ELECTRONIC ARTS INC.

EAdata completeness 75%19 fiscal years on file
The thesis, from the filings

ELECTRONIC ARTS INC. earns about 23% on invested capital, and has bought back 12% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$6.99B1$7.43B2$7.56B3$7.46B3$7.53B3
Net income$789M4$802M4$1.27B4$1.12B4$887M4
Operating cash flow$1.9B5$1.55B6$2.32B7$2.08B7$2.55B7
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$2.73B8$2.42B9$2.9B9$2.14B9$2.86B9
Diluted shares286.0M278.0M272.0M264.0M253.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$267.35
your share of equity
Profit it earned you last year
$35.06
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $267.35 of net worth that earned you $35.06 last year.

iii. Is this a good business?
Moat signal · return on invested capital
23% avg · 5y
FY22 17%FY23 17%FY24 29%FY25 27%FY26 24%

It earned an average 23% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−12% shares · 5y

Share count is down 12% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-05-22 · period ending 2022-03-31 · accession 0000712515-24-000023 (Revenues)
  2. 10-K filed 2025-05-13 · period ending 2023-03-31 · accession 0000712515-25-000022 (Revenues)
  3. 10-K filed 2026-05-11 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001628280-26-033617 (Revenues)
  4. 10-K/A filed 2026-07-28 · periods ending 2022-03-31, 2023-03-31, 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001308179-26-000382 (NetIncomeLoss)
  5. 10-K filed 2024-05-22 · period ending 2022-03-31 · accession 0000712515-24-000023 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K filed 2025-05-13 · period ending 2023-03-31 · accession 0000712515-25-000022 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K filed 2026-05-11 · periods ending 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001628280-26-033617 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2022-05-25 · period ending 2022-03-31 · accession 0000712515-22-000011 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K filed 2026-05-11 · periods ending 2023-03-31, 2024-03-31, 2025-03-31, 2026-03-31 · accession 0001628280-26-033617 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)