财务模型

已发布 59 个 · 59 个 C15 核验 · 0 个 IPO 前 · 最新发布:DELL (2026-09-28)

DELL 戴尔科技 (Dell Technologies Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
18Q + 4A · 10Q + 5A
业务分部
2
KPI 结构
Six filed revenue lines, each on its own sequential growth rate: AI-optimised servers / traditional servers and networking / storage inside ISG, commercial and consumer inside CSG, plus Corporate and other; the AI mix is an output of the six, not a driver
投资逻辑
AI-optimised servers go 1.6% of revenue to 38.5% in three years on management's own guide, and each point of that mix costs gross margin: the question is what the run-rate is once the build-out laps
更新于
2026-09-28 · 160 KB
预览模型
DELL 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Products$64,353.0$71,420.0$90,405.0$168,784.6$192,040.7$208,429.1
Services24,072.024,147.023,133.023,255.423,144.223,256.2
Total Net Revenue$88,425.0$95,567.0$113,538.0$192,040.0$215,184.9$231,685.3
Less: Cost of Net Revenue - Products($53,116.0)($60,162.0)($78,057.0)($141,455.0)($160,648.3)($175,191.6)
Less: Cost of Net Revenue - Services(14,240.0)(14,155.0)(12,774.0)(12,631.8)(12,451.6)(12,511.8)
Total Cost of Net Revenue($67,356.0)($74,317.0)($90,831.0)($154,086.8)($173,099.9)($187,703.4)
Gross Margin$21,069.0$21,250.0$22,707.0$37,953.2$42,085.1$43,981.9
Less: Selling, General, and Administrative($12,857.0)($11,952.0)($11,416.0)($13,512.7)($14,844.0)($15,749.9)
Less: Research and Development(2,801.0)(3,061.0)(3,142.0)(4,521.4)(5,379.6)(6,023.8)
Total Operating Expenses($15,658.0)($15,013.0)($14,558.0)($18,034.1)($20,223.6)($21,773.7)
Operating Income$5,411.0$6,237.0$8,149.0$19,919.1$21,861.5$22,208.1
Add: Depreciation and Amortization$3,303.0$3,123.0$3,029.0$3,125.0$3,509.5$3,866.6
EBITDA$8,714.0$9,360.0$11,178.0$23,044.1$25,371.0$26,074.7
Interest and Other, Net($1,324.0)($1,189.0)($886.0)($477.6)($1,031.1)($1,051.0)
Income Before Income Taxes$4,087.0$5,048.0$7,263.0$19,441.5$20,830.3$21,157.2
Less: Income Tax Expense($715.0)($472.0)($1,327.0)($3,528.7)($4,061.9)($4,125.6)
Net Income$3,372.0$4,576.0$5,936.0$15,912.8$16,768.4$17,031.5
Add: Net Loss Attributable to Non-Controlling Interests16.016.00.00.00.00.0
Net Income Attributable to Dell Technologies Inc.$3,388.0$4,592.0$5,936.0$15,912.8$16,768.4$17,031.5
Ratios & Assumptions
YoY Total Net Revenue Growth(13.6%)8.1%18.8%69.1%12.1%7.7%
Products Gross Margin17.5%15.8%13.7%16.2%16.3%15.9%
Services Gross Margin40.8%41.4%44.8%45.7%46.2%46.2%
Gross Margin %23.8%22.2%20.0%19.8%19.6%19.0%
Incremental Gross Margin11.7%2.5%8.1%19.4%17.9%11.5%

完整工作簿另含 18 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Pro-Forma / Non-GAAP Reconciliation — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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GS 高盛 (The Goldman Sachs Group, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
18Q + 4A · 10Q + 5A
业务分部
3
KPI 结构
AWM management fees = average assets under supervision x fee rate; the eight Global Banking & Markets revenue lines off their own growth rates, split intermediation (cyclical) versus financing (durable); net interest = opening balance sheet x yield
投资逻辑
Equities intermediation reverts 28% to its own trailing average and financing keeps compounding into the SLR: the Hold expressed as drivers, ROTE settling at 21.5-22.5% against a 23.5% peak quarter
更新于
2026-09-28 · 153 KB
预览模型
GS 利润表预览。Dollars in millions, except per share amounts。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Investment Banking$6,218.0$7,738.0$9,348.0$12,644.6$13,547.3$14,313.1
Investment Management9,532.010,596.011,749.013,870.915,521.716,495.3
Commissions and Fees3,789.04,086.04,042.05,322.14,877.55,075.4
Market Making18,238.018,390.017,993.025,365.725,382.426,665.8
Other Principal Transactions2,126.04,646.01,592.02,200.21,836.51,887.5
Total Non-Interest Revenues$39,903.0$45,456.0$44,724.0$59,403.5$61,165.5$64,437.1
Interest Income$68,515.0$81,397.0$80,373.0$86,607.0$89,095.9$91,479.2
Less: Interest Expense(62,164.0)(73,341.0)(66,814.0)(71,086.5)(72,740.8)(74,507.2)
Net Interest Income$6,351.0$8,056.0$13,559.0$15,520.4$16,355.1$16,972.0
Total Net Revenues$46,254.0$53,512.0$58,283.0$74,923.9$77,520.6$81,409.1
Less: Provision for Credit Losses($1,028.0)($1,348.0)$1,113.0($1,019.6)($1,266.0)($1,341.0)
Less: Compensation and Benefits($15,499.0)($16,706.0)($18,906.0)($23,097.3)($23,837.0)($24,870.0)
Less: Transaction Based(5,698.0)(6,724.0)(7,997.0)(10,635.1)(10,460.8)(10,908.1)
Less: Market Development(629.0)(646.0)(710.0)(788.6)(835.1)(870.8)
Less: Communications and Technology(1,919.0)(1,991.0)(2,170.0)(2,442.4)(2,527.3)(2,635.4)
Less: Depreciation and Amortization(4,856.0)(2,392.0)(2,182.0)(2,079.4)(2,219.6)(2,314.5)
Less: Occupancy(1,053.0)(973.0)(958.0)(1,019.7)(1,076.8)(1,122.9)
Less: Professional Fees(1,623.0)(1,652.0)(1,770.0)(1,624.1)(1,802.1)(1,879.1)
Less: Other Expenses(3,210.0)(2,683.0)(2,851.0)(2,641.0)(3,054.7)(3,185.4)
Total Operating Expenses($34,487.0)($33,767.0)($37,544.0)($44,327.6)($45,813.5)($47,786.3)
Pre-Tax Earnings$10,739.0$18,397.0$21,852.0$29,576.7$30,441.0$32,281.8
Less: Provision for Taxes($2,223.0)($4,121.0)($4,676.0)($5,914.5)($6,697.0)($7,102.0)
Net Earnings$8,516.0$14,276.0$17,176.0$23,662.3$23,744.0$25,179.8
Less: Preferred Stock Dividends($609.0)($751.0)($876.0)($912.0)($912.0)($912.0)
Net Earnings to Common$7,907.0$13,525.0$16,300.0$22,750.3$22,832.0$24,267.8
Weighted Average Basic Shares340.8328.1312.7299.6292.8287.2
Weighted Average Diluted Shares345.8333.6317.6304.2297.5291.8
Diluted EPS$22.87$40.54$51.32$74.78$76.74$83.18
Basic EPS$23.05$41.07$51.95$75.66$77.68$84.20
Ratios & Assumptions
Net Margin18.4%26.7%29.5%31.6%30.6%30.9%
Net Interest Margin on Interest Income9.3%9.9%16.9%17.9%18.4%18.6%
Efficiency Ratio74.6%63.1%64.4%59.2%59.1%58.7%
Effective Tax Rate20.7%22.4%21.4%20.0%22.0%22.0%

完整工作簿另含 18 个历史季度与 10 个预测季度,以及 Balance Sheet · Cash Flow Statement · Segment Performance · KPI Drivers · Projection Drivers — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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HD 家得宝 (The Home Depot, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
2
KPI 结构
Per-week rates × weeks in the fiscal period: retail = transactions × average ticket; HD Supply and SRS/GMS each on their own per-week growth rate; the three pieces sum to filed net sales
投资逻辑
Traffic stays negative into FY27E and SRS/GMS mix holds net margin at 8.5% against the Street's 10% by FY30E: the Hold expressed as drivers
更新于
2026-09-28 · 176 KB
预览模型
HD 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Net sales - retail$146,076$146,218$145,032$147,669$150,428$153,436
Net sales - HD Supply6,5936,8906,9346,8647,0707,282
Net sales - SRS Distribution and GMS (Other segment)06,40612,71717,12918,15719,246
Total Net Sales$152,669$159,514$164,683$171,662$175,654$179,965
Less: Cost of Sales($101,709)($106,206)($109,818)($114,761)($117,589)($120,654)
Gross Profit$50,960$53,308$54,865$56,901$58,065$59,310
Less: Selling, General and Administrative($26,598)($28,748)($30,702)($32,181)($32,771)($33,395)
Less: Depreciation and Amortization (operating expense)(2,673)(3,034)(3,273)(3,436)(3,471)(3,452)
Total Operating Expenses($29,271)($31,782)($33,975)($35,617)($36,242)($36,847)
Operating Income$21,689$21,526$20,890$21,284$21,823$22,464
Interest Income and Other, net$178$201$124$148$176$180
Less: Interest Expense(1,943)(2,321)(2,412)(2,382)(2,384)(2,407)
Earnings Before Provision for Income Taxes$19,924$19,406$18,602$19,051$19,614$20,237
Less: Provision for Income Taxes(4,781)(4,600)(4,446)(4,643)(4,707)(4,857)
Net Earnings$15,143$14,806$14,156$14,408$14,907$15,380
Ratios & Assumptions
YoY Total Net Sales Growth(3.0%)4.5%3.2%4.2%2.3%2.5%
Gross Margin33.4%33.4%33.3%33.1%33.1%33.0%
Operating Margin14.2%13.5%12.7%12.4%12.4%12.5%
Adjusted Operating Margin (Non-GAAP)14.2%13.6%12.9%12.8%12.8%12.8%
Net Margin9.9%9.3%8.6%8.4%8.5%8.5%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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META Meta

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 7Q + 5A
业务分部
3
KPI 结构
YoY growth x revenue disaggregation (Advertising / FoA Other / Reality Labs); segment operating income tied FoA + RL = total
投资逻辑
AI capex supercycle: $125-145B FY26 capex vs ads +25% guide; FY26E $253B at consensus, FCF pinned near zero through FY27
更新于
2026-09-28 · 106 KB
预览模型
META 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Advertising Revenue (Family of Apps)$131,948.0$160,633.0$196,175.0$246,490.6$291,834.5$338,528.0
Other Revenue (Family of Apps)1,058.01,722.02,584.03,956.05,108.36,232.2
Reality Labs Revenue1,896.02,146.02,207.02,405.82,767.83,459.8
Total Revenue$134,902.0$164,501.0$200,966.0$252,852.4$299,710.6$348,219.9
Less: Cost of Revenue($25,959.0)($30,161.0)($36,175.0)($50,277.9)($64,437.8)($76,608.4)
Less: Research and Development(38,483.0)(43,873.0)(57,372.0)(84,610.3)(100,149.3)(109,689.3)
Less: Marketing and Sales(12,301.0)(11,347.0)(11,991.0)(14,600.1)(18,239.8)(20,893.2)
Less: General and Administrative(11,408.0)(9,740.0)(12,152.0)(13,670.5)(16,226.9)(18,107.4)
Total Costs and Expenses($88,151.0)($95,121.0)($117,690.0)($163,158.8)($199,053.8)($225,298.3)
Income from Operations$46,751.0$69,380.0$83,276.0$89,693.5$100,656.8$122,921.6
Interest and Other Income (Expense), Net$677.0$1,283.0$2,656.0($670.0)$800.0$800.0
Income Before Provision for Income Taxes$47,428.0$70,663.0$85,932.0$89,023.5$101,456.8$123,721.6
Less: Provision for (Benefit from) Income Taxes($8,330.0)($8,303.0)($25,474.0)($4,733.4)($15,218.5)($19,176.9)
Net Income$39,098.0$62,360.0$60,458.0$84,290.2$86,238.3$104,544.8
EPS — Basic$15.19$24.61$23.98$33.16$33.66$40.48
EPS — Diluted$14.87$23.86$23.49$32.78$33.27$40.01
Shares — Basic (M, weighted avg)2,574.02,534.02,521.02,541.62,562.02,582.5
Shares — Diluted (M, weighted avg)2,629.02,614.02,574.02,571.72,592.32,613.1
Ratios & Assumptions
YoY FoA Other Revenue Growth30.9%62.8%50.1%53.1%29.1%22.0%
YoY Total Revenue Growth15.7%21.9%22.2%25.8%18.5%16.2%
Operating Margin34.7%42.2%41.4%35.5%33.6%35.3%
FoA Operating Margin (FoA OI / FoA Revenue)47.3%53.7%51.6%43.7%40.9%42.0%
Net Margin29.0%37.9%30.1%33.3%28.8%30.0%

完整工作簿另含 21 个历史季度与 7 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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MS 摩根士丹利 (Morgan Stanley)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
3
KPI 结构
Wealth asset management = average fee-based client assets x fee rate; Investment Management = average AUM x fee rate; Institutional Securities = five business lines off the same quarter a year earlier; net interest = opening balance sheet x yield
投资逻辑
Equities turns negative year on year in FY2027E and the Wealth fee rate compresses to 69bp: the Hold expressed as drivers, taking ROTCE from a peak 26.6% to under 20%
更新于
2026-09-28 · 196 KB
预览模型
MS 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Investment Banking4,948.06,705.08,199.010,443.111,366.811,910.3
Trading15,263.016,763.018,556.025,074.022,555.323,110.5
Investments573.0824.01,351.0913.01,050.01,075.8
Commissions and Fees4,537.05,094.05,936.07,081.46,906.57,076.5
Asset Management19,617.022,499.025,145.028,302.231,078.633,279.5
Other975.01,265.01,412.0991.2924.2947.0
Total Non-Interest Revenues$45,913.0$53,150.0$60,599.0$72,804.7$73,881.4$77,399.5
Interest Income$45,849.0$54,135.0$59,063.0$63,010.5$64,675.7$67,552.2
Less: Interest Expense(37,619.0)(45,524.0)(49,017.0)(51,771.5)(52,456.7)(54,488.9)
Net Interest$8,230.0$8,611.0$10,046.0$11,239.0$12,219.0$13,063.4
Net Revenues$54,143.0$61,761.0$70,645.0$84,043.7$86,100.4$90,462.9
Less: Provision for Credit Losses($532.0)($264.0)($349.0)($389.6)($398.1)($422.2)
Less: Compensation and Benefits(24,558.0)(26,178.0)(29,216.0)(33,668.0)(34,784.8)(36,737.1)
Less: Brokerage, Clearing and Exchange Fees(3,476.0)(4,140.0)(4,679.0)(5,420.3)(5,545.1)(5,856.3)
Less: Information Processing and Communications(3,775.0)(4,088.0)(4,418.0)(4,869.0)(5,170.8)(5,461.0)
Less: Professional Services(3,058.0)(2,901.0)(2,839.0)(2,776.5)(3,069.1)(3,241.3)
Less: Occupancy and Equipment(1,895.0)(1,905.0)(1,872.0)(2,016.5)(2,159.3)(2,280.5)
Less: Marketing and Business Development(898.0)(965.0)(1,173.0)(1,442.8)(1,502.9)(1,587.2)
Less: Other Expenses(4,138.0)(3,724.0)(4,145.0)(5,219.9)(5,349.3)(5,649.5)
Total Non-Interest Expenses($41,798.0)($43,901.0)($48,342.0)($55,413.1)($57,581.3)($60,813.0)
Income Before Provision for Income Taxes$11,813.0$17,596.0$21,954.0$28,241.0$28,121.0$29,227.7
Less: Provision for Income Taxes($2,583.0)($4,067.0)($4,929.0)($6,191.4)($6,411.6)($6,722.4)
Net Income$9,230.0$13,529.0$17,025.0$22,049.5$21,709.4$22,505.3
Less: Net Income to Noncontrolling Interests($143.0)($139.0)($164.0)($274.9)($267.1)($277.7)
Net Income Applicable to Morgan Stanley$9,087.0$13,390.0$16,861.0$21,774.6$21,442.3$22,227.6
Ratios & Assumptions
YoY Net Revenues Growth0.9%14.1%14.4%19.0%2.4%5.1%
Net Margin16.8%21.7%23.9%25.9%24.9%24.6%
Expense Efficiency Ratio77.2%71.1%68.4%65.9%66.9%67.2%
Effective Tax Rate21.9%23.1%22.5%21.9%22.8%23.0%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 Balance Sheet · Cash Flow Statement · KPI Drivers · Segment Performance · Projection Drivers — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

下载完整 MS 模型 (xlsx)免费 — 登录或注册即可下载

MUFG 三菱日联金融集团 (Mitsubishi UFJ Financial Group, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 7Q + 5A
业务分部
6
KPI 结构
NII = average interest-earning assets x NII yield; expenses = expense ratio x total net revenue; credit costs = credit-cost ratio x average loans; equity-securities gains = disposal rate x domestic equity book
投资逻辑
NII yield on a ¥237tn deposit book in Japan's first rate cycle: FY27E net income ¥2,994bn, 11% above MUFG's ¥2,700bn target; DPS ¥96
更新于
2026-09-28 · 169 KB
预览模型
MUFG 利润表预览。Billions of yen, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Net Interest Income¥2,457.9¥2,876.6¥3,006.3¥3,796.0¥4,319.4¥4,510.6
Trust Fees139.4144.4163.1179.6188.5196.1
Credit Costs for Trust Accounts0.00.00.0
Net Fees and Commissions1,681.31,945.82,226.82,445.72,592.42,722.0
Net Trading Profits368.2454.3329.5412.7412.7420.9
Net Other Operating Profits85.8(601.7)218.8206.0206.0210.1
Net Gains (Losses) on Debt Securities(450.8)(991.5)(177.3)
Total Net Revenue (Gross Profits)¥4,732.5¥4,819.3¥5,944.5¥7,040.0¥7,719.0¥8,059.8
Less: G&A Expenses excl. Amortization of Goodwill(2,866.5)(3,191.6)(3,525.4)(3,846.2)(4,263.1)(4,433.8)
Less: Amortization of Goodwill(22.2)(36.6)(41.8)(42.7)(41.4)(39.4)
Total Non-Interest Expense(¥2,888.7)(¥3,228.1)(¥3,567.2)(¥3,888.9)(¥4,304.5)(¥4,473.2)
Provision for General Allowance for Credit Losses(6.7)0.020.15.90.00.0
Net Operating Profits¥1,837.1¥1,591.2¥2,397.3¥3,157.0¥3,414.5¥3,586.6
Less: Credit Costs(592.9)(302.3)(474.7)(415.8)(424.3)(485.8)
Losses on Loan Write-offs(193.1)(289.7)(252.6)
Provision for Specific Allowance for Credit Losses(387.4)0.0(202.4)
Other Credit Costs(12.4)(12.6)(19.8)
Reversal of Allowance for Credit Losses0.076.80.00.00.00.0
Reversal of Reserve for Contingent Losses0.04.52.00.00.00.0
Gains on Loans Written-off101.7112.296.896.697.4100.0
Net Gains (Losses) on Equity Securities371.3592.6486.0284.6111.070.2
Gains on Sales of Equity Securities452.1679.0604.7
Losses on Sales of Equity Securities(70.7)(35.5)(100.3)
Losses on Write-down of Equity Securities(10.2)(51.0)(18.4)
Equity in Earnings of Equity Method Investees531.8597.0845.5992.31,032.01,062.9
Other Non-Recurring Gains (Losses)(121.0)(2.5)57.273.577.280.6
Total Net Non-Recurring Gains (Losses)¥290.9¥1,078.3¥1,012.9¥1,031.2¥893.2¥827.9
Ordinary Profits¥2,128.0¥2,669.5¥3,410.2¥4,188.2¥4,307.7¥4,414.5
Net Extraordinary Gains (Losses)(77.9)(118.8)(88.0)(63.3)(92.6)(96.7)
Profits before Income Taxes¥2,050.1¥2,550.6¥3,322.2¥4,124.9¥4,215.1¥4,317.8
Less: Income Taxes - Current(411.9)(382.7)(853.4)(907.8)(1,011.6)(1,057.9)
Refund of Income Taxes0.00.00.00.00.00.0
Less: Income Taxes - Deferred(66.5)(226.5)91.8(85.4)0.00.0
Total Taxes(¥478.3)(¥609.2)(¥761.6)(¥993.3)(¥1,011.6)(¥1,057.9)
Profits¥1,571.8¥1,941.5¥2,560.5¥3,131.6¥3,203.5¥3,260.0
Less: Profits Attributable to Non-Controlling Interests(81.0)(78.5)(133.3)(137.7)(141.0)(143.4)
Net Income¥1,490.8¥1,862.9¥2,427.2¥2,993.9¥3,062.5¥3,116.5
Weighted Average Shares - Basic (M)11,959.97811,642.14911,386.39511,202.89111,002.59610,804.550
Weighted Average Shares - Diluted (M)11,959.97811,642.14911,386.39511,202.89111,002.59610,804.550
Basic EPS¥124.65¥160.02¥213.17¥267.24¥278.35¥288.45
Basic EPS¥124.65¥160.02¥213.17
Diluted EPS¥124.33¥159.48¥212.34
Dividends per Share Declared41.0064.0086.0096.00104.00112.00
Ratios & Assumptions
YoY Total Net Revenue Growth5.1%1.8%23.3%18.4%9.6%4.4%
Net Margin31.5%38.7%40.8%42.5%39.7%38.7%
Effective Tax Rate23.3%23.9%22.9%24.1%24.0%24.5%

完整工作簿另含 21 个历史季度与 7 个预测季度,以及 Balance Sheet · Cash Flow Statement · Disclosed Bank Metrics (as filed) · Segment Performance · KPI Drivers — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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NVDA 英伟达公司 (NVIDIA Corporation)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
17Q + 5A · 7Q + 5A
业务分部
2
KPI 结构
QoQ growth × segment (Compute & Networking / Graphics)
投资逻辑
Vera Rubin in full production: Q2 FY27 rev $96.2B (+106% YoY), FY27E ~$410B (+90%), decel to +12% by FY31; GM fades 74% → 71%
更新于
2026-09-28 · 85 KB
预览模型
NVDA 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2024FY2025FY2026FY27EFY28EFY29E
Revenue$60,922$130,497$215,938$409,987$698,910$915,100
Less: Cost of Revenue($16,621)($32,639)($62,475)($105,517)($192,187)($260,804)
Gross Profit$44,301$97,858$153,463$304,470$506,723$654,297
Less: Research and Development($8,675)($12,914)($18,497)($29,850)($47,994)($61,312)
Less: Sales, General & Administrative(2,654)(3,491)(4,579)(5,810)(9,161)(11,530)
Total Operating Expenses($11,329)($16,405)($23,076)($35,659)($57,155)($72,842)
Operating Income$32,972$81,453$130,387$268,811$449,568$581,455
Interest Income$866$1,786$2,300$2,029$2,003$2,013
Interest Expense(257)(247)(259)(1,045)(1,420)(1,464)
Other Income/(Expense), Net (incl. equity gains)2371,0349,02224,5943,4954,576
Pretax Income$33,818$84,026$141,450$294,389$453,646$586,579
Less: Income Tax (Provision)/Benefit($4,058)($11,146)($21,383)($49,407)($77,120)($99,718)
Net Income$29,760$72,880$120,067$244,981$376,526$486,861
EPS — Basic$1.210$2.970$4.930$10.155$15.920$21.006
EPS — Diluted$1.190$2.940$4.900$10.115$15.858$20.923
Shares — Basic (M, post-split)24,69024,55524,35924,12323,65123,178
Shares — Diluted (M, post-split)24,94024,80424,51424,22123,74423,269
Ratios & Assumptions
YoY Revenue Growth125.9%114.2%65.5%89.9%70.5%30.9%
Gross Margin %72.7%75.0%71.1%74.3%72.5%71.5%
Operating Margin54.1%62.4%60.4%65.6%64.3%63.5%
Net Margin48.8%55.8%55.6%59.8%53.9%53.2%
Effective Tax Rate12.0%13.3%15.1%16.8%17.0%17.0%

