FNM SpA
MIL:FNM
Income Statement
Earnings Waterfall
FNM SpA
Income Statement
FNM SpA
| Dec-2007 | Mar-2008 | Jun-2008 | Sep-2008 | Dec-2008 | Mar-2009 | Jun-2009 | Sep-2009 | Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
1
|
1
|
0
|
1
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
1
|
0
|
0
|
0
|
12
|
0
|
0
|
0
|
11
|
0
|
0
|
0
|
16
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Revenue |
314
N/A
|
279
-11%
|
280
+1%
|
274
-2%
|
316
+15%
|
348
+10%
|
425
+22%
|
499
+17%
|
302
-39%
|
509
+68%
|
444
-13%
|
391
-12%
|
472
+21%
|
330
-30%
|
307
-7%
|
301
-2%
|
315
+5%
|
296
-6%
|
316
+7%
|
313
-1%
|
299
-4%
|
273
-9%
|
261
-5%
|
242
-7%
|
272
+12%
|
299
+10%
|
311
+4%
|
327
+5%
|
310
-5%
|
304
-2%
|
306
+1%
|
306
0%
|
283
-8%
|
288
+2%
|
270
-6%
|
252
-7%
|
246
-2%
|
138
-44%
|
214
+55%
|
294
+37%
|
444
+51%
|
458
+3%
|
457
0%
|
320
-30%
|
471
+47%
|
464
-2%
|
462
0%
|
297
-36%
|
469
+58%
|
582
+24%
|
681
+17%
|
589
-14%
|
911
+55%
|
980
+8%
|
971
-1%
|
678
-30%
|
994
+47%
|
1 007
+1%
|
1 017
+1%
|
744
-27%
|
1 085
+46%
|
1 132
+4%
|
1 188
+5%
|
914
-23%
|
1 340
+47%
|
1 373
+3%
|
|
| Gross Profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(22)
|
(17)
|
(22)
|
(22)
|
(27)
|
(26)
|
(26)
|
(26)
|
(21)
|
(18)
|
(16)
|
(13)
|
(21)
|
(13)
|
(13)
|
(13)
|
(11)
|
(11)
|
(11)
|
(11)
|
(11)
|
(11)
|
(11)
|
(12)
|
(11)
|
(11)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(10)
|
(9)
|
(9)
|
(9)
|
(9)
|
(8)
|
(9)
|
(14)
|
(20)
|
(30)
|
(31)
|
(31)
|
(22)
|
(31)
|
(29)
|
(28)
|
(19)
|
(28)
|
(31)
|
(32)
|
(24)
|
(37)
|
(42)
|
(44)
|
(37)
|
(52)
|
(52)
|
(51)
|
(31)
|
(45)
|
(45)
|
(47)
|
(34)
|
(52)
|
(53)
|
|
| Gross Profit |
292
N/A
|
198
-32%
|
258
+31%
|
252
-2%
|
288
+14%
|
321
+11%
|
399
+24%
|
473
+18%
|
282
-40%
|
491
+74%
|
428
-13%
|
377
-12%
|
450
+19%
|
317
-30%
|
294
-7%
|
288
-2%
|
304
+6%
|
285
-6%
|
304
+7%
|
302
-1%
|
288
-5%
|
262
-9%
|
250
-5%
|
231
-8%
|
261
+13%
|
288
+10%
|
301
+4%
|
317
+5%
|
300
-5%
|
294
-2%
|
297
+1%
|
297
0%
|
274
-8%
|
279
+2%
|
261
-6%
|
244
-7%
|
238
-2%
|
129
-46%
|
200
+56%
|
274
+37%
|
414
+51%
|
427
+3%
|
426
0%
|
298
-30%
|
440
+48%
|
435
-1%
|
434
0%
|
278
-36%
|
441
+59%
|
551
+25%
|
649
+18%
|
565
-13%
|
874
+55%
|
938
+7%
|
927
-1%
|
641
-31%
|
941
+47%
|
955
+1%
|
966
+1%
|
713
-26%
|
1 039
+46%
|
1 087
+5%
|
1 141
+5%
|
879
-23%
|
1 288
+46%
|
1 320
+3%
|
|
| Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(272)
|
(242)
|
(241)
|
(235)
|
(272)
|
(247)
|
(258)
|
(265)
|
(260)
|
(238)
|
(211)
|
(187)
|
(281)
|
(151)
|
(151)
|
(151)
|
(156)
|
(152)
|
(146)
|
(141)
|
(132)
|
(134)
|
(137)
|
(136)
|
(134)
|
(137)
|
(137)
|
(137)
|
(147)
|
(149)
|
(152)
|
(156)
|
(150)
|
(163)
|
(160)
|
(159)
|
(152)
|
(106)
|
(158)
|
(220)
|
(328)
|
(336)
|
(335)
|
(229)
|
(334)
|
(325)
|
(322)
|
(212)
|
(325)
|
(390)
|
(436)
|
(383)
|
(576)
|
(614)
|
(619)
|
(430)
|
(635)
|
(648)
|
(655)
|
(448)
|
(665)
|
(678)
|
(692)
|
(500)
|
(734)
|
(743)
|
|
| Selling, General & Administrative |
(251)
|
(210)
|
(221)
|
(215)
|
(249)
|
(221)
|
(231)
|
(237)
|
(236)
|
(213)
|
(187)
|
(163)
|
(253)
|
(130)
|
(130)
|
(130)
|
(133)
|
(132)
|
(132)
|
(131)
|
(134)
|
(134)
|
(136)
|
(136)
|
(131)
|
(131)
|
(131)
|
(130)
|
(135)
|
(135)
|
(137)
|
(138)
|
(137)
|
(137)
|
(135)
|
(132)
|
(135)
|
(93)
|
(136)
|
(193)
|
(284)
|
(288)
|
(287)
|
(200)
|
(288)
|
(279)
|
(275)
|
(180)
|
(273)
|
(316)
|
(342)
|
(296)
|
(434)
|
(463)
|
(468)
|
(329)
|
(475)
|
(474)
|
(476)
|
(320)
|
(473)
|
(482)
|
(492)
|
(359)
|
(528)
|
(537)
|
|
| Depreciation & Amortization |
(19)
|
(19)
|
(18)
|
(18)
|
(16)
|
(19)
|
(19)
|
(19)
|
(18)
|
(19)
|
(19)
|
(18)
|
(20)
|
(15)
|
(15)
|
(15)
|
(15)
|
(17)
|
(17)
|
(18)
|
(16)
|
(19)
|
(20)
|
(20)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(18)
|
(19)
|
(19)
|
(20)
|
(21)
|
(22)
|
(22)
|
(23)
|
(18)
|
(28)
|
(38)
|
(58)
|
(60)
|
(60)
|
(41)
|
(61)
|
(61)
|
(60)
|
(39)
|
(61)
|
(75)
|
(86)
|
(76)
|
(119)
|
(126)
|
(125)
|
(86)
|
(133)
|
(143)
|
(148)
|
(105)
|
(162)
|
(175)
|
(183)
|
(132)
|
(199)
|
(202)
|
|
| Other Operating Expenses |
(2)
|
(13)
|
(3)
|
(3)
|
(7)
|
(7)
|
(8)
|
(9)
|
(6)
|
(7)
|
(6)
|
(6)
|
(7)
|
(6)
|
(7)
|
(7)
|
(8)
|
(3)
|
3
|
8
|
19
|
19
|
19
|
19
|
15
|
13
|
12
|
12
|
6
|
4
|
3
|
1
|
8
|
(5)
|
(4)
|
(5)
|
5
|
5
|
7
|
11
|
14
|
14
|
14
|
11
|
14
|
14
|
13
|
8
|
8
|
0
|
(8)
|
(11)
|
(23)
|
(26)
|
(25)
|
(14)
|
(27)
|
(31)
|
(31)
|
(23)
|
(30)
|
(22)
|
(17)
|
(8)
|
(6)
|
(4)
|
|
| Operating Income |
19
N/A
|
19
-1%
|
17
-11%
|
17
-1%
|
16
-4%
|
74
+359%
|
141
+89%
|
207
+47%
|
22
-89%
|
253
+1 038%
|
217
-14%
|
190
-12%
|
170
-11%
|
165
-3%
|
143
-14%
|
137
-4%
|
148
+8%
|
133
-10%
|
159
+19%
|
161
+1%
|
157
-3%
|
128
-18%
|
113
-12%
|
94
-17%
|
127
+35%
|
151
+19%
|
164
+8%
|
180
+10%
|
