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.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B | $1.4B |
| YoY | — | — | — | — | +3.3% | +2.9% | +2.6% | +11.6% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | — | $464.0M | $500.0M | $491.5M | — | $474.3M | $466.7M | $317.0M |
| YoY | — | — | — | — | — | +2.2% | -6.7% | -35.5% |
| Pretax income | $617.0M | $412.2M | $364.7M | $517.6M | $495.3M | $530.9M | $505.7M | $363.3M |
| YoY | — | — | — | — | -19.7% | +28.8% | +38.7% | -29.8% |
| Income tax | $-1.4M | $1.4M | $3.2M | $2.8M | $-14.7M | $1.6M | $2.7M | $-15.0M |
| YoY | — | — | — | — | -950.0% | +14.3% | -15.6% | -635.7% |
| Net income | $614.6M | $407.8M | $358.4M | $511.1M | $507.1M | $526.3M | $500.0M | $366.9M |
| YoY | — | — | — | — | -17.5% | +29.1% | +39.5% | -28.2% |
| EPS — basic | — | $2.04 | $1.76 | $2.63 | — | $2.72 | $2.56 | $1.70 |
| YoY | — | — | — | — | — | +33.3% | +45.5% | -35.4% |
| EPS — diluted | — | $2.04 | $1.76 | $2.62 | — | $2.71 | $2.55 | $1.69 |
| YoY | — | — | — | — | — | +32.8% | +44.9% | -35.5% |
| Weighted shares — basic | — | 175.4M | 175.4M | 175.5M | — | 175.5M | 175.6M | 184.2M |
| Weighted shares — diluted | — | 175.9M | 175.9M | 175.9M | — | 175.9M | 176.5M | 185.1M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $447.4M | $287.2M | $1.1B | $296.5M | $318.1M | $134.6M | $259.9M | $560.4M |
| YoY | — | — | — | — | -28.9% | -53.1% | -76.5% | +89.0% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total assets | $19.8B | $19.6B | $20.5B | $20.1B | $20.2B | $19.9B | $20.1B | $29.0B |
| YoY | — | — | — | — | +2.3% | +1.2% | -2.1% | +44.2% |
| Total current liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total liabilities | $9.9B | $9.9B | $11.1B | $10.7B | $10.9B | $10.5B | $10.8B | $13.8B |
| YoY | — | — | — | — | +9.3% | +5.9% | -2.1% | +28.7% |
| Total equity | $9.7B | $9.6B | $9.4B | $9.3B | $9.2B | $9.2B | $9.2B | $14.5B |
| YoY | — | — | — | — | -4.8% | -3.6% | -1.9% | +55.7% |
| Shares outstanding | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $768.6M | $705.1M | $872.7M | $875.1M | $733.6M | $694.8M | $868.4M | $708.9M |
| YoY | — | — | — | — | -4.6% | -1.5% | -0.5% | -19.0% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | $0 | — | — | $0 | $0 | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | — | 39.2% | 41.6% | 40.2% | — | 39.0% | 37.9% | 23.2% |
| Net margin | 52.2% | 34.5% | 29.8% | 41.8% | 41.7% | 43.2% | 40.6% | 26.9% |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | -0.2% | 0.3% | 0.9% | 0.5% | -3.0% | 0.3% | 0.5% | -4.1% |
| Current ratio | — | — | — | — | — | — | — | — |
| Total liabilities / equity | 1.02x | 1.04x | 1.18x | 1.15x | 1.18x | 1.14x | 1.18x | 0.95x |
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 |
|---|---|---|---|---|---|---|
| PSA FY25 · this stock | $4.8B | +2.7% | — | — | 37.0% | — |
| 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% | — |
| 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.