ELECTRONIC ARTS INC.

EAdata completeness 75%19 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'

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

Figure	FY 2022	FY 2023	FY 2024	FY 2025	FY 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 shares	286.0M	278.0M	272.0M	264.0M	253.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

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 →

Sources — the receipts

10-K · period ending 2022-03-31 · accession 0000712515-24-000023 (Revenues)
10-K · period ending 2023-03-31 · accession 0000712515-25-000022 (Revenues)
10-K · period ending 2024-03-31 · accession 0001628280-26-033617 (Revenues)
10-K/A · period ending 2022-03-31 · accession 0001308179-26-000382 (NetIncomeLoss)
10-K · period ending 2022-03-31 · accession 0000712515-24-000023 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-03-31 · accession 0000712515-25-000022 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-03-31 · accession 0001628280-26-033617 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-03-31 · accession 0000712515-22-000011 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-03-31 · accession 0001628280-26-033617 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)