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 | $667.6M | $693.7M | $664.2M | $699.0M | $732.3M | $719.6M | $703.4M | $715.3M |
| YoY | — | — | — | — | +9.7% | +3.7% | +5.9% | +2.3% |
| Cost of goods sold | $150.3M | $152.1M | $153.7M | $172.1M | $189.8M | $175.4M | $171.3M | $176.0M |
| YoY | — | — | — | — | +26.3% | +15.3% | +11.5% | +2.3% |
| Gross profit | $517.3M | $541.6M | $510.6M | $526.9M | $542.5M | $544.2M | $532.1M | $539.3M |
| YoY | — | — | — | — | +4.9% | +0.5% | +4.2% | +2.4% |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | $60.1M | $67.6M | $66.2M | $71.0M | $66.0M | $74.4M | $70.5M | $77.5M |
| YoY | — | — | — | — | +9.8% | +10.1% | +6.5% | +9.2% |
| Operating income | $375.6M | $382.3M | $334.9M | $334.8M | $374.2M | $298.9M | $342.8M | $351.9M |
| YoY | — | — | — | — | -0.4% | -21.8% | +2.4% | +5.1% |
| Pretax income | $298.2M | $155.9M | $259.9M | $260.8M | $289.1M | $432.3M | $236.0M | $232.5M |
| YoY | — | — | — | — | -3.1% | +177.3% | -9.2% | -10.9% |
| Income tax | $42.3M | $-22.9M | $42.0M | $35.1M | $48.7M | $61.9M | $51.1M | $36.0M |
| YoY | — | — | — | — | +15.1% | +370.3% | +21.7% | +2.6% |
| Net income | $258.5M | $173.6M | $220.7M | $225.8M | $236.8M | $370.3M | $184.8M | $198.8M |
| YoY | — | — | — | — | -8.4% | +113.3% | -16.3% | -12.0% |
| EPS — basic | $2.41 | $1.61 | $2.05 | $2.10 | $2.21 | $3.48 | $1.75 | $1.87 |
| YoY | — | — | — | — | -8.3% | +116.1% | -14.6% | -11.0% |
| EPS — diluted | $2.40 | $1.61 | $2.04 | $2.09 | $2.20 | $3.47 | $1.74 | $1.87 |
| YoY | — | — | — | — | -8.3% | +115.5% | -14.7% | -10.5% |
| Weighted shares — basic | 107.5M | — | 107.7M | 107.5M | 107.3M | — | 105.8M | 106.1M |
| Weighted shares — diluted | 107.9M | — | 108.1M | 107.8M | 107.6M | — | 106.1M | 106.3M |
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 | $186.3M | $189.8M | $636.4M | $275.3M | $430.3M | $264.6M | $269.1M | $327.1M |
| YoY | — | — | — | — | +131.0% | +39.4% | -57.7% | +18.8% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | $111.0M | $145.7M | $129.8M | $139.9M | $158.1M | $171.3M | $161.5M | $176.0M |
| YoY | — | — | — | — | +42.4% | +17.6% | +24.4% | +25.8% |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | $450.3M | $2.0B | $933.3M | $523.8M | $812.5M | $773.4M | $767.5M | $744.8M |
| YoY | — | — | — | — | +80.4% | -60.9% | -17.8% | +42.2% |
| Total assets | $10.2B | $11.4B | $10.4B | $10.8B | $11.3B | $11.6B | $11.7B | $11.7B |
| YoY | — | — | — | — | +10.4% | +1.4% | +12.2% | +9.1% |
| Total current liabilities | $667.8M | $1.8B | $1.3B | $1.4B | $1.6B | $2.7B | $3.3B | $4.3B |
| YoY | — | — | — | — | +141.2% | +49.0% | +149.1% | +203.3% |
| Total liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total equity | $-5.2B | $-5.1B | $-5.0B | $-4.9B | $-4.9B | $-4.9B | $-4.8B | $-4.6B |
| YoY | — | — | — | — | +4.7% | +5.0% | +4.4% | +6.3% |
| Shares outstanding | 107.5M | 107.6M | 108.0M | 107.5M | 106.8M | 105.7M | 106.1M | 106.1M |
| YoY | — | — | — | — | -0.7% | -1.8% | -1.8% | -1.3% |
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 | $304.7M | $310.2M | $301.2M | $368.1M | $318.0M | $304.0M | $255.1M | $407.2M |
| YoY | — | — | — | — | +4.4% | -2.0% | -15.3% | +10.6% |
| Capital expenditures | $64.8M | $55.5M | $46.2M | $55.9M | $60.1M | $62.7M | $48.4M | $62.4M |
| YoY | — | — | — | — | -7.3% | +13.0% | +4.8% | +11.6% |
| Free cash flow | $239.9M | $254.7M | $255.0M | $312.2M | $257.9M | $241.3M | $206.7M | $344.8M |
| YoY | — | — | — | — | +7.5% | -5.3% | -18.9% | +10.4% |
| Dividends paid | $105.3M | $105.4M | $122.3M | $119.4M | $119.1M | $118.2M | $135.2M | $132.7M |
| YoY | — | — | — | — | +13.1% | +12.1% | +10.5% | +11.1% |
| Share repurchases | $0 | $0 | — | — | $150.8M | $216.3M | — | — |
| 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 | 77.5% | 78.1% | 76.9% | 75.4% | 74.1% | 75.6% | 75.6% | 75.4% |
| Operating margin | 56.3% | 55.1% | 50.4% | 47.9% | 51.1% | 41.5% | 48.7% | 49.2% |
| Net margin | 38.7% | 25.0% | 33.2% | 32.3% | 32.3% | 51.5% | 26.3% | 27.8% |
| Free cash flow margin | 35.9% | 36.7% | 38.4% | 44.7% | 35.2% | 33.5% | 29.4% | 48.2% |
| Effective tax rate | 14.2% | -14.7% | 16.2% | 13.5% | 16.8% | 14.3% | 21.7% | 15.5% |
| Current ratio | 0.67x | 1.10x | 0.69x | 0.37x | 0.50x | 0.29x | 0.23x | 0.17x |
| 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 |
|---|---|---|---|---|---|---|
| SBAC FY25 · this stock | $2.8B | +5.1% | 75.5% | 47.7% | 37.4% | 37.9% |
| 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.