Revenue flow

Margins

Stage	TMO	% of rev	ONTO	% of rev	Gap · A − B
Revenue	$12.1B	100.00%	$343M	100.00%	TMO ×35.37
Gross profit	$5.1B	42.28%	$183M	53.41%	ONTO +11.1pp
Operating income	$2.3B	18.65%	$64M	18.52%	TMO +0.1pp
Pre-tax income	$2.1B	17.20%	$68M	19.96%	ONTO +2.8pp
Net income	$1.7B	14.23%	$60M	17.52%	ONTO +3.3pp

Stage	TMO	ONTO	Gap · A − B
Revenue	$12.1B100.00%	$343M100.00%	TMO ×35.37
Gross profit	42.28%$5.1B	53.41%$183M	ONTO +11.1pp
Operating income	18.65%$2.3B	18.52%$64M	TMO +0.1pp
Pre-tax income	17.20%$2.1B	19.96%$68M	ONTO +2.8pp