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 | $1.6B | $1.6B | $1.6B | $1.7B | $1.8B | $1.8B | $1.9B | $2.0B |
| YoY | — | — | — | — | +12.6% | +16.6% | +21.6% | +18.5% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | $341.9M | $333.3M | $329.7M | $390.5M | $335.2M | $338.5M | $372.8M | $402.3M |
| YoY | — | — | — | — | -2.0% | +1.6% | +13.1% | +3.0% |
| Operating income | $251.2M | $282.4M | $254.3M | $259.9M | $308.6M | $341.0M | $395.2M | $373.5M |
| YoY | — | — | — | — | +22.9% | +20.8% | +55.4% | +43.7% |
| Pretax income | $-21.3M | $124.2M | $31.1M | $-27.0M | $102.8M | $104.3M | $176.1M | $120.9M |
| YoY | — | — | — | — | +582.6% | -16.0% | +466.2% | +547.8% |
| Income tax | $12.4M | $18.5M | $14.8M | $16.3M | $16.6M | $11.2M | $27.1M | $14.8M |
| YoY | — | — | — | — | +33.9% | -39.5% | +83.1% | -9.2% |
| Net income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| EPS — basic | $-0.11 | — | $0.05 | $-0.15 | $0.28 | — | $0.48 | $0.34 |
| YoY | — | — | — | — | +354.5% | — | +860.0% | +326.7% |
| EPS — diluted | $-0.11 | — | $0.05 | $-0.15 | $0.28 | — | $0.48 | $0.34 |
| YoY | — | — | — | — | +354.5% | — | +860.0% | +326.7% |
| Weighted shares — basic | 293.6M | — | 294.5M | 295.4M | 295.8M | — | 296.8M | 297.7M |
| Weighted shares — diluted | 293.6M | — | 297.3M | 295.4M | 298.0M | — | 298.8M | 299.8M |
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 | — | $155.7M | — | — | — | $158.5M | $250.7M | — |
| YoY | — | — | — | — | — | +1.8% | — | — |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $1.2B | $1.3B | $1.3B | $1.4B | $1.4B | $1.4B | $1.4B | $1.5B |
| YoY | — | — | — | — | +10.3% | +11.8% | +8.6% | +7.2% |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | $1.7B | $1.7B | $1.8B | $1.9B | $1.9B | $1.9B | $2.0B | $2.1B |
| YoY | — | — | — | — | +9.4% | +14.4% | +16.7% | +10.9% |
| Total assets | $18.5B | $18.7B | $19.4B | $20.2B | $20.6B | $21.1B | $21.5B | $22.0B |
| YoY | — | — | — | — | +11.7% | +12.9% | +11.0% | +8.8% |
| Total current liabilities | $2.3B | $3.1B | $2.8B | $3.0B | $2.9B | $2.6B | $2.7B | $2.9B |
| YoY | — | — | — | — | +23.8% | -15.2% | -6.5% | -3.4% |
| Total liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total equity | $-259.0M | $-503.1M | $-698.5M | $-767.4M | $-882.0M | $-981.0M | $-1.2B | $-1.3B |
| YoY | — | — | — | — | -240.5% | -95.0% | -73.9% | -66.9% |
| Shares outstanding | 293.4M | 293.6M | 295.0M | 295.3M | 295.5M | 295.8M | 297.5M | 297.7M |
| YoY | — | — | — | — | +0.7% | +0.7% | +0.8% | +0.8% |
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 | $252.9M | $431.6M | $197.3M | $375.1M | $267.6M | $500.0M | $338.6M | $549.3M |
| YoY | — | — | — | — | +5.8% | +15.8% | +71.6% | +46.4% |
| Capital expenditures | $396.1M | $617.6M | $674.8M | $556.8M | $523.9M | $516.2M | $518.0M | $588.2M |
| YoY | — | — | — | — | +32.3% | -16.4% | -23.2% | +5.6% |
| Free cash flow | $-143.2M | $-186.0M | $-477.5M | $-181.7M | $-256.3M | $-16.2M | $-179.4M | $-38.9M |
| YoY | — | — | — | — | -79.0% | +91.3% | +62.4% | +78.6% |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
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 | 16.1% | 17.9% | 16.0% | 15.2% | 17.6% | 18.5% | 20.4% | 18.4% |
| Net margin | — | — | — | — | — | — | — | — |
| Free cash flow margin | -9.2% | -11.8% | -30.0% | -10.6% | -14.6% | -0.9% | -9.3% | -1.9% |
| Effective tax rate | -58.2% | 14.9% | 47.6% | -60.4% | 16.1% | 10.7% | 15.4% | 12.2% |
| Current ratio | 0.75x | 0.55x | 0.62x | 0.63x | 0.66x | 0.74x | 0.77x | 0.73x |
| Total liabilities / equity | — | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| IRM FY10 · this stock | — | — | — | — | — | — |
| 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% | — |
| EXR FY25 | $3.4B | +3.7% | — | 41.8% | 28.8% | — |
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.