Revenue flow

Margins

Stage	SM	% of rev	EOG	% of rev	Gap · A − B
Revenue	$2.5B	100.00%	$8.6B	100.00%	EOG ×3.42
Gross profit	$1.9B	77.76%	$7.4B	86.65%	EOG +8.9pp
Operating income	$1.5B	59.84%	$3.5B	41.21%	SM +18.6pp
Pre-tax income	$1.4B	55.56%	$3.5B	40.87%	SM +14.7pp
Net income	$1.1B	42.84%	$2.7B	31.81%	SM +11.0pp

Stage	SM	EOG	Gap · A − B
Revenue	$2.5B100.00%	$8.6B100.00%	EOG ×3.42
Gross profit	77.76%$1.9B	86.65%$7.4B	EOG +8.9pp
Operating income	59.84%$1.5B	41.21%$3.5B	SM +18.6pp
Pre-tax income	55.56%$1.4B	40.87%$3.5B	SM +14.7pp
Net income