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.
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 | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Pretax income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Income tax | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Net income | $-62.2M | $-8.9M | $-107.0M | $-232.8M | $-1.1B | $361.7M | $-72.8M | $-637.7M |
| YoY | — | — | — | — | -1637.8% | +4164.0% | +32.0% | -173.9% |
| EPS — basic | — | $-0.07 | $-0.64 | $-1.38 | — | $2.10 | $-0.43 | $-3.74 |
| YoY | — | — | — | — | — | +3100.0% | +32.8% | -171.0% |
| EPS — diluted | — | $-0.07 | $-0.64 | $-1.38 | — | $2.10 | $-0.43 | $-3.74 |
| YoY | — | — | — | — | — | +3100.0% | +32.8% | -171.0% |
| Weighted shares — basic | — | 170.5M | 170.1M | 170.2M | — | 170.6M | 170.7M | 170.8M |
| Weighted shares — diluted | — | 170.5M | 170.1M | 170.2M | — | 170.9M | 170.7M | 170.8M |
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 | $552.1M | $476.4M | $520.5M | $579.5M | $549.1M | $418.7M | $470.4M | $508.9M |
| YoY | — | — | — | — | -0.5% | -12.1% | -9.6% | -12.2% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total assets | $37.5B | $37.6B | $37.6B | $37.4B | $34.1B | $34.2B | $34.6B | $34.1B |
| YoY | — | — | — | — | -9.2% | -9.1% | -8.0% | -8.9% |
| Total current liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total liabilities | $15.1B | $15.6B | $15.9B | $16.3B | $14.9B | $14.8B | $15.5B | $15.6B |
| YoY | — | — | — | — | -1.3% | -5.1% | -2.7% | -3.8% |
| Total equity | $17.9B | $17.5B | $17.2B | $16.6B | $15.5B | $15.7B | $15.6B | $14.8B |
| YoY | — | — | — | — | -13.5% | -9.9% | -9.4% | -11.0% |
| Shares outstanding | 172.2M | — | — | — | 170.5M | — | — | — |
| YoY | — | — | — | — | -1.0% | — | — | — |
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 | $274.2M | $207.9M | $460.2M | $433.5M | $312.4M | $196.6M | $337.0M | $341.8M |
| YoY | — | — | — | — | +13.9% | -5.4% | -26.8% | -21.2% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $50.1M | $208.2M | $0 | $0 | $0 | $0 | $0 | $0 |
| YoY | — | — | — | — | -100.0% | -100.0% | — | — |
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 | — | — | — | — | — | — | — | — |
| Net margin | — | — | — | — | — | — | — | — |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | — | — | — | — | — | — | — | — |
| Current ratio | — | — | — | — | — | — | — | — |
| Total liabilities / equity | 0.85x | 0.89x | 0.92x | 0.98x | 0.96x | 0.94x | 0.99x | 1.06x |
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 |
|---|---|---|---|---|---|---|
| ARE FY25 · this stock | — | — | — | — | — | — |
| CBRE FY25 | $40.5B | +13.4% | — | 4.3% | 2.9% | — |
| EQIX FY25 | $9.2B | +5.4% | — | 20.0% | 14.6% | — |
| AMT FY20 | $8.0B | +6.1% | — | 35.9% | — | 35.4% |
| 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% | — |
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.