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.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $824.8M | $821.9M | $820.0M | $841.6M | $858.5M | $857.5M | $856.0M | $874.2M |
| YoY | — | — | — | — | +4.1% | +4.3% | +4.4% | +3.9% |
| Cost of goods sold | $209.0M | $221.1M | $223.6M | $227.6M | $235.5M | $231.5M | $238.3M | $231.7M |
| YoY | — | — | — | — | +12.7% | +4.7% | +6.6% | +1.8% |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $302.7M | $380.0M | $388.7M | $374.0M | $279.1M | $370.9M | $367.6M | $392.2M |
| YoY | — | — | — | — | -7.8% | -2.4% | -5.4% | +4.9% |
| Pretax income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Income tax | $10.9M | $6.0M | $9.0M | $11.6M | $12.0M | $9.0M | $10.8M | $12.1M |
| YoY | — | — | — | — | +10.1% | +50.0% | +20.0% | +4.3% |
| Net income | $193.2M | $262.5M | $270.9M | $249.7M | $166.0M | $287.4M | $241.0M | $263.5M |
| YoY | — | — | — | — | -14.1% | +9.5% | -11.0% | +5.5% |
| EPS — basic | $0.91 | — | $1.28 | $1.18 | $0.78 | — | $1.14 | $1.25 |
| YoY | — | — | — | — | -14.3% | — | -10.9% | +5.9% |
| EPS — diluted | $0.91 | — | $1.28 | $1.18 | $0.78 | — | $1.14 | $1.25 |
| YoY | — | — | — | — | -14.3% | — | -10.9% | +5.9% |
| Weighted shares — basic | 211.7M | — | 211.9M | 211.9M | 212.0M | — | 210.9M | 211.0M |
| Weighted shares — diluted | 220.3M | — | 212.1M | 211.9M | 221.3M | — | 220.3M | 220.4M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $88.9M | $138.2M | $119.6M | $125.0M | $111.9M | $138.9M | $139.0M | $695.2M |
| YoY | — | — | — | — | +25.9% | +0.5% | +16.2% | +456.2% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total assets | $28.1B | $28.8B | $29.0B | $29.4B | $29.2B | $29.3B | $29.1B | $29.7B |
| YoY | — | — | — | — | +4.2% | +1.4% | +0.4% | +1.0% |
| Total current liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total liabilities | $13.1B | $14.0B | $14.2B | $14.7B | $14.7B | $14.9B | $14.9B | $15.5B |
| YoY | — | — | — | — | +12.5% | +6.8% | +4.7% | +5.4% |
| Total equity | $14.0B | $13.9B | $13.9B | $13.8B | $13.6B | $13.4B | $13.3B | $13.3B |
| YoY | — | — | — | — | -2.8% | -3.7% | -4.0% | -3.9% |
| Shares outstanding | 212.0M | 212.0M | 212.2M | 212.3M | 212.2M | 211.2M | 211.2M | 211.3M |
| YoY | — | — | — | — | +0.1% | -0.4% | -0.5% | -0.5% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $468.4M | $408.3M | $481.4M | $543.9M | $457.1M | $367.8M | $489.9M | $586.4M |
| YoY | — | — | — | — | -2.4% | -9.9% | +1.8% | +7.8% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $0 | $0 | $0 | $8.6M | $0 | $140.9M | $1.4M | $0 |
| YoY | — | — | — | — | — | — | — | -100.0% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 36.7% | 46.2% | 47.4% | 44.4% | 32.5% | 43.3% | 42.9% | 44.9% |
| Net margin | 23.4% | 31.9% | 33.0% | 29.7% | 19.3% | 33.5% | 28.2% | 30.1% |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | — | — | — | — | — | — | — | — |
| Current ratio | — | — | — | — | — | — | — | — |
| Total liabilities / equity | 0.94x | 1.00x | 1.02x | 1.07x | 1.08x | 1.11x | 1.12x | 1.17x |
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 |
|---|---|---|---|---|---|---|
| EXR FY25 · this stock | $3.4B | +3.7% | — | 41.8% | 28.8% | — |
| 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% | — | — |
| 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% | — |
| 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.