At a Glance
Message from the CEO
Year-over-Year Comparison
Income Statement Summary
| Line Item | 2025 | 2024 | 2023 | Change % |
|---|---|---|---|---|
| Total Revenue | $94,200M | $83,800M | $73,800M | +12.4% |
| Cost of Revenue | $52,310M | $47,896M | $42,684M | +9.2% |
| Gross Profit | $41,890M | $35,904M | $31,116M | +16.7% |
| Operating Expenses | $15,280M | $13,448M | $11,772M | +13.6% |
| Operating Income | $26,610M | $22,456M | $19,344M | +18.5% |
| R&D Expenditure | $12,000M | $10,200M | $8,800M | +17.6% |
| Interest Expense | $2,140M | $1,980M | $1,850M | +8.1% |
| Tax Expense | $3,770M | $3,276M | $2,888M | +15.1% |
| Net Income | $18,700M | $16,200M | $13,600M | +15.4% |
| EPS (Diluted) | $8.42 | $7.13 | $6.08 | +18.1% |
Revenue by Division
Division Performance Summary
| Division | Revenue | Gross Margin | Operating Income | YoY Growth | Employees |
|---|---|---|---|---|---|
| Energy & Power | $16.5B | 32.4% | $3.2B | +8.2% | 42,000 |
| Digital Systems | $14.1B | 48.7% | $4.8B | +18.5% | 58,000 |
| Aerospace & Defense | $10.4B | 38.2% | $2.9B | +22.1% | 35,000 |
| Health Sciences | $8.5B | 55.1% | $3.4B | +14.3% | 48,000 |
| Capital Group | $7.1B | 62.3% | $3.1B | +6.7% | 18,000 |
| Real Estate | $6.8B | 28.9% | $1.5B | +4.1% | 22,000 |
| Logistics | $5.9B | 22.6% | $0.9B | +11.8% | 65,000 |
| Media & Entertainment | $4.2B | 41.5% | $1.4B | +9.4% | 15,000 |
| Agriculture | $3.8B | 19.8% | $0.6B | +7.2% | 28,000 |
| Other Divisions | $16.9B | 34.1% | $4.8B | +10.5% | 119,000 |
| TOTAL | $94.2B | 44.5% | $26.6B | +12.4% | 340,000 |
Annual Highlights
Completed the $4.2B acquisition of Meridian Dynamics, adding quantum computing and advanced chip design capabilities to our Technology division.
Powered on our first commercial fusion energy pilot plant in partnership with the European Energy Authority, generating 500MW of clean energy.
Successfully deployed 48 satellites to complete our low-earth orbit constellation, providing global broadband coverage across remote regions.
Zenth Health Sciences announced a Phase III breakthrough for its CRISPR-based gene therapy targeting inherited retinal diseases.
Signed a landmark $8.5B deal with the UAE government to develop a fully AI-integrated smart city spanning 12 sq km in the Neom region.
Board approved an 8.7% dividend increase to $3.20 per share, marking our 15th consecutive year of dividend growth.