CorVel Corp
NASDAQ:CRVL
Income Statement
Earnings Waterfall
CorVel Corp
Income Statement
CorVel Corp
| Mar-2002 | Jun-2002 | Sep-2002 | Dec-2002 | Mar-2003 | Jun-2003 | Sep-2003 | Dec-2003 | Mar-2004 | Jun-2004 | Sep-2004 | Dec-2004 | Mar-2005 | Jun-2005 | Sep-2005 | Dec-2005 | Mar-2006 | Jun-2006 | Sep-2006 | Dec-2006 | Mar-2007 | Jun-2007 | Sep-2007 | 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 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | 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 | Sep-2025 | Dec-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue |
236
N/A
|
244
+4%
|
255
+4%
|
270
+6%
|
283
+5%
|
292
+3%
|
300
+3%
|
303
+1%
|
305
+1%
|
306
+0%
|
301
-2%
|
295
-2%
|
291
-1%
|
285
-2%
|
280
-2%
|
273
-2%
|
267
-2%
|
266
0%
|
267
+0%
|
270
+1%
|
275
+2%
|
279
+2%
|
285
+2%
|
295
+4%
|
302
+2%
|
306
+1%
|
310
+1%
|
310
+0%
|
310
0%
|
313
+1%
|
318
+1%
|
327
+3%
|
338
+3%
|
348
+3%
|
359
+3%
|
368
+2%
|
381
+4%
|
391
+3%
|
403
+3%
|
409
+2%
|
413
+1%
|
415
+1%
|
416
+0%
|
422
+1%
|
429
+2%
|
443
+3%
|
457
+3%
|
471
+3%
|
479
+2%
|
485
+1%
|
489
+1%
|
491
+0%
|
493
+0%
|
495
+1%
|
496
+0%
|
497
+0%
|
504
+1%
|
505
+0%
|
509
+1%
|
513
+1%
|
519
+1%
|
528
+2%
|
536
+2%
|
548
+2%
|
558
+2%
|
571
+2%
|
583
+2%
|
588
+1%
|
596
+1%
|
595
0%
|
594
0%
|
596
+0%
|
592
-1%
|
572
-3%
|
561
-2%
|
554
-1%
|
553
0%
|
576
+4%
|
597
+4%
|
620
+4%
|
646
+4%
|
670
+4%
|
690
+3%
|
704
+2%
|
719
+2%
|
733
+2%
|
751
+2%
|
774
+3%
|
795
+3%
|
817
+3%
|
846
+4%
|
871
+3%
|
896
+3%
|
919
+3%
|
934
+2%
|
941
+1%
|
|
| Gross Profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(193)
|
(200)
|
(208)
|
(220)
|
(231)
|
(239)
|
(247)
|
(250)
|
(254)
|
(255)
|
(252)
|
(250)
|
(246)
|
(242)
|
(237)
|
(229)
|
(221)
|
(216)
|
(211)
|
(209)
|
(209)
|
(211)
|
(215)
|
(221)
|
(224)
|
(226)
|
(230)
|
(233)
|
(236)
|
(238)
|
(241)
|
(246)
|
(252)
|
(260)
|
(269)
|
(275)
|
(284)
|
(293)
|
(302)
|
(311)
|
(319)
|
(323)
|
(327)
|
(333)
|
(338)
|
(347)
|
(357)
|
(365)
|
(370)
|
(376)
|
(382)
|
(387)
|
(393)
|
(397)
