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.
| Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $1.4B | $1.4B | $1.4B | $1.5B | $1.6B | $1.6B | $1.6B |
| YoY | — | — | — | — | +10.1% | +10.2% | +13.8% | +16.2% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $9.9M | $168.3M | $144.3M | $196.9M | $211.7M | $138.4M | $112.6M | $267.8M |
| YoY | — | — | — | — | +2038.4% | -17.8% | -22.0% | +36.0% |
| Pretax income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Income tax | $15.0M | $12.4M | $4.9M | $17.1M | $12.9M | $11.7M | $-9.7M | $16.0M |
| YoY | — | — | — | — | -14.0% | -5.6% | -298.0% | -6.4% |
| Net income | $80.2M | $51.2M | $189.6M | $110.0M | $1.0B | $67.8M | $98.6M | $179.3M |
| YoY | — | — | — | — | +1187.0% | +32.4% | -48.0% | +63.0% |
| EPS — basic | $0.22 | $0.13 | — | $0.30 | $3.03 | $0.17 | — | $0.49 |
| YoY | — | — | — | — | +1277.3% | +30.8% | — | +63.3% |
| EPS — diluted | $0.20 | $0.09 | — | $0.27 | $2.94 | $0.15 | — | $0.46 |
| YoY | — | — | — | — | +1370.0% | +66.7% | — | +70.4% |
| Weighted shares — basic | 319.5M | 328.0M | — | 336.7M | 337.6M | 341.4M | — | 345.0M |
| Weighted shares — diluted | 327.9M | 336.2M | — | 344.7M | 345.7M | 349.2M | — | 353.3M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.3B | $2.2B | $3.9B | $2.3B | $3.6B | $3.3B | $3.5B | $2.4B |
| YoY | — | — | — | — | +55.7% | +51.7% | -10.8% | +4.5% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total assets | $43.6B | $45.3B | $45.3B | $45.1B | $48.7B | $48.7B | $49.4B | $48.9B |
| YoY | — | — | — | — | +11.7% | +7.6% | +9.1% | +8.4% |
| Total current liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total liabilities | $21.2B | $22.1B | $22.1B | $21.9B | $23.9B | $23.7B | $24.6B | $23.5B |
| YoY | — | — | — | — | +12.5% | +7.3% | +11.1% | +7.1% |
| Total equity | $20.5B | $21.2B | $21.3B | $21.3B | $22.9B | $23.0B | $22.9B | $23.4B |
| YoY | — | — | — | — | +11.6% | +8.4% | +7.4% | +9.7% |
| Shares outstanding | 325.9M | 331.3M | 300,000 | 336.7M | 340.4M | 343.0M | 343.6M | 348.9M |
| YoY | — | — | — | — | +4.4% | +3.5% | +114433.3% | +3.6% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $573.2M | $566.5M | $769.5M | $399.1M | $641.2M | $652.9M | $719.0M | $532.4M |
| YoY | — | — | — | — | +11.9% | +15.3% | -6.6% | +33.4% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | $415.8M | $418.8M | $10.2M | $848.6M | $433.3M | $436.4M | $10.2M | $871.4M |
| YoY | — | — | — | — | +4.2% | +4.2% | +0.0% | +2.7% |
| Share repurchases | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 0.7% | 11.8% | 10.0% | 14.0% | 14.2% | 8.8% | 6.9% | 16.4% |
| Net margin | 5.9% | 3.6% | 13.2% | 7.8% | 69.1% | 4.3% | 6.0% | 11.0% |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | — | — | — | — | — | — | — | — |
| Current ratio | — | — | — | — | — | — | — | — |
| Total liabilities / equity | 1.03x | 1.04x | 1.04x | 1.03x | 1.04x | 1.03x | 1.07x | 1.00x |
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.