Earnings History
EPS actual vs estimate, surprise %, beat rate, next earnings date
14
Avg Surprise-1.2%
Period
Report
EPS Actual
EPS Est
Surprise
June 30, 2026
Sep 3, 2026
$1.74
$1.65
5.3%
March 31, 2026
Jun 2, 2026
$1.90
$1.59
19.4%
Dec. 31, 2025
$0.85
$1.56
-45.3%
Sept. 30, 2025
$1.19
$2.00
-40.4%
June 30, 2025
$2.71
$2.15
25.9%
March 31, 2025
$2.34
$1.52
54.0%
Dec. 31, 2024
$1.30
$1.79
-27.5%
Full Fundamentals
All metrics by year — income statement, balance sheet, cash flow
15
Income Statement16
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Revenue
$10.37B
$10.56B
$12.00B
$12.70B
$14.58B
$15.02B
$17.02B
$13.41B
$8.89B
$3.71B
$134M
$45M
Cost of Revenue
$6.45B
$6.45B
$7.03B
$7.42B
$8.38B
$7.98B
$8.49B
$7.18B
$4.37B
$1.62B
$30M
$16M
R&D Expense
·
·
·
·
$1.13B
$1.17B
$1.10B
$761M
$346M
$209M
·
·
SG&A Expense
$455M
$508M
$502M
$596M
$625M
$763M
$1.53B
$640M
$422M
$260M
$23M
$10M
Operating Expenses
$9.05B
$9.09B
$9.83B
$11.10B
$17.14B
$12.72B
$13.81B
$10.40B
$6.61B
$2.73B
$129M
$71M
Operating Income
$1.35B
$1.53B
$2.31B
$1.63B
$-2.39B
$2.53B
$3.55B
$3.27B
$2.43B
$975M
$6M
$-26M
Interest Expense
$72M
$128M
$62M
$84M
$74M
$79M
$79M
$57M
·
·
·
·
Interest Income
$374M
$511M
$436M
$369M
$384M
$444M
$408M
$273M
$146M
$55M
$8M
$722.0K
Pretax Income
$1.66B
$1.83B
$2.65B
$2.03B
$-2.10B
$2.90B
$3.87B
$3.44B
$2.55B
$990M
$13M
$-25M
Income Tax
$843M
$845M
$630M
$562M
$823M
$756M
$884M
$700M
$445M
$35M
$92.0K
$0
Net Income
$804M
$1.04B
$1.96B
$1.48B
$-2.91B
$2.10B
$2.97B
$2.82B
$2.15B
$979M
$14M
$-25M
EPS (Basic)
$2.42
$2.81
$5.18
$3.80
$-7.20
$5.05
$7.15
$6.92
$5.44
$2.54
$0.04
$-0.97
EPS (Diluted)
$2.37
$2.78
$4.92
$3.65
$-7.20
$4.83
$6.76
$6.59
$5.17
$2.41
$0.03
$-0.97
Shares (Basic)
332,356,281
369,312,997
377,639,399
390,176,367
404,701,910
416,914,898
415,316,627
407,009,875
394,549,323
377,335,923
342,646,282
85,293,775
Shares (Diluted)
338,597,079
373,591,974
401,833,328
423,810,279
404,701,910
452,081,642
451,206,091
433,083,643
415,265,078
407,041,165
401,396,548
85,293,775
EBITDA
$1.35B
$1.53B
$2.31B
$1.63B
$-2.39B
$2.53B
$3.55B
$3.27B
$361M
$144M
$6M
$-26M
Balance Sheet27
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Cash & Equivalents
$5.32B
$4.12B
$5.62B
$5.02B
$5.57B
$3.36B
$2.61B
$2.47B
$4.46B
$258M
$169M
$451M
Short-term Investments
$125M
$0
$0
$300M
$0
·
·
·
$10M
·
·
·
Receivables
$246M
$192M
$202M
$189M
$205M
$201M
$265M
$720M
$258M
$36M
$15M
$7M
Prepaid Expense
$791M
$1.10B
$723M
$820M
$775M
$614M
$599M
$621M
$538M
$33M
$18M
$8M
Current Assets
$9.74B
$12.01B
$7.83B
$11.72B
$9.41B
$11.75B
$15.79B
$12.63B
$7.73B
$720M
$504M
$466M