|
(396)
|
(397)
|
(399)
|
(401)
|
(406)
|
(410)
|
(414)
|
(420)
|
(428)
|
(441)
|
(451)
|
(461)
|
(467)
|
(469)
|
(471)
|
(469)
|
(466)
|
(468)
|
(466)
|
(452)
|
(444)
|
(436)
|
(429)
|
(441)
|
(457)
|
(476)
|
(494)
|
(515)
|
(535)
|
(545)
|
(560)
|
(572)
|
(582)
|
(603)
|
(624)
|
(639)
|
(661)
|
(676)
|
(686)
|
(700)
|
(708)
|
(713)
|
|
| Gross Profit |
43
N/A
|
45
+5%
|
47
+6%
|
50
+5%
|
52
+4%
|
53
+3%
|
53
+0%
|
53
-1%
|
51
-3%
|
51
-1%
|
49
-3%
|
45
-8%
|
45
-1%
|
44
-2%
|
43
-2%
|
44
+3%
|
45
+3%
|
50
+10%
|
55
+11%
|
61
+10%
|
66
+8%
|
68
+3%
|
70
+3%
|
75
+7%
|
78
+4%
|
80
+2%
|
80
+0%
|
77
-3%
|
74
-5%
|
75
+2%
|
77
+3%
|
81
+5%
|
86
+6%
|
88
+3%
|
91
+3%
|
93
+2%
|
97
+4%
|
98
+2%
|
101
+2%
|
98
-3%
|
94
-4%
|
91
-3%
|
89
-3%
|
89
+1%
|
92
+3%
|
95
+4%
|
100
+5%
|
106
+6%
|
108
+2%
|
109
+1%
|
107
-2%
|
104
-3%
|
100
-4%
|
98
-2%
|
100
+1%
|
101
+1%
|
105
+4%
|
104
-1%
|
103
-1%
|
104
+0%
|
105
+1%
|
108
+3%
|
108
0%
|
108
0%
|
107
-1%
|
110
+2%
|
116
+5%
|
119
+3%
|
125
+5%
|
127
+1%
|
128
+1%
|
128
0%
|
126
-2%
|
119
-5%
|
117
-2%
|
119
+1%
|
124
+4%
|
134
+9%
|
140
+5%
|
145
+3%
|
152
+5%
|
155
+2%
|
154
0%
|
159
+3%
|
158
-1%
|
160
+1%
|
168
+5%
|
170
+1%
|
172
+1%
|
178
+4%
|
184
+4%
|
195
+6%
|
210
+7%
|
219
+4%
|
226
+3%
|
228
+1%
|
|
| Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(19)
|
(20)
|
(22)
|
(24)
|
(25)
|
(26)
|
(25)
|
(26)
|
(26)
|
(27)
|
(27)
|
(28)
|
(28)
|
(28)
|
(29)
|
(29)
|
(30)
|
(31)
|
(32)
|
(34)
|
(35)
|
(36)
|
(37)
|
(38)
|
(40)
|
(41)
|
(43)
|
(42)
|
(42)
|
(42)
|
(41)
|
(42)
|
(42)
|
(43)
|
(47)
|
(49)
|
(50)
|
(60)
|
(58)
|
(58)
|
(50)
|
(50)
|
(50)
|
(49)
|
(48)
|
(48)
|
(49)
|
(50)
|
(52)
|
(53)
|
(54)
|
(54)
|
(54)
|
(55)
|
(56)
|
(56)
|
(58)
|
(57)
|
(58)
|
(58)
|
(57)
|
(58)
|
(57)
|
(59)
|
(59)
|
(61)
|
(62)
|
(62)
|
(63)
|
(63)
|
(65)
|
(66)
|
(65)
|
(65)
|
(64)
|
(64)
|
(64)
|
(66)
|
(67)
|
(67)
|
(68)
|
(70)
|
(71)
|
(71)
|
(74)
|
(71)
|
(73)
|
(75)
|
(77)
|
(80)
|
(83)
|
(85)
|
(89)
|
(90)
|
(91)
|
(91)
|
|
| Selling, General & Administrative |
(19)
|
