Revenue (LTM)
$4.5B
+56.2% YoY
Net Income (LTM)
$1.6B
+251.6% YoY
Watch on earnings:U.S. Commercial revenue growth and customer additions (leading indicator of AIP traction)Total Remaining Performance Obligations (RPO) and contract duration trendsRule of 40 score (revenue growth + FCF margin, currently ~90)Government revenue stability and renewal rates (Gotham stickiness)Operating margin and adjusted free cash flow per share Key metrics:U.S. Commercial customer count quarter-over-quarter (AIP adoption leading indicator) · Net dollar retention rate by segment (expansion vs. churn dynamics) · Federal defense budget authorization and classified contract awards (Gotham visibility) · AIP bootcamp-to-production conversion rates (sales efficiency)
Income Statement
| Metric | Dec 21 | Dec 22 | Dec 23 | Dec 24 | Dec 25 |
|---|
| Revenue | 1,542 | 1,906↑23.6% | 2,225↑16.7% | 2,866↑28.8% | 4,475↑56.2% |
| Gross Profit | 1,202 | 1,497↑24.5% | 1,794↑19.8% | 2,300↑28.2% | 3,686↑60.3% |
| Operating Income | -411 | -161↑60.8% | 120↑174.4% | 310↑158.7% | 1,414↑355.5% |
| Net Income | -520 | -374↑28.2% | 210↑156.1% | 462↑120.3% | 1,625↑251.6% |
| EBITDA | -470 | -139↑70.5% | 153↑210.6% | 342↑123.1% | 1,440↑321.1% |
| EPS Diluted | -0.27 | -0.18↑33.3% | 0.09↑150.7% | 0.19↑108.1% | 0.63↑231.6% |
Balance Sheet
⚠ Stock-based compensation remains 25-30% of revenue, creating dilution risk and cash flow quality concerns despite GAAP profitability| Metric | Dec 21 | Dec 22 | Dec 23 | Dec 24 | Dec 25 |
|---|
| Cash & Equivalents | 2,291 | 2,599↑13.4% | 831↓68.0% | 2,099↑152.5% | 1,424↓32.2% |
| Total Current Assets | 2,863 | 3,042↑6.2% | 4,139↑36.1% | 5,934↑43.4% | 8,358↑40.8% |
| Total Assets | 3,247 | 3,461↑6.6% | 4,522↑30.7% | 6,341↑40.2% | 8,900↑40.4% |
| Total Current Liabilities | 660 | 588↓10.9% | 746↑26.9% | 996↑33.5% | 1,176↑18.0% |
| Total Liabilities | 956 | 819↓14.4% | 961↑17.4% | 1,246↑29.6% | 1,412↑13.3% |
| Total Equity | 2,291 | 2,565↑12.0% | 3,476↑35.5% | 5,003↑44.0% | 7,387↑47.6% |
| Total Debt | 260 | 249↓4.1% | 229↓8.0% | 239↑4.3% | 413↑72.6% |
| Net Debt | -2,031 | -2,349↓15.7% | -602↑74.4% | -1,859↓209.0% | -1,011↑45.6% |
Cash Flow Statement
| Metric | Dec 21 | Dec 22 | Dec 23 | Dec 24 | Dec 25 |
|---|
| Operating Cash Flow | 334 | 224↓33.0% | 712↑218.3% | 1,154↑62.0% | 2,134↑85.0% |
| Capital Expenditure | -13 | -40↓217.0% | -15↑62.2% | -13↑16.4% | -34↓168.2% |
| Free Cash Flow | 321 | 184↓42.8% | 697↑279.4% | 1,141↑63.7% | 2,101↑84.1% |
| Stock-Based Comp | 778 | 565↓27.4% | 476↓15.7% | 692↑45.3% | 684↓1.1% |
| Net Change in Cash | 239 | 260↑9.1% | -1,777↓782.4% | 1,270↑171.4% | -682↓153.7% |
Values in millions except EPS · Ratios shown as percentages · Click any metric to drill down