PP&E (Net)
$1.42B
$897M
$659M
$173M
$181M
$266M
$346M
$388M
$259M
$14M
$16M
$10M
Accum. Depreciation
$899M
$1.03B
$993M
$957M
$868M
$733M
$530M
$339M
$186M
$19M
$10M
$4M
Goodwill
$596M
$136M
$0
$0
$0
$4.09B
$4.36B
$4.31B
$22M
·
·
·
Intangibles
$241M
$87M
$17M
$22M
$27M
$687M
$890M
$1.04B
$49M
·
·
·
Other Non-current Assets
$114M
$111M
$180M
$162M
$84M
$95M
$44M
$72M
$55M
$3M
$2M
·
Total Assets
$13.78B
$18.38B
$16.23B
$15.83B
$18.11B
$23.22B
$22.48B
$18.97B
$8.47B
$770M
$542M
$479M
Accounts Payable
$585M
$615M
$617M
$617M
$726M
$699M
$714M
$718M
$485M
$40M
$10M
$6M
Accrued Liabilities
$849M
$704M
$631M
$798M
$911M
$855M
$986M
$847M
$571M
$40M
$27M
$9M
Short-term Debt
$0
$2.37B
$0
·
·
·
·
·
·
·
·
·
Current Liabilities
$2.08B
$6.40B
$2.09B
$4.74B
$2.52B
$2.52B
$2.61B
$2.70B
$1.69B
$134M
$72M
$38M
Capital Leases
$40M
$115M
$52M
$33M
$103M
$136M
$56M
·
·
·
·
·
Deferred Tax
$532M
$242M
$25M
$22M
$213M
$172M
$223M
$259M
$12M
·
·
·
Other Non-current Liabilities
$40M
$129M
$114M
$105M
$128M
$26M
$23M
$23M
$15M
$2M
$2M
·
Total Liabilities
$2.69B
$6.95B
$4.24B
$4.90B
$7.53B
$8.39B
$8.76B
$7.94B
$1.72B
$136M
$74M
$38M
Long-term Debt
$5M
$1.94B
·
·
·
·
·
·
·
·
·
·
Total Debt
$5M
$2.37B
$1.94B
·
·
·
·
·
·
·
·
·
Retained Earnings
$7.10B
$6.64B
$6.32B
$5.32B
$4.68B
$8.44B
$7.46B
$5.36B
$2.55B
$51M
$-94M
$-108M
Treasury Stock
$561M
$325M
$2.20B
$1.99B
$1.60B
$732M
$402M
$402M
$402M
$64M
$64M
$64M
AOCI
$-235M
$1M
$-126M
$-140M
$149M
$184M
$303M
$314M
$118M
$-16M
$-5M
$-1M
Stockholders' Equity
$11.08B
$11.43B
$11.99B
$10.93B
$10.59B
$14.84B
$13.72B
$11.02B
$6.75B
$4.40B
$3.03B
$440M
Liabilities + Equity
$13.78B
$18.38B
$16.23B
$15.83B
$18.11B
$23.22B
$22.48B
$18.97B
$8.47B
$770M
$542M
$479M
Shares Outstanding
326,406,432
340,966,608
435,723,698
429,255,800
423,507,276
419,163,084
417,279,310
413,876,480
398,425,309
388,948,435
383,751,403
377,756,110
Cash Flow14
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
D&A
$82M
$59M
$80M
·
·
·
·
·
·
·
·
·
Deferred Tax
$277M
$447M
$186M
$169M
·
·
·
·
·
·
·
·
Amort. of Intangibles
$39M
$6M
$5M
$5M
$109M
$157M
$158M
$93M
$5M
·
·
·
Operating Cash Flow
$1.18B
$1.64B
$2.28B
$1.23B
$1.56B
$3.08B
$5.45B
$3.33B
$2.89B
$1.47B
$57M
$-6M
CapEx
$493M
$286M
$576M
$80M
$95M
$124M
$187M
$243M
$219M
$47M
$14M
$9M
Investing Cash Flow
$164M
$-559M
$2.41B
$1.72B
$2.55B
$-748M
$-4.03B
$-10.03B
$-188M
$-801M
·
·
Debt Issued
$0
$0
$2.15B
$0
$0
·
·
·
·
·
·
·
Net Debt Issued
$0
$0
$2.15B
·
·
·
·
·
·
·
·
·
Stock Repurchased
$750M
$1.20B
$212M
$392M
$863M
$330M
·
·
·
·
·
$58M
Net Stock Activity
$-750M
$-1.20B
$-212M
$-392M
$-863M
$-330M
·
·
