Understand The Income Statement

- Revenue consistently growing, at ~22.1% CAGR 5 years, however it slowed to only 18% growth in 2023 - COGS growing slower than revenue growing! - Gross Profit Margins expanding - Operating Margin is incredible... at almost 70%?!?! - Net income popped so largely due to deferred income tax expense... not the exact reason I want to see that. From their annual report: "Net income in 2023 increased by 153% to $4.8 billion, compared to the prior year, driven by our revenue growth, increased interest income, discipline in managing our cost structure, and the release of a portion of our valuation allowance on deferred tax assets of $2.9 billion (see Note 14, Income Taxes, to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for further details). The increase in net income was partially offset by an increase in business and operational taxes of $991 million, the majority of which was non-recurring"