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 | $1.3B | $1.3B | $1.4B | $1.4B | $1.5B | $1.5B | $1.5B | $1.5B |
| YoY | — | — | — | — | +10.5% | +11.0% | +12.2% | +9.7% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Pretax income | $286.5M | $221.5M | $267.1M | $223.1M | $341.5M | $323.4M | $347.1M | $396.3M |
| YoY | — | — | — | — | +19.2% | +46.0% | +30.0% | +77.6% |
| Income tax | $15.4M | $20.1M | $15.7M | $24.1M | $23.8M | $21.8M | $26.2M | $25.8M |
| YoY | — | — | — | — | +54.5% | +8.5% | +66.9% | +7.1% |
| Net income | $269.5M | $199.6M | $249.8M | $196.9M | $315.8M | $296.1M | — | — |
| YoY | — | — | — | — | +17.2% | +48.3% | — | — |
| EPS — basic | $0.30 | — | $0.28 | $0.22 | $0.35 | — | $0.33 | $0.37 |
| YoY | — | — | — | — | +16.7% | — | +17.9% | +68.2% |
| EPS — diluted | $0.30 | — | $0.28 | $0.22 | $0.35 | — | $0.33 | $0.37 |
| YoY | — | — | — | — | +16.7% | — | +17.9% | +68.2% |
| Weighted shares — basic | 870.7M | — | 891.7M | 903.0M | 913.9M | — | 932.0M | 932.3M |
| Weighted shares — diluted | 872.1M | — | 892.4M | 903.7M | 915.2M | — | 934.4M | 934.7M |
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 | $397.0M | $445.0M | $319.0M | $800.4M | $417.2M | $434.8M | $373.5M | $552.6M |
| YoY | — | — | — | — | +5.1% | -2.3% | +17.1% | -31.0% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total assets | $68.5B | $68.8B | $69.8B | $71.4B | $71.3B | $72.8B | $74.6B | $76.4B |
| YoY | — | — | — | — | +4.1% | +5.8% | +6.9% | +7.0% |
| Total current liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total liabilities | $29.8B | $29.8B | $30.5B | $32.1B | $32.0B | $32.7B | $33.3B | $34.5B |
| YoY | — | — | — | — | +7.4% | +9.7% | +9.2% | +7.6% |
| Total equity | $38.5B | $38.8B | $39.0B | $39.2B | $39.1B | $39.4B | $39.1B | $39.5B |
| YoY | — | — | — | — | +1.5% | +1.5% | +0.3% | +1.0% |
| Shares outstanding | 875.2M | 891.5M | 903.1M | 914.3M | 919.9M | 934.0M | 932.5M | 946.2M |
| YoY | — | — | — | — | +5.1% | +4.8% | +3.3% | +3.5% |
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 | $841.5M | $972.0M | $787.5M | $1.1B | $943.1M | $1.2B | $874.5M | $1.1B |
| YoY | — | — | — | — | +12.1% | +23.8% | +11.0% | +8.0% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — |
| Net margin | 20.2% | 14.9% | 18.1% | 14.0% | 21.5% | 19.9% | — | — |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | 5.4% | 9.1% | 5.9% | 10.8% | 7.0% | 6.7% | 7.5% | 6.5% |
| Current ratio | — | — | — | — | — | — | — | — |
| Total liabilities / equity | 0.77x | 0.77x | 0.78x | 0.82x | 0.82x | 0.83x | 0.85x | 0.87x |
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 |
|---|---|---|---|---|---|---|
| O FY25 · this stock | $5.7B | +9.1% | — | — | 18.4% | — |
| 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% | — | — |
| DLR FY25 | $6.1B | +10.0% | — | 10.8% | 21.4% | — |
| 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.