完整工作簿另含 17 个历史季度与 7 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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NVS 诺华公司 (Novartis AG)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
14Q + 3A · 10Q + 5A
业务分部
5
KPI 结构
Net sales built brand by brand: 28 disclosed brands on their own sequential growth rates, summing to five therapeutic areas, plus one explicit line for pipeline assets not yet launched
投资逻辑
Entresto's US cliff against six ramping launches: FY2026E net sales +3.0% on guidance, +5.05% CAGR to 2030 at the bottom of management's band, and the out-years rest on one visible pipeline line
更新于
2026-09-28 · 224 KB
预览模型
NVS 利润表预览。USD in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Net Sales - Cardiovascular, Renal and Metabolic$6,390$8,576$8,959$6,679$6,731$6,954
Net Sales - Immunology7,7989,29310,29310,74711,10111,361
Net Sales - Neuroscience3,6514,7505,9937,2478,1318,843
Net Sales - Oncology12,85114,29716,83017,86520,63122,564
Net Sales - Established Brands14,75013,40112,45713,62112,97812,456
Net Sales - Pipeline Assets Not Yet Launched00003021,254
Total Net Sales$45,440$50,317$54,532$56,159$59,874$63,433
Other Revenues$1,220$1,405$2,142$1,971$2,096$2,157
Total Revenue$46,660$51,722$56,674$58,130$61,969$65,590
Less: Cost of Goods Sold($12,472)($12,827)($13,699)($15,028)($16,236)($16,922)
Gross Profit$34,188$38,895$42,975$43,102$45,733$48,667
Less: Selling, General and Administration($12,517)($12,566)($13,248)($13,558)($14,749)($15,348)
Less: Research and Development(11,371)(10,022)(11,200)(11,978)(13,014)(13,511)
Other Income1,7721,1751,4601,7481,7971,902
Less: Other Expense(2,303)(2,938)(2,343)(2,279)(2,107)(2,164)
Total Operating Expenses and Other, net($24,419)($24,351)($25,331)($26,068)($28,072)($29,122)
Operating Income$9,769$14,544$17,644$17,034$17,661$19,546
Add: Depreciation, Amortisation and Impairments$8,277$6,069$5,325$5,532$5,633$5,440
EBITDA$18,046$20,613$22,969$22,566$23,294$24,986
Loss from Associated Companies($13)($38)($12)($11)($12)($12)
Less: Interest Expense(855)(1,006)(1,144)(1,735)(1,860)(1,860)
Other Financial Income and Expense222140(136)(117)(100)(100)
Income Before Taxes$9,123$13,640$16,352$15,171$15,689$17,574
Less: Income Taxes(551)(1,701)(2,385)(2,860)(2,589)(2,900)
Net Income from Continuing Operations$8,572$11,939$13,967$12,311$13,100$14,674
Net Income from Discontinued Operations (Sandoz)$6,282$0$0$0
of which: Sandoz result before the distribution gain422000
of which: gain on distribution of Sandoz Group AG5,860000
Net Income$14,854$11,939$13,967$12,311$13,100$14,674
Attributable to Shareholders of Novartis AG$14,850$11,941$13,984$12,326$13,116$14,690
Attributable to Non-Controlling Interests4(2)(17)(15)(16)(16)
Net Income, Attributed$14,854$11,939$13,967$12,311$13,100$14,674
Weighted Average Shares Outstanding - Basic (million)2,0772,0181,9391,9011,8781,857
Weighted Average Shares Outstanding - Diluted (million)2,0922,0351,9551,9131,8931,873
Basic Earnings per Share$7.15$5.92$7.21$6.48$6.99$7.91
Diluted Earnings per Share$7.10$5.87$7.15$6.44$6.93$7.84
Ratios & Assumptions
YoY Total Net Sales Growth10.7%8.4%3.0%6.6%5.9%
Gross Margin75.2%77.3%78.8%76.7%76.4%76.7%
Operating Margin21.5%28.9%32.4%30.3%29.5%30.8%
Net Margin32.7%23.7%25.6%21.9%21.9%23.1%
Effective Tax Rate6.0%12.5%14.6%18.9%16.5%16.5%

完整工作簿另含 14 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Core (non-IFRS) Reconciliation · Net Sales by Region (memo) — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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PANW 派拓网络 (Palo Alto Networks, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
20Q + 5A · 8Q + 5A
业务分部
3
KPI 结构
YoY growth by revenue type (Product / Subscription / Support) off filed anchors; the face statement's Subscription-and-support line is a calculated subtotal
投资逻辑
Subscription +33% on a full CyberArk year: FY27E revenue $14.16B inside the $14.1-14.2B guide; $1.34B of D&A holds GAAP operating margin near 6%
更新于
2026-09-28 · 156 KB
预览模型
PANW 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Product$1,603.3$1,801.9$2,280.0$2,514.4$2,675.9$2,809.7
Subscription4,188.54,974.46,239.08,271.09,592.711,031.7
Support2,235.72,445.22,961.03,371.43,656.73,912.7
Subscription and Support$6,424.2$7,419.6$9,200.0$11,642.4$13,249.5$14,944.4
Total Revenue$8,027.5$9,221.5$11,480.0$14,156.8$15,925.3$17,754.0
Less: Cost of Product Revenue(348.2)(413.2)(568.0)(666.3)(715.8)(758.6)
Less: Cost of Subscription and Support Revenue(1,711.0)(2,038.4)(2,835.0)(3,958.4)(4,471.7)(5,006.4)
Less: Total Cost of Revenue($2,059.2)($2,451.6)($3,403.0)($4,624.7)($5,187.5)($5,765.0)
Total Gross Profit$5,968.3$6,769.9$8,077.0$9,532.1$10,737.9$11,989.0
Less: Research and Development(1,809.4)(1,984.1)(2,552.0)(3,185.3)(3,543.4)(3,905.9)
Less: Sales and Marketing(2,794.5)(3,100.2)(3,931.0)(4,601.0)(5,096.1)(5,592.5)
Less: General and Administrative(680.5)(442.7)(899.0)(849.4)(923.7)(994.2)
Less: Total Operating Expenses($5,284.4)($5,527.0)($7,382.0)($8,635.6)($9,563.2)($10,492.6)
Operating Income (Loss)$683.9$1,242.9$695.0$896.4$1,174.7$1,496.4
Add: Depreciation and Amortization (per CF)$283.3$343.4$855.0$1,343.4$1,297.9$1,193.6
EBITDA$967.2$1,586.3$1,550.0$2,239.8$2,472.6$2,690.0
Less: Interest Expense($8.3)($3.0)$0.0$0.0$0.0$0.0
Other Income (Expense), Net312.7355.8(159.0)311.4350.4390.6
Income (Loss) Before Income Taxes$988.3$1,595.7$536.0$1,207.9$1,525.0$1,887.0
Less: Provision for (Benefit from) Income Taxes$1,589.3($461.8)($229.0)($302.0)($381.3)($471.8)
Net Income (Loss)$2,577.6$1,133.9$307.0$905.9$1,143.8$1,415.3
Ratios & Assumptions
YoY Total Revenue Growth16.5%14.9%24.5%23.3%12.5%11.5%
Product Gross Margin78.3%77.1%75.1%73.5%73.2%73.0%
Subscription and Support Gross Margin73.4%72.5%69.2%66.0%66.2%66.5%
Total Gross Margin74.3%73.4%70.4%67.3%67.4%67.5%
Incremental Gross Margin86.8%67.1%57.9%54.4%68.2%68.4%

完整工作簿另含 20 个历史季度与 8 个预测季度,以及 Pro-Forma / Non-GAAP Reconciliation · KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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PM 菲利普莫里斯国际 (Philip Morris International Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
2
KPI 结构
Shipment volume x realised net revenue per 1,000 units (combustible / smoke-free)
投资逻辑
Cigarettes -2.5% at +8.6% price, HTUs +8.7%: smoke-free reaches 48% of net revenues by 2030E; FY26E diluted EPS $7.19, the floor of PMI's own guide
更新于
2026-09-28 · 180 KB
预览模型
PM 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Combustible Tobacco Products22,334.023,218.023,794.025,193.326,170.826,919.9
Smoke-Free Products12,840.014,660.016,854.018,715.920,617.422,501.8
Rounding Adjustment (product disaggregation)0.00.00.00.00.00.0
Net Revenues$35,174.0$37,878.0$40,648.0$43,909.2$46,788.2$49,421.8
Less: Cost of Sales($12,893.0)($13,329.0)($13,366.0)($14,104.1)($14,747.4)($15,330.5)
Gross Profit$22,281.0$24,549.0$27,282.0$29,805.1$32,040.8$34,091.2
Less: Marketing, Administration and Research Costs(10,060.0)(11,147.0)(12,349.0)(12,428.7)(13,081.2)(13,669.6)
Less: Impairment of Goodwill(665.0)0.0(41.0)0.00.00.0
Less: Corporate Expenses and Other(619.0)(655.0)(691.9)
Total Operating Costs($10,725.0)($11,147.0)($12,390.0)($13,047.7)($13,736.3)($14,361.5)
Operating Income$11,556.0$13,402.0$14,892.0$16,757.5$18,304.5$19,729.7
Less: Interest Expense, net(1,061.0)(1,143.0)(966.0)(987.5)(1,006.8)(1,009.6)
Less: Pension and Other Employee Benefit Costs(45.0)(60.0)(46.0)20.020.020.0
Earnings Before Income Taxes$10,450.0$12,199.0$13,880.0$15,789.9$17,317.7$18,740.1
Less: Provision for Income Taxes($2,339.0)($3,017.0)($2,737.0)($3,315.9)($3,723.3)($4,029.1)
Less: Impairment Related to the RBH Equity Investment(2,316.0)0.0(511.0)0.00.0
Equity Investments and Securities Income (Loss), net157.0637.0705.0(124.0)240.0240.0
Net Earnings$8,268.0$7,503.0$11,848.0$11,839.0$13,834.4$14,951.0
Less: Net Earnings Attributable to Noncontrolling Interests(455.0)(446.0)(500.0)(594.2)(622.5)(672.8)
Net Earnings Attributable to PMI$7,813.0$7,057.0$11,348.0$11,244.7$13,211.8$14,278.2
Depreciation and Amortization (per Cash Flow Statement)$1,398.0$1,787.0$1,996.0$2,061.7$2,109.9$2,160.6
EBITDA$12,954.0$15,189.0$16,888.0$18,819.2$20,414.5$21,890.3
NOPAT$8,969.4$10,087.5$11,955.4$13,238.8$14,369.0$15,487.8
Less: Distributed and Undistributed Earnings to Share-Based Payment Awards($22.0)($23.0)($32.0)($30.2)($35.7)($38.6)
Net Earnings for Basic and Diluted EPS$7,791.0$7,034.0$11,316.0$11,214.6$13,176.2$14,239.7
Weighted-Average Shares for Basic EPS (millions)1,552.0001,554.0001,556.0001,558.7501,559.0001,559.000
Ratios & Assumptions
YoY Net Revenues Growth10.7%7.7%7.3%8.0%6.6%5.6%
Gross Margin63.3%64.8%67.1%67.9%68.5%69.0%
Incremental Gross Margin56.3%83.9%98.7%77.4%77.7%77.9%
Operating Margin32.9%35.4%36.6%38.2%39.1%39.9%
Net Margin (Net Earnings to PMI)22.2%18.6%27.9%25.6%28.2%28.9%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Operating Segments — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

下载完整 PM 模型 (xlsx)免费 — 登录或注册即可下载

RY 加拿大皇家银行 (Royal Bank of Canada)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
11Q + 2A · 9Q + 5A
业务分部
6
KPI 结构
NII = average balance x yield for each asset and funding class; wealth fees = assets under administration or management x a basis-point fee rate; PCL = average loans x PCL rate; staff cost = FTE x compensation per head
投资逻辑
Balance-sheet growth at a steady margin plus AUA-driven wealth fees: FY26E diluted EPS C$16.18, ROE 17.2%, CET1 13.4%
更新于
2026-09-28 · 110 KB
预览模型
RY 利润表预览。Millions of Canadian dollars, except per share and percentage amounts。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2024FY2025FY2026EFY2027EFY2028E
Loans54,040.056,042.056,110.258,003.360,283.2
Securities17,668.020,055.022,383.825,026.227,249.7
Assets Purchased Under Reverse Repos and Securities Borrowed27,121.022,367.022,168.422,859.024,060.5
Deposits and Other6,122.05,361.04,112.44,494.44,542.0
Total Interest and Dividend IncomeC$104,951.0C$103,825.0C$104,774.8C$110,382.9C$116,135.4
Less: Deposits and Other(47,256.0)(44,817.0)(42,802.9)(43,905.9)(45,522.7)
Less: Other Liabilities(28,967.0)(25,371.0)(26,650.1)(28,572.4)(30,322.2)
Less: Subordinated Debentures(775.0)(637.0)(525.4)(529.6)(529.6)
Total Interest Expense(C$76,998.0)(C$70,825.0)(C$69,978.4)(C$73,007.9)(C$76,374.5)
Net Interest IncomeC$27,953.0C$33,000.0C$34,796.4C$37,375.0C$39,760.9
Insurance Service Result777.0867.0764.3787.3810.9
Insurance Investment Result294.0284.0290.8302.4314.5
Trading Revenue2,327.03,125.03,403.33,573.53,716.4
Investment Management and Custodial Fees9,325.010,647.012,181.613,551.714,581.5
Mutual Fund Revenue4,437.05,084.05,890.86,511.26,995.8
Securities Brokerage Commissions1,660.01,905.02,202.52,452.02,664.4
Service Charges2,294.02,425.02,355.02,378.62,402.3
Underwriting and Other Advisory Fees2,672.02,899.03,494.23,738.83,925.7
Foreign Exchange Revenue, Other Than Trading1,142.01,301.01,431.41,502.91,578.1
Card Service Revenue1,273.01,333.01,331.51,371.41,412.6
Credit Fees1,592.01,670.01,812.61,921.42,017.4
Net Gains on Investment Securities170.0120.0209.1219.6230.5
Income (Loss) from Joint Ventures and Associates(16.0)73.0102.0107.1112.5
Other1,444.01,872.02,147.32,233.22,322.5
Total Non-Interest IncomeC$29,391.0C$33,605.0C$37,616.5C$40,651.0C$43,085.3
Total RevenueC$57,344.0C$66,605.0C$72,412.9C$78,026.0C$82,846.2
Less: Provision for Credit Losses(C$3,232.0)(C$4,362.0)(C$4,064.8)(C$4,177.7)(C$4,174.7)
Less: Human Resources(21,083.0)(23,122.0)(24,976.7)(26,386.1)(27,789.1)
Less: Equipment(2,537.0)(2,790.0)(2,977.5)(3,195.1)(3,359.3)
Less: Occupancy(1,805.0)(1,679.0)(1,754.8)(1,868.6)(1,950.9)
Less: Communications(1,369.0)(1,497.0)(1,552.9)(1,712.6)(1,797.7)
Less: Professional Fees(2,525.0)(2,177.0)(2,121.1)(2,360.2)(2,472.9)
Less: Amortization of Other Intangibles(1,549.0)(1,759.0)(1,583.4)(1,716.4)(1,756.2)
Less: Other(3,382.0)(3,568.0)(3,664.2)(4,010.3)(4,191.8)
Total Non-Interest Expense(C$34,250.0)(C$36,592.0)(C$38,630.4)(C$41,249.3)(C$43,318.0)
Income Before Income TaxesC$19,862.0C$25,651.0C$29,717.7C$32,599.1C$35,353.4
Less: Income Taxes(C$3,622.0)(C$5,282.0)(C$6,597.6)(C$7,187.8)(C$7,777.8)
Net IncomeC$16,240.0C$20,369.0C$23,120.1C$25,411.3C$27,575.7
Less: Net Income Attributable to Non-Controlling Interests(C$10.0)(C$7.0)(C$5.0)C$0.0C$0.0
Net Income Attributable to ShareholdersC$16,230.0C$20,362.0C$23,115.1C$25,411.3C$27,575.7
Less: Preferred Dividends and Other Equity Distributions(322.0)(494.0)(562.1)(572.4)(572.4)
Net Income Available to Common ShareholdersC$15,908.0C$19,868.0C$22,553.0C$24,838.9C$27,003.3
Weighted Average Common Shares - Basic1,411.9031,409.0721,390.1931,365.9671,341.545
Weighted Average Common Shares - Diluted1,413.7551,411.5891,393.6341,369.5191,345.033
Basic Earnings Per ShareC$11.27C$14.10C$16.22C$18.18C$20.13
Diluted Earnings Per ShareC$11.25C$14.07C$16.18C$18.14C$20.08
Income Statement Ratios & Assumptions
YoY Total Revenue Growth16.1%8.7%7.8%6.2%
Net Margin28.3%30.6%31.9%32.6%33.3%
Efficiency Ratio59.7%54.9%53.3%52.9%52.3%
Effective Tax Rate18.2%20.6%22.2%22.0%22.0%

完整工作簿另含 11 个历史季度与 9 个预测季度,以及 Balance Sheet · Cash Flow Statement · KPI Drivers · Segment Performance · KPI Drivers - Projection Assumptions — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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WFC 富国银行 (Wells Fargo & Company)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
18Q + 4A · 10Q + 5A
业务分部
5
KPI 结构
NII = average earning-asset and funding balances x yields and rates, annualised by days; each fee line on its own sequential growth; provision = average loans x provision rate
投资逻辑
Asset-cap removal redeployed at a thinner margin: earning assets +16% buy NII +5%; FY26E EPS $7.92, ROTCE 17.3% to 18.9% by FY28E
更新于
2026-09-28 · 206 KB
预览模型
WFC 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Interest Income on Loans57,155.057,895.054,737.057,662.161,064.263,415.2
Other Interest Income27,963.032,882.032,577.037,311.140,725.542,213.0
Total Interest Income$85,118.0$90,777.0$87,314.0$94,973.3$101,789.8$105,628.2
Less: Interest Expense on Deposits(16,503.0)(24,282.0)(20,449.0)(21,704.0)(22,690.4)(22,847.2)
Less: Interest Expense on Long-Term Debt(11,572.0)(12,463.0)(10,268.0)(9,834.1)(10,013.9)(9,938.3)
Less: Other Interest Expense(4,668.0)(6,356.0)(9,113.0)(12,393.8)(13,447.2)(14,112.5)
Total Interest Expense($32,743.0)($43,101.0)($39,830.0)($43,931.9)($46,151.5)($46,898.0)
Net Interest Income$52,375.0$47,676.0$47,484.0$51,041.3$55,638.3$58,730.2
Deposit-Related Fees4,694.05,015.05,099.05,430.55,666.35,865.2
Lending-Related Fees1,446.01,500.01,514.01,620.11,691.11,750.5
Investment Advisory and Other Asset-Based Fees8,670.09,775.010,498.011,413.612,033.612,671.4
Commissions and Brokerage Services Fees2,375.02,521.02,556.02,748.52,868.62,969.3
Investment Banking Fees1,649.02,665.03,027.03,513.63,713.13,911.8
Card Fees4,256.04,342.04,589.04,855.05,184.75,423.6
Mortgage Banking829.01,047.01,152.0976.71,071.01,114.4
Net Gains (Losses) from Trading Activities4,799.05,284.05,147.05,571.95,827.56,064.1
Net Gains (Losses) from Debt Securities10.0(920.0)(144.0)1.00.00.0
Net Gains (Losses) from Equity Securities(441.0)1,070.0244.01,785.11,578.71,642.8
Other Noninterest Income1,935.02,321.02,533.01,636.81,605.21,681.3
Total Noninterest Income$30,222.0$34,620.0$36,215.0$39,552.9$41,239.8$43,094.6
Total Revenue$82,597.0$82,296.0$83,699.0$90,594.3$96,878.1$101,824.8
Less: Provision for Credit Losses(5,399.0)(4,334.0)(3,658.0)(4,298.9)(4,818.6)(5,243.2)
Less: Personnel(35,829.0)(35,729.0)(36,281.0)(36,438.2)(37,158.4)(38,718.0)
Less: Technology, Telecommunications and Equipment(3,920.0)(4,583.0)(5,203.0)(5,842.2)(6,270.7)(6,655.4)
Less: Occupancy(2,884.0)(3,052.0)(3,151.0)(3,206.2)(3,326.3)(3,424.9)
Less: Professional and Outside Services(5,085.0)(4,607.0)(4,540.0)(4,429.6)(4,655.8)(4,851.2)
Less: Advertising and Promotion(812.0)(869.0)(1,094.0)(1,460.6)(1,495.4)(1,539.7)
Less: Other Noninterest Expense(7,032.0)(5,758.0)(4,573.0)(4,402.6)(4,534.1)(4,724.4)
Total Noninterest Expense($55,562.0)($54,598.0)($54,842.0)($55,779.5)($57,440.6)($59,913.6)
Income Before Income Tax Expense$21,636.0$23,364.0$25,199.0$30,515.9$34,618.8$36,668.0
Less: Income Tax Expense(2,607.0)(3,399.0)(3,841.0)(4,978.4)(6,058.3)(6,416.9)
Net Income Before Noncontrolling Interests$19,029.0$19,965.0$21,358.0$25,537.5$28,560.5$30,251.1
Less: Net Income from Noncontrolling Interests113.0(243.0)(20.0)(275.0)0.00.0
Wells Fargo Net Income$19,142.0$19,722.0$21,338.0$25,262.5$28,560.5$30,251.1
Less: Preferred Stock Dividends and Other(1,160.0)(1,116.0)(1,053.0)(994.0)(988.0)(988.0)
Net Income Applicable to Common Stock$17,982.0$18,606.0$20,285.0$24,268.5$27,572.5$29,263.1
Income Statement Ratios & Assumptions
Net Margin23.2%24.0%25.5%27.9%29.5%29.7%
Efficiency Ratio67.3%66.3%65.5%61.6%59.3%58.8%
Effective Tax Rate12.0%14.5%15.2%16.3%17.5%17.5%

完整工作簿另含 18 个历史季度与 10 个预测季度,以及 Balance Sheet · Cash Flow Statement · KPI Drivers · Operating Segments · Memo: Superseded Disclosures — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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AAPL 苹果公司 (Apple Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
23Q + 5A · 9Q + 5A
业务分部
5
KPI 结构
YoY growth % × product category (iPhone / Mac / iPad / Wearables / Services); four hardware lines sum to IS Products
投资逻辑
Memory inflation takes 280bps of GM in two quarters; FY27E EPS $9.23 vs $9.60 consensus on one iPhone supercycle, not two — Hold
更新于
2026-09-27 · 161 KB
预览模型
AAPL 利润表预览。Dollars in millions, except per share amounts。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Products$298,085$294,866$307,003$353,821$373,189$387,635
Services85,20096,169109,158123,209134,298145,713
Total Net Sales$383,285$391,035$416,161$477,031$507,487$533,349
Less: Cost of Sales - Products(189,282)(185,233)(194,116)(215,367)(233,326)(239,973)
Less: Cost of Sales - Services(24,855)(25,119)(26,844)(29,320)(32,232)(34,534)
Total Cost of Sales($214,137)($210,352)($220,960)($244,688)($265,558)($274,507)
Gross Margin$169,148$180,683$195,201$232,343$241,930$258,842
Less: Research and Development(29,915)(31,370)(34,550)(45,871)(50,458)(54,747)
Less: Selling, General and Administrative(24,932)(26,097)(27,601)(29,729)(30,919)(32,155)
Total Operating Expenses($54,847)($57,467)($62,151)($75,601)($81,377)($86,903)
Operating Income$114,301$123,216$133,050$156,742$160,553$171,939
Other Income/(Expense), net($565)$269($321)$1,019$761$800
Income Before Provision for Income Taxes$113,736$123,485$132,729$157,762$161,314$172,739
Less: Provision for Income Taxes($16,741)($29,749)($20,719)($27,357)($27,423)($29,366)
Net Income$96,995$93,736$112,010$130,405$133,891$143,374
Ratios & Assumptions
YoY Total Net Sales Growth(2.8%)2.0%6.4%14.6%6.4%5.1%
Products Gross Margin36.5%37.2%36.8%39.1%37.5%38.1%
Services Gross Margin70.8%73.9%75.4%76.2%76.0%76.3%
Total Gross Margin44.1%46.2%46.9%48.7%47.7%48.5%
Incremental Gross Margin (YoY)14.8%148.8%57.8%61.0%31.5%65.4%

完整工作簿另含 23 个历史季度与 9 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Segment KPIs — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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ADBE Adobe

