Revenue flow

Margins

Stage	V	% of rev	NUTX	% of rev	Gap · A − B
Revenue	$11.6B	100.00%	$211M	100.00%	V ×55.20
Gross profit	$9.2B	78.87%	$141M	67.04%	V +11.8pp
Operating income	$6.9B	59.12%	$122M	57.75%	V +1.4pp
Pre-tax income	$6.8B	58.74%	$117M	55.56%	V +3.2pp
Net income	$5.6B	48.38%	$96M	45.70%	V +2.7pp

Stage	V	NUTX	Gap · A − B
Revenue	$11.6B100.00%	$211M100.00%	V ×55.20
Gross profit	78.87%$9.2B	67.04%$141M	V +11.8pp
Operating income	59.12%$6.9B	57.75%$122M	V +1.4pp
Pre-tax income	58.74%$6.8B	55.56%$117M	V +3.2pp
Net income