Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.6B | $2.6B | $2.7B | $2.7B | $2.7B | $2.7B | $2.8B |
| YoY | — | — | — | — | +7.5% | +6.8% | +4.7% | +2.5% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | $243.1M | $237.5M | $233.7M | $233.0M | $236.5M | $257.4M | $233.8M | $228.2M |
| YoY | — | — | — | — | -2.7% | +8.4% | +0.0% | -2.1% |
| Operating income | $1.1B | $1.3B | $1.2B | $1.2B | $1.2B | $1.2B | $1.3B | $1.3B |
| YoY | — | — | — | — | +7.5% | -1.2% | +5.9% | +2.9% |
| Pretax income | $1.3B | $617.5M | $511.8M | $950.0M | $964.9M | $1.0B | $1.0B | $898.4M |
| YoY | — | — | — | — | -26.1% | +64.9% | +97.2% | -5.4% |
| Income tax | $75.2M | $118.9M | $131.3M | $37.4M | $128.1M | $139.6M | $121.8M | $117.6M |
| YoY | — | — | — | — | +70.3% | +17.4% | -7.2% | +214.4% |
| Net income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| EPS — basic | $2.63 | $1.05 | $0.78 | $1.82 | — | $1.84 | $1.86 | $1.65 |
| YoY | — | — | — | — | — | +75.2% | +138.5% | -9.3% |
| EPS — diluted | $2.62 | $1.04 | $0.78 | $1.82 | — | $1.84 | $1.86 | $1.64 |
| YoY | — | — | — | — | — | +76.9% | +138.5% | -9.9% |
| Weighted shares — basic | — | 467.6M | 468.2M | 468.3M | — | 466.2M | 465.9M | 465.3M |
| Weighted shares — diluted | — | 468.5M | 468.8M | 469.0M | — | 466.8M | 466.3M | 465.8M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.0B | $2.1B | $2.1B | $2.0B | $1.5B | $1.6B | $1.8B | $1.9B |
| YoY | — | — | — | — | -26.2% | -23.5% | -15.1% | -4.0% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $540.0M | $683.3M | $772.1M | $737.0M | $650.3M | $718.9M | $650.9M | $622.2M |
| YoY | — | — | — | — | +20.4% | +5.2% | -15.7% | -15.6% |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | $3.2B | $3.5B | $3.6B | $3.5B | $2.7B | $3.0B | $3.1B | $3.2B |
| YoY | — | — | — | — | -13.7% | -15.7% | -13.3% | -10.9% |
| Total assets | $61.1B | $62.1B | $63.8B | $63.9B | $63.2B | $63.2B | $63.3B | $63.0B |
| YoY | — | — | — | — | +3.5% | +1.9% | -0.7% | -1.4% |
| Total current liabilities | $7.1B | $6.3B | $5.9B | $6.0B | $6.9B | $9.7B | $8.9B | $8.9B |
| YoY | — | — | — | — | -2.3% | +53.7% | +51.3% | +49.1% |
| Total liabilities | $51.4B | $52.1B | $53.3B | $53.1B | $52.8B | $53.1B | $53.0B | $53.2B |
| YoY | — | — | — | — | +2.7% | +1.8% | -0.4% | +0.2% |
| Total equity | $3.4B | $3.5B | $3.7B | $4.0B | $3.7B | $3.5B | $3.7B | $3.5B |
| YoY | — | — | — | — | +8.0% | -0.3% | +0.2% | -11.0% |
| Shares outstanding | 467.4M | 468.1M | 468.2M | 468.3M | 466.3M | 466.0M | 466.0M | 464.2M |
| YoY | — | — | — | — | -0.2% | -0.4% | -0.5% | -0.9% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.3B | $1.3B | $1.5B | $1.4B | $1.4B | $1.5B | $1.4B |
| YoY | — | — | — | — | +19.1% | +8.2% | +16.0% | -4.6% |
| Capital expenditures | $443.4M | $331.1M | $304.6M | $465.5M | $579.2M | $449.5M | $320.9M | $397.4M |
| YoY | — | — | — | — | +30.6% | +35.8% | +5.4% | -14.6% |
| Free cash flow | $755.6M | $963.9M | $976.9M | $994.5M | $848.3M | $951.1M | $1.2B | $995.4M |
| YoY | — | — | — | — | +12.3% | -1.3% | +19.3% | +0.1% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $0 | $0 | $0 | $0 | $364.6M | $176.2M | $26.7M | $300.1M |
| YoY | — | — | — | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 42.4% | 48.9% | 45.6% | 45.4% | 42.4% | 45.3% | 46.2% | 45.6% |
| Net margin | — | — | — | — | — | — | — | — |
| Free cash flow margin | 29.7% | 37.6% | 37.2% | 36.6% | 31.0% | 34.7% | 42.4% | 35.7% |
| Effective tax rate | 5.8% | 19.3% | 25.7% | 3.9% | 13.3% | 13.7% | 12.1% | 13.1% |
| Current ratio | 0.45x | 0.55x | 0.61x | 0.59x | 0.40x | 0.30x | 0.35x | 0.35x |
| Total liabilities / equity | 15.21x | 14.74x | 14.35x | 13.44x | 14.47x | 15.07x | 14.26x | 15.13x |
Peer comparison — latest full year
Same sector (Real Estate), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| AMT FY20 · this stock | $8.0B | +6.1% | — | 35.9% | — | 35.4% |
| CBRE FY25 | $40.5B | +13.4% | — | 4.3% | 2.9% | — |
| EQIX FY25 | $9.2B | +5.4% | — | 20.0% | 14.6% | — |
| SPG FY25 | $6.4B | +6.7% | — | 49.9% | — | — |
| DLR FY25 | $6.1B | +10.0% | — | 10.8% | 21.4% | — |
| O FY25 | $5.7B | +9.1% | — | — | 18.4% | — |
| PSA FY25 | $4.8B | +2.7% | — | — | 37.0% | — |
| CCI FY25 | $4.3B | -4.4% | — | 48.7% | 10.4% | — |
| VICI FY25 | $4.0B | +4.1% | — | — | 69.3% | — |
| EXR FY25 | $3.4B | +3.7% | — | 41.8% | 28.8% | — |
| SBAC FY25 | $2.8B | +5.1% | 75.5% | 47.7% | 37.4% | 37.9% |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.