0.77
- Income tax -0.10
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Volume/margin by Shapley: vol = ½·Δrev·(m₀+m₁), margin = ½·(r₀+r₁)·Δm. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Net income — margin bridge 2022 → 2025
The same question in percentage points of margin. The volume effect is necessarily absent — more revenue alone does not change the margin; what remains are the cost ratios.
Shown: FY22 15.41% → FY25 4.00%, change -11.41%.
- Cost of revenue -7.57%
- R&D -2.99%
- G&A -1.31%
- Other operating expenses -0.30%
- Non-operating, net 0.87%
- Income tax -0.11%
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
A cost step contributes −Rev₀·Δ(step/Rev); tagged sub-lines are shown individually and reconcile to the step. Consolidated P&L, annual durations only. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Common-size P&L — the two compared years
$bn · % of revenue| $bn | FY24 | FY25 | % rev FY24 | % rev FY25 | Δpp |
|---|---|---|---|---|---|
| Revenue | 97.69 | 94.83 | 100.0% | 100.0% | +0.0pp |
| Cost of revenue | 80.24 | 77.73 | 82.1% | 82.0% | -0.2pp |
| Gross profit | 17.45 | 17.09 | 17.9% | 18.0% | +0.2pp |
| R&D | 4.54 | 6.41 | 4.6% | 6.8% | +2.1pp |
| G&A / SG&A | 5.15 | 5.83 | 5.3% | 6.2% | +0.9pp |
| Operating income (EBIT) | 7.08 | 4.36 | 7.2% | 4.6% | -2.7pp |
| Income tax | 1.84 | 1.42 | 1.9% | 1.5% | -0.4pp |
| Net income | 7.09 | 3.79 | 7.3% | 4.0% | -3.3pp |
From pre-tax result to the bottom line — tax and exceptional effects
From pre-tax result to the bottom line — tax and exceptional effects
Financing & tax — from operating result to the bottom line
$bnFrom operating result to the bottom line — 2024 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY24 7.09 → FY25 3.79, change -3.30.
- Operating (ΔEBIT) -2.72
- Non-operating -0.99
- Tax rate -0.35
- Tax on higher base 0.76
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate 20.6 % → 27.3 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
From operating result to the bottom line — 2023 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY23 15.00 → FY25 3.79, change -11.20.
- Operating (ΔEBIT) -4.54
- Non-operating -0.24
- Tax rate -4.03
- Tax on higher base -2.39
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate -50.0 % → 27.3 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
From operating result to the bottom line — 2022 → 2025
What happens between EBIT and net income: non-operating result and tax. Tax is separated into two causes — a different rate and a larger base are two different things.
Shown: FY22 12.56 → FY25 3.79, change -8.76.
- Operating (ΔEBIT) -9.30
- Non-operating 0.83
- Tax rate -0.99
- Tax on higher base 0.70
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Effective tax rate 8.3 % → 27.3 %. Rate effect = −EBT₁·Δr, higher-base effect = −ΔEBT·r₀; together they equal the tax change exactly. Effective rate = (EBT − net) / EBT. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Exceptionals — reported versus adjusted
$bnReported versus adjusted — 2025
What remains of operating profit once one-off items are taken out? Each bar is a special item being reversed.
Shown: EBIT 4.36 → adjusted 4.75, change 0.39.
- Restructuring 0.39
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains.
Expense items (restructuring, impairments, acquisition costs) are added back, gains (disposal gains) subtracted. Only items the firm actually tags for that year appear — the selection is not curated, it follows the filing. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Reported versus adjusted — 2025
What remains of operating profit once one-off items are taken out? Each bar is a special item being reversed.
Shown: EBIT 4.36 → adjusted 4.75, change 0.39.
- Restructuring 0.39
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains.
Expense items (restructuring, impairments, acquisition costs) are added back, gains (disposal gains) subtracted. Only items the firm actually tags for that year appear — the selection is not curated, it follows the filing. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Reported versus adjusted — 2025
What remains of operating profit once one-off items are taken out? Each bar is a special item being reversed.
