Revenue flow

Margins

Stage	DUK	% of rev	ED	% of rev	Gap · A − B
Revenue	$7.6B	100.00%	$4.1B	100.00%	DUK ×1.87
Gross profit	$4.2B	54.82%	$2.1B	51.78%	DUK +3.0pp
Operating income	$2.0B	26.99%	$552M	13.57%	DUK +13.4pp
Pre-tax income	$1.3B	17.19%	$408M	10.03%	DUK +7.2pp
Net income	$1.1B	15.08%	$308M	7.57%	DUK +7.5pp

Stage	DUK	ED	Gap · A − B
Revenue	$7.6B100.00%	$4.1B100.00%	DUK ×1.87
Gross profit	54.82%$4.2B	51.78%$2.1B	DUK +3.0pp
Operating income	26.99%$2.0B	13.57%$552M	DUK +13.4pp
Pre-tax income	17.19%$1.3B	10.03%$408M	DUK +7.2pp
Net income