3 signals detected.
APEX surfaces what others miss.
Reported net income grew +6.4% YoY while free cash flow contracted −4.2% YoY — a classic accrual vs. cash disconnect that warrants scrutiny before treating headline EPS as durable.
High impactSupporting metric
Financial evidence
Net Income: $23.4B vs $22.0B priorSource
SEC Form 10-Q, Condensed Consolidated Statements of OperationsRevenue grew +4.8% YoY, but operating margin compressed 180 bps as cost growth outpaced top-line — suggesting negative operating leverage despite stable unit demand narratives.
Medium impactCapital expenditures grew +12.1% YoY vs. revenue growth of +4.8% — CapEx is scaling ~2.5× faster than top line, raising questions about ROI timing on AI/datacenter and tooling investments.
Watch| Metric | Current | Prior | YoY | Source |
|---|---|---|---|---|
| Net Income | $23.4B | $22.0B | +6.4% | SEC Form 10-Q, Condensed Consolidated Statements of Operations |
| Free Cash Flow | $22.1B | $23.1B | −4.2% | SEC Form 10-Q, Condensed Consolidated Statements of Cash Flows |
| Inventories | $7.8B | $6.2B | +25.8% | SEC Form 10-Q, Condensed Consolidated Balance Sheets |
| Accounts Receivable | $29.4B | $26.8B | +9.7% | SEC Form 10-Q, Condensed Consolidated Balance Sheets |
| Total Net Sales | $94.9B | $90.5B | +4.8% | SEC Form 10-Q, Note 2 — Revenue |
| Operating Income | $28.2B | $27.7B | +1.8% | SEC Form 10-Q, Condensed Consolidated Statements of Operations |
| Cost of Sales | $52.1B | $48.9B | +6.5% | SEC Form 10-Q, Condensed Consolidated Statements of Operations |
| Capital Expenditures | $3.2B | $2.9B | +12.1% | SEC Form 10-Q, Condensed Consolidated Statements of Cash Flows |
| Total Net Sales | $94.9B | $90.5B | +4.8% | SEC Form 10-Q, Note 2 — Revenue |
| Property, Plant & Equipment (net) | $46.8B | $44.1B | +6.1% | SEC Form 10-Q, Condensed Consolidated Balance Sheets |