AI Takeaway
EXE delivered a dramatic FY2025 turnaround, with revenue surging 186.3% to $12.1B and swinging from a net loss of $714M to net income of $1.82B, driven by strong operating leverage and robust cash generation.
Revenue
$12.12B
++186.28% YoY
EPS (Basic)
$7.67
++268.57% YoY
Operating Income
$2.47B
++407.72% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue more than tripled year-over-year, rising 186.3% from $4.24B to $12.12B in FY2025, signaling a major step-change in business scale, likely reflecting a transformative acquisition, merger, or significant volume ramp.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating income turned sharply positive to $2.47B from a loss of $803M in the prior year, with operating margin expanding approximately 39 percentage points to 20.4%, demonstrating strong operating leverage on the higher revenue base.
Source: Source: 10-K Income Statement & Key Ratios (XBRL Financial Data)
Operating cash flow surged 192.3% to $4.58B from $1.57B, well above net income of $1.82B, with D&A of $2.98B indicating a capital-intensive, asset-heavy business model generating substantial non-cash charges.
Source: Source: 10-K Cash Flow Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockWith a current ratio of just 1.005x, EXE has minimal buffer between current assets ($2.92B) and current liabilities ($2.90B). Any unexpected working capital outflow or revenue disruption could strain short-term liquidity. Cash on hand of $616M provides some cushion but may be insufficient in a stress scenario.
Source: Source: 10-K Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $2.00 versus the $1.90 analyst consensus — a +5.1% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $12.12B | $4.24B | +186.28% |
Operating Income | $2.47B | $-803M | +407.72% |
Net Income | $1.82B | $-714M | +354.76% |
EPS (Basic) | $7.67 | $-4.55 | +268.57% |
EPS (Diluted) | $7.57 | $-4.55 | +266.37% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $28.29B | $27.89B | +1.41% |
Current Assets | $2.92B | $2B | +46.02% |
Total Liabilities | $9.71B | $10.33B | -6.00% |
Current Liabilities | $2.9B | $3.12B | -7.11% |
Stockholders' Equity | $18.58B | $17.57B | +5.77% |
Cash & Equivalents | $616M | $317M | +94.32% |
Long-Term Debt | $5.01B | $5.68B | -11.81% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $4.58B | $1.56B | +192.33% |
Investing Cash Flow | $-2.76B | $-1.9B | -44.91% |
Financing Cash Flow | $-1.51B | $-419M | -261.58% |
Share Buybacks | $100M | $0 | — |
D&A | $2.98B | $1.73B | +72.35% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 20.4% | -19.0% | +39.34% |
Net Margin | 15.0% | — | — |
ROE | 9.8% | — | — |
ROA | 6.4% | — | — |
Current Ratio | $1.005 | — | — |
Debt to Equity | $0.523 | — | — |
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EXE's FY2025 results were a major turnaround story, with revenue jumping 186.3% to $12.12B and net income swinging from a $714M loss to $1.82B profit. Operating margin expanded nearly 39 percentage points to 20.4%, and operating cash flow surged to $4.58B. The company also reduced long-term debt by 11.8% to $5.01B during the year.
EXE's revenue grew 186.3% year-over-year, rising from $4.24B in the prior year to $12.12B in FY2025, representing more than a tripling of the top line. This scale of growth in a single year typically reflects a major corporate event such as a merger, acquisition, or significant new contract ramp.
Yes, EXE returned to profitability in FY2025, reporting net income of $1.82B compared to a net loss of $714M in the prior year. Diluted EPS improved from -$4.55 to $7.57, and the net profit margin stood at 15.0%.
EXE's balance sheet shows $28.3B in total assets and $18.58B in stockholders' equity, with long-term debt reduced to $5.01B (debt-to-equity of 0.52x). However, the current ratio of just 1.005x signals tight short-term liquidity, as current assets of $2.92B barely exceed current liabilities of $2.90B.
Based on the financial data, key risks include the near-unity current ratio (1.005x) which leaves limited short-term liquidity headroom, the sustainability of the 186% revenue surge which may reflect a one-time event, and the high capital intensity with D&A of $2.98B and investing outflows of $2.76B. Residual long-term debt of $5.01B also presents refinancing risk in a high-interest-rate environment.