Shown: EBIT 4.36 → adjusted 4.75, change 0.39.
- Restructuring 0.39
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains.
Expense items (restructuring, impairments, acquisition costs) are added back, gains (disposal gains) subtracted. Only items the firm actually tags for that year appear — the selection is not curated, it follows the filing. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Debt / EBITDA — figure, bridge, evidence
Debt / EBITDA — figure, bridge, evidence
Gross debt / EBITDA — two effects — nesting explains net debt, not gross
×Gross debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 0.49× → FY25 0.70×, change 0.21×.
- Δ Net debt 0.10×
- Δ EBITDA 0.10×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2024 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY24 0.49× → FY25 0.70×, change 0.21×.
- Δ Net debt 0.09×
- Δ EBITDA 0.11×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 0.22× → FY25 0.70×, change 0.48×.
- Δ Net debt 0.37×
- Δ EBITDA 0.11×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2023 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY23 0.22× → FY25 0.70×, change 0.48×.
- Δ Net debt 0.32×
- Δ EBITDA 0.16×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 0.06× → FY25 0.70×, change 0.64×.
- Δ Net debt 0.47×
- Δ EBITDA 0.17×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Order-neutral Shapley split: debt effect = ½·(ND₁−ND₀)·(1/E₀+1/E₁), EBITDA effect = ½·(ND₀+ND₁)·(1/E₁−1/E₀). Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Gross debt / EBITDA — bridge 2022 → 2025
Why leverage moved: the measure is a ratio, so two channels act on it — the debt stock in the numerator and EBITDA in the denominator. The bridge separates them.
Shown: FY22 0.06× → FY25 0.70×, change 0.64×.
- Δ Net debt 0.35×
- Δ EBITDA 0.29×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Stepwise split: first the debt stock at the old EBITDA, then EBITDA at the new debt stock. Net debt = gross debt − cash; EBITDA = EBIT + D&A (where EBIT is not tagged: pre-tax income + D&A). Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 0.48× → Q1·26 0.76×, change 0.28×.
- Δ Net debt 0.25×
- Δ EBITDA 0.03×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Leverage / EBITDA — LTM bridge 2025-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·25 0.48× → Q1·26 0.76×, change 0.28×.
- Δ Net debt 0.24×
- Δ EBITDA 0.04×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 0.25× → Q1·26 0.76×, change 0.51×.
- Δ Net debt 0.47×
- Δ EBITDA 0.04×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Leverage / EBITDA — LTM bridge 2024-03 → 2026-03
The same measure on a rolling basis: quarter-end debt against the last four quarters of EBITDA. It shows movement the annual view hides.
Shown: Q1·24 0.25× → Q1·26 0.76×, change 0.51×.
- Δ Net debt 0.45×
- Δ EBITDA 0.06×
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
LTM = four rolling quarters. Quarterly values are unwound from cumulative year-to-date filings (Q2 = H1 − Q1, Q3 = 9M − H1, Q4 = FY − 9M); every four-quarter sum ties to the reported fiscal year. Nesting is unavailable here because the cash-flow items exist only as annual figures. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Build-up — debt, cash, earnings
$bn| $bn | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Gross debt | 8.5 | 4.3 | 1.0 | 2.7 | 5.5 | 6.6 |
| − Cash and equivalents | 19.4 | 17.6 | 16.3 | 16.4 | 16.1 | 16.5 |
| = Net debt | -10.9 | -13.3 | -15.2 | -13.7 | -10.6 | -9.9 |
| EBITDA | 3.6 | 8.4 | 16.1 | 12.2 | 11.2 | 9.4 |
| Net debt / EBITDA | -3.06× | -1.58× | -0.95× | -1.12× | -0.95× | -1.06× |
| Gross debt / EBITDA | 2.37× | 0.50× | 0.06× | 0.22× | 0.49× | 0.70× |
Returns on capital — ROE, ROIC, ROA and their decomposition
Returns on capital — ROE, ROIC, ROA and their decomposition
Returns — ROE, ROIC, ROA and what drives them
%ROE over time
What does the shareholders' equity earn?
