Fewer U.S. guests are spending more per visit
- Revenue
- $12.9 bn
- Free cash flow
- −$2.5 bn
- Operating margin
- 24.7%
Product renewal must lift demand without sacrificing margins
Growing payments and services must leave enough profit after customer incentives
- Revenue
- $2.3 bn
- Free cash flow
- $109.1 m
- Operating margin
- -13.4%
EPYC and Instinct growth must justify bigger commitments
New medicines must keep replacing older sales
Fewer U.S. guests are spending more per visit
- Revenue
- $12.9 bn
- Free cash flow
- −$2.5 bn
- Operating margin
- 24.7%
Product renewal must lift demand without sacrificing margins
Growing payments and services must leave enough profit after customer incentives
- Revenue
- $2.3 bn
- Free cash flow
- $109.1 m
- Operating margin
- -13.4%
EPYC and Instinct growth must justify bigger commitments
New medicines must keep replacing older sales
Fewer U.S. guests are spending more per visit
- Revenue
- $12.9 bn
- Free cash flow
- −$2.5 bn
- Operating margin
- 24.7%
Product renewal must lift demand without sacrificing margins
Growing payments and services must leave enough profit after customer incentives
- Revenue
- $2.3 bn
- Free cash flow
- $109.1 m
- Operating margin
- -13.4%
EPYC and Instinct growth must justify bigger commitments
New medicines must keep replacing older sales
Technology comes first. Customer orders must follow.
Advertising demand is strong; cost conversion needs to improve
- Revenue
- $27.4 bn
- Free cash flow
- $3.6 bn
Operating progress must remain useful when price support fades
Processor strength, factory returns unresolved
- Revenue
- $24.9 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 18.6%
Technology comes first. Customer orders must follow.
Advertising demand is strong; cost conversion needs to improve
- Revenue
- $27.4 bn
- Free cash flow
- $3.6 bn
Operating progress must remain useful when price support fades
Processor strength, factory returns unresolved
- Revenue
- $24.9 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 18.6%
Technology comes first. Customer orders must follow.
Advertising demand is strong; cost conversion needs to improve
- Revenue
- $27.4 bn
- Free cash flow
- $3.6 bn
Operating progress must remain useful when price support fades
Processor strength, factory returns unresolved
- Revenue
- $24.9 bn
- Free cash flow
- $1.4 bn
- Operating margin
- 18.6%
Strong refining margins meet a smaller refinery base
- Revenue
- $94.7 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 5.8%
Capacity-return inflection
Higher fees and lending income must outgrow costs and credit losses
- Revenue
- $403.4 bn
- Free cash flow
- $5.7 bn
- Operating margin
- 1.5%
Marketplace profits growing; expansion returns unproven
Strong refining margins meet a smaller refinery base
- Revenue
- $94.7 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 5.8%
Capacity-return inflection
Higher fees and lending income must outgrow costs and credit losses
- Revenue
- $403.4 bn
- Free cash flow
- $5.7 bn
- Operating margin
- 1.5%
Marketplace profits growing; expansion returns unproven
Strong refining margins meet a smaller refinery base
- Revenue
- $94.7 bn
- Free cash flow
- $5.1 bn
- Operating margin
- 5.8%
Capacity-return inflection
Higher fees and lending income must outgrow costs and credit losses
- Revenue
- $403.4 bn
- Free cash flow
- $5.7 bn
- Operating margin
- 1.5%
Marketplace profits growing; expansion returns unproven
- Revenue
- $23.2 bn
- Free cash flow
- $4.9 bn
- Operating margin
- 35.3%
Search and Cloud must earn the growing computing commitment
- Revenue
- $1.6 bn
- Free cash flow
- $207.4 m
- Operating margin
- -3.2%
Deeper adoption, durability unproven
Proven profits, open commitments
- Revenue
- $4.3 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 31.6%
- Revenue
- $23.2 bn
- Free cash flow
- $4.9 bn
- Operating margin
- 35.3%
Search and Cloud must earn the growing computing commitment
- Revenue
- $1.6 bn
- Free cash flow
- $207.4 m
- Operating margin
- -3.2%
Deeper adoption, durability unproven
Proven profits, open commitments
- Revenue
- $4.3 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 31.6%
- Revenue
- $23.2 bn
- Free cash flow
- $4.9 bn
- Operating margin
- 35.3%
Search and Cloud must earn the growing computing commitment
- Revenue
- $1.6 bn
- Free cash flow
- $207.4 m
- Operating margin
- -3.2%
Deeper adoption, durability unproven
Proven profits, open commitments
- Revenue
- $4.3 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 31.6%
Existing businesses are funding an unproven AI expansion
Aircraft recovery still lacks durable returns
- Revenue
- $16.1 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 17%
Price investment faces a durability test
Device sales are growing. Acquired diagnostics must earn their cost.
- Revenue
- $7.7 bn
- Free cash flow
- $2.6 bn
- Operating margin
- 43.4%
Rapid product growth must remain profitable and cash-generative
Existing businesses are funding an unproven AI expansion
Aircraft recovery still lacks durable returns
- Revenue
- $16.1 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 17%
Price investment faces a durability test
Device sales are growing. Acquired diagnostics must earn their cost.
- Revenue
- $7.7 bn
- Free cash flow
- $2.6 bn
- Operating margin
- 43.4%
Rapid product growth must remain profitable and cash-generative
Existing businesses are funding an unproven AI expansion
Aircraft recovery still lacks durable returns
- Revenue
- $16.1 bn
- Free cash flow
- $1.9 bn
- Operating margin
- 17%
Price investment faces a durability test
Device sales are growing. Acquired diagnostics must earn their cost.
- Revenue
- $7.7 bn
- Free cash flow
- $2.6 bn
- Operating margin
- 43.4%
Rapid product growth must remain profitable and cash-generative
Networking profits are improving. Cash has not followed yet.
- Revenue
- $25.9 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 25.2%
Other equipment markets must offset weak large agriculture
Device scale proven, Services profit case open
- Revenue
- $3 bn
- Free cash flow
- $300.1 m
- Operating margin
- 17.4%
New transformation work must replace services technology displaces
Netflix must keep earning viewers' time profitably
Networking profits are improving. Cash has not followed yet.
- Revenue
- $25.9 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 25.2%
Other equipment markets must offset weak large agriculture
Device scale proven, Services profit case open
- Revenue
- $3 bn
- Free cash flow
- $300.1 m
- Operating margin
- 17.4%
New transformation work must replace services technology displaces
Netflix must keep earning viewers' time profitably
Networking profits are improving. Cash has not followed yet.
- Revenue
- $25.9 bn
- Free cash flow
- $1.1 bn
- Operating margin
- 25.2%
Other equipment markets must offset weak large agriculture
Device scale proven, Services profit case open
- Revenue
- $3 bn
- Free cash flow
- $300.1 m
- Operating margin
- 17.4%
New transformation work must replace services technology displaces
Netflix must keep earning viewers' time profitably