(20)
|
(22)
|
(24)
|
(25)
|
(26)
|
(25)
|
(26)
|
(26)
|
(27)
|
(27)
|
(28)
|
(28)
|
(28)
|
(29)
|
(29)
|
(30)
|
(31)
|
(32)
|
(34)
|
(35)
|
(36)
|
(37)
|
(38)
|
(40)
|
(41)
|
(43)
|
(42)
|
(42)
|
(42)
|
(41)
|
(42)
|
(42)
|
(43)
|
(47)
|
(49)
|
(50)
|
(51)
|
(49)
|
(49)
|
(50)
|
(50)
|
(50)
|
(49)
|
(48)
|
(48)
|
(49)
|
(50)
|
(52)
|
(53)
|
(54)
|
(54)
|
(54)
|
(55)
|
(56)
|
(56)
|
(58)
|
(57)
|
(58)
|
(58)
|
(57)
|
(58)
|
(57)
|
(59)
|
(59)
|
(61)
|
(62)
|
(62)
|
(63)
|
(63)
|
(65)
|
(66)
|
(65)
|
(65)
|
(64)
|
(64)
|
(64)
|
(66)
|
(67)
|
(67)
|
(68)
|
(70)
|
(71)
|
(71)
|
(74)
|
(71)
|
(73)
|
(75)
|
(77)
|
(80)
|
(83)
|
(85)
|
(89)
|
(90)
|
(91)
|
(91)
|
|
| Other Operating Expenses |
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
|
(9)
|
(9)
|
(9)
|
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
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Operating Income |
24
N/A
|
25
+3%
|
25
+3%
|
26
+3%
|
27
+3%
|
27
+2%
|
28
+2%
|
27
-2%
|
25
-7%
|
24
-6%
|
22
-9%
|
18
-19%
|
17
-6%
|
16
-6%
|
14
-9%
|
15
+5%
|
16
+7%
|
19
+19%
|
23
+23%
|
27
+15%
|
30
+14%
|
32
+5%
|
33
+4%
|
37
+11%
|
38
+4%
|
38
+0%
|
37
-3%
|
35
-7%
|
32
-9%
|
33
+5%
|
36
+7%
|
39
+10%
|
43
+10%
|
45
+4%
|
44
-3%
|
44
+1%
|
46
+6%
|
38
-17%
|
42
+10%
|
40
-6%
|
43
+9%
|
41
-5%
|
39
-5%
|
40
+3%
|
44
+9%
|
47
+7%
|
51
+9%
|
56
+9%
|
57
+1%
|
56
-1%
|
54
-4%
|
49
-8%
|
46
-8%
|
43
-5%
|
44
+2%
|
44
+1%
|
46
+4%
|
47
+2%
|
45
-5%
|
45
+2%
|
48
+5%
|
50
+4%
|
50
+2%
|
49
-3%
|
48
-2%
|
49
+3%
|
53
+9%
|
57
+7%
|
62
+8%
|
63
+3%
|
63
0%
|
62
-2%
|
61
-2%
|
54
-11%
|
53
-2%
|
55
+3%
|
59
+8%
|
69
+16%
|
74
+7%
|
78
+5%
|
85
+9%
|
85
+1%
|
84
-2%
|
88
+5%
|
85
-4%
|
89
+5%
|
95
+7%
|
95
+0%
|
95
+0%
|
98
+3%
|
102
+4%
|
110
+8%
|
121
+10%
|
128
+6%
|
135
+6%
|
137
+1%
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Reccuring Items |
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
|
(9)
|
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
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Pre-Tax Income |
24
N/A
|
25