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
2
KPI 结构
QoQ growth × customer group (BP&C / C&MP subscription revenue)
投资逻辑
Organic ARR decel caps growth at HSD; ~95%-of-FCF buybacks carry GAAP EPS $18→$29 by FY30; freemium conversion is the unmodeled upside
更新于
2026-09-27 · 118 KB
预览模型
ADBE 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Subscription Revenue$18,284$20,521$22,904$25,773$28,173$29,746
Product Revenue460386325357356356
Services and Other Revenue665598540436377320
Total Revenue$19,409$21,505$23,769$26,566$28,905$30,422
Less: Cost of Subscription Revenue($1,822)($1,799)($2,027)($2,323)($2,564)($2,707)
Less: Cost of Product Revenue(29)(25)(23)(22)(21)(21)
Less: Cost of Services and Other Revenue(503)(534)(501)(465)(395)(336)
Total Cost of Revenue($2,354)($2,358)($2,551)($2,810)($2,980)($3,064)
Gross Profit$17,055$19,147$21,218$23,755$25,925$27,358
Less: Research and Development($3,473)($3,944)($4,294)($4,774)($5,246)($5,575)
Less: Sales and Marketing(5,351)(5,764)(6,488)(7,440)(8,180)(8,548)
Less: General and Administrative(1,413)(1,529)(1,573)(2,032)(2,096)(2,190)
Less: Acquisition Termination Fee (Figma, Q1'24)($1,000)$0$0$0$0
Less: Amortization of Intangibles(168)(169)(157)(160)(139)(102)
Total Operating Expenses($10,405)($12,406)($12,512)($14,406)($15,661)($16,415)
Operating Income$6,650$6,741$8,706$9,350$10,264$10,943
Interest Expense($113)($169)($263)($258)($260)($260)
Investment Gains (Losses), Net1648432300
Other Income (Expense), Net246311248203188188
Total Non-Operating Income (Expense), Net$149$190$28($32)($72)($72)
Income Before Income Taxes$6,799$6,931$8,734$9,318$10,192$10,871
Less: Provision for Income Taxes($1,371)($1,371)($1,604)($2,130)($2,344)($2,500)
Net Income$5,428$5,560$7,130$7,187$7,848$8,370
EPS — Basic$11.87$12.43$16.73$18.00$20.71$23.13
EPS — Diluted$11.82$12.36$16.70$17.98$20.71$23.13
Shares — Basic (M)457447426399379362
Shares — Diluted (M)459450427400379362
Ratios & Assumptions
YoY Subscription Revenue Growth11.6%12.2%11.6%12.5%9.3%5.6%
YoY Product Revenue Growth(13.5%)(16.1%)(15.8%)9.8%(0.3%)0.0%
YoY Services and Other Revenue Growth(3.1%)(10.1%)(9.7%)(19.3%)(13.6%)(15.1%)
YoY Total Revenue Growth10.2%10.8%10.5%11.8%8.8%5.2%
Subscription Gross Margin90.0%91.2%91.2%91.0%90.9%90.9%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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AMAT 应用材料公司 (Applied Materials, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
23Q + 5A · 9Q + 5A
业务分部
3
KPI 结构
Semiconductor Systems revenue by end market (foundry-logic / DRAM / flash), each on its own sequential growth rate, plus services off the installed base and Corporate and Other; the disclosed market mix is an output of the three, not a driver
投资逻辑
DRAM went 17% of systems revenue to 26% on HBM while flash sits at 7% against a 21-26% history: the recovery candidate is the market nobody is paying for
更新于
2026-09-27 · 175 KB
预览模型
AMAT 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Semiconductor Systems$19,698.0$19,911.0$20,798.0$26,258.5$35,550.9$38,175.3
Applied Global Services5,732.06,225.06,385.06,839.47,863.28,406.6
Corporate and Other1,087.01,040.01,185.01,185.91,254.21,305.1
Total Revenue$26,517.0$27,176.0$28,368.0$34,283.9$44,668.3$47,886.9
Less: Cost of Products Sold($14,133.0)($14,279.0)($14,560.0)($17,141.2)($21,919.5)($23,344.5)
Gross Profit$12,384.0$12,897.0$13,808.0$17,142.7$22,748.8$24,542.4
Less: Research, Development and Engineering(3,102.0)(3,233.0)(3,570.0)(4,202.6)(5,238.2)(5,746.4)
Less: Marketing and Selling(776.0)(836.0)(858.0)(955.0)(1,116.7)(1,245.1)
Less: General and Administrative(852.0)(961.0)(910.0)(689.2)(804.0)(909.9)
Less: Restructuring and Severance Charges0.00.0(181.0)(12.0)0.00.0
Less: Deal Termination Fee0.00.00.00.00.00.0
Less: Legal Settlement0.00.00.0(253.0)0.00.0
Total Operating Expenses($4,730.0)($5,030.0)($5,519.0)($6,111.9)($7,158.9)($7,901.3)
Income from Operations$7,654.0$7,867.0$8,289.0$11,030.8$15,589.9$16,641.1
Less: Interest Expense($238.0)($247.0)($269.0)($276.0)($280.0)($280.0)
Interest and Other Income (Expense), net300.0532.01,251.01,367.0520.0520.0
Income Before Income Taxes$7,716.0$8,152.0$9,271.0$12,121.8$15,829.9$16,881.1
Less: Provision for Income Taxes($860.0)($975.0)($2,273.0)($1,566.0)($2,057.9)($2,194.5)
Net Income$6,856.0$7,177.0$6,998.0$10,555.7$13,772.0$14,686.6
Ratios & Assumptions
Gross Margin46.7%47.5%48.7%50.0%50.9%51.3%
Incremental Gross Margin53.4%77.8%76.4%56.4%54.0%55.7%
Operating Margin28.9%28.9%29.2%32.2%34.9%34.8%
Net Margin25.9%26.4%24.7%30.8%30.8%30.7%

完整工作簿另含 23 个历史季度与 9 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Pro-Forma / Non-GAAP Reconciliation — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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AMZN 亚马逊 (Amazon.com, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 7Q + 5A
业务分部
3
KPI 结构
YoY growth x segment (NA / International / AWS) + disaggregation, mix and segment-margin drivers
投资逻辑
AWS re-acceleration (+28% and rising) funds the ~$200B AI capex cycle; retail margin grind does the rest
更新于
2026-09-27 · 125 KB
预览模型
AMZN 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
North America Segment Net Sales$352,828.0$387,497.0$426,305.0$477,936.4$527,336.9$577,433.9
International Segment Net Sales131,200.0142,906.0161,894.0189,347.9210,822.4229,796.4
AWS Segment Net Sales90,757.0107,556.0128,725.0165,532.0207,609.6253,283.7
Total Net Sales$574,785.0$637,959.0$716,924.0$832,816.4$945,768.9$1,060,514.1
Less: Cost of Sales($304,739.0)($326,288.0)($356,414.0)($406,915.8)($457,139.2)($511,167.8)
Less: Fulfillment(90,619.0)(98,505.0)(109,074.0)(123,830.5)(138,238.2)(152,714.0)
Less: Technology and Infrastructure(85,622.0)(88,544.0)(108,521.0)(132,770.9)(150,395.2)(163,319.2)
Less: Marketing(44,370.0)(43,907.0)(47,129.0)(52,020.0)(57,121.7)(62,570.3)
Less: General and Administrative(11,816.0)(11,359.0)(11,172.0)(11,816.0)(13,115.6)(14,316.9)
Other Operating Income (Expense), Net(767.0)(763.0)(4,639.0)(1,797.0)(1,800.0)(1,800.0)
Total Operating Expenses($537,933.0)($569,366.0)($636,949.0)($729,150.2)($817,809.9)($905,888.2)
Operating Income$36,852.0$68,593.0$79,975.0$103,666.1$127,959.0$154,625.8
Interest Income$2,949.0$4,677.0$4,381.0$4,660.0$5,050.0$5,600.0
Less: Interest Expense(3,182.0)(2,406.0)(2,274.0)(4,250.0)(5,000.0)(5,200.0)
Other Income (Expense), Net938.0(2,250.0)15,229.016,547.01,200.01,200.0
Total Non-Operating Income (Expense)$705.0$21.0$17,336.0$16,957.0$1,250.0$1,600.0
Income Before Income Taxes$37,557.0$68,614.0$97,311.0$120,623.1$129,209.0$156,225.8
Less: Provision for (Benefit from) Income Taxes($7,120.0)($9,265.0)($19,087.0)($23,698.1)($22,611.6)($28,120.6)
Equity-Method Investment Activity, Net of Tax(12.0)(101.0)(554.0)(94.0)(100.0)(100.0)
Net Income (Loss)$30,425.0$59,248.0$77,670.0$96,831.0$106,497.5$128,005.2
EPS — Basic$2.95$5.66$7.29$8.99$9.83$11.75
EPS — Diluted$2.90$5.53$7.17$8.88$9.71$11.61
Shares — Basic10,304.010,473.010,656.010,767.210,831.910,896.9
Shares — Diluted10,492.010,721.010,827.010,898.510,964.011,029.8
Ratios & Assumptions
YoY Total Net Sales Growth11.8%11.0%12.4%16.2%13.6%12.1%
Operating Margin6.4%10.8%11.2%12.4%13.5%14.6%
North America Segment Operating Margin4.2%6.4%6.9%8.1%8.5%9.3%
International Segment Operating Margin(2.0%)2.7%2.9%3.2%3.8%3.1%
AWS Segment Operating Margin27.1%37.0%35.4%35.6%36.3%37.0%

完整工作簿另含 21 个历史季度与 7 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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ASML 阿斯麦 (ASML Holding N.V.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
2
KPI 结构
Litho units x ASP-change + IBM (service) growth; EUR currency of record
投资逻辑
EUV monopoly, supply-constrained: FY26E +35% (EUR 44B guide); Q4-26E EUR 14.4B execution + 2027 CMD reset are the swings
更新于
2026-09-27 · 123 KB
预览模型
ASML 利润表预览。EUR in millions, except per share (EPS in EUR)。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Net System Sales€21,938.6€21,768.7€24,474.3€32,793.0€41,272.8€50,614.0
Net Service and Field Option Sales (Installed Base Mgmt)5,619.96,494.28,193.011,199.612,846.213,888.2
Total Net Sales€27,558.5€28,262.9€32,667.3€43,992.5€54,119.0€64,502.2
Less: Total Cost of Sales(€13,422.4)(€13,770.9)(€15,409.3)(€19,794.2)(€23,874.3)(€28,087.8)
Gross Profit€14,136.1€14,492.0€17,258.0€24,198.3€30,244.6€36,414.4
Other Income (4Q21 divestiture gain)€0.0€0.0€0.0€0.0€0.0€0.0
Less: Research and Development Costs(3,980.6)(4,303.7)(4,698.8)(4,897.5)(5,286.5)(5,820.1)
Less: Selling, General and Administrative Costs(1,113.2)(1,165.7)(1,257.8)(1,412.1)(1,713.4)(1,854.6)
Income from Operations€9,042.3€9,022.6€11,301.4€17,888.7€23,244.7€28,739.7
Interest and Other, Net€41.2€19.8€104.7€140.9€140.0€140.0
Income Before Income Taxes€9,083.5€9,042.4€11,406.1€18,029.6€23,384.7€28,879.7
Less: Benefit from (Provision for) Income Taxes(€1,435.8)(€1,680.6)(€2,013.4)(€3,107.5)(€4,022.2)(€4,967.3)
Income After Income Taxes€7,647.7€7,361.8€9,392.7€14,922.1€19,362.6€23,912.4
Profit Related to Equity Method Investments€191.3€209.8€216.7€285.7€280.0€280.0
Net Income€7,839.0€7,571.6€9,609.4€15,207.8€19,642.6€24,192.4
Shares — Weighted Avg Basic (M)393.8393.3388.5384.4382.2380.2
Shares — Weighted Avg Diluted (M)394.1393.6388.9384.7382.6380.6
EPS — Basic€19.91€19.25€24.73€39.57€51.39€63.62
EPS — Diluted€19.89€19.24€24.71€39.53€51.33€63.56
Ratios & Assumptions
YoY Total Net Sales Growth30.2%2.6%15.6%34.7%23.0%19.2%
YoY Net System Sales Growth42.2%(0.8%)12.4%34.0%25.9%22.6%
YoY Installed Base Mgmt Sales Growth(2.1%)15.6%26.2%36.7%14.7%8.1%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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AVGO 博通公司 (Broadcom Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 6Q + 5A
业务分部
2
KPI 结构
YoY growth x segment (Semiconductor Solutions / Infrastructure Software) + COGS-mix + AOA-runoff drivers
投资逻辑
XPU custom-AI ramp: FY26E AI ~$55B, FY27E ~$103B at the >$100B floor; revenue $105B to $161B FY27E
更新于
2026-09-27 · 112 KB
预览模型
AVGO 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Net Revenue — Semiconductor Solutions$28,182.0$30,096.0$36,858.0$75,911.9$128,812.3$175,184.7
Net Revenue — Infrastructure Software (VMware from Q1'24)7,637.021,478.027,029.029,282.632,201.135,099.2
Total Net Revenue$35,819.0$51,574.0$63,887.0$105,194.5$161,013.4$210,283.9
Check: Products + Subs − Total (must = 0)0.0000.0000.000
Less: Cost of Products Sold($8,636.0)($9,797.0)($12,115.0)($22,503.8)($35,947.3)($48,365.3)
Less: Cost of Subscriptions & Services(636.0)(2,991.0)(2,371.0)(3,057.5)(4,258.0)(5,257.1)
Less: Amortization of Acquisition-Related Intangibles (COGS)(1,853.0)(6,023.0)(6,031.0)(5,779.6)(5,460.5)(4,914.5)
Less: Restructuring Charges (COGS)(4.0)(254.0)(76.0)(23.0)0.00.0
Total Cost of Revenue($11,129.0)($19,065.0)($20,593.0)($31,363.9)($45,665.8)($58,536.9)
Gross Margin$24,690.0$32,509.0$43,294.0$73,830.6$115,347.6$151,747.0
Less: Research & Development($5,253.0)($9,310.0)($10,977.0)($12,794.9)($15,688.0)($18,505.0)
Less: Selling, General & Administrative(1,592.0)(4,959.0)(4,211.0)(4,807.9)(6,284.4)(7,359.9)
Less: Amortization of Acquisition-Related Intangibles (OpEx)(1,394.0)(3,244.0)(2,031.0)(2,017.4)(1,978.9)(1,879.9)
Less: Restructuring & Other Charges(244.0)(1,533.0)(591.0)(174.0)0.00.0
Total Operating Expenses($8,483.0)($19,046.0)($17,810.0)($19,794.2)($23,951.3)($27,744.9)
Operating Income$16,207.0$13,463.0$25,484.0$54,036.4$91,396.3$124,002.2
Less: Interest Expense($1,622.0)($3,953.0)($3,210.0)($3,137.0)($3,120.0)($3,120.0)
Other Income (Expense), Net512.0406.0455.0791.0480.0480.0
Income Before Income Taxes$15,097.0$9,916.0$22,729.0$51,690.4$88,756.3$121,362.2
Less: Provision for (Benefit from) Income Taxes($1,015.0)($3,748.0)$397.0($5,336.2)($10,650.8)($15,777.1)
Income from Continuing Operations$14,082.0$6,168.0$23,126.0$46,354.2$78,105.6$105,585.1
Income (Loss) from Discontinued Operations, Net0.0(273.0)0.00.00.00.0
Net Income$14,082.0$5,895.0$23,126.0$46,354.2$78,105.6$105,585.1
Less: Dividends on Preferred Stock$0.0$0.0$0.0$0.0$0.0$0.0
Net Income Attributable to Common Stock$14,082.0$5,895.0$23,126.0$46,354.2$78,105.6$105,585.1
EPS — Basic$3.39$1.27$4.91$9.76$16.34$21.96
EPS — Diluted$3.30$1.23$4.77$9.49$15.91$21.38
Shares — Basic4,150.04,624.04,712.04,750.84,779.14,807.8
Shares — Diluted4,270.04,778.04,853.04,884.54,909.04,938.5
Ratios & Assumptions
YoY Total Net Revenue Growth7.9%44.0%23.9%64.7%53.1%30.6%
Gross Margin %68.9%63.0%67.8%70.2%71.6%72.2%
Operating Margin45.2%26.1%39.9%51.4%56.8%59.0%
Net Margin39.3%11.4%36.2%44.1%48.5%50.2%
Effective Tax Rate6.7%37.8%(1.7%)10.3%12.0%13.0%

完整工作簿另含 22 个历史季度与 6 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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BRK-B 伯克希尔哈撒韦 B类 (Berkshire Hathaway Inc. Class B)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
7
KPI 结构
Seven segment engines: premiums × per-unit growth (GEICO / Primary / Reinsurance), portfolio × yield, equity book × normalised return
投资逻辑
Operating earnings separated from the mark: investment gains are equity book × a 7% normalised return, not a forecast
更新于
2026-09-27 · 188 KB
预览模型
BRK-B 利润表预览。Dollars in millions, except per share amounts。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Insurance Premiums Earned83,40388,25788,90290,22392,06094,091
Sales and Service Revenues155,687202,334199,524211,810215,516219,827
Leasing Revenues8,4169,22710,03411,00911,72412,428
Interest, Dividend and Other Investment Income15,56121,82523,26123,19924,79226,540
Insurance and Other Revenues$263,067$321,643$321,721$336,241$344,093$352,885
Railroad Transportation Revenues23,79123,35523,33024,67325,16625,670
Utility and Energy Operating Revenues72,69321,51821,85622,90923,82524,778
Service Revenues and Other Income4,9314,9174,5374,5194,4514,407
Railroad, Utilities and Energy Revenues$101,415$49,790$49,723$52,101$53,443$54,855
Total Revenues$364,482$371,433$371,444$388,342$397,536$407,740
Investment Gains (Losses)$74,855$52,799$39,078$25,998$24,095$25,899
Less: Insurance Losses and Loss Adjustment Expenses(57,187)(56,186)(57,307)(57,680)(58,909)(60,350)
Less: Life, Annuity and Health Insurance Benefits(4,029)(3,858)(4,379)(4,521)(4,566)(4,667)
Less: Insurance Underwriting Expenses(15,270)(16,808)(17,756)(18,637)(18,826)(19,289)
Less: Cost of Sales and Services(122,569)(163,642)(160,062)(170,423)(173,254)(176,719)
Less: Cost of Leasing(6,037)(7,069)(7,685)(8,302)(8,892)(9,425)
Less: Selling, General and Administrative Expenses(22,605)(25,642)(29,735)(27,012)(28,305)(29,031)
Less: Interest Expense - Insurance and Other(1,258)(1,594)(1,329)(1,315)(1,362)(1,393)
Insurance and Other Costs and Expenses($228,955)($274,799)($278,253)($287,889)($294,113)($300,873)
Less: Freight Rail Transportation Expenses(16,464)(15,965)(15,366)(16,204)(16,411)(16,675)
Less: Utilities and Energy Cost of Sales and Other Expenses(67,964)(16,984)(16,959)(17,387)(18,207)(18,935)
Less: Other Expenses(4,016)(4,343)(4,155)(4,178)(4,361)(4,476)
Less: Interest Expense - Railroad, Utilities and Energy(3,745)(3,606)(3,740)(4,001)(4,037)(4,129)
Railroad, Utilities and Energy Costs and Expenses($92,189)($40,898)($40,220)($41,770)($43,016)($44,216)
Total Costs and Expenses($321,144)($315,697)($318,473)($329,659)($337,129)($345,089)
Earnings Before Income Taxes and Equity Method Earnings$118,193$108,535$92,049$84,681$84,501$88,550
Equity Method Earnings (Losses)$1,973$1,841($9,590)$1,081$1,342$1,399
Earnings Before Income Taxes$120,166$110,376$82,459$85,762$85,843$89,949
Less: Income Tax Expense($23,019)($20,815)($15,199)($16,504)($16,748)($17,549)
Net Income$97,147$89,561$67,260$69,257$69,095$72,400
Less: Earnings Attributable to Noncontrolling Interests(924)(566)(292)(298)(249)(261)
Net Income Attributable to Berkshire Shareholders$96,223$88,995$66,968$68,960$68,846$72,139
Pre-Tax Operating Earnings (ex Investment Gains)$43,338$55,736$52,971$58,683$60,406$62,651
Depreciation and Amortization (per Cash Flow Statement)12,48612,85513,47614,67115,34115,864
EBITDA$60,827$73,791$71,516$78,669$81,146$84,037
Weighted-Average Equivalent Class A Shares1,448,8801,437,7201,438,2231,436,8631,436,4431,436,443
Weighted-Average Equivalent Class B Shares (millions)2,173.32,156.62,157.32,155.32,154.72,154.7
Net Earnings per Equivalent Class A Share$66,412$61,900$46,563$47,993$47,928$50,221
Net Earnings per Equivalent Class B Share$44.27$41.27$31.04$32.00$31.95$33.48
Ratios & Assumptions
Pre-Tax Operating Margin (ex Investment Gains)11.9%15.0%14.3%15.1%15.2%15.4%
Effective Tax Rate19.2%18.9%18.4%19.2%19.5%19.5%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Memo - Pilot Reclassification — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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CHYM Chime

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
8Q + 3A · 8Q + 5A
业务分部
1
KPI 结构
Members × PV per Active Member × Take Rate (intensive: count × $/unit); MyPay ARR informational
投资逻辑
Consumer fintech compounding: Members 8.6M → 13M+; PV/Member rising; MyPay attach driving ARPU; FY26 +22% → FY30 +18%
更新于
2026-09-27 · 74 KB
预览模型
CHYM 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Revenue$1,278.5$1,673.3$2,186.8$2,666.1$3,162.2$3,713.6
Less: Cost of Revenue($219.7)($207.5)($263.0)($281.0)($325.6)($371.4)
Gross Profit$1,058.7$1,465.8$1,923.7$2,385.2$2,836.6$3,342.3
Less: Transaction & Risk Losses($152.4)($219.7)($407.3)($365.1)($393.8)($427.1)
Less: Member Support & Operations(272.8)(286.9)(458.0)(393.9)(433.5)(475.3)
Less: Sales & Marketing(443.8)(519.8)(635.4)(703.2)(817.9)(909.8)
Less: Technology & Development(259.0)(309.6)(934.9)(452.6)(492.0)(545.9)
Less: General & Administrative(154.9)(177.2)(512.1)(282.1)(277.7)(297.1)
Less: Depreciation & Amortization(11.6)(14.8)(16.0)(17.3)(20.6)(24.1)
Total Operating Expenses($1,294.5)($1,528.0)($2,963.7)($2,214.2)($2,435.4)($2,679.4)
Operating Income (Loss)($235.8)($62.2)($1,040.0)$171.0$401.2$662.9
EBITDA($222.8)($36.8)($1,010.0)$191.8$421.7$687.0
Other Income, Net$32.8$39.5$30.9$35.7$43.0$50.0
Income (Loss) Before Income Taxes($203.0)($22.7)($1,009.1)$206.8$444.2$712.9
Less: Provision for Income Taxes($0.2)($2.6)($0.8)($9.4)($72.8)($149.7)
Net Income (Loss)($203.2)($25.3)($1,009.9)$197.4$371.4$563.2
EPS, Basic($3.22)($0.39)($4.27)$0.53$0.99$1.50
EPS, Diluted($3.22)($0.39)($4.27)$0.53$0.99$1.50
Weighted Avg Shares — Basic (M)63.164.9236.3375.9375.9375.9
Weighted Avg Shares — Diluted (M)63.164.9236.3375.9375.9375.9
Ratios & Assumptions
YoY Revenue Growth30.9%30.7%21.9%18.6%17.4%
Gross Margin82.8%87.6%88.0%89.5%89.7%90.0%
Operating Margin(18.4%)(3.7%)(47.6%)6.4%12.7%17.8%
Net Margin(15.9%)(1.5%)(46.2%)7.4%11.7%15.2%
Effective Tax Rate [DRIVER](0.1%)(11.5%)(0.1%)4.5%16.4%21.0%

完整工作簿另含 8 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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CPRT 科帕特 (Copart, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
23Q + 5A · 9Q + 5A
业务分部
2
KPI 结构
YoY growth x segment (Service/Vehicle x US/International)
投资逻辑
US service stall (FY26 flat) vs Intl DD growth; cash-pile buybacks at 52-wk lows carry EPS $1.59→$2.19 by FY30
更新于
2026-09-27 · 128 KB
预览模型
CPRT 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Service Revenues$3,198.1$3,561.0$3,968.7$3,977.6$4,137.6$4,342.5
Vehicle Sales671.4675.8678.3683.4699.1720.9
Total Revenue$3,869.5$4,236.8$4,647.0$4,660.9$4,836.7$5,063.4
Less: Facility Operations (Yard Operations pre-FY26)($1,518.0)($1,710.1)($1,944.3)($1,933.2)($1,993.7)($2,081.5)
Less: Cost of Vehicle Sales(614.5)(619.5)(603.0)(601.5)(615.2)(634.4)
Less: General and Administrative(250.4)(335.2)(402.9)(422.0)(435.3)(455.7)
Total Operating Expenses($2,382.9)($2,664.8)($2,950.2)($2,956.7)($3,044.1)($3,171.6)
Operating Income$1,486.6$1,572.0$1,696.7$1,704.3$1,792.6$1,891.8
Interest Income (Expense), Net$65.9$145.7$178.9$173.8$113.2$105.2
Other Income (Expense), Net1.8(3.1)20.06.69.710.1
Loss on Extinguishment of Debt (4Q22 notes redemption)$0.0$0.0$0.0
Total Other Income (Expense)$67.8$142.6$198.9$180.4$122.8$115.4
Income Before Income Taxes$1,554.3$1,714.6$1,895.6$1,884.6$1,915.4$2,007.2
Less: Income Tax Expense($316.6)($352.3)($347.2)($365.3)($373.5)($391.4)
Net Income (Consolidated)$1,237.7$1,362.3$1,548.4$1,519.3$1,541.9$1,615.8
Less: Net Loss (Income) Attributable to Redeemable NCI($0.7)($4.1)($4.3)($4.0)($4.0)
Net Income Attributable to Copart, Inc.$1,237.7$1,363.0$1,552.4$1,523.6$1,545.9$1,619.8
Weighted Avg Shares — Basic (M)953.574960.739965.306949.053899.660867.679
Weighted Avg Shares — Diluted (M)966.647974.798977.563956.604905.884873.681
EPS — Basic$1.30$1.42$1.61$1.61$1.72$1.87
EPS — Diluted$1.28$1.40$1.59$1.59$1.71$1.85
Ratios & Assumptions
YoY Service Revenues Growth12.1%11.3%11.4%0.2%4.0%5.0%
YoY Vehicle Sales Growth3.6%0.7%0.4%0.7%2.3%3.1%
YoY Total Revenue Growth10.5%9.5%9.7%0.3%3.8%4.7%
Implied Vehicle Sales Gross Margin8.5%8.3%11.1%12.0%12.0%12.0%
Operating Margin38.4%37.1%36.5%36.6%37.1%37.4%

