People (PPLI) Financial statements
People reported revenue of $2.4B in fiscal 2025, down 0.8% a year over 7 years.
Key figures
Net income was -$104M and the operating margin -4.1%, against 1.4% in 2018. Free cash flow was $45M, and the company returned $315M in net buybacks. The diluted share count fell 6% over the period (buybacks).
- Revenue, FY2025
- $2.4B-8.7% on 2024
- Net income
- -$104M-80.7% on 2024
- Operating margin
- -4.1%
- Free cash flow
- $45M-86.8% on 2024
Revenue and free cash flow
Fiscal years, from People's 10-K filings.
People revenue and free cash flow
FY2018–FY2025Margins
How much of each dollar of revenue is left after the cost of sales, after operating costs, and at the bottom line.
People margins
FY2018–FY2025Financial statements
Fiscal 2018–2025.
People income statement, fiscal 2018–2025
| USD | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.5B | $2.8B | $3.7B | $5.2B | $2.9B | $2.6B | $2.4B |
| Cost of revenue | $501M | $600M | $815M | $1.3B | $1.9B | $1.2B | $1.0B | $810M |
| Gross profit | $2.0B | $1.9B | $1.9B | $2.4B | $3.3B | $1.7B | $1.6B | $1.6B |
| Research and development | $177M | $133M | $185M | $231M | $318M | $238M | $228M | $196M |
| Selling, general and admin | $1.7B | $1.7B | $1.9B | $2.2B | $2.9B | $1.3B | $1.2B | $1.1B |
| Operating income | $36M | $6M | -$538M | -$137M | -$475M | -$238M | -$29M | -$97M |
| Interest expense | $13M | $12M | $16M | $34M | $110M | $158M | $136M | $120M |
| Pre-tax income | $306M | $34M | $244M | $730M | -$1.5B | $393M | -$715M | -$82M |
| Income tax | $13M | -$47M | -$46M | $139M | -$331M | $98M | -$142M | $35M |
| Net income | $247M | $23M | $270M | $598M | -$1.2B | $266M | -$540M | -$104M |
| EPS (diluted) | $2.90 | $0.27 | $2.97 | $6.31 | -$13.55 | $2.97 | -$6.49 | -$1.30 |
| Diluted shares | 85M | 85M | 91M | 92M | 86M | 86M | 83M | 80M |
| Gross margin | 80.2% | 76.1% | 70.5% | 65.0% | 63.1% | 58.2% | 61.8% | 66.2% |
| Operating margin | 1.4% | 0.2% | -19.4% | -3.7% | -9.1% | -8.1% | -1.1% | -4.1% |
| Net margin | 9.7% | 0.9% | 9.8% | 16.2% | -22.4% | 9.1% | -20.6% | -4.3% |
People balance sheet, fiscal 2018–2025
| USD | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $884M | $838M | $3.6B | $2.1B | $1.3B | $1.1B | $1.4B | $941M |
| Receivables | — | $182M | $258M | $696M | $608M | $537M | $483M | $410M |
| Inventory | — | — | $317,000 | $31M | — | — | — | — |
| Total current assets | — | $1.2B | $4.1B | $3.1B | $2.6B | $2.2B | $2.5B | $1.5B |
| Property, plant and equipment | — | $305M | $275M | $571M | $511M | $455M | $313M | $284M |
| Goodwill | $1.5B | $1.4B | $1.7B | $3.2B | $3.0B | $2.1B | $2.0B | $1.5B |
| Total assets | — | $4.1B | $9.2B | $12.3B | $10.4B | $10.4B | $9.7B | $7.2B |
| Total current liabilities | — | $585M | $751M | $1.4B | $1.1B | $950M | $886M | $561M |
| Long-term debt | — | $232M | $712M | $2.0B | $2.0B | $2.0B | $1.4B | $1.4B |
| Total liabilities | — | $1.1B | $2.0B | $4.6B | $3.8B | $3.6B | $3.4B | $2.4B |
| Shareholders' equity | $2.7B | $2.5B | $6.6B | $7.2B | $5.9B | $6.1B | $5.6B | $4.7B |
| Net debt | -$884M | -$592M | -$2.7B | -$42M | $954M | $1.1B | $88M | $485M |
People cash flow, fiscal 2018–2025
| USD | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $369M | $252M | $155M | $119M | -$83M | $190M | $355M | $64M |
| Capital spending | $55M | $95M | $61M | $90M | $140M | $94M | $15M | $19M |
| Free cash flow | $315M | $157M | $94M | $29M | -$223M | $96M | $340M | $45M |
| Stock-based compensation | $148M | $134M | $197M | $79M | $123M | $74M | $78M | $32M |
| Share buybacks (net) | — | -$57M | -$64M | -$35M | — | -$166M | $0 | -$315M |
| Free cash flow margin | 12.4% | 6.2% | 3.4% | 0.8% | -4.3% | 3.3% | 12.9% | 1.9% |
How People compares
People's operating margin is higher than 18% of Communication Services companies and 21% of the 2,820 companies with an operating margin figure.
| Higher than | Communication Services | All stocks |
|---|---|---|
| Operating margin | 18% | 21% |
| Net margin | 14% | 16% |
| Gross margin | 65% | 83% |
| Revenue growth | 73% | 64% |
| ROE | 20% | 23% |
Questions about People
What was People's revenue in 2025?
$2.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does People generate?
$45M in fiscal 2025 (operating cash flow minus capital spending).
From People's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.