Revenue and profitability
- Q4’25 revenue: $90.823 billion; cost of revenue: $87.184 billion; gross profit: $3.639 billion; gross margin: 4.01% (0.0401).
- Operating income: $1.591 billion; operating margin: 1.75% (0.0175); EBITDARatio: ~1.88%.
- Net income: $1.26 billion; net margin: 1.39% (0.0139); earnings per share (diluted): $10.01; weighted-average shares: 125.9 million.
- YoY and QoQ trends (revenue, gross profit, operating income, net income, and EPS) indicate a strong YoY expansion (revenue YoY +18.95%, net income YoY +59.29%, EPS YoY +66.28%) but a QoQ decline in the latest quarter (revenue QoQ -4.69%, gross profit QoQ +10.81%, operating income QoQ +29.98%, net income QoQ +43.34%, EPS QoQ +44.13%).
Cash flow and liquidity
- Operating cash flow: $7.748 billion; free cash flow: $7.47 billion; capital expenditures: $278 million; cash at end of period: $5.956 billion; net change in cash: $4.674 billion.
- Working capital and cash convertibility metrics show a cash-rich position with strong operating execution, supporting ongoing dividend and a modest share repurchase program.
Balance sheet and capital structure
- Total assets: ~$75.14 billion; total liabilities: ~$76.83 billion; total stockholders’ equity: approximately -$2.07 billion (negative equity).
- Goodwill: ~$10.02 billion; intangible assets: ~$1.464 billion; total goodwill and intangible assets: ~$11.486 billion, contributing to the negative equity figure.
- Debt metrics: total debt ~$7.39 billion; net debt ~ $1.70 billion; cash and cash equivalents ~ $5.69 billion; current ratio ~0.899; quick ratio ~0.526; cash ratio ~0.0924.
Valuation and efficiency
- Price-to-book and price-to-book-value metrics reflect the negative equity context; P/B and P/BV are notably negative in the ratios provided, signaling accounting equity base concerns alongside strong cash flow generation and asset-light operating leverage typical of a large distributor with substantial intangible assets.