完整工作簿另含 23 个历史季度与 9 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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CSCO 思科系统公司 (Cisco Systems, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
20Q + 5A · 8Q + 5A
业务分部
5
KPI 结构
YoY growth % × product category (Networking / Security / Collaboration / Observability) plus Services; the four categories and a disclosed rounding residual sum to IS Product revenue
投资逻辑
FY27 guided +15% includes a 53rd week nobody mentioned, worth 1.9pts; AI infra $4B to $7.5B carries 5.5 more
更新于
2026-09-27 · 175 KB
预览模型
CSCO 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Product$39,253$41,608$48,295$57,698$60,933$65,059
Services14,55015,04615,03015,50515,61016,000
Total Revenue$53,803$56,654$63,325$73,203$76,543$81,058
Less: Cost of Sales - Product(14,339)(15,121)(17,781)(22,053)(23,002)(24,137)
Less: Cost of Sales - Services(4,636)(4,743)(4,684)(4,725)(4,722)(4,800)
Total Cost of Sales($18,975)($19,864)($22,465)($26,779)($27,723)($28,937)
Gross Margin$34,828$36,790$40,860$46,424$48,819$52,122
Less: Research and Development(7,983)(9,300)(9,563)(10,506)(10,931)(11,587)
Less: Sales and Marketing(10,364)(10,966)(11,559)(12,409)(12,725)(13,298)
Less: General and Administrative(2,813)(2,992)(2,761)(2,949)(3,011)(3,131)
Less: Amortization of Purchased Intangible Assets(698)(1,028)(916)(769)(592)(488)
Less: Restructuring and Other Charges(789)(744)(693)(401)(268)(243)
Total Operating Expenses($22,647)($25,030)($25,492)($27,034)($27,526)($28,747)
Operating Income$12,181$11,760$15,368$19,390$21,293$23,375
Interest Income$1,365$1,001$866$825$948$1,094
Interest Expense(1,006)(1,593)(1,470)(1,456)(1,392)(1,384)
Other Income/(Loss), net(306)(68)1,245737781
Interest and Other Income/(Loss), net$53($660)$641($558)($367)($209)
Income Before Provision for Income Taxes$12,234$11,100$16,009$18,832$20,926$23,166
Less: Provision for Income Taxes($1,914)($920)($2,742)($2,729)($3,139)($3,591)
Net Income$10,320$10,180$13,267$16,103$17,787$19,575
Ratios & Assumptions
YoY Product Revenue Growth(9.0%)6.0%16.1%19.5%5.6%6.8%
YoY Services Revenue Growth5.0%3.4%(0.1%)3.2%0.7%2.5%
YoY Total Revenue Growth(5.6%)5.3%11.8%15.6%4.6%5.9%
Product Gross Margin63.5%63.7%63.2%61.8%62.3%62.9%
Services Gross Margin68.1%68.5%68.8%69.5%69.8%70.0%

完整工作簿另含 20 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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DIS 华特迪士尼 (The Walt Disney Company)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 6Q + 5A
业务分部
3
KPI 结构
YoY growth x segment (Entertainment / Sports / Experiences) + segment-OI-margin + services-mix drivers
投资逻辑
Streaming margin inflection: Ent OI margin 11% FY25 to ~14.5% FY30E; parks/cruise capex cycle; FY26 = 53 wks
更新于
2026-09-27 · 120 KB
预览模型
DIS 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Revenues — Services$79,562.0$81,841.0$84,588.0$91,541.3$95,542.2$101,004.8
Revenues — Products9,336.09,520.09,837.010,530.111,030.511,598.1
Total Revenues$88,898.0$91,361.0$94,425.0$102,071.4$106,572.7$112,602.9
Less: Cost of Services (exclusive of D&A)($53,139.0)($52,509.0)($52,677.0)($56,786.3)($58,741.4)($61,612.9)
Less: Cost of Products (exclusive of D&A)(6,062.0)(6,189.0)(6,089.0)(6,312.7)(6,618.3)(6,935.7)
Less: Selling, General, Administrative and Other(15,336.0)(15,759.0)(16,501.0)(17,236.3)(17,918.2)(19,255.1)
Less: Depreciation and Amortization(5,369.0)(4,990.0)(5,326.0)(5,594.8)(6,041.4)(6,159.4)
Total Costs and Expenses($79,906.0)($79,447.0)($80,593.0)($85,930.0)($89,319.3)($93,963.1)
Less: Restructuring and Impairment Charges($3,892.0)($3,595.0)($819.0)($239.0)$0.0$0.0
Other Income (Expense), Net96.0(65.0)0.00.00.00.0
Interest Expense, Net(1,209.0)(1,260.0)(1,305.0)(1,035.0)(1,040.0)(1,020.0)
Equity in the Income of Investees782.0575.0295.0305.0330.0340.0
Income Before Income Taxes$4,769.0$7,569.0$12,003.0$15,172.3$16,543.4$17,959.8
Less: Income Taxes($1,379.0)($1,796.0)$1,428.0($4,098.5)($4,053.1)($4,400.1)
Net Income from Continuing Operations$3,390.0$5,773.0$13,431.0$11,073.8$12,490.3$13,559.6
Income (Loss) from Discontinued Operations, Net0.00.00.00.00.00.0
Net Income (consolidated)$3,390.0$5,773.0$13,431.0$11,073.8$12,490.3$13,559.6
Less: NI Attributable to Noncontrolling Interests(1,036.0)(801.0)(1,027.0)(790.0)(999.2)(1,084.8)
Net Income Attributable to Disney$2,354.0$4,972.0$12,404.0$10,283.8$11,491.1$12,474.9
EPS — Basic$1.29$2.72$6.88$5.82$6.64$7.36
EPS — Diluted$1.29$2.72$6.85$5.80$6.62$7.33
Shares — Basic (M, weighted avg)1,828.01,825.01,804.01,765.71,730.11,695.5
Shares — Diluted (M, weighted avg)1,830.01,831.01,811.01,771.91,736.01,701.3
Ratios & Assumptions
YoY Services Revenue Growth7.2%2.9%3.4%8.2%4.4%5.7%
YoY Products Revenue Growth9.6%2.0%3.3%7.0%4.8%5.1%
YoY Total Revenue Growth7.5%2.8%3.4%8.1%4.4%5.7%
YoY Entertainment Revenue Growth (recast basis from FY24)2.7%1.4%3.1%10.3%5.0%6.0%
YoY Sports Revenue Growth (Star India JV drag FY25)(0.9%)3.0%0.3%3.5%1.1%3.5%

完整工作簿另含 22 个历史季度与 6 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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GE GE航空航天 (GE Aerospace)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
10Q + 2A · 10Q + 5A
业务分部
3
KPI 结构
Consolidated product lines (equipment, services, insurance), each on its own rate; segments sourced but not projected because the FY2026 re-cut breaks their basis
投资逻辑
Services margin and the recurring other-income line carry FY26E adjusted operating profit to $10.61bn, inside the raised $10.55-10.75bn guide
更新于
2026-09-27 · 129 KB
预览模型
GE 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2024FY2025FY2026EFY2027EFY2028E
Sales of Equipment$10,274.0$12,159.0$14,262.6$15,757.5$17,175.7
Sales of Services24,847.030,163.035,863.639,982.443,980.6
Insurance Revenue3,581.03,533.03,038.62,765.12,543.9
Total Revenue$38,702.0$45,855.0$53,164.7$58,505.0$63,700.2
Less: Cost of Equipment Sold($10,341.0)($12,382.0)($15,013.7)($16,523.0)($17,924.1)
Less: Cost of Services Sold(13,967.0)(16,586.0)(19,330.9)(21,415.8)(23,425.4)
Gross Profit$14,394.0$16,887.0$18,820.1$20,566.2$22,350.6
Less: Selling, General and Administrative Expenses($4,437.0)($4,088.0)($4,600.5)($4,942.9)($5,190.7)
Less: Separation Costs(492.0)(202.0)(171.3)(102.0)0.0
Less: Research and Development(1,286.0)(1,580.0)(1,859.8)(2,047.7)(2,229.5)
Less: Interest and Other Financial Charges(986.0)(843.0)(910.2)(906.0)(859.1)
Less: Insurance Losses, Annuity Benefits and Other Costs(2,429.0)(2,449.0)(2,260.8)(1,977.0)(1,806.2)
Less: Goodwill Impairments(251.0)0.00.00.00.0
Add: Non-Operating Benefit Income (Cost)842.0788.0713.2716.3703.4
Total Costs and Expenses($33,347.0)($37,342.0)($43,433.9)($47,198.0)($50,731.5)
Other Income (Loss)$2,264.0$1,487.0$811.1$1,052.3$1,090.3
Income (Loss) from Continuing Operations Before Income Taxes$7,619.0$10,000.0$10,541.9$12,359.3$14,059.0
Less: Benefit (Provision) for Income Taxes($962.0)($1,405.0)($1,433.9)($1,792.1)($2,108.9)
Net Income (Loss) from Continuing Operations$6,657.0$8,595.0$9,108.0$10,567.2$11,950.2
Income (Loss) from Discontinued Operations, Net of Taxes($91.0)$103.0($65.0)$0.0$0.0
Net Income (Loss)$6,566.0$8,698.0$9,043.0$10,567.2$11,950.2
Less: Net Income (Loss) Attributable to Noncontrolling Interests(11.0)6.0(3.0)0.00.0
Net Income (Loss) Attributable to the Company$6,555.0$8,704.0$9,040.0$10,567.2$11,950.2
Preferred Stock Dividends and Other0.00.00.00.00.0
Net Income (Loss) Attributable to Common Shareholders$6,555.0$8,704.0$9,040.0$10,567.2$11,950.2
Depreciation and Amortization (add-back, per Cash Flow)1,184.01,220.01,254.61,291.01,342.4
EBIT$6,341.0$9,356.0$10,641.0$12,213.0$13,827.7
EBITDA$7,525.0$10,576.0$11,895.5$13,504.0$15,170.2
NOPAT (EBIT after tax)$5,540.4$8,041.5$9,193.6$10,442.1$11,753.6
Net Income (Loss) to Common Shareholders, Basic (EPS numerator)$6,556.0$8,704.0$9,040.0$10,567.2$11,950.2
Net Income (Loss) to Common Shareholders, Diluted (EPS numerator)$6,556.0$8,701.0$9,037.0$10,567.2$11,950.2
Ratios & Assumptions
YoY Total Revenue Growth18.5%15.9%10.0%8.9%
Equipment Gross Margin(0.7%)(1.8%)(5.3%)(4.9%)(4.4%)
Services Gross Margin43.8%45.0%46.1%46.4%46.7%
Total Gross Margin37.2%36.8%35.4%35.2%35.1%

完整工作簿另含 10 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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HOOD Robinhood

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 7Q + 5A
业务分部
3
KPI 结构
QoQ growth x revenue component (5 transaction products + 8 NII lines + Gold/Proxy/Other split)
投资逻辑
Crypto is the binding constraint; event contracts + NII compound: FY26E $5.0B (+11%), EPS ~$1.88 mid-Street
更新于
2026-09-27 · 148 KB
预览模型
HOOD 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Options$505.0$760.0$1,123.0$1,230.4$1,412.9$1,610.7
Cryptocurrencies135.0626.0901.0574.7645.9775.1
Equities104.0177.0302.0403.0468.0538.2
Event Contracts$625.2$955.6$1,290.1
Other Transaction-Based41.084.0302.0203.5254.2292.4
Transaction-Based Revenues$785.0$1,647.0$2,628.0$3,036.9$3,736.6$4,506.3
Margin Interest$243.0$319.0$573.0$854.4$1,024.6$1,209.0
Securities Lending, Net79.094.0190.021.128.632.9
Interest on Segregated Cash, Securities and Deposits210.0261.0319.0224.5223.9230.6
Interest on Corporate Cash and Investments (from Q2'22)$288.0$256.0$167.0$141.2$153.2$160.8
Cash Sweep$123.0$179.0$229.0$177.7$185.4$196.5
Credit Card, Net$9.0$24.0$64.0$150.6$209.5$272.3
Other Interest Income4.04.04.04.0
Less: Interest Expense on Corporate Credit Facilities(23.0)(24.0)(32.0)(33.9)(37.1)(39.3)
Net Interest Revenues$929.0$1,109.0$1,514.0$1,539.7$1,792.0$2,066.8
Other Revenues$151.0$195.0$331.0$404.3$468.9$532.7
Total Net Revenues$1,865.0$2,951.0$4,473.0$4,980.8$5,997.4$7,105.9
Less: Brokerage and Transaction($146.0)($164.0)($211.0)($271.2)($320.5)($362.4)
Less: Technology and Development(805.0)(818.0)(897.0)(1,016.5)(1,143.8)(1,243.5)
Less: Operations(116.0)(112.0)(130.0)(159.2)(182.5)(206.1)
Less: Provision for Credit Losses(43.0)(76.0)(114.0)(162.5)(194.5)(220.3)
Less: Marketing(122.0)(272.0)(399.0)(550.6)(620.9)(696.4)
Less: General and Administrative(1,169.0)(455.0)(628.0)(767.2)(852.7)(945.1)
Total Operating Expenses($2,401.0)($1,897.0)($2,379.0)($2,927.2)($3,315.0)($3,673.7)
Less: Change in FV of Convertible Notes and Warrant Liability (2021 only)$0.0$0.0$0.0$0.0$0.0$0.0
Other Income, Net3.010.014.00.00.00.0
Income (Loss) Before Income Taxes($533.0)$1,064.0$2,108.0$2,053.6$2,682.4$3,432.1
Less: Provision for (Benefit from) Income Taxes($8.0)$347.0($225.0)($327.8)($456.0)($617.8)
Net Income (Loss), incl. NCI($541.0)$1,411.0$1,883.0$1,725.8$2,226.4$2,814.3
Less: NI Attributable to NCI0.00.00.04.00.00.0
Net Income (Loss) Attributable to Robinhood($541.0)$1,411.0$1,883.0$1,729.8$2,226.4$2,814.3
EPS — Basic (Q4s from year-end 8-K)($0.61)$1.60$2.12$1.92$2.44$3.04
EPS — Diluted($0.61)$1.56$2.05$1.88$2.39$2.99
Shares — Basic (M, weighted avg)890.9881.1888.5903.2914.1925.1
Shares — Diluted (M, weighted avg)890.9906.2918.8919.2930.2941.4
Ratios & Assumptions
YoY Transaction-Based Revenue Growth(3.6%)109.8%59.6%15.6%23.0%20.6%
YoY Net Interest Revenue Growth119.1%19.4%36.5%1.7%16.4%15.3%
YoY Other Revenue Growth25.8%29.1%69.7%22.1%16.0%13.6%
YoY Total Net Revenue Growth37.3%58.2%51.6%11.4%20.4%18.5%
Net Margin(29.0%)47.8%42.1%34.7%37.1%39.6%

完整工作簿另含 21 个历史季度与 7 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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HSBC 汇丰控股 (HSBC Holdings plc)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
14Q + 3A · 10Q + 5A
业务分部
5
KPI 结构
NII = average interest-earning assets x net interest margin x days/365; fee, trading and insurance revenue each on their own driver
投资逻辑
Margin x earning assets, so the rate path and the balance sheet compete: FY26E RoTE holds the mid-teens target while the 2027 cost line runs above the Street
更新于
2026-09-27 · 120 KB
预览模型
HSBC 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Net Interest Income$35,796.0$32,733.0$34,794.0$37,194.7$38,832.0$40,099.5
Net Fee Income11,845.012,301.013,343.014,607.915,512.116,609.8
Net Income from Financial Instruments Held for Trading or Managed on a Fair Value Basis16,661.021,116.019,682.020,557.820,336.320,521.7
Net Income/(Expense) from Assets and Liabilities of Insurance Businesses at FVTPL7,887.05,901.011,175.010,398.48,908.19,480.1
Insurance Finance Income/(Expense)(7,809.0)(5,978.0)(11,197.0)(10,088.5)(8,819.1)(9,385.3)
Insurance Service Result1,078.01,310.01,825.02,149.72,370.62,566.1
Other Operating Income600.0(1,529.0)(1,348.0)601.6383.9398.3
Revenue$66,058.0$65,854.0$68,274.0$75,421.8$77,524.1$80,290.1
Less: Change in Expected Credit Losses and Other Credit Impairment Charges($3,447.0)($3,414.0)($3,850.0)($4,625.1)($4,367.4)($4,319.4)
Net Operating Income$62,611.0$62,440.0$64,424.0$70,796.7$73,156.8$75,970.7
Less: Total Operating Expenses($32,070.0)($33,043.0)($36,428.0)($35,008.8)($36,514.9)($38,350.0)
Operating Profit$30,541.0$29,397.0$27,996.0$35,787.9$36,641.9$37,620.7
Share of Profit in Associates and Joint Ventures$2,807.0$2,912.0$2,911.0$3,152.6$3,284.0$3,417.3
Less: Impairment of Interest in Associate(3,000.0)0.0(1,000.0)0.00.00.0
Profit Before Tax$30,348.0$32,309.0$29,907.0$38,940.5$39,925.9$41,038.0
Less: Tax Expense($5,789.0)($7,310.0)($6,776.0)($8,473.1)($8,783.7)($9,028.4)
Profit After Tax$24,559.0$24,999.0$23,131.0$30,467.4$31,142.2$32,009.7
Less: Attributable to Other Equity Holders (AT1 Coupons)($1,101.0)($1,062.0)($1,183.0)($1,350.1)($1,397.7)($1,402.7)
Less: Attributable to Non-Controlling Interests(1,026.0)(1,020.0)(846.0)(152.9)(186.9)(192.1)
Profit Attributable to Ordinary Shareholders$22,432.0$22,917.0$21,102.0$28,964.5$29,557.7$30,414.9
Weighted Average Basic Ordinary Shares (m)19,478.018,357.017,427.017,105.216,849.016,514.5
Basic EPS (calculated)$1.15$1.25$1.21$1.69$1.75$1.84
Diluted EPS (as filed)$1.14$1.24$1.20$1.68$1.74$1.83
Dividend per Ordinary Share, Declared ($)$0.61$0.87$0.75$0.75$0.77$0.79
Ratios & Assumptions - Income Statement
YoY Revenue Growth(0.3%)3.7%10.5%2.8%3.6%
Net Margin37.2%38.0%33.9%40.4%40.2%39.9%
Cost Efficiency Ratio48.5%50.2%53.4%46.4%47.1%47.8%
Effective Tax Rate19.1%22.6%22.7%21.8%22.0%22.0%

完整工作簿另含 14 个历史季度与 10 个预测季度,以及 Balance Sheet · Cash Flow Statement · KPI Drivers · Segment Performance (four businesses + Corporate Centre) · Projection Drivers — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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INTU 财捷集团 (Intuit Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
23Q + 5A · 9Q + 5A
业务分部
2
KPI 结构
YoY-by-quarter growth × sub-offering (GBS: Online/Desktop Eco; Consumer: TurboTax/Credit Karma/ProTax); tax-season seasonality preserved
投资逻辑
Online Eco +16% + IES mid-market; DIY value-based pricing pivot; 2026 Plan +250bp FY27 OM; FY26 +13.5% → FY30 +7.4%
更新于
2026-09-27 · 131 KB
预览模型
INTU 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Service Revenue$12,398$13,861$16,400$18,828$20,964$23,041
Product and Other Revenue (FY21-23: Product)1,9702,4242,4312,5432,7172,903
Total Net Revenue$14,368$16,285$18,831$21,371$23,681$25,944
Less: Cost of Service Revenue($2,909)($3,250)($3,624)($4,065)($4,532)($4,931)
Less: Cost of Product and Other Revenue(71)(69)(68)(64)(82)(87)
Less: Amortization of Acquired Technology(163)(146)(156)(174)(159)(138)
Total Cost of Revenue($3,143)($3,465)($3,848)($4,304)($4,773)($5,156)
Gross Profit$11,225$12,820$14,983$17,067$18,908$20,788
Less: Selling and Marketing($3,762)($4,312)($5,035)($5,639)($6,182)($6,716)
Less: Research and Development(2,539)(2,754)(2,928)(3,396)(3,704)(4,030)
Less: General and Administrative(1,300)(1,418)(1,601)(1,694)(1,841)(1,988)
Less: Amortization of Other Acquired Intangible Assets(483)(483)(481)(484)(441)(384)
Less: Restructuring0(223)(15)(320)00
Total Operating Expenses (excl. COGS; derived)($8,084)($9,190)($10,060)($11,532)($12,168)($13,118)
Total Costs and Expenses (as filed)($11,227)($12,655)($13,908)($15,836)($16,941)($18,274)
Operating Income$3,141$3,630$4,923$5,534$6,740$7,670
Less: Interest Expense($248)($242)($247)($245)($245)($245)
Interest and Other Income, Net96162158340340340
Income Before Income Taxes$2,989$3,550$4,834$5,629$6,835$7,765
Less: Income Tax Provision($605)($587)($965)($1,310)($1,606)($1,825)
Net Income$2,384$2,963$3,869$4,320$5,229$5,940
EPS — Basic$8.49$10.58$13.82$15.60$19.35$22.51
EPS — Diluted$8.42$10.43$13.67$15.55$19.35$22.51
Shares — Basic (M)281280280277270264
Shares — Diluted (M)283284283278270264
Ratios & Assumptions
YoY Service Revenue Growth12.9%11.8%18.3%14.8%11.3%9.9%
YoY Product and Other Revenue Growth12.8%23.0%0.3%4.6%6.8%6.8%
YoY Total Revenue Growth12.9%13.3%15.6%13.5%10.8%9.6%
Service Gross Margin (direct cost only)76.5%76.6%77.9%78.4%78.4%78.6%
Product and Other Gross Margin (direct cost only)96.4%97.2%97.2%97.5%97.0%97.0%

完整工作簿另含 23 个历史季度与 9 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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JPM 摩根大通 (JPMorgan Chase & Co.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
9
KPI 结构
NII = average earning assets × yield less interest-bearing liabilities × rate paid, plus eight noninterest-revenue lines on their own growth rates
投资逻辑
Both sides of the balance sheet priced separately so spread compression shows; FY26E lands on the $105.5B NII and $107.5B expense guides
更新于
2026-09-27 · 211 KB
预览模型
JPM 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Investment Banking Fees$6,519.0$8,910.0$9,615.0$11,943.4$12,147.9$13,010.6
Principal Transactions24,460.024,787.027,212.032,509.531,862.833,584.3
Lending- and Deposit-Related Fees7,413.07,606.09,093.010,045.610,717.311,260.3
Asset Management, Administration and Commissions22,056.025,331.028,866.033,354.536,260.038,978.5
Investment Securities Gains/(Losses)(3,180.0)(1,021.0)(57.0)(455.0)(248.0)(248.0)
Mortgage Fees and Related Income1,176.01,401.01,381.01,327.11,405.61,462.7
Card Income4,784.05,497.04,720.05,295.05,747.86,045.0
Other Income5,609.012,462.06,174.012,456.16,703.56,999.8
Noninterest Revenue$68,837.0$84,973.0$87,004.0$106,476.1$104,597.0$111,093.2
Interest Income$170,588.0$193,933.0$193,341.0$206,146.3$215,515.7$222,174.5
Less: Interest Expense(81,321.0)(101,350.0)(97,898.0)(100,674.9)(102,754.9)(104,387.5)
Net Interest Income$89,267.0$92,583.0$95,443.0$105,471.5$112,760.8$117,787.0
Total Net Revenue$158,104.0$177,556.0$182,447.0$211,947.6$217,357.8$228,880.2
Less: Provision for Credit Losses($9,320.0)($10,678.0)($14,212.0)($10,483.6)($12,093.3)($13,244.8)
Less: Compensation Expense($46,465.0)($51,357.0)($54,487.0)($59,411.9)($60,192.2)($63,241.8)
Less: Occupancy Expense(4,590.0)(5,026.0)(5,461.0)(5,919.7)(6,178.4)(6,438.7)
Less: Technology, Communications and Equipment Expense(9,246.0)(9,831.0)(11,029.0)(12,423.0)(13,183.0)(13,974.4)
Less: Professional and Outside Services(10,235.0)(11,057.0)(12,356.0)(15,016.7)(15,985.3)(16,811.8)
Less: Marketing(4,591.0)(4,974.0)(5,531.0)(6,613.9)(6,916.9)(7,236.9)
Less: Other Expense(12,045.0)(9,552.0)(6,776.0)(8,109.5)(8,535.9)(8,948.5)
Total Noninterest Expense($87,172.0)($91,797.0)($95,640.0)($107,494.8)($110,991.7)($116,652.1)
Income Before Income Tax Expense$61,612.0$75,081.0$72,595.0$93,969.2$94,272.8$98,983.3
Less: Income Tax Expense($12,060.0)($16,610.0)($15,547.0)($20,920.1)($21,682.7)($22,766.2)
Net Income$49,552.0$58,471.0$57,048.0$73,049.2$72,590.1$76,217.1
Less: Preferred Stock Dividends($1,501.0)($1,259.0)($1,099.0)($1,205.5)($1,232.9)($1,236.3)
Net Income Applicable to Common Equity$48,051.0$57,212.0$55,949.0$71,843.6$71,357.1$74,980.8
Less: Earnings Allocated to Participating Securities(291.0)(344.0)(268.0)(325.0)(328.2)(344.9)
Net Income Applicable to Common Stockholders$47,760.0$56,868.0$55,681.0$71,518.6$71,028.9$74,635.9
Ratios & Assumptions
YoY Noninterest Revenue Growth11.1%23.4%2.4%22.4%(1.8%)6.2%
YoY Total Net Revenue Growth22.9%12.3%2.8%16.2%2.6%5.3%
Net Margin31.3%32.9%31.3%34.5%33.4%33.3%
Effective Tax Rate19.6%22.1%21.4%22.3%23.0%23.0%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 Balance Sheet · Cash Flow Statement · KPI Drivers · Segment Performance (Managed Basis) · Projection Drivers — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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MSFT 微软 (Microsoft Corporation)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
20Q + 5A · 8Q + 5A
业务分部
10
KPI 结构
YoY growth % × product-and-service offering (ten filed offerings summing exactly to total revenue); the three segments are carried as a mix layer for segment margins
投资逻辑
The FY27 guide only closes with 215bps of gross-margin compression; FCF falls $67.0B to $52.5B, a third straight decline, while CFO still grows
更新于
2026-09-27 · 173 KB
预览模型
MSFT 利润表预览。Dollars in millions, except per share amounts。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Product$64,773$63,946$64,696$63,725$63,725$63,725
Service and Other180,349217,778267,143326,258390,928465,071
Total Revenue$245,122$281,724$331,839$389,983$454,653$528,796
Less: Cost of Revenue - Product(15,272)(13,501)(12,098)(12,102)(12,229)(12,108)
Less: Cost of Revenue - Service and Other(58,842)(74,330)(94,276)(121,362)(149,780)(183,703)
Total Cost of Revenue($74,114)($87,831)($106,374)($133,464)($162,009)($195,811)
Gross Margin$171,008$193,893$225,465$256,518$292,644$332,986
Less: Research and Development(29,510)(32,488)(35,562)(38,037)(40,546)(48,649)
Less: Sales and Marketing(24,456)(25,654)(26,710)(28,560)(30,455)(34,901)
Less: General and Administrative(7,609)(7,223)(7,956)(8,504)(9,072)(10,047)
Total Operating Expenses($61,575)($65,365)($70,228)($75,101)($80,073)($93,597)
Operating Income$109,433$128,528$155,237$181,417$212,571$239,389
Other Income (Expense), net($1,646)($4,901)$10,697($600)($1,100)($1,400)
Income Before Income Taxes$107,787$123,627$165,934$180,817$211,471$237,989
Less: Provision for Income Taxes($19,651)($21,795)($32,185)($36,163)($42,294)($47,598)
Net Income$88,136$101,832$133,749$144,654$169,177$190,391
Ratios & Assumptions
YoY Total Revenue Growth15.7%14.9%17.8%17.5%16.6%16.3%
QoQ Total Revenue Growth15.7%14.9%17.8%17.5%16.6%16.3%
Product Gross Margin76.4%78.9%81.3%81.0%80.8%81.0%
Service and Other Gross Margin67.4%65.9%64.7%62.8%61.7%60.5%