·
·
·
$-58M
Financing Cash Flow
$-5.44B
$236M
$-1.70B
$-3.43B
$-1.79B
$-1.50B
$-1.27B
$4.69B
$3M
$124.0K
·
·
Net Change in Cash
$-4.20B
$1.36B
$3.08B
$-448M
$2.28B
$753M
$145M
$-1.99B
$2.67B
$690M
$-281M
$396M
Free Cash Flow
$691M
$1.35B
$1.70B
$1.15B
$1.46B
$2.96B
$5.26B
$3.08B
$395M
$211M
$44M
$-15M
Levered FCF
$655M
$1.29B
$1.65B
$1.09B
$1.36B
$2.90B
$5.20B
$3.04B
·
·
·
·
Profitability7
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Operating Margin
13.1%
14.5%
19.2%
12.8%
-16.4%
16.9%
20.9%
24.4%
27.4%
26.1%
4.2%
-58.4%
Net Margin
7.8%
9.8%
16.3%
11.7%
-20.0%
14.0%
17.5%
21.0%
24.2%
26.3%
10.2%
-56.8%
Pretax Margin
16.0%
17.3%
22.1%
16.0%
-14.4%
19.3%
22.7%
25.7%
28.7%
26.6%
10.0%
-56.8%
EBITDA Margin
13.1%
14.5%
19.2%
12.8%
-16.4%
16.9%
20.9%
24.4%
27.4%
26.1%
4.2%
-58.4%
ROA
5.0%
6.0%
12.2%
8.8%
-14.1%
9.2%
14.3%
20.5%
30.8%
22.1%
2.7%
-9.4%
ROE
7.1%
8.9%
17.1%
13.8%
-22.9%
14.7%
24.0%
31.7%
11.7%
7.9%
3.0%
-12.2%
ROIC
6.0%
6.0%
12.6%
10.8%
-31.4%
12.6%
20.0%
23.6%
28.7%
22.0%
1.2%
-5.9%
Liquidity & Solvency5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Current Ratio
4.7
1.9
3.7
2.5
3.7
4.7
6.1
4.7
4.6
5.4
7.0
12.2
Quick Ratio
2.7
0.7
2.8
1.2
2.3
1.4
1.1
1.2
2.8
2.2
2.6
12.0
Debt / Equity
0.0
0.2
0.2
·
·
·
·
·
·
·
·
·
LT Debt / Equity
0.0
0.0
0.2
·
·
·
·
·
·
·
·
·
Interest Coverage
18.7
12.0
37.0
19.5
-32.4
32.1
45.2
57.8
·
·
·
·
Efficiency2
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Asset Turnover
0.6
0.6
0.7
0.7
0.7
0.7
0.8
1.0
1.3
0.8
0.3
0.2
Receivables Turnover
47.3
53.6
61.5
64.5
71.8
64.5
34.6
27.4
34.8
21.7
12.2
10.0
Per Share5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Book Value / Share
$33.96
$33.53
$27.51
$25.46
$25.00
$35.39
$32.88
$26.63
$2.60
$1.63
$1.22
$1.17
Revenue / Share
$30.62
$28.27
$29.87
$29.98
$36.02
$33.23
$37.71
$30.96
$3.17
$1.36
$0.33
$0.52
Cash Flow / Share
$3.49
$4.39
$5.67
$2.89
$3.85
$6.81
$12.08
$7.68
$1.03
$0.54
$0.14
$-0.07
Cash / Share
$16.30
$12.09
$12.90
$11.69
$13.15
$8.03
$6.26
$5.96
$1.72
$0.66
$0.44
$1.19
EPS (TTM)
$2.37
$2.78
$4.92
$3.65
$-7.20
$4.83
$6.76
$6.59
$5.17
$2.41
$0.03
$-0.97
Valuation (TTM)14
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Revenue TTM
$10.37B
$10.56B
$12.00B
$12.70B
$14.58B
$15.02B
$17.02B
$13.41B
$8.89B
$3.71B
$134M
$45M
Net Income TTM
$804M
$1.04B
$1.96B
$1.48B
$-2.91B
$2.10B
$2.97B
$2.82B
$2.15B
$979M
$14M
$-25M
Market Cap
$2.14B
$2.63B
$3.03B
$3.85B
$3.80B
$5.85B
$13.98B
$9.83B
$9.75B
$7.15B
$6.15B
$4.53B
Enterprise Value
$-3.30B
$872M
$-654M
·
·
·
·
·
·
·
·
·
P/E
2.8
2.8
1.4
2.5
-1.2
2.9
5.0
3.6
4.7
7.6
534.0
-12.4
P/S
0.2
0.2
