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 | $10.4B | $8.9B | $9.7B | $10.2B | $11.7B | $10.5B | $11.2B | $11.5B |
| YoY | — | — | — | — | +12.8% | +18.6% | +15.5% | +12.7% |
| Cost of goods sold | $8.3B | $7.3B | $7.9B | $8.3B | $9.5B | $8.7B | $9.1B | $9.4B |
| YoY | — | — | — | — | +14.3% | +19.4% | +15.1% | +13.1% |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $594.0M | $276.0M | $374.0M | $481.0M | $622.0M | $511.0M | $365.0M | $561.0M |
| YoY | — | — | — | — | +4.7% | +85.1% | -2.4% | +16.6% |
| Pretax income | $613.0M | $243.0M | $301.0M | $486.0M | $564.0M | $454.0M | $315.0M | $611.0M |
| YoY | — | — | — | — | -8.0% | +86.8% | +4.7% | +25.7% |
| Income tax | $112.0M | $52.0M | $61.0M | $90.0M | $114.0M | $112.0M | $68.0M | $131.0M |
| YoY | — | — | — | — | +1.8% | +115.4% | +11.5% | +45.6% |
| Net income | $487.0M | $163.0M | $215.0M | $363.0M | $416.0M | $318.0M | $204.0M | $443.0M |
| YoY | — | — | — | — | -14.6% | +95.1% | -5.1% | +22.0% |
| EPS — basic | — | $0.54 | $0.72 | $1.22 | — | $1.08 | $0.70 | $1.53 |
| YoY | — | — | — | — | — | +100.0% | -2.8% | +25.4% |
| EPS — diluted | — | $0.54 | $0.72 | $1.21 | — | $1.07 | $0.69 | $1.52 |
| YoY | — | — | — | — | — | +98.1% | -4.2% | +25.6% |
| Weighted shares — basic | — | 300.3M | 298.0M | 297.6M | — | 294.4M | 291.8M | 289.3M |
| Weighted shares — diluted | — | 302.9M | 300.0M | 300.3M | — | 297.0M | 293.9M | 291.6M |
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 | $1.1B | $1.4B | $1.4B | $1.7B | $1.9B | $1.7B | $1.5B | $1.7B |
| YoY | — | — | — | — | +67.3% | +20.4% | +6.7% | +0.8% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $7.0B | $6.8B | $7.3B | $7.6B | $8.3B | $8.4B | $8.8B | $9.0B |
| YoY | — | — | — | — | +18.3% | +24.4% | +20.0% | +19.7% |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | $10.0B | $10.8B | $12.0B | $12.6B | $13.5B | $12.7B | $12.9B | $13.7B |
| YoY | — | — | — | — | +35.3% | +17.6% | +8.0% | +8.7% |
| Total assets | $24.4B | $26.4B | $27.7B | $28.6B | $30.9B | $30.2B | $30.5B | $31.3B |
| YoY | — | — | — | — | +26.6% | +14.4% | +10.0% | +9.7% |
| Total current liabilities | $9.3B | $10.9B | $10.6B | $11.2B | $12.3B | $11.8B | $11.3B | $11.7B |
| YoY | — | — | — | — | +32.7% | +8.1% | +6.5% | +4.7% |
| Total liabilities | $15.2B | $17.4B | $18.7B | $19.3B | $21.3B | $20.9B | $21.3B | $21.9B |
| YoY | — | — | — | — | +39.9% | +20.2% | +13.9% | +13.4% |
| Total equity | $8.4B | $8.3B | $8.3B | $8.5B | $8.9B | $8.5B | $8.4B | $8.7B |
| YoY | — | — | — | — | +5.6% | +2.9% | +1.8% | +1.6% |
| Shares outstanding | 302.1M | 299.6M | 297.5M | 297.6M | 295.7M | 292.8M | 289.8M | 288.4M |
| YoY | — | — | — | — | -2.1% | -2.3% | -2.6% | -3.1% |
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 | $1.3B | $-546.0M | $57.0M | $827.0M | $1.2B | $-825.0M | $138.0M | $869.0M |
| YoY | — | — | — | — | -8.9% | -51.1% | +142.1% | +5.1% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $517.0M | $418.0M | $262.0M | $0 | $288.0M | $530.0M | $410.0M | $218.0M |
| YoY | — | — | — | — | -44.3% | +26.8% | +56.5% | — |
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 | 5.7% | 3.1% | 3.8% | 4.7% | 5.3% | 4.9% | 3.3% | 4.9% |
| Net margin | 4.7% | 1.8% | 2.2% | 3.6% | 3.5% | 3.0% | 1.8% | 3.8% |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | 18.3% | 21.4% | 20.3% | 18.5% | 20.2% | 24.7% | 21.6% | 21.4% |
| Current ratio | 1.07x | 1.00x | 1.13x | 1.13x | 1.09x | 1.08x | 1.14x | 1.17x |
| Total liabilities / equity | 1.81x | 2.10x | 2.27x | 2.26x | 2.39x | 2.45x | 2.54x | 2.52x |
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 |
|---|---|---|---|---|---|---|
| CBRE FY25 · this stock | $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% | — |
| 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.