+3%
|
25
+3%
|
26
+3%
|
27
+3%
|
27
+2%
|
28
+2%
|
27
-2%
|
25
-7%
|
24
-6%
|
22
-9%
|
18
-19%
|
17
-6%
|
16
-6%
|
14
-9%
|
15
+5%
|
16
+7%
|
19
+19%
|
23
+23%
|
27
+15%
|
30
+14%
|
32
+5%
|
33
+4%
|
37
+11%
|
38
+4%
|
38
+0%
|
37
-3%
|
35
-7%
|
32
-9%
|
33
+5%
|
36
+7%
|
39
+10%
|
43
+10%
|
45
+4%
|
44
-3%
|
44
+1%
|
37
-15%
|
38
+2%
|
42
+10%
|
40
-6%
|
43
+9%
|
41
-5%
|
39
-5%
|
40
+3%
|
44
+9%
|
47
+7%
|
51
+9%
|
56
+9%
|
57
+1%
|
56
-1%
|
54
-4%
|
49
-8%
|
46
-8%
|
43
-5%
|
44
+2%
|
44
+1%
|
46
+4%
|
47
+2%
|
45
-5%
|
45
+2%
|
48
+5%
|
50
+4%
|
50
+2%
|
49
-3%
|
48
-2%
|
49
+3%
|
53
+9%
|
57
+7%
|
62
+8%
|
63
+3%
|
63
0%
|
62
-2%
|
61
-2%
|
54
-11%
|
53
-2%
|
55
+3%
|
59
+8%
|
69
+16%
|
74
+7%
|
78
+5%
|
85
+9%
|
85
+1%
|
84
-2%
|
88
+5%
|
85
-4%
|
89
+5%
|
95
+7%
|
95
+0%
|
95
+0%
|
98
+3%
|
102
+4%
|
110
+8%
|
121
+10%
|
128
+6%
|
135
+6%
|
137
+1%
|
|
| Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(9)
|
(9)
|
(10)
|
(10)
|
(10)
|
(10)
|
(11)
|
(10)
|
(9)
|
(9)
|
(8)
|
(7)
|
(6)
|
(6)
|
(5)
|
(6)
|
(6)
|
(7)
|
(9)
|
(10)
|
(12)
|
(12)
|
(13)
|
(14)
|
(15)
|
(15)
|
(15)
|
(14)
|
(12)
|
(13)
|
(14)
|
(16)
|
(17)
|
(18)
|
(15)
|
(15)
|
(13)
|
(13)
|
(17)
|
(16)
|
(17)
|
(16)
|
(15)
|
(16)
|
(17)
|
(18)
|
(20)
|
(22)
|
(22)
|
(22)
|
(20)
|
(18)
|
(17)
|
(16)
|
(16)
|
(17)
|
(18)
|
(18)
|
(17)
|
(17)
|
(18)
|
(19)
|
(18)
|
(17)
|
(15)
|
(14)
|
(13)
|
(13)
|
(15)
|
(16)
|
(15)
|
(15)
|
(13)
|
(12)
|
(12)
|
(11)
|
(13)
|
(14)
|
(15)
|
(16)
|
(18)
|
(19)
|
(19)
|
(20)
|
(18)
|
(19)
|
(20)
|
(20)
|
(19)
|
(20)
|
(20)
|
(22)
|
(26)
|
(27)
|
(30)
|
(31)
|
|
| Income from Continuing Operations |
15
|
15
|
16
|
16
|
17
|
17
|
17
|
17
|
16
|
15
|
14
|
11
|
10
|
10
|
9
|
9
|
10
|
12
|
14
|
16
|
19
|
19
|
20
|
22
|
23
|
23
|
23
|
21
|
19
|
20
|
22
|
24
|
26
|
27
|
29
|
29
|
25
|
25
|
25
|
24
|
27
|
25
|
24
|
24
|
27
|
29
|
31
|
34
|
34
|
34
|
33
|
31
|
29
|
27
|
28
|
27
|
29
|
29
|
28
|
28
|
29
|
31
|
32
|
32
|
33
|
36
|
40
|
44
|
46
|
48
|
48
|
47
|
47
|
42
|
41
|
43
|
46
|
55
|
59
|
62
|
66
|
66
|
65
|
68
|
66
|