0.3
0.3
0.3
0.4
0.8
0.7
1.1
1.9
45.9
101.3
P/B
0.2
0.2
0.3
0.4
0.4
0.4
1.0
0.9
9.4
11.3
13.1
10.3
P / Tangible Book
0.2
0.2
0.3
0.4
0.4
0.6
·
·
·
·
·
·
P / Cash Flow
1.8
1.6
1.3
3.1
2.4
1.9
2.6
3.0
22.8
32.7
107.4
-764.0
P / FCF
3.1
1.9
1.8
3.4
2.6
2.0
2.7
3.2
24.7
33.8
140.6
-308.9
EV / EBITDA
-2.4
0.6
-0.3
·
·
·
·
·
·
·
·
·
EV / FCF
-4.8
0.6
-0.4
·
·
·
·
·
·
·
·
·
EV / Revenue
-0.3
0.1
-0.1
·
·
·
·
·
·
·
·
·
Earnings Yield
36.2%
36.1%
70.8%
40.6%
-80.2%
34.6%
20.2%
27.8%
21.1%
13.1%
0.19%
-8.1%
Per Share1
Metric
Trend
Q4 2014
EPS (TTM)
$-0.97
Valuation (TTM)4
Metric
Trend
Q4 2014
Revenue TTM
$45M
Net Income TTM
$-25M
P/E
-12.4
Earnings Yield
-8.1%
Most recent period on the left · null values shown as ·
Financial Statements
Income statement, balance sheet, cash flow — annual, last 5 years
16
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Revenue
$10.37B
$10.56B
$12.00B
$12.70B
$14.58B
Operating Margin %
13.1%
14.5%
19.2%
12.8%
-16.4%
Net Income
$804M
$1.04B
$1.96B
$1.48B
$-2.91B
Diluted EPS
$2.37
$2.78
$4.92
$3.65
$-7.20
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Debt / Equity
0.0
0.2
0.2
·
·
Current Ratio
4.7
1.9
3.7
2.5
3.7
Quick Ratio
2.7
0.7
2.8
1.2
2.3
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Free Cash Flow
$691M
$1.35B
$1.70B
$1.15B
$1.46B
Institutional owners (13F)
167 filers
· $310.0M total
· As of June 30, 2026
17
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders167
Value held$310.0M
New positions38
Exited positions19
Institutional activity — Q2 2026 vs prior quarter
New positions
Exited positions
Increased
Decreased
Net shares change
38 (+13 vs prior Q)
19 (-6 vs prior Q)
36 (+2 vs prior Q)
58 (+6 vs prior Q)
+3.8M
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
Filer
Filed
Stake
Status
Purpose
Filing
Yan Tang, Sichuan Zhang, Gallant Future Holdings Limited, New Heritage Global Limited, Prospera Investment Holding Limited
×8 filings
Matrix Partners China II Hong Kong Limited, Matrix Partners China II, L.P., Matrix Partners China II-A, L.P., Matrix China Management II, L.P., Matrix China II GP GP, Ltd., Yibo Shao
×6 filings
SCC GROWTH I HOLDCO A, LTD., SEQUOIA CAPITAL CHINA GROWTH FUND I, L.P., SEQUOIA CAPITAL CHINA GROWTH FUND MANAGEMENT I, L.P., SEQUOIA CAPITAL CHINA GF HOLDCO III-A LTD., SEQUOIA CAPITAL CHINA GROWTH FUND III, L.P., SC CHINA GROWTH III CO-INVESTMENT 2014-A, L.P., SC CHINA GROWTH III MANAGEMENT, L.P., SC CHINA HOLDING LIMITED, SNP CHINA ENTERPRISES LIMITED, NAN PENG SHEN
×4 filings
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders
4 insiders
· 2 officers · 3 directors