完整工作簿另含 20 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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MU 美光科技 (Micron Technology, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
23Q + 5A · 9Q + 5A
业务分部
3
KPI 结构
bit growth × ASP change × technology (DRAM / NAND / Other)
投资逻辑
$50B FQ4'26 guide-anchored; 2027-28 supply response normalizes GM 86%→52% by FY29; SCA floor holds trough above prior-cycle peaks
更新于
2026-09-27 · 101 KB
预览模型
MU 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Revenue$15,540$25,111$37,378$129,016$217,842$190,006
Less: Cost of Goods Sold($16,956)($19,498)($22,505)($25,510)($48,107)($81,015)
Gross Margin($1,416)$5,613$14,873$103,506$169,735$108,991
Less: Research and Development($3,114)($3,430)($3,798)($5,139)($6,258)($7,494)
Less: Selling, General, and Administrative(920)(1,129)(1,205)(1,513)(1,960)(1,993)
Less: Restructure and Asset Impairments($171)($1)($39)$0$0$0
Less: Other Operating (Income) Expense, Net(124)251(61)(43)00
Operating Income (Loss)($5,745)$1,304$9,770$96,811$161,517$99,504
Interest Income$468$529$496$759$1,089$1,233
Interest Expense(388)(562)(477)(106)00
Other Non-Operating Income (Expense), Net7(31)(135)(859)(1,307)(1,140)
Pretax Income (Loss)($5,658)$1,240$9,654$96,605$161,299$99,597
Less: Income Tax (Provision) / Benefit($177)($451)($1,124)($14,354)($25,001)($15,437)
Equity in Net Income (Loss) of Equity Method Investees2(11)91300
Net Income (Loss)($5,833)$778$8,539$82,264$136,298$84,159
EPS — Basic($5.34)$0.70$7.65$72.94$121.35$77.22
EPS — Diluted($5.34)$0.70$7.59$71.93$119.55$76.07
Shares — Basic (M)1,0931,1051,1161,1281,1231,090
Shares — Diluted (M)1,0931,1181,1251,1441,1401,106
Ratios & Assumptions
YoY Revenue Growth(49.5%)61.6%48.9%245.2%68.8%(12.8%)
Gross Margin %(9.1%)22.4%39.8%80.2%77.9%57.4%
Operating Margin(37.0%)5.2%26.1%75.0%74.1%52.4%
Net Margin(37.5%)3.1%22.8%63.8%62.6%44.3%
Effective Tax Rate(3.1%)36.4%11.6%14.9%15.5%15.5%

完整工作簿另含 23 个历史季度与 9 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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NFLX 奈飞公司 (Netflix, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 7Q + 5A
业务分部
4
KPI 结构
YoY growth x regional streaming revenue (UCAN / EMEA / LATAM / APAC) + content amort/spend-ratio drivers
投资逻辑
Ads scaling + pricing carry low-teens growth post-members disclosure; OM 31.5% guided FY26E stepping to 38% FY30E
更新于
2026-09-27 · 112 KB
预览模型
NFLX 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Streaming Revenue — UCAN (US & Canada)$14,873.8$17,359.4$19,957.2$22,117.3$23,937.1$25,612.7
Streaming Revenue — EMEA10,556.512,387.014,514.616,753.818,802.720,870.9
Streaming Revenue — LATAM4,446.54,839.85,357.56,226.97,019.77,791.8
Streaming Revenue — APAC3,763.74,414.75,353.76,278.67,172.18,104.5
DVD Revenue (wound down Sep 2023)82.80.00.00.00.00.0
Total Revenues$33,723.3$39,001.0$45,183.0$51,376.7$56,931.6$62,380.0
Less: Cost of Revenues($19,715.4)($21,038.5)($23,275.3)($25,412.1)($27,280.5)($29,006.7)
Less: Marketing(2,657.9)(2,917.6)(3,301.3)(3,735.1)(4,027.2)(4,553.7)
Less: Technology and Development(2,675.8)(2,925.3)(3,391.4)(3,774.5)(4,122.9)(4,491.4)
Less: General and Administrative(1,720.3)(1,702.0)(1,888.4)(2,243.1)(2,384.9)(2,495.2)
Operating Income$6,954.0$10,417.6$13,326.6$16,211.9$19,116.1$21,833.0
Less: Interest Expense($699.8)($718.7)($776.5)($1,027.1)($1,020.0)($1,020.0)
Interest and Other Income (Expense)(48.8)266.8172.53,002.2200.0200.0
Income Before Income Taxes$6,205.4$9,965.7$12,722.6$18,187.0$18,296.1$21,013.0
Less: Provision for (Benefit from) Income Taxes($797.4)($1,254.0)($1,741.4)($3,068.5)($2,835.9)($3,257.0)
Net Income$5,408.0$8,711.6$10,981.2$15,118.5$15,460.2$17,756.0
EPS — Basic$1.23$2.03$2.58$3.60$3.72$4.33
EPS — Diluted$1.20$1.98$2.53$3.53$3.66$4.25
Shares — Basic4,415.74,295.24,249.54,203.84,153.64,099.6
Shares — Diluted4,495.04,392.64,343.94,279.14,228.04,173.0
Ratios & Assumptions
YoY Total Revenue Growth6.7%15.6%15.9%13.7%10.8%9.6%
Operating Margin20.6%26.7%29.5%31.6%33.6%35.0%
Net Margin16.0%22.3%24.3%29.4%27.2%28.5%
Effective Tax Rate12.9%12.6%13.7%16.9%15.5%15.5%

完整工作簿另含 21 个历史季度与 7 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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PG 宝洁公司 (The Procter & Gamble Company)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
20Q + 5A · 8Q + 5A
业务分部
5
KPI 结构
Five global business units + Corporate, each = year-ago quarter x (1 + organic growth + currency and acquisitions); every margin driver set per fiscal quarter
投资逻辑
Organic growth by business unit with a front-loaded margin path: FY27E core EPS $6.95 inside the guide, FY28E-FY30E EPS 2.7-5.1% below the Street
更新于
2026-09-27 · 183 KB
预览模型
PG 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Total Net Sales$84,039.0$84,284.0$87,032.0$88,723.9$90,655.2$92,633.4
Less: Cost of Products Sold($40,848.0)($41,164.0)($43,362.0)($44,525.0)($45,222.3)($46,038.8)
Gross Profit$43,191.0$43,120.0$43,670.0$44,198.9$45,433.0$46,594.6
Less: Selling, General and Administrative Expense(23,305.0)(22,669.0)(23,922.0)(23,695.9)(24,121.0)(24,733.1)
Less: Indefinite-Lived Intangible Asset Impairment(1,341.0)0.00.00.00.00.0
Total Operating Expenses($24,646.0)($22,669.0)($23,922.0)($23,695.9)($24,121.0)($24,733.1)
Operating Income$18,545.0$20,451.0$19,748.0$20,503.0$21,312.0$21,861.5
Less: Interest Expense(925.0)(907.0)(877.0)(1,050.1)(1,050.1)(1,051.5)
Interest Income473.0469.0430.0398.4458.6520.4
Other Non-Operating Income/(Expense), Net668.0154.01,076.0876.4895.5917.1
Rounding Residual0.00.00.00.00.00.0
Earnings Before Income Taxes$18,761.0$20,167.0$20,377.0$20,727.7$21,616.0$22,247.5
Less: Income Taxes($3,787.0)($4,102.0)($4,233.0)($4,311.4)($4,496.1)($4,627.5)
Net Earnings$14,974.0$16,065.0$16,144.0$16,416.3$17,119.9$17,620.0
Less: Net Earnings Attributable to Noncontrolling Interests(95.0)(91.0)(98.0)(98.5)(102.7)(105.7)
Net Earnings Attributable to Procter & Gamble$14,879.0$15,974.0$16,046.0$16,317.8$17,017.2$17,514.3
Less: Preferred Dividends(284.0)(291.0)(292.0)(281.1)(273.3)(268.3)
Net Earnings Available to Common Shareholders$14,595.0$15,683.0$15,754.0$16,036.7$16,743.9$17,246.0
Ratios & Assumptions
YoY Total Net Sales Growth2.5%0.3%3.3%1.9%2.2%2.2%
Gross Margin51.4%51.2%50.2%49.8%50.1%50.3%
Operating Margin22.1%24.3%22.7%23.1%23.5%23.6%
Net Margin (consolidated)17.8%19.1%18.5%18.5%18.9%19.0%
Net Margin (attributable to P&G)17.7%19.0%18.4%18.4%18.8%18.9%

完整工作簿另含 20 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Operating Segments · Pro-Forma / Non-GAAP Reconciliation — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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PLTR Palantir

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 7Q + 5A
业务分部
2
KPI 结构
YoY growth x segment (Government / Commercial) + contribution-bridge margins (SBC = tying residual) + US-geo driver
投资逻辑
US-led AIP compounding: NDR 150 + Gov +84%; FY26E $7.9B (+76%) decel to +21% FY30E at ~55% GAAP OM
更新于
2026-09-27 · 130 KB
预览模型
PLTR 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Government Segment Revenue$1,222.2$1,569.6$2,402.3$4,000.0$5,724.3$7,441.6
Commercial Segment Revenue1,002.81,295.92,073.23,864.95,820.27,915.4
Total Revenue$2,225.0$2,865.5$4,475.4$7,864.9$11,544.5$15,357.0
Less: Cost of Revenue($431.1)($566.0)($789.2)($1,038.0)($1,482.3)($1,935.0)
Gross Profit$1,793.9$2,299.5$3,686.3$6,826.9$10,062.1$13,422.1
Less: Sales and Marketing($745.0)($887.8)($1,056.9)($1,500.9)($2,057.3)($2,580.0)
Less: Research and Development(404.6)(507.9)(557.7)(775.2)(1,101.4)(1,428.2)
Less: General and Administrative(524.3)(593.5)(657.7)(848.0)(1,133.8)(1,351.4)
Total Operating Expenses($1,673.9)($1,989.1)($2,272.3)($3,124.0)($4,292.5)($5,359.6)
Income (Loss) from Operations$120.0$310.4$1,414.0$3,702.8$5,769.7$8,062.4
Interest Income$132.6$196.8$229.2$301.4$432.4$540.9
Less: Interest Expense(3.5)0.00.00.0
Other Income (Expense), Net(12.0)(18.0)14.268.20.00.0
Income (Loss) Before Provision for Income Taxes$237.1$489.2$1,657.4$4,072.4$6,202.1$8,603.4
Less: Provision for Income Taxes($19.7)($21.3)($22.7)($75.9)($124.0)($344.1)
Net Income (Loss)$217.4$467.9$1,634.6$3,996.5$6,078.1$8,259.2
Less: Net Income Attributable to NCI (Japan JV, from Q4'22)($7.5)($5.7)($9.6)($21.8)($31.0)($43.0)
Net Income (Loss) Attributable to Common Stockholders$209.8$462.2$1,625.0$3,974.7$6,047.1$8,216.2
EPS — Basic (Q4s from year-end 8-K)$0.10$0.21$0.69$1.65$2.47$3.31
EPS — Diluted$0.09$0.19$0.63$1.54$2.30$3.08
Shares — Basic (M, weighted avg)2,147.42,250.22,369.62,408.32,447.02,483.7
Shares — Diluted (M, weighted avg)2,297.92,450.82,565.22,586.42,628.02,667.4
Ratios & Assumptions
YoY Government Revenue Growth14.0%28.4%53.1%66.5%43.1%30.0%
YoY Commercial Revenue Growth20.2%29.2%60.0%86.4%50.6%36.0%
YoY US Revenue Growth18.7%37.9%74.7%88.8%51.8%35.0%
YoY International Revenue Growth13.7%14.0%19.7%38.2%27.0%23.8%
YoY Total Revenue Growth16.7%28.8%56.2%75.7%46.8%33.0%

完整工作簿另含 21 个历史季度与 7 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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PYPL PayPal

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
2
KPI 结构
TPV YoY growth × transaction take rate + OVAS growth; expense/loss rates on TPV; composite customer-money cash bridge
投资逻辑
TPV +9%→+5.5% vs take-rate erosion −4bp/yr; Lores $1.5B+ cost program holds margin; buybacks drive EPS — Hold, stabilization not re-rating
更新于
2026-09-27 · 134 KB
预览模型
PYPL 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Transaction Revenues (revenue note)$26,857$28,842$29,798$31,408$32,708$33,940
Revenues from Other Value Added Services (revenue note)2,9142,9553,3743,4853,5793,686
Total Net Revenues$29,771$31,797$33,172$34,893$36,287$37,626
Less: Transaction Expense($14,385)($15,697)($15,987)($17,734)($19,300)($20,817)
Less: Transaction and Credit Losses(1,682)(1,442)(1,720)(1,638)(1,798)(1,918)
Less: Customer Support and Operations(1,919)(1,768)(1,704)(1,848)(1,875)(1,893)
Less: Sales and Marketing(1,809)(2,001)(2,283)(2,279)(2,418)(2,488)
Less: Technology and Development(2,973)(2,979)(3,103)(3,379)(3,474)(3,527)
Less: General and Administrative(2,059)(2,147)(1,979)(2,028)(2,073)(2,112)
Less: Restructuring and Other84(438)(331)(367)(160)(60)
Total Operating Expenses($24,743)($26,472)($27,107)($29,272)($31,096)($32,815)
Operating Income$5,028$5,325$6,065$5,620$5,190$4,811
Transaction Margin Dollars13,70414,65815,46515,52115,18914,891
Other Income (Expense), Net$383$4$227($432)($400)($360)
Income Before Income Taxes$5,411$5,329$6,292$5,188$4,790$4,451
Less: Income Tax Expense (FY21 = +70 benefit)($1,165)($1,182)($1,059)($946)($886)($824)
Net Income (Loss)$4,246$4,147$5,233$4,243$3,904$3,628
EPS — Basic$3.85$4.03$5.46$4.87$4.89$4.91
EPS — Diluted$3.84$3.99$5.41$4.84$4.87$4.88
Shares — Basic (M)1,1031,029959872798740
Shares — Diluted (M)1,1071,039968877802744
Ratios & Assumptions
YoY Transaction Revenues Growth6.6%7.4%3.3%5.4%4.1%3.8%
YoY Total Revenue Growth8.2%6.8%4.3%5.2%4.0%3.7%
Operating Margin16.9%16.7%18.3%16.1%14.3%12.8%
Net Margin14.3%13.0%15.8%12.2%10.8%9.6%
Effective Tax Rate21.5%22.2%16.8%18.2%18.5%18.5%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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RBLX Roblox

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 7Q + 5A
业务分部
1
KPI 结构
DAU YoY growth × ABPDAU growth → bookings; GAAP revenue via deferred-recognition ratio
投资逻辑
Age-check funnel cut FY26 bookings guide 14pp; DAU 132M + ABPDAU drive +10% FY26E / +14% FY27E bookings, FCF ~$1.2B — Hold
更新于
2026-09-27 · 115 KB
预览模型
RBLX 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Total Revenue (as filed: Revenue)$2,799.3$3,602.0$4,890.6$5,991.2$6,557.1$7,422.9
Less: Cost of Revenue($649.1)($801.2)($1,072.3)($1,226.6)($1,337.6)($1,514.3)
Less: Developer Exchange Fees(740.8)(922.8)(1,503.1)(1,772.9)(1,979.4)(2,278.8)
Less: Infrastructure and Trust & Safety(878.4)(915.4)(1,153.5)(1,338.3)(1,445.5)(1,610.8)
Less: Research and Development(1,253.6)(1,444.2)(1,567.7)(1,731.8)(1,841.9)(2,019.0)
Less: General and Administrative(390.1)(407.5)(580.1)(800.1)(824.3)(898.2)
Less: Sales and Marketing(146.5)(174.2)(246.2)(268.7)(295.1)(326.6)
Total Cost and Expenses($4,058.3)($4,665.3)($6,122.9)($7,138.4)($7,723.8)($8,647.7)
Income (Loss) from Operations($1,259.1)($1,063.3)($1,232.3)($1,147.2)($1,166.7)($1,224.8)
Interest Income$141.8$179.5$201.6$231.2$260.9$293.7
Interest Expense (2030 0% converts)($40.7)($41.2)($41.5)($40.0)($40.0)($40.0)
Other Income (Expense), Net(0.5)(11.5)4.22.00.00.0
Income (Loss) Before Income Taxes($1,158.5)($936.5)($1,068.0)($954.0)($945.8)($971.1)
Less: Provision for (Benefit from) Income Taxes($0.5)($4.1)($3.6)($5.5)($6.6)($8.9)
Consolidated Net Income (Loss)($1,158.9)($940.6)($1,071.6)($959.6)($952.3)($980.0)
Less: Net Loss Attributable to NCI (Luobu JV)(7.0)(5.2)(6.6)(8.0)(8.0)(8.0)
Net Income (Loss) Attributable to Common Stockholders($1,151.9)($935.4)($1,065.1)($951.6)($944.3)($972.0)
Weighted Avg Shares — Basic (M)616.445647.482689.612722.444750.653779.178
Weighted Avg Shares — Diluted (M; = basic, net losses)616.445647.482689.612722.444750.653779.178
EPS — Basic($1.87)($1.44)($1.54)($1.32)($1.26)($1.25)
EPS — Diluted($1.87)($1.44)($1.54)($1.32)($1.26)($1.25)
Ratios & Assumptions
YoY Total Revenue Growth25.8%28.7%35.8%22.5%9.4%13.2%
Operating Margin(45.0%)(29.5%)(25.2%)(19.1%)(17.8%)(16.5%)
Net Margin(41.2%)(26.0%)(21.8%)(15.9%)(14.4%)(13.1%)
Effective Tax Rate(0.0%)(0.4%)(0.3%)(0.6%)(0.7%)(0.9%)

完整工作簿另含 21 个历史季度与 7 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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SKHY SK海力士 (SK hynix Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 8Q + 5A
业务分部
3
KPI 结构
QoQ bit-shipment growth × blended ASP change per product (DRAM / NAND Flash / Other); KRW currency of record
投资逻辑
HBM-led supercycle at a 72%-OM blow-off: sold-out 2026 (+216% rev), 2027 ASP correction modeled vs Street's uninterrupted ramp
更新于
2026-09-27 · 128 KB
预览模型
SKHY 利润表预览。KRW in billions, except per share (EPS in KRW)。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
DRAM Revenue₩20,768.7₩44,731.7₩74,904.1₩237,610.9₩252,600.8₩202,080.7
NAND Flash Revenue9,653.119,274.120,690.168,370.468,393.753,347.1
Other Revenue (modules/services)2,344.02,187.21,552.51,415.41,428.61,428.6
Total Revenue₩32,765.7₩66,193.0₩97,146.7₩307,396.7₩322,423.1₩256,856.4
Less: Cost of Sales(₩33,299.2)(₩34,364.8)(₩38,455.9)(₩65,508.4)(₩92,084.3)(₩89,899.7)
Gross Profit(₩533.4)₩31,828.1₩58,690.8₩241,888.3₩230,338.9₩166,956.6
Less: Selling & Administrative Expenses(₩7,196.9)(₩8,360.8)(₩11,484.5)(₩22,262.6)(₩27,711.9)(₩25,685.6)
Operating Profit(₩7,730.3)₩23,467.3₩47,206.3₩219,625.7₩202,626.9₩141,271.0
Finance Income₩2,261.8₩4,855.1₩16,373.5₩18,330.5₩1,612.1₩1,284.3
Less: Finance Expenses(6,093.2)(5,708.0)(12,505.0)(3,023.5)0.00.0
Share of Profit (Loss) of Equity-Accounted Investees15.1(38.2)(564.6)(26.8)0.00.0
Other Income623.91,476.6333.315.00.00.0
Less: Other Expenses(735.1)(167.4)(378.0)(14.5)0.00.0
Profit Before Income Tax(₩11,657.8)₩23,885.4₩50,465.6₩234,906.3₩204,239.1₩142,555.3
Less: Income Tax Expense/(Benefit)₩2,520.3(₩4,088.4)(₩7,517.6)(₩51,594.6)(₩44,932.6)(₩31,362.2)
Profit for the Period (Net Income)(₩9,137.5)₩19,796.9₩42,947.9₩183,311.7₩159,306.5₩111,193.1
Less: Profit Attributable to Non-Controlling Interests(₩25.1)₩8.2₩28.6₩15.7₩0.0₩0.0
Profit Attributable to Owners of the Parent(₩9,112.4)₩19,788.7₩42,919.3₩183,296.0₩159,306.5₩111,193.1
EPS — Basic (KRW; Q4s derived)(₩13,244)₩28,732₩62,044₩257,919₩222,506₩155,305
EPS — Diluted (KRW; Q4s derived)(₩13,244)₩28,419₩60,378₩255,668₩220,565₩153,950
Shares — Weighted Avg Basic (M)688.1688.7691.8710.7716.0716.0
Shares — Weighted Avg Diluted (M)688.1709.8711.3716.9722.3722.3
Ratios & Assumptions
YoY Total Revenue Growth(26.6%)102.0%46.8%216.4%4.9%(20.3%)
YoY DRAM Revenue Growth(26.3%)115.4%67.5%217.2%6.3%(20.0%)
YoY NAND Flash Revenue Growth(31.9%)99.7%7.3%230.5%0.0%(22.0%)

