Revenue flow

Margins

Stage	TXN	% of rev	ADI	% of rev	Gap · A − B
Revenue	$6.1B	100.00%	$4.0B	100.00%	TXN ×1.51
Gross profit	$3.9B	64.19%	$2.7B	67.32%	ADI +3.1pp
Operating income	$2.9B	47.46%	$1.6B	40.10%	TXN +7.4pp
Pre-tax income	$2.8B	46.33%	$1.5B	38.44%	TXN +7.9pp
Net income	$2.4B	40.05%	$1.3B	33.32%	TXN +6.7pp

Stage	TXN	ADI	Gap · A − B
Revenue	$6.1B100.00%	$4.0B100.00%	TXN ×1.51
Gross profit	64.19%$3.9B	67.32%$2.7B	ADI +3.1pp
Operating income	47.46%$2.9B	40.10%$1.6B	TXN +7.4pp
Pre-tax income	46.33%$2.8B	38.44%$1.5B	TXN +7.9pp
Net income