Compiled 2026-09-26Data through 2025-11-022 min read
Dated source-based research · No live market data

Research summary

A two-period review of DE revenue, profitability and cash conversion; reported revenue growth was -11.66%.

Period comparison

FY2025 ended 2025-11-02; the prior observation ended 2024-10-27. Revenue moved from USD 51.716 billion to USD 45.684 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 7.100 billion to USD 5.027 billion. Operating income moved from USD 9.039 billion to not available. Net margin moved from 13.73% to 11.00%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 9.231 billion in the earlier period and USD 7.459 billion in the later period. Selected free cash flow was USD 7.591 billion and USD 6.099 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Backlog conversion, utilization, deliveries, working capital and service revenue.

Risks and uncertainties

Order cancellations, supply constraints, execution risk, labor costs and capital-cycle sensitivity.

Sources & dates