Revenue flow

Margins

Stage	NEE	% of rev	FE	% of rev	Gap · A − B
Revenue	$8.1B	100.00%	$4.6B	100.00%	NEE ×1.78
Gross profit	$4.3B	52.53%	$2.9B	63.57%	FE +11.0pp
Operating income	$2.6B	32.44%	$935M	20.52%	NEE +11.9pp
Pre-tax income	$5.0B	62.16%	$684M	15.01%	NEE +47.2pp
Net income	$4.4B	53.98%	$615M	13.50%	NEE +40.5pp

Stage	NEE	FE	Gap · A − B
Revenue	$8.1B100.00%	$4.6B100.00%	NEE ×1.78
Gross profit	52.53%$4.3B	63.57%$2.9B	FE +11.0pp
Operating income	32.44%$2.6B	20.52%$935M	NEE +11.9pp
Pre-tax income	62.16%$5.0B	15.01%$684M	NEE +47.2pp
Net income