69
|
75
|
75
|
76
|
78
|
82
|
88
|
95
|
101
|
105
|
106
|
|
| Net Income (Common) |
15
N/A
|
15
+3%
|
16
+3%
|
16
+3%
|
17
+3%
|
17
+2%
|
17
+2%
|
17
-1%
|
16
-7%
|
15
-6%
|
14
-9%
|
11
-21%
|
10
-6%
|
10
-6%
|
9
-9%
|
9
+5%
|
10
+7%
|
12
+19%
|
14
+23%
|
16
+15%
|
19
+14%
|
19
+5%
|
20
+4%
|
22
+11%
|
23
+4%
|
23
+0%
|
23
-3%
|
21
-7%
|
19
-9%
|
20
+4%
|
22
+7%
|
24
+10%
|
26
+10%
|
27
+5%
|
29
+4%
|
29
+0%
|
25
-14%
|
25
+2%
|
25
+1%
|
24
-5%
|
27
+10%
|
25
-6%
|
24
-5%
|
24
+2%
|
27
+10%
|
29
+8%
|
31
+7%
|
34
+9%
|
34
+2%
|
34
-1%
|
33
-2%
|
31
-6%
|
29
-9%
|
27
-5%
|
28
+1%
|
27
-1%
|
29
+4%
|
29
+2%
|
28
-5%
|
28
+1%
|
29
+5%
|
31
+4%
|
32
+5%
|
35
+8%
|
36
+3%
|
39
+8%
|
43
+11%
|
44
+2%
|
47
+7%
|
48
+3%
|
48
+0%
|
47
-2%
|
47
0%
|
42
-11%
|
41
-2%
|
43
+5%
|
46
+7%
|
55
+18%
|
59
+8%
|
62
+4%
|
66
+8%
|
66
0%
|
65
-2%
|
68
+5%
|
66
-2%
|
69
+5%
|
75
+8%
|
75
+0%
|
76
+2%
|
78
+2%
|
82
+4%
|
88
+8%
|
95
+8%
|
101
+6%
|
105
+4%
|
106
+0%
|
|
| EPS (Diluted) |
0.14
N/A
|
0.15
+7%
|
0.15
N/A
|
0.16
+7%
|
0.16
N/A
|
0.17
+6%
|
0.17
N/A
|
0.17
N/A
|
0.16
-6%
|
0.15
-6%
|
0.14
-7%
|
0.11
-21%
|
0.1
-9%
|
0.1
N/A
|
0.09
-10%
|
0.1
+11%
|
0.11
+10%
|
0.13
+18%
|
0.16
+23%
|
0.18
+12%
|
0.21
+17%
|
0.22
+5%
|
0.24
+9%
|
0.26
+8%
|
0.27
+4%
|
0.27
N/A
|
0.27
N/A
|
0.26
-4%
|
0.23
-12%
|
0.25
+9%
|
0.27
+8%
|
0.31
+15%
|
0.34
+10%
|
0.37
+9%
|
0.39
+5%
|
0.39
N/A
|
0.34
-13%
|
0.35
+3%
|
0.36
+3%
|
0.34
-6%
|
0.38
+12%
|
0.36
-5%
|
0.34
-6%
|
0.36
+6%
|
0.39
+8%
|
0.44
+13%
|
0.48
+9%
|
0.52
+8%
|
0.53
+2%
|
0.53
N/A
|
0.52
-2%
|
0.5
-4%
|
0.45
-10%
|
0.44
-2%
|
0.45
+2%
|
0.46
+2%
|
0.47
+2%
|
0.49
+4%
|
0.47
-4%
|
0.48
+2%
|
0.5
+4%
|
0.53
+6%
|
0.56
+6%
|
0.6
+7%
|
0.62
+3%
|
0.67
+8%
|
0.75
+12%
|
0.76
+1%
|
0.81
+7%
|
0.85
+5%
|
0.85
N/A
|
0.85
N/A
|
0.84
-1%
|
0.77
-8%
|
0.75
-3%
|
0.79
+5%
|
0.85
+8%
|
1
+18%
|
1.08
+8%
|
1.12
+4%
|
1.22
+9%
|
1.24
+2%
|
1.22
-2%
|
1.29
+6%
|
1.25
-3%
|
1.33
+6%
|
1.43
+8%
|
1.44
+1%
|
1.46
+1%
|
1.5
+3%
|
1.56
+4%
|
1.69
+8%
|
1.83
+8%
|
1.94
+6%
|
2.03
+5%
|
2.04
+0%
|
|