- ROE — from 18.30% to 4.60%: FY21 18.30%, FY22 28.10%, FY23 23.90%, FY24 9.70%, FY25 4.60%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROE = net income / equity (point-in-time). All inputs from the same statement layer as the P&L and balance sheet. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
ROIC over time
What does total invested capital earn — regardless of whether it is funded by equity or debt?
- ROIC — from 32.30% to 4.30%: FY21 32.30%, FY22 41.10%, FY23 26.20%, FY24 8.70%, FY25 4.30%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROIC = EBIT·(1 − effective tax rate) / (equity + debt − cash). The rate comes from tax expense / pre-tax income. All inputs from the same statement layer as the P&L and balance sheet. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
ROA over time
What do total assets earn?
- ROA — from 8.90% to 2.80%: FY21 8.90%, FY22 15.20%, FY23 14.10%, FY24 5.80%, FY25 2.80%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROA = net income / total assets (point-in-time). All inputs from the same statement layer as the P&L and balance sheet. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Returns compared
The same years, three denominators: equity, invested capital, total assets. The gap between ROE and ROIC shows how much the capital lever contributes.
- ROE — from 18.30% to 4.60%: FY21 18.30%, FY22 28.10%, FY23 23.90%, FY24 9.70%, FY25 4.60%
- ROIC — from 32.30% to 4.30%: FY21 32.30%, FY22 41.10%, FY23 26.20%, FY24 8.70%, FY25 4.30%
- ROA — from 8.90% to 2.80%: FY21 8.90%, FY22 15.20%, FY23 14.10%, FY24 5.80%, FY25 2.80%
Each series is one measure across the fiscal years; the points are reported or directly derived annual values, not smoothed.
ROE = net/equity · ROIC = EBIT·(1−tax rate)/(equity+debt−cash) · ROA = net/assets. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY24 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 9.73pp → ROE 4.62pp, change -5.11pp.
- Margin -4.06pp
- Asset turnover -1.06pp
- Equity multiplier 0.02pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 7.3 % → 4.0 %, turnover 0.80 → 0.69, multiplier 1.67 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY24 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 9.73pp → ROE 4.62pp, change -5.11pp.
- Margin -4.06pp
- Asset turnover -1.06pp
- Equity multiplier 0.02pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 7.3 % → 4.0 %, turnover 0.80 → 0.69, multiplier 1.67 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY24 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 9.73pp → ROE 4.62pp, change -5.11pp.
- Margin -4.06pp
- Asset turnover -1.06pp
- Equity multiplier 0.02pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 7.3 % → 4.0 %, turnover 0.80 → 0.69, multiplier 1.67 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY24 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 9.73pp → ROE 4.62pp, change -5.11pp.
- Margin -4.06pp
- Asset turnover -1.06pp
- Equity multiplier 0.02pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 7.3 % → 4.0 %, turnover 0.80 → 0.69, multiplier 1.67 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY23 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 23.94pp → ROE 4.62pp, change -19.32pp.
- Margin -15.51pp
- Asset turnover -3.62pp
- Equity multiplier -0.20pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.5 % → 4.0 %, turnover 0.91 → 0.69, multiplier 1.70 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY23 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 23.94pp → ROE 4.62pp, change -19.32pp.
- Margin -15.51pp
- Asset turnover -3.62pp
- Equity multiplier -0.20pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.5 % → 4.0 %, turnover 0.91 → 0.69, multiplier 1.70 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY23 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 23.94pp → ROE 4.62pp, change -19.32pp.
- Margin -15.51pp
- Asset turnover -3.62pp
- Equity multiplier -0.20pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.5 % → 4.0 %, turnover 0.91 → 0.69, multiplier 1.70 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY23 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 23.94pp → ROE 4.62pp, change -19.32pp.
