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 | $2.1B | $3.3B | $4.1B | $5.3B | $5.7B |
| YoY | — | +60.7% | +22.0% | +29.2% | +9.1% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Pretax income | $392.4M | $917.6M | $928.9M | $933.9M | $1.2B |
| YoY | — | +133.8% | +1.2% | +0.5% | +23.7% |
| Income tax | $31.7M | $45.2M | $52.0M | $66.6M | $85.3M |
| YoY | — | +42.6% | +15.0% | +28.1% | +28.1% |
| Net income | $359.5M | $869.4M | $872.3M | $860.8M | $1.1B |
| YoY | — | +141.8% | +0.3% | -1.3% | +23.0% |
| EPS — basic | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 |
| YoY | — | +63.2% | -11.3% | -22.2% | +19.4% |
| EPS — diluted | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 |
| YoY | — | +63.2% | -11.3% | -22.2% | +19.4% |
| Weighted shares — basic | 414.5M | 611.8M | 692.3M | 863.0M | 907.2M |
| Weighted shares — diluted | 414.8M | 612.2M | 693.0M | 863.8M | 908.3M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $258.6M | $171.1M | $232.9M | $445.0M | $434.8M |
| YoY | — | -33.8% | +36.1% | +91.1% | -2.3% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total assets | $43.1B | $49.7B | $57.8B | $68.8B | $72.8B |
| YoY | — | +15.2% | +16.3% | +19.1% | +5.8% |
| Total current liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total liabilities | $18.0B | $20.8B | $24.7B | $29.8B | $32.7B |
| YoY | — | +15.7% | +18.4% | +20.7% | +9.7% |
| Total equity | $25.1B | $28.7B | $32.9B | $38.8B | $39.4B |
| YoY | — | +14.6% | +14.7% | +17.9% | +1.5% |
| Shares outstanding | 591.3M | 660.3M | 752.5M | 891.5M | 934.0M |
| YoY | — | +11.7% | +14.0% | +18.5% | +4.8% |
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 | $1.3B | $2.6B | $3.0B | $3.6B | $4.0B |
| YoY | — | +93.9% | +15.4% | +20.8% | +11.8% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | — | — | — | — | — |
| YoY | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | — | — | — | — | — |
| Net margin | 17.3% | 26.0% | 21.4% | 16.3% | 18.4% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | 8.1% | 4.9% | 5.6% | 7.1% | 7.4% |
| Current ratio | — | — | — | — | — |
| Total liabilities / equity | 0.72x | 0.73x | 0.75x | 0.77x | 0.83x |
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 |
|---|---|---|---|---|---|---|
| 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.