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 | $6.6B | $7.3B | $8.2B | $8.7B | $9.2B |
| YoY | — | +9.5% | +12.7% | +6.8% | +5.4% |
| Cost of goods sold | $3.5B | $3.8B | $4.2B | $4.5B | $4.5B |
| YoY | — | +8.0% | +12.7% | +5.7% | +0.9% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $1.1B | $1.2B | $1.4B | $1.3B | $1.8B |
| YoY | — | +8.3% | +20.2% | -8.0% | +39.2% |
| Pretax income | $609.0M | $829.0M | $1.1B | $975.0M | $1.5B |
| YoY | — | +36.1% | +35.6% | -13.3% | +54.7% |
| Income tax | $109.2M | $124.0M | $155.0M | $161.0M | $160.0M |
| YoY | — | +13.6% | +25.0% | +3.9% | -0.6% |
| Net income | $500.2M | $705.0M | $969.0M | $815.0M | $1.4B |
| YoY | — | +40.9% | +37.4% | -15.9% | +65.6% |
| EPS — basic | $5.57 | $7.69 | $10.35 | $8.54 | $13.79 |
| YoY | — | +38.1% | +34.6% | -17.5% | +61.5% |
| EPS — diluted | $5.53 | $7.67 | $10.31 | $8.50 | $13.76 |
| YoY | — | +38.7% | +34.4% | -17.6% | +61.9% |
| Weighted shares — basic | 89.8M | 91.6M | 93.6M | 95.5M | 97.9M |
| Weighted shares — diluted | 90.4M | 91.8M | 94.0M | 95.8M | 98.1M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $1.5B | $1.9B | $2.1B | $3.1B | $1.7B |
| YoY | — | +24.1% | +10.0% | +47.0% | -43.9% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $681.8M | $855.0M | $1.0B | $949.0M | $1.0B |
| YoY | — | +25.4% | +17.4% | -5.5% | +5.5% |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | $3.0B | $3.3B | $3.6B | $5.4B | $5.1B |
| YoY | — | +11.8% | +7.9% | +52.7% | -5.9% |
| Total assets | $27.9B | $30.3B | $32.7B | $35.1B | $40.1B |
| YoY | — | +8.6% | +7.7% | +7.5% | +14.4% |
| Total current liabilities | $1.6B | $1.8B | $3.2B | $3.3B | $3.9B |
| YoY | — | +14.5% | +72.0% | +5.9% | +16.2% |
| Total liabilities | $17.0B | $18.8B | $20.1B | $21.5B | $26.0B |
| YoY | — | +10.4% | +7.1% | +6.9% | +20.6% |
| Total equity | $10.9B | $11.5B | $12.5B | $13.5B | $14.2B |
| YoY | — | +5.7% | +8.5% | +8.3% | +4.6% |
| Shares outstanding | 90.6M | 92.6M | 94.5M | 97.3M | 98.2M |
| YoY | — | +2.2% | +2.1% | +3.0% | +0.9% |
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 | $2.5B | $3.0B | $3.2B | $3.2B | $3.9B |
| YoY | — | +16.3% | +8.6% | +1.0% | +20.4% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | $1.0B | $1.2B | $1.4B | $1.6B | $1.9B |
| YoY | — | +10.5% | +19.4% | +19.5% | +13.0% |
| Share repurchases | — | — | — | — | — |
| YoY | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 16.7% | 16.5% | 17.6% | 15.2% | 20.0% |
| Net margin | 7.5% | 9.7% | 11.8% | 9.3% | 14.6% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | 17.9% | 15.0% | 13.8% | 16.5% | 10.6% |
| Current ratio | 1.84x | 1.80x | 1.13x | 1.63x | 1.32x |
| Total liabilities / equity | 1.57x | 1.63x | 1.61x | 1.59x | 1.83x |
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 |
|---|---|---|---|---|---|---|
| EQIX FY25 · this stock | $9.2B | +5.4% | — | 20.0% | 14.6% | — |
| CBRE FY25 | $40.5B | +13.4% | — | 4.3% | 2.9% | — |
| 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.