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 | $4.4B | $4.7B | $5.5B | $5.6B | $6.1B |
| YoY | — | +6.0% | +16.7% | +1.4% | +10.0% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $694.0M | $590.0M | $524.5M | $471.9M | $658.5M |
| YoY | — | -15.0% | -11.1% | -10.0% | +39.5% |
| Pretax income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Income tax | $72.8M | $31.6M | $75.6M | $54.8M | $32.0M |
| YoY | — | -56.6% | +139.2% | -27.5% | -41.6% |
| Net income | $1.7B | $377.7M | $948.8M | $602.5M | $1.3B |
| YoY | — | -77.9% | +151.2% | -36.5% | +117.2% |
| EPS — basic | $5.95 | $1.18 | $3.04 | $1.74 | $3.73 |
| YoY | — | -80.2% | +157.6% | -42.8% | +114.4% |
| EPS — diluted | $5.94 | $1.11 | $2.88 | $1.61 | $3.58 |
| YoY | — | -81.3% | +159.5% | -44.1% | +122.4% |
| Weighted shares — basic | 282.5M | 286.3M | 298.6M | 323.3M | 339.8M |
| Weighted shares — diluted | 283.2M | 297.9M | 309.1M | 331.5M | 347.8M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $142.7M | $141.8M | $1.6B | $3.9B | $3.5B |
| YoY | — | -0.6% | +1046.3% | +138.1% | -10.8% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total assets | $36.4B | $41.5B | $44.1B | $45.3B | $49.4B |
| YoY | — | +14.1% | +6.3% | +2.7% | +9.1% |
| Total current liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total liabilities | $17.8B | $21.9B | $23.1B | $22.1B | $24.6B |
| YoY | — | +22.5% | +5.7% | -4.4% | +11.1% |
| Total equity | $18.0B | $17.6B | $19.1B | $21.3B | $22.9B |
| YoY | — | -2.3% | +8.7% | +11.6% | +7.4% |
| Shares outstanding | 284.4M | 291.1M | 311.6M | 300,000 | 343.6M |
| YoY | — | +2.4% | +7.0% | -99.9% | +114433.3% |
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 | $1.7B | $1.7B | $1.6B | $2.3B | $2.4B |
| YoY | — | -2.5% | -1.5% | +38.3% | +6.7% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | $1.4B | $1.5B | $1.5B | $1.6B | $1.7B |
| YoY | — | +5.2% | +4.8% | +7.4% | +5.8% |
| Share repurchases | — | — | — | — | — |
| YoY | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 15.7% | 12.6% | 9.6% | 8.5% | 10.8% |
| Net margin | 38.6% | 8.1% | 17.3% | 10.8% | 21.4% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | — | — | — | — | — |
| Current ratio | — | — | — | — | — |
| Total liabilities / equity | 0.99x | 1.24x | 1.21x | 1.04x | 1.07x |
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 |
|---|---|---|---|---|---|---|
| DLR FY25 · this stock | $6.1B | +10.0% | — | 10.8% | 21.4% | — |
| 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% | — | — |
| 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.