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 | $1.6B | $1.9B | $2.6B | $3.3B | $3.4B |
| YoY | — | +22.0% | +33.1% | +27.2% | +3.7% |
| Cost of goods sold | $368.6M | $435.3M | $612.0M | $831.6M | $918.1M |
| YoY | — | +18.1% | +40.6% | +35.9% | +10.4% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $976.0M | $1.1B | $1.2B | $1.3B | $1.4B |
| YoY | — | +7.6% | +11.4% | +13.1% | +6.7% |
| Pretax income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Income tax | $20.3M | $20.9M | $21.6M | $33.5M | $41.6M |
| YoY | — | +3.0% | +3.3% | +55.1% | +24.2% |
| Net income | $827.6M | $860.7M | $803.2M | $854.7M | $974.0M |
| YoY | — | +4.0% | -6.7% | +6.4% | +14.0% |
| EPS — basic | $6.20 | $6.41 | $4.74 | $4.03 | $4.59 |
| YoY | — | +3.4% | -26.1% | -15.0% | +13.9% |
| EPS — diluted | $6.19 | $6.41 | $4.74 | $4.03 | $4.59 |
| YoY | — | +3.6% | -26.1% | -15.0% | +13.9% |
| Weighted shares — basic | 133.4M | 134.1M | 169.2M | 211.6M | 211.9M |
| Weighted shares — diluted | 140.0M | 141.7M | 169.2M | 211.6M | 211.9M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $71.1M | $92.9M | $99.1M | $138.2M | $138.9M |
| YoY | — | +30.7% | +6.7% | +39.5% | +0.5% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total assets | $10.5B | $12.2B | $27.5B | $28.8B | $29.3B |
| YoY | — | +16.2% | +125.7% | +5.1% | +1.4% |
| Total current liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total liabilities | $6.7B | $8.1B | $12.0B | $14.0B | $14.9B |
| YoY | — | +20.9% | +48.9% | +16.2% | +6.8% |
| Total equity | $3.1B | $3.3B | $14.4B | $13.9B | $13.4B |
| YoY | — | +4.6% | +341.5% | -3.1% | -3.7% |
| Shares outstanding | 133.9M | 133.9M | 211.3M | 212.0M | 211.2M |
| YoY | — | +0.0% | +57.8% | +0.3% | -0.4% |
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 | $952.4M | $1.2B | $1.4B | $1.9B | $1.9B |
| YoY | — | +30.0% | +13.3% | +34.6% | -2.0% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | $0 | $63.0M | $0 | $0 | $149.5M |
| YoY | — | — | -100.0% | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 61.9% | 54.6% | 45.7% | 40.6% | 41.8% |
| Net margin | 52.5% | 44.7% | 31.4% | 26.2% | 28.8% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | — | — | — | — | — |
| Current ratio | — | — | — | — | — |
| Total liabilities / equity | 2.15x | 2.48x | 0.84x | 1.00x | 1.11x |
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.