- Margin -15.51pp
- Asset turnover -3.62pp
- Equity multiplier -0.20pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.5 % → 4.0 %, turnover 0.91 → 0.69, multiplier 1.70 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY22 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 28.09pp → ROE 4.62pp, change -23.47pp.
- Margin -16.89pp
- Asset turnover -5.19pp
- Equity multiplier -1.38pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.4 % → 4.0 %, turnover 0.99 → 0.69, multiplier 1.84 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY22 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 28.09pp → ROE 4.62pp, change -23.47pp.
- Margin -16.89pp
- Asset turnover -5.19pp
- Equity multiplier -1.38pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.4 % → 4.0 %, turnover 0.99 → 0.69, multiplier 1.84 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY22 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 28.09pp → ROE 4.62pp, change -23.47pp.
- Margin -16.89pp
- Asset turnover -5.19pp
- Equity multiplier -1.38pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.4 % → 4.0 %, turnover 0.99 → 0.69, multiplier 1.84 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
DuPont: why return on equity moved — FY22 → FY25
ROE is a product of three factors: margin (how much of revenue is kept), asset turnover (how much revenue per balance-sheet dollar) and the equity multiplier (how much balance sheet per equity dollar). The bridge shows which of the three carried the move.
Shown: ROE 28.09pp → ROE 4.62pp, change -23.47pp.
- Margin -16.89pp
- Asset turnover -5.19pp
- Equity multiplier -1.38pp
Left to right: the first bar is the opening value, the middle bars are changes (up = increasing, down = decreasing), the last is the closing value. The changes sum to the difference exactly — no unexplained residual remains. The value axis is broken near zero so the contributions stay visible next to the large opening and closing bars; bar lengths are therefore not proportional to absolute value.
Margin 15.4 % → 4.0 %, turnover 0.99 → 0.69, multiplier 1.84 → 1.68. Order-neutral Shapley decomposition of a three-factor product: φ_a = Δa·[b₀c₀/3 + (b₀c₁+b₁c₀)/6 + b₁c₁/3], likewise for b and c — the three contributions equal the ROE change exactly. Source: SEC EDGAR companyfacts (fully loaded); annual and quarterly durations identified by period length.
Findings, method and provenance
- Return on equity 4.6% (-5.1pp vs FY24).
- DuPont. margin -4.1pp, asset turnover -1.1pp, equity multiplier +0.0pp — margin did the most work. Margin 7.3% → 4.0%, turnover 0.80 → 0.69×, multiplier 1.67 → 1.68×.
- ROIC 4.3% — NOPAT (EBIT at the effective tax rate) over equity plus debt less cash; the measure that ignores how the mix is financed.
- Capital returned — none: TSLA tags neither repurchases nor dividends in the latest year. Cash stays in the business.
All inputs from the same statement layer as the P&L, balance sheet and cash-flow slides. ROE = net income / equity · ROA = net income / assets · ROIC = EBIT·(1 − effective tax rate) / (equity + debt − cash). DuPont splits ΔROE into margin × asset turnover × equity multiplier using the order-neutral Shapley decomposition for a three-factor product — the three contributions sum to the ROE change exactly.
Free cash flow and capital returned
Free cash flow and capital returned
Capital returns — none
TSLA tags neither share repurchases nor dividends in these years — no cash is returned to shareholders. That is a finding, not a missing number.
Cash hierarchy — from operating cash flow to distributions
$bn / %| FY25 | FY24 | FY23 | FY22 | FY21 | |
|---|---|---|---|---|---|
| Operating cash flow | 14.7 | 14.9 | 13.3 | 14.7 | 11.5 |
| − Capex | 8.5 | 11.3 | 8.9 | 7.2 | 6.5 |
| = Free cash flow | 6.2 | 3.6 | 4.4 | 7.6 | 5.0 |
| Dividends | — | — | — | — | — |
| Share repurchases | — | — | — | — | — |
| = Total distributions | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Distributions / FCF | 0 % | 0 % | 0 % | 0 % | 0 % |
| Distributions / net income | 0 % | 0 % | 0 % | 0 % | 0 % |
Automatically generated quantitative observations
Automatically generated quantitative observations
Selected by rule, not phrased freely: candidates are ranked by size of change and data quality, at most one observation per measure family. Each names start value, end value, change and the evidence page.