153
-15%
|
145
-5%
|
144
0%
|
140
-3%
|
124
-11%
|
116
-7%
|
101
-13%
|
85
-16%
|
86
+2%
|
23
-73%
|
43
+84%
|
53
+25%
|
86
+61%
|
91
+6%
|
91
0%
|
69
-23%
|
106
+53%
|
110
+4%
|
112
+2%
|
66
-41%
|
116
+75%
|
160
+38%
|
213
+33%
|
182
-15%
|
298
+64%
|
324
+9%
|
308
-5%
|
211
-31%
|
306
+45%
|
307
+0%
|
310
+1%
|
265
-15%
|
374
+41%
|
408
+9%
|
449
+10%
|
380
-16%
|
554
+46%
|
577
+4%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(0)
|
2
|
3
|
3
|
0
|
(55)
|
(124)
|
(189)
|
(1)
|
(233)
|
(198)
|
(174)
|
(140)
|
(151)
|
(128)
|
(121)
|
(128)
|
(109)
|
(130)
|
(129)
|
(129)
|
(103)
|
(91)
|
(73)
|
(98)
|
(123)
|
(134)
|
(151)
|
(125)
|
(119)
|
(118)
|
(113)
|
(95)
|
(90)
|
(74)
|
(59)
|
(58)
|
(1)
|
(7)
|
(18)
|
(29)
|
(36)
|
(36)
|
(32)
|
(52)
|
(72)
|
(77)
|
(33)
|
(73)
|
(126)
|
(145)
|
(108)
|
(171)
|
(152)
|
(153)
|
(113)
|
(165)
|
(164)
|
(165)
|
(163)
|
(223)
|
(259)
|
(299)
|
(287)
|
(409)
|
(419)
|
|
| Non-Reccuring Items |
0
|
0
|
0
|
0
|
(3)
|
0
|
0
|
0
|
(2)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(2)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(3)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(4)
|
0
|
0
|
0
|
2
|
0
|
0
|
1
|
0
|
0
|
(0)
|
0
|
(1)
|
(1)
|
(1)
|
(4)
|
(6)
|
(7)
|
(7)
|
(5)
|
(5)
|
(11)
|
(11)
|
(8)
|
(8)
|
(1)
|
(1)
|
2
|
(3)
|
(2)
|
(2)
|
(6)
|
(7)
|
(8)
|
|
| Total Other Income |
0
|
(4)
|
(3)
|
(4)
|
0
|
(3)
|
(3)
|
(3)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(1)
|
(0)
|
(0)
|
1
|
1
|
(0)
|
1
|
1
|
2
|
0
|
0
|
0
|
0
|
(1)
|
0
|
(2)
|
0
|
(2)
|
0
|
(0)
|
0
|
(0)
|
0
|
(9)
|
(9)
|
(9)
|
(9)
|
7
|
5
|
5
|
5
|
1
|
6
|
4
|
4
|
(3)
|
(6)
|
(4)
|
|
| Pre-Tax Income |
19
N/A
|
19
-3%
|
16
-13%
|
16
N/A
|
13
-19%
|
17
+26%
|
14
-15%
|
16
+10%
|
20
+26%
|
18
-8%
|
19
+3%
|
16
-13%
|
29
+80%
|
15
-48%
|
15
-2%
|
16
+11%
|
19
+17%
|
24
+24%
|
29
+22%
|
32
+11%
|
27
-15%
|
25
-8%
|
22
-10%
|
22
-4%
|
27
+24%
|
28
+6%
|
30
+7%
|
29
-3%
|
27
-9%
|
26
-4%
|
26
+0%
|
27
+4%
|
26
-4%
|
26
0%
|
28
+11%
|
27
-5%
|
32
+20%
|
23
-30%
|
36
+58%
|
37
+2%
|
58
+58%
|
54
-7%
|
53
-1%
|
36
-33%
|
51
+43%
|
35
-32%
|
33
-6%
|
28
-14%
|
34
+21%
|
27
-21%
|
61
+125%
|
60
-1%
|
113
+87%
|
152
+34%
|
135
-11%
|
98
-27%
|
138
+41%
|
146
+6%
|
149
+2%
|
106
-29%
|
154
+46%
|
152
-2%
|
153
+1%
|
83
-46%
|
132
+59%
|
146
+11%
|
|
| Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(10)
|
(9)
|
(8)
|
