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.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $27.7B | $30.8B | $31.9B | $35.8B | $40.5B |
| YoY | — | +11.1% | +3.6% | +12.0% | +13.4% |
| Cost of goods sold | $21.6B | $24.2B | $25.7B | $28.8B | $33.0B |
| YoY | — | +12.3% | +5.9% | +12.2% | +14.5% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $1.6B | $1.5B | $1.1B | $1.4B | $1.8B |
| YoY | — | -7.6% | -26.1% | +26.5% | +24.1% |
| Pretax income | $2.4B | $1.7B | $1.3B | $1.2B | $1.6B |
| YoY | — | -31.2% | -23.0% | -4.6% | +30.9% |
| Income tax | $568.0M | $234.0M | $250.0M | $182.0M | $317.0M |
| YoY | — | -58.8% | +6.8% | -27.2% | +74.2% |
| Net income | $1.8B | $1.4B | $986.0M | $968.0M | $1.2B |
| YoY | — | -23.4% | -29.9% | -1.8% | +19.5% |
| EPS — basic | $5.48 | $4.36 | $3.20 | $3.16 | $3.88 |
| YoY | — | -20.4% | -26.6% | -1.3% | +22.8% |
| EPS — diluted | $5.41 | $4.29 | $3.15 | $3.14 | $3.85 |
| YoY | — | -20.7% | -26.6% | -0.3% | +22.6% |
| Weighted shares — basic | 335.2M | 322.8M | 308.4M | 305.9M | 298.2M |
| Weighted shares — diluted | 339.7M | 327.7M | 312.6M | 308.0M | 300.8M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $2.4B | $1.3B | $1.3B | $1.1B | $1.9B |
| YoY | — | -45.8% | -4.0% | -11.9% | +67.3% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $5.2B | $5.3B | $6.4B | $7.0B | $8.3B |
| YoY | — | +3.4% | +19.6% | +10.0% | +18.3% |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | $10.1B | $8.5B | $9.7B | $10.0B | $13.5B |
| YoY | — | -15.4% | +13.3% | +3.1% | +35.3% |
| Total assets | $22.1B | $20.5B | $22.5B | $24.4B | $30.9B |
| YoY | — | -7.1% | +9.9% | +8.1% | +26.6% |
| Total current liabilities | $8.4B | $8.2B | $8.2B | $9.3B | $12.3B |
| YoY | — | -2.1% | +0.0% | +12.7% | +32.7% |
| Total liabilities | $12.7B | $11.9B | $13.5B | $15.2B | $21.3B |
| YoY | — | -6.4% | +13.2% | +12.7% | +39.9% |
| Total equity | $8.5B | $7.9B | $8.3B | $8.4B | $8.9B |
| YoY | — | -7.9% | +5.3% | +1.7% | +5.6% |
| Shares outstanding | 332.9M | 311.0M | 304.9M | 302.1M | 295.7M |
| YoY | — | -6.6% | -2.0% | -0.9% | -2.1% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $2.4B | $1.6B | $480.0M | $1.7B | $1.6B |
| YoY | — | -31.1% | -70.5% | +255.8% | -8.7% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $369.0M | $1.9B | $665.0M | $627.0M | $968.0M |
| YoY | — | +401.4% | -64.1% | -5.7% | +54.4% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 5.9% | 4.9% | 3.5% | 4.0% | 4.3% |
| Net margin | 6.6% | 4.6% | 3.1% | 2.7% | 2.9% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | 23.6% | 14.1% | 19.6% | 14.9% | 19.9% |
| Current ratio | 1.20x | 1.03x | 1.17x | 1.07x | 1.09x |
| Total liabilities / equity | 1.49x | 1.52x | 1.63x | 1.81x | 2.39x |
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.