PII: financial statements from SEC

Income statement

Metric	Dec 31, 2025	Dec 31, 2024
Revenue	7.15bn	7.18bn
Cost of revenue	5.78bn	5.71bn
Gross profit	1.37bn	1.47bn
Research and development	372m	337m
Selling, general and administrative	542m	437m
Operating expenses	1.80bn	1.27bn
Operating income	−349m	291m
Interest expense	131m	137m
Pre-tax income	−533m	141m
Income tax	−68m	30m
Net income	−466m	111m
Earnings per share	−8.18	1.96
Earnings per share, diluted	−8.18	1.95
Weighted average shares	57m	57m
Weighted average shares, diluted	57m	57m

Metric	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024
Cash and equivalents	282m	138m	336m	324m	292m	288m	291m	323m
Receivables	249m	238m	230m	225m	211m	192m	224m	255m
Inventory	1.57bn	1.41bn	1.70bn	1.70bn	1.75bn	1.74bn	2.00bn	2.00bn
Current assets	2.59bn	2.21bn	2.60bn	2.61bn	2.59bn	2.63bn	2.73bn	2.80bn
Property, plant and equipment	996m	1.03bn	1.08bn	1.15bn	1.16bn	1.19bn	1.20bn	1.21bn
Total assets	5.24bn	4.89bn	5.31bn	5.39bn	5.45bn	5.53bn	5.63bn	5.71bn
Current liabilities	2.13bn	2.24bn	2.55bn	2.50bn	2.31bn	2.29bn	2.25bn	1.98bn
Long-term debt	2.06bn	1.50bn	1.30bn	1.39bn	1.62bn	1.64bn	1.73bn	2.09bn
Total liabilities	4.48bn	4.05bn	4.15bn	4.19bn	4.22bn	4.22bn	4.27bn	4.36bn
Equity	750m	828m	1.15bn	1.19bn	1.23bn	1.29bn	1.35bn	1.34bn
Shares outstanding	57m	57m	56m	56m	56m	56m	56m	56m
Shares issued	57m	57m	56m	56m	56m	56m	56m	56m

Metric	Dec 31, 2025	Dec 31, 2024
Operating cash flow	741m	268m
Depreciation and amortisation	287m	286m
Share-based compensation	60m	49m
Capital expenditure	183m	262m
Investing cash flow	−140m	−271m
Dividends paid	150m	148m
Share buybacks	2m	83m
Financing cash flow	−693m	−59m