完整工作簿另含 21 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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TSM 台积电 (Taiwan Semiconductor Manufacturing Company Limited)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 8Q + 5A
业务分部
6
KPI 结构
QoQ growth x platform (HPC / Smartphone / IoT / Automotive / DCE / Others); NT$ currency of record
投资逻辑
AI-foundry monopoly: FY26E +37.5% NT$ on HPC; GM glides 66% to 59% by FY30E on overseas-fab dilution
更新于
2026-09-27 · 128 KB
预览模型
TSM 利润表预览。NT$ in billions, except per share (EPS in NT$)。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
High Performance Computing Revenue929.51,476.12,209.23,312.74,062.14,712.1
Smartphone Revenue821.51,013.01,104.61,274.21,361.61,416.0
Internet of Things Revenue172.9173.7190.5304.0336.4370.1
Automotive Revenue129.7144.7190.5197.8222.3244.5
Digital Consumer Electronics Revenue43.228.938.150.052.954.0
Others Revenue64.957.976.299.4108.3113.8
Net RevenueNT$2,161.7NT$2,894.3NT$3,809.1NT$5,238.1NT$6,143.7NT$6,910.5
Less: Cost of Revenue(NT$986.6)(NT$1,270.0)(NT$1,527.8)(NT$1,779.1)(NT$2,260.0)(NT$2,729.6)
Gross ProfitNT$1,175.1NT$1,624.4NT$2,281.3NT$3,459.0NT$3,883.7NT$4,180.8
Less: Research and Development Expenses(NT$182.4)(NT$204.2)(NT$246.4)(NT$322.1)(NT$385.2)(NT$449.2)
Less: Sales, General and Administrative Expenses(71.5)(96.9)(99.2)(119.1)(135.2)(152.0)
Total Operating Expenses(NT$253.8)(NT$301.1)(NT$345.6)(NT$441.2)(NT$520.4)(NT$601.2)
Other Operating Income and Expenses, NetNT$0.2(NT$1.2)NT$0.4NT$1.7NT$0.0NT$0.0
Income from OperationsNT$921.5NT$1,322.1NT$1,936.1NT$3,019.5NT$3,363.3NT$3,579.6
Share of Profits of AssociatesNT$4.7NT$4.9NT$5.5NT$1.7NT$0.0NT$0.0
Net Interest Income (Expenses)48.376.793.4116.4135.2138.2
Other Gains and Losses4.82.26.71.00.00.0
Total Non-operating Income and ExpensesNT$57.7NT$83.8NT$105.6NT$119.1NT$135.2NT$138.2
Income Before Income TaxNT$979.2NT$1,405.8NT$2,041.7NT$3,138.6NT$3,498.5NT$3,717.8
Less: Income Tax Expenses(NT$141.4)(NT$233.4)(NT$326.3)(NT$531.6)(NT$594.7)(NT$632.0)
Net IncomeNT$837.8NT$1,172.4NT$1,715.4NT$2,607.0NT$2,903.8NT$3,085.8
Less: Net Income Attributable to Noncontrolling Interests(NT$0.7)(NT$0.8)(NT$2.5)NT$0.3NT$0.0NT$0.0
Net Income Attributable to Shareholders of the ParentNT$838.5NT$1,173.3NT$1,717.9NT$2,606.7NT$2,903.8NT$3,085.8
Ratios & Assumptions
YoY Net Revenue Growth(4.5%)33.9%31.6%37.5%17.3%12.5%
YoY HPC Revenue Growth0.1%58.8%49.7%49.9%22.6%16.0%
YoY Smartphone Revenue Growth(7.0%)23.3%9.0%15.4%6.9%4.0%

完整工作簿另含 21 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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U Unity

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 7Q + 5A
业务分部
2
KPI 结构
YoY growth x filed segment (Create / Grow); cross-regime 2021 basis preserved; Strategic/Non-Strategic overlay calibrates the path
投资逻辑
Vector ad inflection (strategic Grow +49%) + ironSource sunset; GAAP-profit Q4'26E; FY26 +13.5% -> FY30 +10.1%
更新于
2026-09-27 · 109 KB
预览模型
U 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Create Solutions Revenue$859.2$614.0$621.4$654.2$714.7$779.0
Grow Solutions Revenue$1,328.1$1,199.3$1,228.2$1,445.0$1,635.7$1,881.1
Total Revenue$2,187.3$1,813.3$1,849.6$2,099.2$2,350.4$2,660.1
Less: Cost of Revenue($733.7)($480.9)($477.7)($604.5)($367.2)($412.3)
Gross Profit$1,453.6$1,332.4$1,371.9$1,494.6$1,983.3$2,247.8
Less: Research and Development($1,053.6)($924.8)($929.5)($966.3)($953.9)($1,024.1)
Less: Sales and Marketing(834.6)(752.6)(652.9)(702.9)(684.4)(731.5)
Less: General and Administrative(398.2)(410.1)(268.5)(199.5)(194.9)(207.5)
Total Operating Expenses($2,286.4)($2,087.6)($1,851.0)($1,868.7)($1,833.2)($1,963.2)
Loss from Operations($832.8)($755.1)($479.1)($374.1)$150.1$284.6
Less: Interest Expense($24.6)($23.5)($24.0)($24.0)($14.0)($14.0)
Interest Income and Other Income (Expense), Net59.5111.6107.947.566.070.0
Loss Before Income Taxes($797.8)($667.1)($395.2)($350.6)$202.1$340.6
Less: Provision for (Benefit from) Income Taxes($28.5)$2.8($6.3)($7.3)($21.2)($53.2)
Net Loss (incl. NCI)($826.3)($664.3)($401.5)($357.9)$180.9$287.4
Less: NI Attributable to NCI and Redeemable NCI(4.3)(0.2)1.30.70.00.0
Net Loss Attributable to Unity Software Inc.($822.0)($664.1)($402.8)($358.6)$180.9$287.4
EPS — Basic and Diluted (as filed)($2.16)($1.68)($0.96)($0.82)$0.40$0.62
EPS — Diluted($2.16)($1.68)($0.96)($0.82)$0.40$0.62
Shares — Basic (M, weighted avg)380.5396.0420.9439.5453.7466.4
Shares — Diluted (M, weighted avg)380.5396.0420.9439.5453.7466.4
Ratios & Assumptions
YoY Total Revenue Growth57.2%(17.1%)2.0%13.5%12.0%13.2%
Gross Margin %66.5%73.5%74.2%71.2%84.4%84.5%
Operating Margin(38.1%)(41.6%)(25.9%)(17.8%)6.4%10.7%
Net Margin (incl. NCI)(37.8%)(36.6%)(21.7%)(17.0%)7.7%10.8%
Effective Tax Rate(3.6%)0.4%(1.6%)(2.1%)10.5%15.6%

完整工作簿另含 21 个历史季度与 7 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

下载完整 U 模型 (xlsx)免费 — 登录或注册即可下载

UNH 联合健康 (UnitedHealth Group Incorporated)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
4
KPI 结构
Risk member-months x premium yield (UnitedHealthcare) + consumers x premium per consumer (Optum Health); scripts x revenue per script; fee-based member-months x administrative fee
投资逻辑
Guided MCR of 88.1% forces H2'26 to ~90.9%, so the operating cost ratio carries the growth: FY27E adjusted $22.72, inside the 13-16% algorithm
更新于
2026-09-27 · 242 KB
预览模型
UNH 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Premiums290,827.0308,810.0352,229.0348,601.3357,672.3377,147.4
Products42,583.050,226.053,380.056,014.562,389.267,864.0
Services34,123.036,040.038,038.040,129.042,058.644,041.5
Investment and Other Income4,089.05,202.03,920.04,689.84,476.14,782.2
Total Revenues$371,622.0$400,278.0$447,567.0$449,434.5$466,596.3$493,835.0
Medical Costs241,894.0264,185.0313,995.0307,091.2315,137.6331,556.4
Operating Costs54,628.053,013.059,592.058,559.258,549.860,732.9
Cost of Products Sold38,770.046,694.050,655.054,259.660,517.665,828.1
Depreciation and Amortization3,972.04,099.04,361.04,165.64,378.54,588.4
Total Operating Costs$339,264.0$367,991.0$428,603.0$424,075.6$438,583.5$462,705.8
Less: Total Operating Costs($339,264.0)($367,991.0)($428,603.0)($424,075.6)($438,583.5)($462,705.8)
Earnings from Operations$32,358.0$32,287.0$18,964.0$25,358.9$28,012.8$31,129.3
Add back: Depreciation and Amortization$3,972.0$4,099.0$4,361.0$4,165.6$4,378.5$4,588.4
EBITDA$36,330.0$36,386.0$23,325.0$29,524.5$32,391.4$35,717.7
Less: Interest Expense($3,246.0)($3,906.0)($4,002.0)($3,735.7)($3,607.7)($3,617.6)
Loss on Sale of Subsidiary and Subsidiaries Held for Sale($8,310.0)($265.0)($133.0)$0.0$0.0
Earnings Before Income Taxes$29,112.0$20,071.0$14,697.0$21,490.2$24,405.1$27,511.6
Less: Provision for Income Taxes($5,968.0)($4,829.0)($1,890.0)($3,993.5)($4,514.9)($5,227.2)
Net Earnings$23,144.0$15,242.0$12,807.0$17,496.7$19,890.1$22,284.4
Less: Earnings Attributable to Noncontrolling Interests(763.0)(837.0)(751.0)(563.4)(656.4)(735.4)
Net Earnings Attributable to UNH Shareholders$22,381.0$14,405.0$12,056.0$16,933.3$19,233.8$21,549.0
Ratios & Assumptions
Product Gross Margin8.95%7.03%5.10%3.13%3.00%3.00%
Operating Margin8.71%8.07%4.24%5.64%6.00%6.30%
Effective Tax Rate20.50%24.06%12.86%18.58%18.50%19.00%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 Segment Detail · KPI Drivers · Balance Sheet · Cash Flow Statement · Pro-Forma / Non-GAAP Reconciliation · Segment Earnings Mix (drivers) — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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WMT 沃尔玛公司 (Walmart Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
3
KPI 结构
Three reportable segments' net sales grown off the same quarter a year earlier, plus membership income; segments tie to net sales in all 27 periods
投资逻辑
Segment growth rates held to the August guide: FY27E EPS $2.85 inside $2.80–2.87, with 3Q27E at the top of its $0.62–0.64 range
更新于
2026-09-27 · 172 KB
预览模型
WMT 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
202420252026FY27EFY28EFY29E
Walmart U.S.$441,817.0$462,415.0$482,975.0$501,910.1$521,099.8$540,111.1
Walmart International114,641.0121,885.0130,423.0144,147.6153,042.4161,418.8
Sam's Club86,179.090,238.093,015.098,915.5103,585.6108,012.2
Net Sales$642,637.0$674,538.0$706,413.0$744,973.1$777,727.8$809,542.2
Membership and Other Income$5,488.0$6,447.0$6,750.0$7,790.4$8,647.9$9,491.2
Total Revenues$648,125.0$680,985.0$713,163.0$752,763.5$786,375.7$819,033.4
Less: Cost of Sales($490,142.0)($511,753.0)($535,395.0)($561,808.6)($587,561.6)($611,143.2)
Gross Profit$157,983.0$169,232.0$177,768.0$190,954.9$198,814.1$207,890.2
Less: Operating, Selling, General and Administrative Expenses($130,971.0)($139,884.0)($147,943.0)($157,857.5)($164,286.0)($170,699.6)
Operating Income$27,012.0$29,348.0$29,825.0$33,097.4$34,528.1$37,190.6
Depreciation and Amortization (from Cash Flow)$11,853.0$12,973.0$14,203.0$16,249.3$18,161.1$19,552.7
EBITDA$38,865.0$42,321.0$44,028.0$49,346.7$52,689.2$56,743.2
Less: Interest on Debt($2,259.0)($2,249.0)($2,318.0)($2,073.4)($2,724.8)($2,724.8)
Less: Interest on Finance Lease Obligations(424.0)(479.0)(481.0)(494.2)(486.4)(486.4)
Interest Income546.0483.0368.0366.8259.2187.1
Less: Interest, Net($2,137.0)($2,245.0)($2,431.0)($2,200.8)($2,952.0)($3,024.1)
Less: Loss on Extinguishment of Debt0.00.00.00.00.00.0
Other Gains and (Losses)(3,027.0)(794.0)2,075.0(925.0)0.00.0
Income Before Income Taxes$21,848.0$26,309.0$29,469.0$29,971.6$31,576.0$34,166.5
Less: Provision for Income Taxes($5,578.0)($6,152.0)($7,199.0)($6,695.8)($7,578.3)($8,200.0)
Consolidated Net Income$16,270.0$20,157.0$22,270.0$23,275.8$23,997.8$25,966.5
Less: Net Income Attributable to Noncontrolling Interest(759.0)(721.0)(377.0)(548.1)(480.0)(519.3)
Net Income Attributable to Walmart$15,511.0$19,436.0$21,893.0$22,727.7$23,517.8$25,447.2
Ratios & Assumptions
YoY Walmart U.S. Net Sales Growth5.1%4.7%4.4%3.9%3.8%3.6%
YoY Walmart International Net Sales Growth13.5%6.3%7.0%10.5%6.2%5.5%
YoY Sam's Club Net Sales Growth2.2%4.7%3.1%6.3%4.7%4.3%
YoY Net Sales Growth6.1%5.0%4.7%5.5%4.4%4.1%
YoY Total Revenues Growth6.0%5.1%4.7%5.6%4.5%4.2%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

下载完整 WMT 模型 (xlsx)免费 — 登录或注册即可下载

CAT 卡特彼勒 (Caterpillar Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
5
KPI 结构
End-user applications, not reported segments: Construction Industries, Resource Industries ex-Rail, Power Generation, Oil and Gas and Industrial-and-Rail each on a year-over-year growth rate, plus Financial Products as average finance receivables x revenue yield. The application split is what survives the 1Q26 segment re-cut
投资逻辑
Power Generation compounds to 3.0x 2024 by FY2030E on the data-centre pull; the near-term bar is whether H2 2026 margin holds without the tariff recoveries that flattered H1
更新于
2026-09-26 · 207 KB
预览模型
CAT 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Sales of Machinery, Power & Energy$63,869.0$61,363.0$63,980.0$75,053.9$81,886.9$87,907.0
Financial Products Revenues3,191.03,446.03,609.03,864.64,027.54,229.2
Total Revenues$67,060.0$64,809.0$67,589.0$78,918.6$85,914.4$92,136.2
Less: Cost of Goods Sold(42,767.0)(40,199.0)(44,752.0)(50,661.3)(55,262.0)(58,797.3)
Less: Selling, General and Administrative Expenses(6,371.0)(6,667.0)(6,985.0)(7,930.1)(8,591.4)(9,121.5)
Less: Research and Development Expenses(2,108.0)(2,107.0)(2,148.0)(2,381.8)(2,577.4)(2,764.1)
Less: Goodwill Impairment Charge0.00.00.00.00.00.0
Less: Interest Expense of Financial Products(1,030.0)(1,286.0)(1,359.0)(1,442.2)(1,498.2)(1,556.3)
Less: Other Operating (Income) Expenses(1,818.0)(1,478.0)(1,194.0)(1,616.2)(1,718.3)(1,842.7)
Total Operating Expenses($54,094.0)($51,737.0)($56,438.0)($64,031.6)($69,647.4)($74,081.8)
Operating Income$12,966.0$13,072.0$11,151.0$14,887.0$16,267.1$18,054.4
Other Income (Expense)595.0813.0892.01,308.01,150.01,150.0
Less: Interest Expense excluding Financial Products(511.0)(512.0)(502.0)(540.0)(550.0)(558.0)
Consolidated Profit Before Taxes$13,050.0$13,373.0$11,541.0$15,655.0$16,867.1$18,646.4
Less: Provision (Benefit) for Income Taxes($2,781.0)($2,629.0)($2,768.0)($3,578.2)($3,963.8)($4,381.9)
Profit of Consolidated Companies$10,269.0$10,744.0$8,773.0$12,076.8$12,903.3$14,264.5
Equity in Profit (Loss) of Unconsolidated Affiliated Companies63.044.0109.0157.0120.0120.0
Consolidated Net Income$10,332.0$10,788.0$8,882.0$12,233.8$13,023.3$14,384.5
Less: Profit (Loss) Attributable to Noncontrolling Interests3.04.02.01.00.00.0
Net Income Attributable to Common Shareholders$10,335.0$10,792.0$8,884.0$12,234.8$13,023.3$14,384.5
Ratios & Assumptions
YoY Total Revenues Growth12.8%(3.4%)4.3%16.8%8.9%7.2%
YoY Machinery, Power & Energy Sales Growth12.9%(3.9%)4.3%17.3%9.1%7.4%
YoY Financial Products Revenues Growth11.8%8.0%4.7%7.1%4.2%5.0%
Operating Margin19.3%20.2%16.5%18.9%18.9%19.6%
Incremental Operating Margin66.3%(4.7%)(69.1%)33.0%19.7%28.7%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Operating Segments · Pro-Forma / Non-GAAP Reconciliation — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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COST 好市多 (Costco Wholesale Corporation)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
20Q + 5A · 8Q + 5A
业务分部
2
KPI 结构
Average warehouses x weeks x net sales per warehouse-week, plus membership fee income; per-week drivers carry the 16-week fourth quarter and the 53-week FY2028
投资逻辑
Warehouse-weeks make FY2028's 53rd week explicit; on a 52-week basis FY2028 revenue sits within 0.02% of consensus, so the extra week is the whole gap
更新于
2026-09-26 · 135 KB
预览模型
COST 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Net Sales$249,625$269,912$297,247$321,794$353,679$373,699
Membership Fees4,8285,3235,9076,2506,7186,946
Total Revenue$254,453$275,235$303,154$328,045$360,398$380,645
Less: Merchandise Costs(222,358)(239,886)(264,279)(285,998)(314,164)(331,845)
Merchandise Gross Profit$27,267$30,026$32,968$35,796$39,515$41,854
Less: Selling, General and Administrative($22,810)($24,966)($27,190)($29,362)($32,135)($33,877)
Total Operating Expenses($245,168)($264,852)($291,469)($315,360)($346,300)($365,722)
Operating Income$9,285$10,383$11,685$12,685$14,098$14,923
Depreciation and Amortization (add-back)$2,237$2,426$2,674$3,105$3,516$3,683
EBITDA$11,522$12,809$14,359$15,790$17,614$18,606
Interest Expense($169)($154)($145)($133)($95)($91)
Interest Income and Other, net624589711901935996
Income Before Income Taxes$9,740$10,818$12,251$13,453$14,938$15,828
Less: Provision for Income Taxes($2,373)($2,719)($3,025)($3,324)($3,692)($3,957)
Net Income Including Noncontrolling Interests$7,367$8,099$9,226$10,129$11,246$11,871
Less: Net Income Attributable to Noncontrolling Interests$0$0$0$0$0$0
Net Income Attributable to Costco$7,367$8,099$9,226$10,129$11,246$11,871
Ratios & Assumptions
Merchandise Gross Margin (as % of Net Sales)10.92%11.12%11.09%11.12%11.17%11.20%
Operating Margin3.65%3.77%3.85%3.87%3.91%3.92%
Net Margin2.9%2.9%3.0%3.1%3.1%3.1%
Effective Tax Rate24.4%25.1%24.7%24.7%24.7%25.0%

完整工作簿另含 20 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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INTC 英特尔 (Intel Corporation)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
16Q + 5A · 8Q + 5A
业务分部
7
KPI 结构
QoQ growth × segment (CCG / DCAI / NEX / Intel Foundry / Mobileye / All Other / Eliminations)
投资逻辑
Intel Foundry external customer ramp + DCAI AI server share recovery; FY26 +6.5% → FY30 +8.1%
更新于
2026-09-26 · 68 KB
预览模型
INTC 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY26EFY27EFY28E
Revenue$54,228$53,101$52,853$56,276$61,537$67,137
Less: Cost of Sales($32,517)($35,756)($34,478)($33,124)($32,899)($34,911)
Gross Profit$21,711$17,345$18,375$23,153$28,638$32,226
Less: Research and Development($16,046)($16,546)($13,774)($14,040)($14,300)($14,770)
Less: Marketing, General and Administrative($5,634)($5,507)($4,624)($4,667)($4,996)($5,237)
Less: Restructuring and Other Charges$62($6,970)($2,191)($4,320)$0$0
Total Operating Expenses($21,618)($29,023)($20,589)($23,028)($19,297)($20,007)
Operating Income (Loss)$93($11,678)($2,214)$125$9,341$12,219
Gains (Losses) on Equity Investments, Net$40$242$514$78$200$200
Interest and Other, Net$629$226$3,257($588)$200$200
Income (Loss) Before Taxes$762($11,210)$1,557($385)$9,741$12,619
Less: Provision for (Benefit from) Taxes$913($8,023)($1,531)($1,083)($2,046)($2,650)
Net Income (Loss)$1,675($19,233)$26($1,468)$7,696$9,969
Less: Net Income (Loss) Attributable to NCI($14)($477)$293($703)($200)($200)
Net Income (Loss) Attributable to Intel$1,689($18,756)($267)($765)$7,896$10,169
EPS, Basic$0.00$0.00$0.00($0.15)$1.52$1.93
EPS, Diluted$0.40($4.38)($0.06)($0.15)$1.52$1.93
Weighted Avg Shares — Basic (M)0.00.00.05,128.05,200.05,275.0
Weighted Avg Shares — Diluted (M)0.00.00.05,128.05,200.05,275.0

完整工作簿另含 16 个历史季度与 8 个预测季度,以及 Balance Sheet · Cash Flow Statement · KPI Drivers — Segment Revenue — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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KO 可口可乐公司 (The Coca-Cola Company)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
5
KPI 结构
Coca-Cola's own filed bridge: each of five operating segments is the same quarter a year earlier x (1 + organic + currency + acquisitions/divestitures), with organic = concentrate volume + price/mix
投资逻辑
The reporting calendar is the 2026 story: 1Q26 ran 93 days and 4Q26E runs 90, which lands the ~5% organic guide on an unchanged run-rate
更新于
2026-09-26 · 242 KB
预览模型
KO 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Net Revenues$45,754.0$47,061.0$47,941.0$50,673.3$52,810.9$55,223.4
Less: Cost of Goods Sold($18,520.0)($18,324.0)($18,397.0)($19,170.4)($19,679.3)($20,250.5)
Gross Profit$27,234.0$28,737.0$29,544.0$31,502.9$33,131.6$34,972.9
Less: Selling, General and Administrative Expenses(13,972.0)(14,582.0)(14,521.0)(15,309.9)(16,068.0)(16,875.1)
Less: Other Operating Charges(1,951.0)(4,163.0)(1,261.0)(44.0)0.00.0
Total Operating Expenses($15,923.0)($18,745.0)($15,782.0)($15,353.9)($16,068.0)($16,875.1)
Operating Income$11,311.0$9,992.0$13,762.0$16,149.0$17,063.6$18,097.8
Interest Income907.0988.0786.0895.11,064.51,307.9
Less: Interest Expense(1,527.0)(1,656.0)(1,654.0)(1,488.9)(1,502.2)(1,506.3)
Equity Income (Loss) - net1,691.01,770.02,031.02,077.12,283.82,412.8
Other Income (Loss) - net570.01,992.01,073.0465.5158.4165.7
Income Before Income Taxes$12,952.0$13,086.0$15,998.0$18,097.8$19,068.1$20,477.8
Less: Income Taxes($2,249.0)($2,437.0)($2,861.0)($3,284.4)($3,813.6)($4,095.6)
Consolidated Net Income$10,703.0$10,649.0$13,137.0$14,813.4$15,254.5$16,382.2
Less: Net Income (Loss) Attributable to Noncontrolling Interests11.0(18.0)(30.0)(106.3)(122.0)(131.1)
Net Income Attributable to Shareowners$10,714.0$10,631.0$13,107.0$14,707.2$15,132.4$16,251.2
Ratios & Assumptions
YoY Net Revenue Growth6.4%2.9%1.9%5.7%4.2%4.6%
YoY Revenue-per-Day Growth (day-count neutral)6.4%2.6%2.1%5.7%4.2%4.3%
Gross Margin59.5%61.1%61.6%62.2%62.7%63.3%
Incremental Gross Margin81.1%115.0%91.7%71.7%76.2%76.3%
Operating Margin24.7%21.2%28.7%31.9%32.3%32.8%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Operating Segments · Pro-Forma / Non-GAAP Reconciliation — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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LRCX 泛林集团 (Lam Research Corporation)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
20Q + 5A · 8Q + 5A
业务分部
3
KPI 结构
Systems revenue by primary market (memory / foundry / logic-IDM), each on its own sequential growth rate, plus customer-support revenue off the installed base; industry WFE spend and Lam's served market sit outside the chain as a governor, not a driver
投资逻辑
Memory went 60% of systems to 39% while foundry went 26% to 54%: the mix is the argument, and FY28 is where a conceded NAND-oversupply case starts to bite
更新于
2026-09-26 · 197 KB
预览模型
LRCX 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Systems Revenue$8,921.6$11,491.3$14,885.5$24,283.7$27,055.3$28,553.8
Customer Support-Related Revenue and Other5,983.76,944.38,347.210,693.211,914.712,867.9
Total Revenue$14,905.4$18,435.6$23,232.7$34,976.9$38,969.9$41,421.6
Less: Cost of Goods Sold(7,809.2)(9,456.5)(11,507.4)(16,839.3)(18,666.4)(19,758.1)
Less: Restructuring Charges, Net - Cost of Goods Sold(43.4)0.00.00.00.00.0
Total Cost of Goods Sold($7,852.6)($9,456.5)($11,507.4)($16,839.3)($18,666.4)($19,758.1)
Gross Margin$7,052.8$8,979.1$11,725.3$18,137.5$20,303.6$21,663.5
Less: Research and Development(1,902.4)(2,096.4)(2,375.9)(3,118.7)(3,609.9)(3,893.6)
Less: Selling, General and Administrative(868.2)(981.7)(1,149.6)(1,549.9)(1,779.1)(1,913.7)
Less: Restructuring Charges, Net - Operating Expenses(18.2)0.00.00.00.00.0
Total Operating Expenses($2,788.9)($3,078.1)($3,525.5)($4,668.5)($5,389.0)($5,807.3)
Operating Income$4,263.9$5,901.0$8,199.8$13,469.0$14,914.6$15,856.2
Other Income (Expense), net$96.3$57.2$62.7$70.0$77.9$82.8
Income Before Income Taxes$4,360.2$5,958.1$8,262.5$13,539.0$14,992.6$15,939.0
Less: Income Tax Expense($532.5)($599.9)($997.1)($2,045.0)($2,338.9)($2,518.4)
Net Income$3,827.8$5,358.2$7,265.4$11,493.9$12,653.6$13,420.7
Ratios & Assumptions
Gross Margin47.3%48.7%50.5%51.9%52.1%52.3%
Incremental Gross Margin28.7%54.6%57.2%54.6%54.2%55.5%
Operating Margin28.6%32.0%35.3%38.5%38.3%38.3%
Net Margin25.7%29.1%31.3%32.9%32.5%32.4%
Effective Tax Rate12.2%10.1%12.1%15.1%15.6%15.8%