- Net income fell from 7.1bn in FY24 to 3.8bn in FY25, a change of -46.5 %. See page 5.
- Operating profit fell from 7.1bn in FY24 to 4.4bn in FY25, a change of -38.5 %. See page 5.
- Total assets rose from 122.1bn in FY24 to 137.8bn in FY25, a change of +12.9 %. See page 6.
- Equity rose from 72.9bn in FY24 to 82.1bn in FY25, a change of +12.7 %. See page 6.
- Revenue fell from 97.7bn in FY24 to 94.8bn in FY25, a change of -2.9 %. See page 5.
- Operating cash flow fell from 14.9bn in FY24 to 14.7bn in FY25, a change of -1.2 %. See page 7.
Data notes
- Single quarters are unwound from cumulative filings; the four quarters sum to the reported fiscal year.
Data provenance and concept ledger
Data provenance and concept ledger
Concept ledger — from a deck line back to the filing
us-gaap| Line | resolved us-gaap tag | facts | state | rest of the chain |
|---|---|---|---|---|
| rev | RevenueFromContractWithCustomerExcludingAssessedTax | 29 | resolved | Revenues, RevenueFromContractWithCustomerIncludingAssessedTax |
| cogs | CostOfRevenue | 97 | resolved | CostOfGoodsAndServicesSold, CostOfGoodsSold |
| gross | GrossProfit | 109 | resolved | — |
| rnd | ResearchAndDevelopmentExpense | 97 | resolved | — |
| sm | — | — | not tagged | SellingAndMarketingExpense, MarketingExpense |
| ga | — | — | not tagged | GeneralAndAdministrativeExpense |
| sga | SellingGeneralAndAdministrativeExpense | 97 | resolved | — |
| opex | OperatingExpenses | 97 | resolved | CostsAndExpenses |
| ebit | OperatingIncomeLoss | 97 | resolved | — |
| other | OtherNonoperatingIncomeExpense | 97 | resolved | NonoperatingIncomeExpense |
| pretax | IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | 97 | resolved | IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments |
| tax | IncomeTaxExpenseBenefit | 97 | resolved | — |
| net | NetIncomeLoss | 109 | resolved | ProfitLoss |
| epsd | EarningsPerShareDiluted | 64 | resolved | — |
| epsb | EarningsPerShareBasic | 64 | resolved | — |
Loaded: 13,242 facts across 714 concepts for CIK 0001318605. The chain is tried in order; the first tag with a value for 2025-12-31 wins — that is how one report stays readable across firms that report the same measure under different tags.
Report an error or missing source
Source coverage
Every row is bound to something that is actually in the database or in the built artifact. Missing is a valid state — the gap is shown, not bridged.
| Layer | State | What it rests on |
|---|---|---|
| SEC / XBRL facts | ● Available | snapshot.source=edgar · 24131 Fakten im Register |
| Income statement, balance sheet, cash flow | ● Available | Folien GuV · Bilanz · Kapitalfluss |
| Segments | ● Available | Folie Segmente |
| Change decomposition | ● Available | Folien driver_walk_v2 · leverage_walk_v3 · segment_walk_v2 |
| Provenance and concept register | ● Available | Folie provenance · Konzeptregister |
| ARPY normalised model | ○ Missing | dieser Lauf kommt aus EDGAR, nicht aus einem ARPY-Modell |
| Management commentary (MD&A) | ○ Missing | MD&A-Extraktion ist nicht gebaut — kein Management-Claim ohne Zitat und Anker |
| Comparable peers | ○ Missing | kein Peer-Set im Lauf — operative Benchmarks folgen dem Comparables-Modul |
| Languages | ● Available | de · en · fa · ja |
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