(7)
|
(5)
|
(7)
|
(7)
|
(7)
|
(9)
|
(8)
|
(7)
|
(7)
|
(12)
|
(5)
|
(6)
|
(7)
|
(8)
|
(8)
|
(7)
|
(6)
|
(3)
|
(3)
|
(2)
|
(2)
|
(7)
|
(7)
|
(7)
|
(8)
|
(6)
|
(5)
|
(5)
|
(4)
|
(5)
|
(5)
|
(5)
|
(6)
|
(6)
|
(4)
|
(8)
|
(8)
|
(13)
|
(13)
|
(13)
|
(5)
|
(10)
|
(9)
|
(9)
|
(4)
|
(8)
|
(11)
|
(17)
|
(17)
|
(31)
|
(39)
|
(41)
|
(28)
|
(41)
|
(37)
|
(36)
|
(24)
|
(38)
|
(39)
|
(38)
|
(23)
|
(37)
|
(38)
|
|
| Income from Continuing Operations |
9
|
10
|
8
|
10
|
8
|
10
|
7
|
8
|
10
|
10
|
11
|
9
|
17
|
10
|
8
|
9
|
11
|
16
|
21
|
26
|
24
|
22
|
20
|
20
|
20
|
22
|
23
|
22
|
21
|
21
|
21
|
22
|
20
|
20
|
23
|
21
|
26
|
19
|
28
|
29
|
44
|
40
|
41
|
31
|
41
|
26
|
24
|
25
|
26
|
16
|
45
|
43
|
82
|
112
|
93
|
70
|
96
|
110
|
114
|
82
|
116
|
113
|
115
|
60
|
94
|
108
|
|
| Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(4)
|
(4)
|
(2)
|
(3)
|
0
|
1
|
(1)
|
(1)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
0
|
(2)
|
|
| Net Income (Common) |
10
N/A
|
10
+1%
|
9
-8%
|
10
+11%
|
8
-19%
|
12
+53%
|
9
-25%
|
11
+20%
|
13
+17%
|
13
+3%
|
16
+18%
|
15
-1%
|
18
+19%
|
17
-8%
|
26
+54%
|
25
-4%
|
25
+0%
|
27
+10%
|
21
-22%
|
26
+20%
|
24
-6%
|
22
-10%
|
20
-8%
|
20
-2%
|
20
+3%
|
22
+8%
|
23
+7%
|
22
-6%
|
21
-3%
|
21
-3%
|
21
N/A
|
22
+9%
|
20
-10%
|
20
+1%
|
23
+13%
|
21
-7%
|
26
+23%
|
19
-28%
|
28
+46%
|
28
+3%
|
44
+54%
|
40
-9%
|
40
+1%
|
30
-24%
|
40
+32%
|
24
-39%
|
22
-9%
|
24
+8%
|
24
+0%
|
13
-48%
|
40
+222%
|
41
+1%
|
79
+92%
|
113
+43%
|
95
-16%
|
68
-28%
|
95
+39%
|
107
+13%
|
112
+4%
|
81
-27%
|
115
+42%
|
112
-3%
|
114
+2%
|
59
-48%
|
95
+59%
|
106
+12%
|
|
| EPS (Diluted) |
0.02
N/A
|
0.03
+50%
|
0.03
N/A
|
0.03
N/A
|
0.02
-33%
|
0.03
+50%
|
0.02
-33%
|
0.02
N/A
|
0.02
N/A
|
0.02
N/A
|
0.02
N/A
|
0.02
N/A
|
0.04
+100%
|
0.02
-50%
|
0.05
+150%
|
0.05
N/A
|
0.05
N/A
|
0.06
+20%
|
0.05
-17%
|
0.06
+20%
|
0.06
N/A
|
0.04
-33%
|
0.04
N/A
|
0.04
N/A
|
0.05
+25%
|
0.06
+20%
|
0.06
N/A
|
0.05
-17%
|
0.05
N/A
|
0.04
-20%
|
0.04
N/A
|
0.05
+25%
|
0.05
N/A
|
0.05
N/A
|
0.06
+20%
|
0.06
N/A
|
0.06
N/A
|
0.04
-33%
|
0.02
-50%
|
0.07
+250%
|
0.09
+29%
|
0.08
-11%
|
0.04
-50%
|
0.07
+75%
|
0.08
+14%
|
0.04
-50%
|
0.05
+25%
|
0.06
+20%
|
0.07
+17%
|
0.04
-43%
|
0.1
+150%
|
0.09
-10%
|
0.17
+89%
|
0.25
+47%
|
0.22
-12%
|
0.16
-27%
|
0.18
+12%
|
0.24
+33%
|
0.25
+4%
|
0.19
-24%
|
0.26
+37%
|
0.26
N/A
|
0.26
N/A
|
0.14
-46%
|
0.22
+57%
|
0.24
+9%
|
|