完整工作簿另含 20 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Pro-Forma / Non-GAAP Reconciliation — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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MRK 默沙东 (Merck & Co., Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
2
KPI 结构
Keytruda franchise on a year-over-year growth rate, split into subcutaneous QLEX by a conversion rate with IV as the residual, plus eleven other product buckets and Animal Health each on their own growth rate
投资逻辑
Subcutaneous conversion is the whole bridge: base IV Keytruda turned negative in 2Q26, and FY2029E revenue sits 8.8% under a Street that models no cliff at all through the December 2028 US patent expiry
更新于
2026-09-26 · 200 KB
预览模型
MRK 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Total Revenue$60,115.0$64,168.0$65,011.0$66,781.8$69,486.9$72,710.1
Less: Cost of Sales($16,126.0)($15,193.0)($16,382.0)($17,485.3)($18,363.2)($19,433.3)
Gross Profit$43,989.0$48,975.0$48,629.0$49,296.5$51,123.7$53,276.8
Less: Selling, General and Administrative(10,504.0)(10,816.0)(10,733.0)(11,398.8)(11,883.3)(12,580.1)
Less: Research and Development - Core(19,122.0)(14,482.0)(15,789.0)(17,163.6)(17,371.7)(17,814.0)
Less: Research and Development - Acquired IPR&D(11,409.0)(3,456.0)0.0(13,811.0)(2,000.0)(2,000.0)
Less: Research and Development($30,531.0)($17,938.0)($15,789.0)($30,974.6)($19,371.7)($19,814.0)
Less: Restructuring Costs(599.0)(309.0)(889.0)(896.0)(600.0)(400.0)
Total Operating Expenses($41,634.0)($29,063.0)($27,411.0)($43,269.4)($31,855.1)($32,794.1)
Operating Income$2,355.0$19,912.0$21,218.0$6,027.0$19,268.6$20,482.7
Interest Income365.0415.0343.0167.7308.0443.3
Less: Interest Expense(1,146.0)(1,271.0)(1,357.0)(2,091.0)(2,156.2)(2,162.1)
Less: Exchange Losses(370.0)(227.0)(323.0)(155.0)(160.0)(160.0)
Income from Investments in Equity Securities, net340.014.0368.0411.00.00.0
Net Periodic Defined Benefit Plan Credit498.0633.0615.0522.0520.0520.0
Other Non-Operating Income (Expense), net(153.0)460.0203.0199.0200.0200.0
Less: Other (Income) Expense, net($466.0)$24.0($151.0)($946.2)($1,288.2)($1,158.9)
Total Costs, Expenses and Other($58,226.0)($44,232.0)($43,944.0)($61,701.0)($51,506.5)($53,386.2)
Income Before Taxes$1,889.0$19,936.0$21,067.0$5,080.8$17,980.4$19,323.8
Less: Taxes on Income($1,512.0)($2,803.0)($2,804.0)($2,618.2)($2,697.4)($2,878.7)
Net Income from Continuing Operations$377.0$17,133.0$18,263.0$2,462.6$15,283.1$16,445.1
Less: Net Income Attributable to Noncontrolling Interests(12.0)(16.0)(9.0)5.00.00.0
Income from Discontinued Operations, Net of Tax0.00.00.00.00.00.0
Net Income Attributable to Merck & Co., Inc.$365.0$17,117.0$18,254.0$2,467.6$15,283.1$16,445.1
Ratios & Assumptions
YoY Total Revenue Growth1.4%6.7%1.3%2.7%4.1%4.6%
Gross Margin73.2%76.3%74.8%73.8%73.6%73.3%
Operating Margin3.9%31.0%32.6%9.0%27.7%28.2%
Net Margin (continuing operations)0.6%26.7%28.1%3.7%22.0%22.6%
Effective Tax Rate80.0%14.1%13.3%51.5%15.0%14.9%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 Revenue by Product and Segment · KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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SE 冬海集团 (Sea Limited)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
16Q + 5A · 8Q + 5A
业务分部
4
KPI 结构
QoQ growth × segment (Garena / Shopee / Monee / Other)
投资逻辑
Shopee ROW expansion (Brazil/Latam) + Monee consumer credit compounding; FY26 +32% → FY30 +13%
更新于
2026-09-26 · 86 KB
预览模型
SE 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY26EFY27EFY28E
Service Revenue$11,942.4$15,261.3$20,913.1$27,673.3$30,746.1$36,261.0
Sales of Goods$1,121.2$1,558.6$2,025.4$2,707.9$2,856.2$3,239.0
Total Revenue$13,063.6$16,819.9$22,938.5$30,381.2$33,602.3$39,500.0
Less: Cost of Service($6,202.5)($8,164.4)($10,812.0)($14,261.9)($15,623.7)($18,311.8)
Less: Cost of Goods Sold($1,027.4)($1,450.4)($1,882.7)($2,563.6)($2,659.3)($2,996.1)
Total Cost of Revenue($7,229.9)($9,614.8)($12,694.7)($16,825.6)($18,282.9)($21,307.9)
Gross Profit$5,833.6$7,205.1$10,243.7$13,555.6$15,319.3$18,192.1
Less: Sales and Marketing($2,779.2)($3,472.7)($4,492.2)($5,838.1)($6,128.6)($6,912.5)
Less: General and Administrative($1,134.7)($1,267.7)($1,357.8)($1,684.4)($1,770.8)($1,975.0)
Less: Research and Development($1,164.1)($1,206.0)($1,157.1)($1,196.2)($1,199.6)($1,303.5)
Less: Provision for Credit Losses($633.9)($776.9)($1,372.6)($2,079.0)($2,189.7)($2,488.5)
Other Operating Income/(Expense), Net$103.1$180.4$121.3$120.7$134.4$158.0
Total Operating Expenses($5,608.9)($6,542.9)($8,258.4)($10,677.1)($11,154.3)($12,521.5)
Operating Income (Loss)$224.8$662.2$1,985.3$2,878.5$4,165.1$5,670.6
Interest Income$331.3$365.8$331.1$338.4$327.0$395.0
Interest Expense($41.1)($38.3)($33.6)($11.0)($13.4)($15.8)
Other Income/(Expense), Net (incl. equity investees)($89.7)($220.6)($20.8)($29.6)($33.6)($39.5)
Pretax Income (Loss)$425.4$769.0$2,262.0$3,176.4$4,445.1$6,010.3
Less: Income Tax (Expense)/Benefit($262.7)($321.2)($651.1)($1,047.0)($1,431.9)($1,863.2)
Net Income (Loss)$162.7$447.8$1,610.9$2,129.4$3,013.2$4,147.1
Less: NI Attributable to Non-controlling Interest$12.0$3.5$32.7$44.1$60.3$82.9
Net Income to Sea Limited$150.7$444.3$1,578.1$2,085.3$2,952.9$4,064.2
EPS — Basic$0.27$0.77$2.65$3.50$4.96$6.70
EPS — Diluted$0.25$0.74$2.52$3.27$4.63$6.24
Shares — Basic (M)566.6575.0595.0595.0595.0606.9
Shares — Diluted (M)594.4604.7638.2638.2638.2651.0
IS Ratios & Projection Drivers
Effective Tax Rate31.0%

完整工作簿另含 16 个历史季度与 8 个预测季度,以及 Balance Sheet · Cash Flow Statement · KPI Drivers — Segment Revenue — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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SPCX 太空探索技术公司 (SpaceX)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
4Q + 3A (1Q25, 2Q25, 1Q26, 2Q26; 3Q25/4Q25 never filed separately) · 10Q + 5A
业务分部
3
KPI 结构
GW × $/W (AI Solutions & Infra), subs × revenue/sub (Consumer), launches × $/launch (Launch Services), growth % × 3 lines
投资逻辑
Contracted AI cloud (Anthropic $1.25B/mo) on 2→4 GW at ~$20/W: FY26E $40.7B, FY27E $91B vs Street $105B
更新于
2026-09-26 · 93 KB
预览模型
SPCX 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Space Revenue$3,557.0$3,796.0$4,086.0$3,516.9$4,187.8$4,680.0
Connectivity Revenue (Starlink)3,869.07,599.011,387.017,722.125,699.032,774.7
AI Revenue (xAI + X)2,961.02,620.03,201.019,461.861,086.393,036.7
Total Revenue$10,387.0$14,015.0$18,674.0$40,700.8$90,973.1$130,491.4
Less: Cost of Revenue($6,110.0)($7,996.0)($9,451.0)($18,626.4)($40,483.0)($58,068.7)
Gross Profit$4,277.0$6,019.0$9,223.0$22,074.3$50,490.1$72,422.7
Less: Research & Development($2,105.0)($3,464.0)($8,643.0)($16,932.6)($27,939.0)($37,686.8)
Less: Selling, General & Administrative(1,665.0)(1,813.0)(2,644.0)(3,915.0)(5,784.8)(7,260.8)
Less: Restructuring Charges (Credits)(237.0)(213.0)(487.0)9.00.00.0
Less: Impairment(3,775.0)(63.0)(38.0)0.00.00.0
Total Costs and Expenses($13,892.0)($13,549.0)($21,263.0)($39,465.0)($74,206.8)($103,016.3)
Income (Loss) from Operations($3,505.0)$466.0($2,589.0)$1,235.7$16,766.3$27,475.1
EBITDA($870.0)$4,290.0$4,112.0$14,615.8$42,444.7$65,342.7
Interest Income$249.0$371.0$492.0$2,321.7$2,411.2$2,008.3
Interest Expense(1,693.0)(1,580.0)(1,945.0)(2,916.3)(3,756.3)(5,963.8)
Other Income (Expense), Net(42.0)985.0(177.0)(1,962.0)0.00.0
Income (Loss) Before Income Taxes($4,991.0)$242.0($4,219.0)($1,320.9)$15,421.2$23,519.5
Less: Provision for (Benefit from) Income Taxes$363.0$549.0($718.0)($192.9)($925.3)($2,139.8)
Net Income (Loss)($4,628.0)$791.0($4,937.0)($1,513.8)$14,495.9$21,379.7
Ratios & Assumptions
YoY Total Revenue Growth34.9%33.2%118.0%123.5%43.4%
YoY Space Revenue Growth6.7%7.6%(13.9%)19.1%11.8%
YoY Connectivity Revenue Growth96.4%49.8%55.6%45.0%27.5%
YoY AI Revenue Growth(11.5%)22.2%508.0%213.9%52.3%
Gross Margin (memo)41.2%42.9%49.4%54.2%55.5%55.5%

完整工作簿另含 4 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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V Visa

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
23Q + 5A · 9Q + 5A
业务分部
4
KPI 结构
Payments volume × yield, processed transactions × revenue per 1,000, cross-border volume × yield, less client incentives as a % of gross revenue
投资逻辑
Visa's own volume and yield metrics run 0.2–1.4% under consensus through FY28E, the gap widening each year
更新于
2026-09-26 · 166 KB
预览模型
V 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Service Revenue$14,826.0$16,114.0$17,539.0$19,851.4$22,107.9$24,379.9
Data Processing Revenue16,007.017,714.019,993.023,411.126,292.729,177.5
International Transaction Revenue11,638.012,665.014,166.015,139.316,217.217,433.8
Other Revenue2,479.03,197.04,053.05,594.16,750.37,759.8
Gross Revenue$44,950.0$49,690.0$55,751.0$63,995.8$71,368.1$78,750.9
Less: Client Incentives(12,297.0)(13,764.0)(15,751.0)(18,237.2)(20,905.1)(23,361.4)
Net Revenue$32,653.0$35,926.0$40,000.0$45,758.6$50,463.0$55,389.6
Less: Personnel($5,831.0)($6,264.0)($6,961.0)($8,018.1)($8,237.3)($9,041.5)
Less: Marketing(1,341.0)(1,560.0)(1,684.0)(2,251.7)(2,405.1)(2,639.4)
Less: Network and Processing(736.0)(778.0)(894.0)(1,048.9)(1,160.6)(1,274.0)
Less: Professional Fees(545.0)(635.0)(759.0)(937.9)(1,034.5)(1,135.5)
Less: Depreciation and Amortization(943.0)(1,034.0)(1,220.0)(1,400.1)(1,538.3)(1,626.7)
Less: General and Administrative(1,330.0)(1,598.0)(1,926.0)(1,995.8)(2,220.4)(2,437.1)
Less: Litigation Provision(927.0)(462.0)(2,562.0)(1,290.0)0.00.0
Total Operating Expenses($11,653.0)($12,331.0)($16,006.0)($16,942.4)($16,596.3)($18,154.2)
Operating Income$21,000.0$23,595.0$23,994.0$28,816.2$33,866.8$37,235.3
Add Back: Depreciation and Amortization$943.0$1,034.0$1,220.0$1,400.1$1,538.3$1,626.7
EBITDA$21,943.0$24,629.0$25,214.0$30,216.3$35,405.1$38,862.0
Less: Interest Expense($644.0)($641.0)($589.0)($731.0)($672.0)($688.0)
Investment Income (Expense) and Other681.0962.0789.0536.0492.0508.0
Total Non-Operating Income (Expense)$37.0$321.0$200.0($195.0)($180.0)($180.0)
Income Before Income Taxes$21,037.0$23,916.0$24,194.0$28,621.2$33,686.8$37,055.3
Less: Income Tax Provision($3,764.0)($4,173.0)($4,136.0)($4,650.9)($6,063.6)($6,670.0)
Net Income$17,273.0$19,743.0$20,058.0$23,970.3$27,623.1$30,385.4
Ratios & Assumptions
YoY Net Revenue Growth11.4%10.0%11.3%14.4%10.3%9.8%
Operating Margin64.3%65.7%60.0%63.0%67.1%67.2%
Incremental Operating Margin65.4%79.3%9.8%83.7%107.4%68.4%
Net Margin52.9%55.0%50.1%52.4%54.7%54.9%
Effective Tax Rate17.9%17.4%17.1%16.2%18.0%18.0%

完整工作簿另含 23 个历史季度与 9 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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ABBV 艾伯维 (AbbVie Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
8
KPI 结构
YoY growth % x therapeutic area, with Skyrizi / Rinvoq / Humira broken out (8 buckets, exact to filed revenue)
投资逻辑
Amortisation roll-off, not operations, drives GAAP margin; adj EPS $13.90 FY26E on guide, 12% under Street by FY28E
更新于
2026-09-23 · 130 KB
预览模型
ABBV 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY26EFY27EFY28E
Skyrizi7,763.011,718.017,562.021,641.824,756.827,282.5
Rinvoq3,969.05,971.08,304.010,202.911,772.213,090.2
Humira14,404.08,993.04,540.02,991.42,427.82,136.5
Immunology$26,136.0$26,682.0$30,406.0$34,836.1$38,956.8$42,509.1
Neuroscience$7,717.0$8,999.0$10,767.0$12,803.7$14,368.0$15,804.8
Oncology5,943.06,673.06,655.06,593.46,824.67,234.1
Aesthetics5,294.05,176.04,860.04,971.85,071.25,223.4
Other Key Products3,806.03,648.03,736.03,724.33,575.33,432.3
Eye Care and All Other5,422.05,156.04,736.04,452.74,274.64,146.3
Total Revenue$54,318.0$56,334.0$61,160.0$67,381.9$73,070.5$78,350.1
Less: Cost of Products Sold($20,415.0)($16,904.0)($18,204.0)($16,941.9)($16,731.8)($16,743.2)
Gross Profit$33,903.0$39,430.0$42,956.0$50,440.0$56,338.8$61,606.8
Less: Selling, General and Administrative($12,872.0)($14,752.0)($14,010.0)($14,556.2)($15,382.3)($16,337.3)
Less: Research and Development(7,675.0)(12,791.0)(9,096.0)(9,774.6)(10,227.8)(10,888.3)
Less: Acquired IPR&D and Milestones(778.0)(2,757.0)(5,016.0)(1,035.0)(1,826.8)(1,958.8)
Other Operating Income / (Expense), Net179.07.0241.00.00.00.0
Less: Total Operating Costs and Expenses($41,561.0)($47,197.0)($46,085.0)($42,307.7)($44,168.6)($45,927.5)
Operating Earnings$12,757.0$9,137.0$15,075.0$25,074.3$28,901.9$32,422.5
Depreciation and Amortization (from cash flow)$8,698.0$8,386.0$8,139.0$7,240.7$6,363.8$5,799.1
EBITDA$21,455.0$17,523.0$23,214.0$32,314.9$35,265.8$38,221.7
Less: Interest Expense, Net($1,684.0)($2,160.0)($2,627.0)($3,113.3)($3,485.3)($3,394.6)
Less: Net Foreign Exchange Loss(146.0)(21.0)(58.0)0.00.00.0
Less: Other Expense, Net(4,677.0)(3,240.0)(5,793.0)(6,612.2)(5,480.3)(5,876.3)
Earnings Before Income Tax Expense$6,250.0$3,716.0$6,597.0$15,348.7$19,936.3$23,151.6
Less: Income Tax Expense / (Benefit)($1,377.0)$570.0($2,364.0)($2,910.0)($3,787.9)($4,398.8)
Net Earnings$4,873.0$4,286.0$4,233.0$12,438.7$16,148.4$18,752.8
Less: Net Earnings Attributable to Noncontrolling Interest(10.0)(8.0)(7.0)(9.0)(8.0)(8.0)
Net Earnings Attributable to AbbVie Inc.$4,863.0$4,278.0$4,226.0$12,429.7$16,140.4$18,744.8
Ratios & Assumptions
Gross Margin62.4%70.0%70.2%74.9%77.1%78.6%
Incremental Gross Margin180.3%274.2%73.1%120.3%103.7%99.8%
Operating Margin23.5%16.2%24.6%37.2%39.6%41.4%
Net Margin9.0%7.6%6.9%18.4%22.1%23.9%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 Adjusted (Non-GAAP) Reconciliation · KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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CVX 雪佛龙 (Chevron Corporation)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
5
KPI 结构
Volume x realization per operating area (U.S./Int'l Upstream, U.S./Int'l Downstream) x revenue capture; costs driven per barrel of oil equivalent, not as a share of revenue
投资逻辑
Brent normalising from $104 to $75 is the whole model: at $95 flat it prints consensus, at $80 it prints $8.71
更新于
2026-09-23 · 201 KB
预览模型
CVX 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY2026EFY2027EFY2028E
Sales and Other Operating Revenues$196,913.0$193,414.0$184,432.0$228,707.0$202,483.7$193,023.5
Income (Loss) from Equity Affiliates5,131.04,596.03,000.06,149.26,025.55,914.4
Other Income (Loss)(1,095.0)4,782.01,599.01,948.61,619.91,544.2
Total Revenues and Other Income$200,949.0$202,792.0$189,031.0$236,804.8$210,129.1$200,482.1
Less: Purchased Crude Oil and Products(119,196.0)(119,206.0)(108,214.0)(130,964.2)(117,440.5)(111,953.6)
Less: Operating Expenses(24,887.0)(27,464.0)(28,005.0)(30,383.8)(30,581.2)(30,684.1)
Less: Selling, General and Administrative Expenses(4,141.0)(4,834.0)(5,126.0)(5,108.6)(5,435.7)(5,469.5)
Less: Exploration Expenses(914.0)(995.0)(1,051.0)(999.0)(1,095.1)(1,126.1)
Less: Depreciation, Depletion and Amortization(17,326.0)(17,282.0)(20,132.0)(23,848.8)(23,448.4)(22,847.7)
Less: Taxes Other Than on Income(4,220.0)(4,716.0)(5,230.0)(5,063.4)(5,162.5)(5,308.6)
Less: Interest and Debt Expense(469.0)(594.0)(1,217.0)(1,401.4)(1,408.8)(1,408.8)
Less: Other Components of Net Periodic Benefit Costs(212.0)(195.0)(313.0)(193.3)(234.7)(241.3)
Total Costs and Other Deductions($171,365.0)($175,286.0)($169,288.0)($197,962.5)($184,807.1)($179,039.8)
Income (Loss) Before Income Tax Expense$29,584.0$27,506.0$19,743.0$38,842.4$25,322.0$21,442.3
Less: Income Tax Expense($8,173.0)($9,757.0)($7,258.0)($12,033.9)($8,542.4)($7,290.4)
Net Income (Loss)$21,411.0$17,749.0$12,485.0$26,808.4$16,779.6$14,151.9
Less: Net Income Attributable to Noncontrolling Interests(42.0)(88.0)(186.0)(409.5)(251.7)(212.3)
Net Income Attributable to Chevron Corporation$21,369.0$17,661.0$12,299.0$26,398.9$16,527.9$13,939.7
Ratios & Assumptions
YoY Total Revenues and Other Income Growth(18.4%)0.9%(6.8%)25.3%(11.3%)(4.6%)
Operating Margin15.0%13.9%11.1%17.0%12.7%11.4%
Net Margin (attributable to Chevron)10.6%8.7%6.5%11.1%7.9%7.0%
Effective Tax Rate27.6%35.5%36.8%31.0%33.7%34.0%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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MA 万事达卡 (Mastercard Incorporated)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
18Q + 4A · 10Q + 5A
业务分部
2
KPI 结构
Gross dollar volume x payment-network net yield, each against the same quarter a year earlier because the yield is seasonal, plus value-added services on its own growth rate
投资逻辑
Four years, because the FY2022 net-revenue re-cut stops at 1Q22; FY2026E net revenue $37.3B (+13.9%), on consensus through FY2028 and below it after
更新于
2026-09-23 · 151 KB
预览模型
MA 利润表预览。Dollars in millions, except per share data。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Payment Network Net Revenue$15,824.0$17,335.0$19,476.0$21,409.4$23,311.1$25,261.4
Value-Added Services and Solutions Net Revenue9,274.010,832.013,315.015,934.818,803.121,811.6
Net Revenue$25,098.0$28,167.0$32,791.0$37,344.3$42,114.3$47,073.0
Less: General and Administrative($8,927.0)($10,193.0)($11,318.0)($12,883.9)($14,414.4)($15,994.2)
Less: Advertising and Marketing(825.0)(815.0)(929.0)(980.7)(1,109.1)(1,227.6)
Less: Depreciation and Amortization(799.0)(897.0)(1,143.0)(1,253.6)(1,383.3)(1,521.7)
Less: Provision for Litigation(539.0)(680.0)(504.0)(318.5)(456.7)(510.7)
Total Operating Expenses($11,090.0)($12,585.0)($13,894.0)($15,436.7)($17,363.5)($19,254.1)
Operating Income$14,008.0$15,582.0$18,897.0$21,907.5$24,750.8$27,818.9
EBITDA$14,807.0$16,479.0$20,040.0$23,161.1$26,134.1$29,340.6
Investment Income$274.0$327.0$325.0$355.9$400.1$447.2
Gains (Losses) on Equity Investments, Net(61.0)(29.0)(88.0)(68.0)0.00.0
Interest Expense(575.0)(646.0)(722.0)(895.9)(985.7)(985.7)
Other Income (Expense), Net(7.0)20.0166.0165.0126.3141.2
Total Other Income (Expense)($369.0)($328.0)($319.0)($443.0)($459.3)($397.3)
Income Before Income Taxes$13,639.0$15,254.0$18,578.0$21,464.6$24,291.5$27,421.6
Less: Income Tax Expense($2,444.0)($2,380.0)($3,610.0)($4,317.1)($4,979.8)($5,690.0)
Net Income$11,195.0$12,874.0$14,968.0$17,147.4$19,311.7$21,731.6
Ratios & Assumptions
YoY Net Revenue Growth12.9%12.2%16.4%13.9%12.8%11.8%
Operating Margin55.8%55.3%57.6%58.7%58.8%59.1%
Incremental Operating Margin61.0%51.3%71.7%66.1%59.6%61.9%
Net Margin44.6%45.7%45.6%45.9%45.9%46.2%
Effective Tax Rate17.9%15.6%19.4%20.1%20.5%20.8%

