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 | $5.1B | $5.3B | $5.7B | $6.0B | $6.4B |
| YoY | — | +3.4% | +6.9% | +5.4% | +6.7% |
| Cost of goods sold | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | $2.4B | $2.6B | $2.8B | $3.1B | $3.2B |
| YoY | — | +7.1% | +8.6% | +10.2% | +2.7% |
| Pretax income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Income tax | — | — | $68.8M | $9.3M | $20.3M |
| YoY | — | — | — | -86.5% | +118.3% |
| Net income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| EPS — basic | $6.84 | $6.52 | $6.98 | $7.26 | $14.17 |
| YoY | — | -4.7% | +7.1% | +4.0% | +95.2% |
| EPS — diluted | $6.84 | $6.52 | $6.98 | $7.26 | $14.17 |
| YoY | — | -4.7% | +7.1% | +4.0% | +95.2% |
| Weighted shares — basic | 328.6M | 327.8M | 326.8M | 326.1M | 326.4M |
| Weighted shares — diluted | 328.6M | 327.8M | 326.8M | 326.1M | 326.4M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $533.9M | $621.6M | $1.2B | $1.4B | $823.1M |
| YoY | — | +16.4% | +88.1% | +19.8% | -41.2% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total assets | $33.8B | $33.0B | $34.3B | $32.4B | $40.6B |
| YoY | — | -2.3% | +3.9% | -5.5% | +25.3% |
| Total current liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total liabilities | $29.4B | $29.2B | $30.6B | $28.8B | $33.9B |
| YoY | — | -0.6% | +4.8% | -5.8% | +17.7% |
| Total equity | $3.4B | $3.1B | $3.0B | $2.9B | $5.2B |
| YoY | — | -6.6% | -3.7% | -2.7% | +77.0% |
| 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.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $3.6B | $3.8B | $3.9B | $3.8B | $4.1B |
| YoY | — | +3.6% | +4.4% | -3.0% | +8.4% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Share repurchases | — | $180.4M | $140.6M | — | $226.8M |
| YoY | — | — | -22.1% | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | 47.2% | 48.8% | 49.6% | 51.9% | 49.9% |
| Net margin | — | — | — | — | — |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | — | — | — | — | — |
| Current ratio | — | — | — | — | — |
| Total liabilities / equity | 8.74x | 9.30x | 10.12x | 9.79x | 6.51x |
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 |
|---|---|---|---|---|---|---|
| SPG FY25 · this stock | $6.4B | +6.7% | — | 49.9% | — | — |
| 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% |
| 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% | — |
| 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.