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 | $1.5B | $1.6B | $1.5B | $1.5B | $1.6B | $1.8B | $1.8B | $1.8B |
| YoY | — | — | — | — | +8.2% | +13.2% | +19.3% | +19.5% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | $767.8M | $835.7M | $727.6M | $744.2M | $812.9M | $890.7M | $762.2M | $824.1M |
| YoY | — | — | — | — | +5.9% | +6.6% | +4.8% | +10.7% |
| Pretax income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Income tax | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Net income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| EPS — basic | $1.46 | $2.04 | $1.27 | $1.70 | $1.86 | $9.35 | $1.48 | $1.49 |
| YoY | — | — | — | — | +27.4% | +358.3% | +16.5% | -12.4% |
| EPS — diluted | $1.46 | $2.04 | $1.27 | $1.70 | $1.86 | $9.35 | $1.48 | $1.49 |
| YoY | — | — | — | — | +27.4% | +358.3% | +16.5% | -12.4% |
| Weighted shares — basic | 326.2M | 326.3M | 326.3M | 326.5M | 326.5M | 326.2M | 325.0M | 324.0M |
| Weighted shares — diluted | 326.2M | 326.3M | 326.3M | 326.5M | 326.5M | 326.2M | 325.0M | 324.0M |
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 | $2.2B | $1.4B | $1.4B | $1.2B | $1.6B | $823.1M | $543.0M | $1.0B |
| YoY | — | — | — | — | -28.5% | -41.2% | -60.7% | -17.2% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total assets | $33.3B | $32.4B | $32.5B | $33.3B | $33.6B | $40.6B | $39.6B | $39.7B |
| YoY | — | — | — | — | +1.0% | +25.3% | +22.0% | +19.3% |
| Total current liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total liabilities | $30.0B | $28.8B | $29.2B | $30.2B | $30.6B | $33.9B | $33.3B | $33.9B |
| YoY | — | — | — | — | +2.3% | +17.7% | +13.9% | +12.1% |
| Total equity | $2.7B | $2.9B | $2.6B | $2.5B | $2.3B | $5.2B | $4.9B | $4.4B |
| YoY | — | — | — | — | -13.4% | +77.0% | +86.5% | +80.9% |
| 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.
| Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $892.9M | $1.1B | $827.2M | $1.2B | $890.3M | $1.2B | $833.4M | $1.2B |
| YoY | — | — | — | — | -0.3% | +10.9% | +0.7% | -1.6% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | $175.3M | $160.7M |
| 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 | 51.9% | 52.8% | 49.4% | 49.7% | 50.8% | 49.7% | 43.4% | 46.0% |
| Net margin | — | — | — | — | — | — | — | — |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | — | — | — | — | — | — | — | — |
| Current ratio | — | — | — | — | — | — | — | — |
| Total liabilities / equity | 11.04x | 9.79x | 11.22x | 12.32x | 13.04x | 6.51x | 6.85x | 7.64x |
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.