完整工作簿另含 18 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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JNJ 强生公司 (Johnson & Johnson)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
18Q + 4A · 10Q + 5A
业务分部
2
KPI 结构
Ten filed franchises grown off the same quarter a year earlier; segment totals sum them, and fiscal 2026's 53rd week sits in the 4Q rates
投资逻辑
Four years, not five: continuing-ops quarters stop at 1Q22, so the window starts where the Kenvue restatement does rather than opening a 16% basis seam
更新于
2026-09-22 · 166 KB
预览模型
JNJ 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY2023FY2024FY2025FY26EFY27EFY28E
Immunology$18,052.0$17,828.0$15,728.0$15,467.4$16,476.8$17,630.2
Infectious Diseases4,418.03,396.03,241.03,214.33,117.83,024.3
Neuroscience7,140.07,115.07,837.09,158.710,093.710,901.1
Oncology17,661.020,781.025,380.029,646.933,266.936,926.2
Pulmonary Hypertension3,815.04,282.04,437.04,629.24,680.44,680.4
Cardiovascular / Metabolism / Other3,671.03,562.03,778.03,517.63,376.93,241.8
Franchise Rounding (Innovative Medicine)2.00.00.00.00.00.0
Innovative Medicine$54,759.0$56,964.0$60,401.0$65,634.1$71,012.5$76,404.1
Cardiovascular6,350.07,707.08,928.09,485.810,136.710,947.7
Orthopaedics8,942.09,158.09,258.09,750.210,101.510,455.0
Surgery10,037.09,845.010,137.010,558.510,886.411,267.4
Vision5,072.05,146.05,468.05,805.46,087.06,391.3
Franchise Rounding (MedTech)(1.0)1.01.00.00.00.0
MedTech$30,400.0$31,857.0$33,792.0$35,599.9$37,211.5$39,061.4
Total Revenue$85,159.0$88,821.0$94,193.0$101,234.1$108,224.1$115,465.5
Less: Cost of Products Sold($26,553.0)($27,471.0)($30,256.0)($32,451.0)($34,314.7)($36,263.9)
Gross Profit$58,606.0$61,350.0$63,937.0$68,783.1$73,909.4$79,201.6
Less: Selling, Marketing and Administrative Expenses($21,512.0)($22,869.0)($23,676.0)($25,965.2)($27,562.9)($29,176.4)
Less: Research and Development Expense(15,085.0)(17,232.0)(14,665.0)(15,489.5)(16,525.5)(17,516.0)
Less: In-Process Research and Development Impairments(313.0)(211.0)(81.0)(87.9)(108.2)(115.5)
Less: Restructuring(489.0)(234.0)(228.0)(169.7)(216.4)(230.9)
Total Operating Expenses($37,399.0)($40,546.0)($38,650.0)($41,712.4)($44,413.1)($47,038.8)
Operating Income$21,207.0$20,804.0$25,287.0$27,070.7$29,496.3$32,162.8
Interest Income$1,261.0$1,332.0$1,056.0$888.8$919.9$981.5
Less: Interest Expense, Net of Portion Capitalized(772.0)(755.0)(971.0)(1,123.5)(1,190.5)(1,270.1)
Other Income / (Expense), Net(6,634.0)(4,694.0)7,209.0(1,247.3)(1,298.7)(1,385.6)
Earnings Before Provision for Taxes on Income$15,062.0$16,687.0$32,581.0$25,588.7$27,927.0$30,488.6
Less: Provision for Taxes on Income($1,736.0)($2,621.0)($5,777.0)($4,217.0)($4,887.2)($5,335.5)
Net Earnings from Continuing Operations$13,326.0$14,066.0$26,804.0$21,371.7$23,039.8$25,153.1
Net Earnings from Discontinued Operations, Net of Tax21,827.00.00.00.00.00.0
Net Income$35,153.0$14,066.0$26,804.0$21,371.7$23,039.8$25,153.1
Ratios & Assumptions
Gross Margin68.8%69.1%67.9%67.9%68.3%68.6%
Incremental Gross Margin62.1%74.9%48.2%68.8%73.3%73.1%
Operating Margin24.9%23.4%26.8%26.7%27.3%27.9%
Continuing Operations Net Margin15.6%15.8%28.5%21.1%21.3%21.8%
Net Margin41.3%15.8%28.5%21.1%21.3%21.8%

完整工作簿另含 18 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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LLY 礼来公司 (Eli Lilly and Company)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
11
KPI 结构
Eleven filed products across five therapeutic areas, each grown off the same quarter a year earlier; area subtotals and revenue are sums
投资逻辑
Takes the guided H2 step-down that consensus looks past: FY26E revenue $86.3B vs $88.3B Street, and EPS carries the IPR&D the guide excludes
更新于
2026-09-22 · 105 KB
预览模型
LLY 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
202320242025FY26EFY27EFY28E
Mounjaro$5,163.1$11,540.1$22,966.0$36,746.2$46,279.5$52,607.0
Zepbound175.84,925.713,542.018,336.021,793.324,103.9
Trulicity7,132.55,253.54,276.04,038.83,554.13,127.6
Jardiance2,744.73,340.93,432.04,162.04,351.94,439.0
Other Cardiometabolic Health4,451.64,460.74,006.04,389.36,124.17,731.8
Cardiometabolic Health$19,667.7$29,520.9$48,222.0$67,672.3$82,103.0$92,009.3
Verzenio$3,863.3$5,306.6$5,723.0$5,912.3$5,971.4$5,852.0
Other Oncology2,795.03,445.83,653.04,292.54,869.35,391.6
Oncology$6,658.3$8,752.4$9,376.0$10,204.8$10,840.8$11,243.6
Taltz$2,759.6$3,260.4$3,563.0$3,550.5$3,456.7$3,283.9
Other Immunology1,037.81,132.51,684.02,233.22,724.73,144.9
Immunology$3,797.4$4,392.9$5,247.0$5,783.7$6,181.4$6,428.7
Neuroscience$2,878.5$1,473.4$1,391.0$1,716.2$1,997.4$2,245.0
Other1,122.2903.0943.0920.6920.6920.6
Disaggregation Rounding0.00.10.0(1.0)0.00.0
Revenue$34,124.1$45,042.7$65,179.0$86,296.6$102,043.1$112,847.2
Less: Cost of Sales($7,082.2)($8,418.3)($11,052.0)($14,416.6)($17,089.5)($18,170.1)
Gross Profit$27,041.9$36,624.4$54,127.0$71,879.9$84,953.6$94,677.1
Less: Research and Development($9,313.4)($10,990.6)($13,337.0)($15,553.5)($18,927.9)($20,482.2)
Less: Marketing, Selling and Administrative(7,403.1)(8,593.8)(11,094.0)(13,913.1)(16,834.9)(17,886.7)
Less: Acquired In-Process Research and Development(3,799.8)(3,280.4)(2,910.0)(4,448.1)(2,551.1)(2,821.2)
Less: Asset Impairment, Restructuring and Other Special Charges(67.7)(860.6)(484.0)(1,330.2)(816.3)(902.8)
Total Operating Expenses($20,584.0)($23,725.4)($27,825.0)($35,244.9)($39,130.3)($42,092.9)
Operating Income$6,457.9$12,899.0$26,302.0$36,635.0$45,823.4$52,584.2
Less: Other-Net, (Income) Expense$96.7($218.6)($571.0)($57.1)($612.3)($677.1)
Income Before Income Taxes$6,554.6$12,680.4$25,731.0$36,577.9$45,211.1$51,907.1
Less: Income Taxes($1,314.2)($2,090.4)($5,091.0)($7,025.0)($8,364.1)($9,602.8)
Net Income$5,240.4$10,590.0$20,640.0$29,552.9$36,847.1$42,304.3
Ratios & Assumptions
Gross Margin79.2%81.3%83.0%83.3%83.3%83.9%
Incremental Gross Margin91.9%87.8%86.9%84.1%83.0%90.0%
Operating Margin18.9%28.6%40.4%42.5%44.9%46.6%
Net Margin15.4%23.5%31.7%34.2%36.1%37.5%
Effective Tax Rate20.1%16.5%19.8%19.2%18.5%18.5%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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TSLA 特斯拉公司 (Tesla, Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
5
KPI 结构
Deliveries × ASP and GWh × revenue/GWh across the five filed revenue lines; regulatory credits modelled per delivery, not as a margin
投资逻辑
Priced on what Tesla actually discloses: no Robotaxi or Optimus line and zero other income, so the gap to consensus EPS is the autonomy option
更新于
2026-09-21 · 181 KB
预览模型
TSLA 利润表预览。USD。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Automotive Sales$78,509$72,480$65,821$76,710$81,911$88,477
Automotive Regulatory Credits1,7902,7631,993760302215
Automotive Leasing2,1201,8271,7121,4751,3421,282
Total Automotive Revenues$82,419$77,070$69,526$78,945$83,556$89,975
Energy Generation and Storage6,03510,08612,77112,90617,47720,852
Services and Other8,31910,53412,53017,67221,83125,253
Total Revenues$96,773$97,690$94,827$109,524$122,864$136,079
Less: Automotive Sales(65,121)(61,870)(56,267)(64,157)(68,629)(73,799)
Less: Automotive Leasing(1,268)(1,003)(898)(763)(698)(667)
Total Automotive Cost of Revenues($66,389)($62,873)($57,165)($64,919)($69,327)($74,466)
Less: Energy Generation and Storage(4,894)(7,446)(8,969)(9,657)(13,277)(15,662)
Less: Services and Other(7,830)(9,921)(11,599)(15,300)(18,317)(20,926)
Total Cost of Revenues($79,113)($80,240)($77,733)($89,876)($100,921)($111,054)
Gross Profit$17,660$17,450$17,094$19,647$21,943$25,025
Less: Research and Development(3,969)(4,540)(6,411)(9,294)(9,977)(10,281)
Less: Selling, General and Administrative(4,800)(5,150)(5,834)(7,908)(8,298)(8,656)
Less: Restructuring and Other0(684)(494)000
Total Operating Expenses($8,769)($10,374)($12,739)($17,202)($18,275)($18,937)
Income from Operations$8,891$7,076$4,355$2,445$3,668$6,088
Interest Income1,0661,5691,6801,6741,6371,637
Interest Expense(156)(350)(338)(370)(759)(1,074)
Other Income (Expense), net172695(419)5500
Income Before Income Taxes$9,973$8,990$5,278$3,804$4,545$6,650
Less: Provision for (Benefit from) Income Taxes$5,001($1,837)($1,423)($803)($909)($1,330)
Net Income$14,974$7,153$3,855$3,001$3,636$5,320
Less: Net Income Attributable to Noncontrolling Interests$23($62)($61)($56)($56)($56)
Net Income Attributable to Common Stockholders$14,997$7,091$3,794$2,945$3,580$5,264
Buy-Out of Noncontrolling Interest (EPS adjustment)$2$39$0$0$0$0
Net Income Used in Computing EPS - Basic$14,999$7,130$3,794$2,945$3,580$5,264
Net Income Used in Computing EPS - Diluted14,9997,1303,7942,9473,5805,264
Ratios & Assumptions
YoY Automotive Sales Growth16.8%(7.7%)(9.2%)16.5%6.8%8.0%
YoY Total Automotive Revenues Growth15.3%(6.5%)(9.8%)13.5%5.8%7.7%
YoY Total Revenues Growth18.8%0.9%(2.9%)15.5%12.2%10.8%
Automotive Gross Margin19.4%18.4%17.8%17.8%17.0%17.2%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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GOOGL 谷歌 (Alphabet Inc.)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
22Q + 5A · 10Q + 5A
业务分部
6
KPI 结构
YoY growth % × filed revenue line (Search & other / YouTube ads / Network / Subscriptions, platforms & devices / Cloud / Other Bets); the six leaf lines sum to Total Revenues as filed
投资逻辑
Cloud decelerates +72% 3Q26E to +15% FY30E; equity marks are zero in every projected period, so projected EPS is operating EPS
更新于
2026-09-19 · 190 KB
预览模型
GOOGL 利润表预览。Dollars in millions, except per share amounts。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY23FY24FY25FY26EFY27EFY28E
Google Search & other$175,033$198,084$224,532$258,548$287,554$314,463
YouTube ads31,51036,14740,36745,23150,19255,076
Google Network31,31230,35929,79229,18928,34827,498
Google Advertising$237,855$264,590$294,691$332,968$366,094$397,037
Google Subscriptions, Platforms, and Devices34,68840,34048,03055,64262,98670,129
Google Services$272,543$304,930$342,721$388,610$429,080$467,166
Google Cloud33,08843,22958,70599,482143,113186,071
Other Bets1,5271,6481,5371,5431,6201,701
Hedging Gains (Losses)236211(127)(74)00
Total Revenues$307,394$350,018$402,836$489,560$573,813$654,938
Less: Cost of Revenues(133,332)(146,306)(162,535)(190,542)(233,224)(271,187)
Gross Profit$174,062$203,712$240,301$299,019$340,589$383,751
Less: Research and Development($45,427)($49,326)($61,087)($74,875)($86,619)($98,241)
Less: Sales and Marketing(27,917)(27,808)(28,693)(34,200)(39,019)(43,881)
Less: General and Administrative(16,425)(14,188)(21,482)(22,706)(25,822)(29,472)
Total Operating Expenses($89,769)($91,322)($111,262)($131,781)($151,460)($171,594)
Total Costs and Expenses($223,101)($237,628)($273,797)($322,322)($384,684)($442,781)
Income from Operations$84,293$112,390$129,039$167,238$189,129$212,157
Interest Income3,8654,4824,3376,3237,0757,289
Interest Expense(308)(268)(736)(4,131)(6,422)(8,371)
Foreign Currency Exchange Gain (Loss), net(1,238)(409)(382)(14)00
Gain (Loss) on Debt Securities, net(1,215)(1,043)540(143)00
Gain (Loss) on Equity Securities, net3923,71424,080135,94600
Income (Loss) from Equity Method Investments, net(628)(188)2812500
Other5561,1371,667(1,115)00
Other Income (Expense), net$1,424$7,425$29,787$136,891$653($1,083)
Income Before Income Taxes$85,717$119,815$158,826$304,129$189,782$211,075
Less: Provision for Income Taxes($11,922)($19,697)($26,656)($58,107)($36,059)($40,104)
Net Income$73,795$100,118$132,170$246,022$153,724$170,971
Less: Preferred Stock Dividends$0$0$0($649)($1,126)($1,126)
Net Income Available to Common Stockholders$73,795$100,118$132,170$245,373$152,597$169,844
Ratios & Assumptions
YoY Total Revenues Growth8.7%13.9%15.1%21.5%17.2%14.1%
Gross Margin56.6%58.2%59.7%61.1%59.4%58.6%
Incremental Gross Margin71.0%69.6%69.3%67.7%49.3%53.2%
Operating Margin27.4%32.1%32.0%34.2%33.0%32.4%
Net Margin24.0%28.6%32.8%50.3%26.8%26.1%

完整工作簿另含 22 个历史季度与 10 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement · Segment KPIs (annual, reference only) — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

下载完整 GOOGL 模型 (xlsx)免费 — 登录或注册即可下载

COIN Coinbase

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
21Q + 5A · 8Q + 5A
业务分部
9
KPI 结构
Volume x blended take rate x mix (transaction) + QoQ-growth S&S components (stablecoin / rewards / interest & finance / other)
投资逻辑
Volume x take-rate cycle trough (FY26E -18%) + stablecoin/staking S&S compounding; buybacks fund the wait
更新于
2026-07-13 · 109 KB
预览模型
COIN 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Consumer transaction revenue, net$1,334.0$3,430.3$3,322.8$2,224.5$2,805.0$3,139.0
Institutional transaction revenue, net90.2345.6479.7533.6673.2753.4
Other transaction revenue, net (2023+)95.5210.2252.9207.9261.8293.0
Total Transaction Revenue$1,519.7$3,986.1$4,055.4$2,966.0$3,740.0$4,185.3
Stablecoin revenue (2023+ presentation)$694.2$910.5$1,348.8$1,287.5$1,502.7$1,728.1
Blockchain rewards330.9705.8677.4428.1484.1542.2
Custodial fee revenue69.50.00.0
Earn campaign revenue (2021 only; folded 2022)0.00.0
Interest income0.00.0
Interest and finance fee income (2023+)186.7265.8247.0281.5305.5329.9
Other subscription and services revenue125.6425.1554.8468.1548.9631.2
Total Subscription & Services Revenue$1,406.9$2,307.1$2,828.0$2,465.3$2,841.2$3,231.4
Net Revenue$2,926.5$6,293.2$6,883.4$5,431.3$6,581.1$7,416.8
Crypto asset sales revenue (2021-2022)$0.0$0.0
Corporate interest and other income181.8270.8297.9285.8263.6276.8
Total Other Revenue$181.8$270.8$297.9$285.8$263.6$276.8
Total Revenue$3,108.4$6,564.0$7,181.3$5,717.1$6,844.8$7,693.6
Less: Transaction expense($420.7)($897.7)($1,020.2)($798.4)($958.3)($1,077.1)
Less: Technology and development(1,324.5)(1,468.3)(1,670.6)(2,071.6)(2,342.6)(2,461.9)
Less: Sales and marketing(332.3)(654.4)(1,058.6)(1,084.5)(1,300.5)(1,461.8)
Less: General and administrative(1,074.3)(1,300.3)(1,619.6)(1,484.7)(1,703.4)(1,846.5)
Less: Losses (gains) on crypto held for operations (2024+)0.071.7(20.7)(35.2)0.00.0
Less: Crypto asset impairment, net (2023 presentation)34.70.00.00.00.0
Less: Restructuring(142.6)0.00.0(55.0)0.00.0
Less: Other operating expense, net(10.3)(7.9)(356.1)(34.9)0.00.0
Total Operating Expenses($3,270.0)($4,256.9)($5,745.9)($5,564.3)($6,304.8)($6,847.3)
Operating Income (Loss)($161.7)$2,307.2$1,435.4$152.8$540.0$846.3
EBITDA (OpInc + D&A)($22.0)$2,434.7$1,623.9$356.7$715.8$1,005.8
Interest expense($82.8)($80.6)($85.4)($90.3)($90.3)($90.3)
Gains (losses) on crypto held for investment (2024+)0.0687.1(528.9)(482.4)0.00.0
Other income (expense), net167.629.1700.961.60.00.0
Income (Loss) Before Income Taxes($76.8)$2,942.6$1,522.1($358.2)$449.7$756.0
Less: Provision for (Benefit from) Income Taxes171.7(363.6)(261.7)49.3(89.9)(151.2)
Net Income (Loss)$94.9$2,579.1$1,260.3($308.9)$359.7$604.8
NI Attributable to Common — Basic (numerator)$94.8$2,577.8$1,260.3($308.9)$359.7$604.8
NI Attributable to Common — Diluted (numerator)94.82,591.21,277.3(308.9)359.7604.8
Weighted Avg Shares — Basic (M)235.8247.4260.1264.8264.8264.8
Weighted Avg Shares — Diluted (M)254.4273.4287.2264.8264.8264.8
EPS — Basic$0.40$10.42$4.85($1.17)$1.36$2.28
EPS — Diluted$0.37$9.48$4.45($1.17)$1.36$2.28
Ratios & Assumptions
Operating Margin(5.2%)35.1%20.0%2.7%7.9%11.0%
Net Margin3.1%39.3%17.6%(5.4%)5.3%7.9%
Effective Tax Rate [DRIVER]223.5%12.4%17.2%13.8%20.0%20.0%

完整工作簿另含 21 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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BSP Bending Spoons

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
2Q + 3A (424B4 disclosure depth; deepens with post-IPO 10-Qs) · 8Q + 5A
业务分部
1
KPI 结构
Monthly Paying Customers × ARPU (units × ASP, single consolidated segment)
投资逻辑
Post-IPO ($29, Jul '26): acquisition annualization FY26 +100% → +15% FY30; $933M raise banked for M&A; net-cash ~FY29E
更新于
2026-07-04 · 31 KB
预览模型
BSP 利润表预览。Dollars in millions, except per share (IFRS; USD presentation)。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
2023202420252026E2027E2028E
Revenue$387.1$671.1$1,306.4$2,609.8$3,434.1$4,224.0
Less: Cost of Revenue($150.6)($242.2)($449.1)($874.5)($1,153.5)($1,410.8)
Gross Profit$236.5$428.9$857.3$1,735.3$2,280.6$2,813.2
Less: Research & Development($51.8)($92.6)($120.7)($297.1)($338.0)($409.7)
Less: Sales & Marketing(42.6)(79.2)(131.7)(253.3)(324.3)(392.8)
Less: General & Administrative(57.8)(129.8)(327.0)(594.3)(730.2)(844.8)
Total Operating Expenses($152.3)($301.5)($579.4)($1,144.7)($1,392.4)($1,647.4)
Operating Income (Loss)$84.3$127.4$277.9$590.6$888.2$1,165.8
EBITDA$119.2$216.5$434.9$870.8$1,141.3$1,396.8
Less: Interest Expense($17.2)($32.6)($142.6)($354.6)($334.5)($315.2)
Other (Expense) Income, Net(9.6)10.1(24.1)49.30.00.0
Income (Loss) Before Income Taxes$57.5$104.8$111.2$285.4$553.7$850.6
Less: Income Tax (Expense) Benefit$103.1($15.8)($111.4)($103.2)($144.0)($221.2)
Net Income (Loss)$160.6$89.0($0.2)$182.2$409.7$629.5
Net Income Attributable to NCI($0.1)($0.5)($0.1)$0.0$0.0$0.0
Net Income to BSP Shareholders$160.8$89.5($0.1)$182.2$409.7$629.5
EPS, Basic$0.32$0.16$0.00$0.30$0.65$0.99
EPS, Diluted$0.31$0.15$0.00$0.28$0.61$0.94
Weighted Avg Shares — Basic (M)502.4559.5581.0617.2635.2635.2
Weighted Avg Shares — Diluted (M)518.6596.8621.2654.1672.1672.1
Ratios & Assumptions
YoY Revenue Growth73.4%94.7%99.8%31.6%23.0%
Gross Margin61.1%63.9%65.6%66.5%66.4%66.6%
Operating Margin21.8%19.0%21.3%22.6%25.9%27.6%
Net Margin41.5%13.3%(0.0%)7.0%11.9%14.9%
Effective Tax Rate [DRIVER](179.3%)15.1%100.2%26.0%26.0%26.0%

完整工作簿另含 2 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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ORCL 甲骨文公司 (Oracle Corporation)

当前 ✓ C13 对账 ✓ C14 追溯 ✓ C15 终端
周期窗口
16Q + 5A · 8Q + 5A
业务分部
4
KPI 结构
YoY growth × segment (Cloud / Software / Hardware / Services), FY26-recast regime
投资逻辑
$638B RPO converts: Cloud +65% FY27 on the DC build; GM troughs at the $90B capex/depreciation wave, FY30E rev ~$200B (10% haircut to mgmt path)
更新于
2026-06-12 · 59 KB
预览模型
ORCL 利润表预览。Dollars in millions, except per share。先列示历史财年,后为我们的预测。
Income Statement
历史实际预测
FY24FY25FY26FY27EFY28EFY29E
Cloud Revenue (SaaS + IaaS)$19,774$24,506$33,989$56,218$85,442$121,328
Software Revenue24,69024,72424,54124,29624,05323,812
Hardware Revenue3,0662,9363,0843,2073,3043,403
Services Revenue5,4315,2335,7436,3176,8237,232
Total Revenues$52,961$57,399$67,357$90,039$119,621$155,775
Less: Cloud and Software Expenses($9,427)($11,569)($17,597)($33,234)($44,948)($55,153)
Less: Hardware Expenses(891)(782)(868)(898)(925)(953)
Less: Services Expenses(4,825)(4,576)(4,556)(4,991)(5,390)(5,713)
Less: Sales and Marketing(8,274)(8,651)(8,331)(8,103)(9,057)(10,904)
Less: Research and Development(8,915)(9,860)(10,272)(10,001)(10,812)(12,774)
Less: General and Administrative(1,548)(1,602)(1,618)(1,602)(1,914)(2,337)
Less: Amortization of Intangible Assets(3,010)(2,307)(1,671)(1,024)(814)(779)
Less: Restructuring and Other(718)(374)(1,838)(377)(359)(389)
Total Operating Expenses($37,608)($39,721)($46,751)($60,229)($74,219)($89,002)
Operating Income$15,353$17,678$20,606$29,810$45,402$66,773
Less: Interest Expense($3,514)($3,578)($4,599)($5,867)($6,793)($7,431)
Non-Operating Income (Expenses), Net(98)603,547600600600
Income Before Income Taxes$11,741$14,160$19,554$24,543$39,209$59,942
Less: Provision for Income Taxes($1,274)($1,717)($2,467)($4,663)($7,450)($11,689)
Net Income$10,467$12,443$17,087$19,880$31,759$48,253
Less: Preferred Stock Dividends (6.50% Series D)$0$0($103)($325)($325)($325)
Net Income Available to Common Shareholders$10,467$12,443$16,984$19,555$31,434$47,928
EPS — Basic$3.82$4.46$5.94$6.64$10.48$15.91
EPS — Diluted$3.71$4.34$5.83$6.55$10.35$15.71
Ratios & Assumptions
YoY Cloud Revenue Growth24.5%23.9%38.7%65.4%52.0%42.0%
YoY Software Revenue Growth(2.0%)0.1%(0.7%)(1.0%)(1.0%)(1.0%)
YoY Hardware Revenue Growth(6.4%)(4.2%)5.0%4.0%3.0%3.0%
YoY Services Revenue Growth(2.9%)(3.6%)9.7%10.0%8.0%6.0%
YoY Total Revenue Growth6.0%8.4%17.3%33.7%32.9%30.2%

完整工作簿另含 16 个历史季度与 8 个预测季度,以及 KPI Drivers · Balance Sheet · Cash Flow Statement — 每个小计均为实时公式,每项预测均可追溯至驱动因子。

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方法论

每个预测收入单元格都可追溯至 KPI / 驱动因子行(C14)。终端驱动单元格只能是利率、数量或历史锚定值 — 绝不允许直接输入预测美元金额(C15)。每个分项小计与申报值的对账行均为 $0(C13)。每个模型都针对该公司的实际科目结构单独编写 — 不克隆其他模型,不走级别输入的捷径。