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.
| Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $415.3M | $420.2M | $422.7M | $421.9M | $425.4M | $431.9M | $433.1M | $425.8M |
| YoY | — | — | — | — | +2.4% | +2.8% | +2.5% | +0.9% |
| Cost of goods sold | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | $9.0M | $9.6M | — | $9.5M | $10.0M | $10.5M | — | — |
| YoY | — | — | — | — | +11.1% | +9.4% | — | — |
| Operating income | $68.7M | $69.9M | $66.3M | $122.2M | $77.4M | $76.4M | $277.7M | $229.8M |
| YoY | — | — | — | — | +12.7% | +9.3% | +318.9% | +88.1% |
| Pretax income | $31.4M | $23.9M | $-5.2M | $82.2M | $40.5M | $43.5M | $238.3M | $203.4M |
| YoY | — | — | — | — | +29.0% | +82.0% | +4682.7% | +147.4% |
| Income tax | $400K | $-200K | $300K | $200K | $300K | $400K | $0 | $500K |
| YoY | — | — | — | — | -25.0% | +300.0% | -100.0% | +150.0% |
| Net income | $28.9M | $22.6M | $-5.0M | $76.7M | $37.7M | $40.4M | $222.9M | $189.8M |
| YoY | — | — | — | — | +30.4% | +78.8% | +4558.0% | +147.5% |
| EPS — basic | $0.08 | $0.06 | — | $0.23 | $0.11 | $0.12 | — | $0.58 |
| YoY | — | — | — | — | +37.5% | +100.0% | — | +152.2% |
| EPS — diluted | $0.08 | $0.06 | — | $0.23 | $0.11 | $0.12 | — | $0.57 |
| YoY | — | — | — | — | +37.5% | +100.0% | — | +147.8% |
| Weighted shares — basic | 329.1M | 329.4M | — | 330.6M | 330.8M | 330.7M | — | 327.3M |
| Weighted shares — diluted | 329.6M | 330.6M | — | 331.7M | 331.7M | 331.2M | — | 330.3M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $2.8M | $2.3M | $1.3M | $1.2M | $1.5M | $1.2M | $1.2M | $1.3M |
| YoY | — | — | — | — | -46.4% | -47.8% | -7.7% | +8.3% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total assets | $11.1B | $11.1B | $10.9B | $10.7B | $10.6B | $10.6B | $10.6B | $10.3B |
| YoY | — | — | — | — | -4.2% | -4.3% | -2.7% | -3.8% |
| Total current liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total liabilities | $6.4B | $6.5B | $6.4B | $6.4B | $6.4B | $6.5B | $6.5B | $6.2B |
| YoY | — | — | — | — | -0.1% | -0.3% | +0.3% | -2.0% |
| Total equity | $3.7B | $3.5B | $3.4B | $3.3B | $3.3B | $3.3B | $3.3B | $3.3B |
| YoY | — | — | — | — | -10.7% | -6.8% | -4.5% | -1.4% |
| Shares outstanding | 329.5M | 329.9M | 330.9M | 331.2M | 331.3M | 330.8M | 328.3M | 325.9M |
| YoY | — | — | — | — | +0.5% | +0.3% | -0.8% | -1.6% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $238.5M | $230.3M | $240.5M | $156.2M | $250.3M | $234.9M | $261.4M | $128.7M |
| YoY | — | — | — | — | +4.9% | +2.0% | +8.7% | -17.6% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | $92.8M | $100.0M |
| YoY | — | — | — | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 16.5% | 16.6% | 15.7% | 29.0% | 18.2% | 17.7% | 64.1% | 54.0% |
| Net margin | 7.0% | 5.4% | -1.2% | 18.2% | 8.9% | 9.4% | 51.5% | 44.6% |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | 1.3% | -0.8% | -5.8% | 0.2% | 0.7% | 0.9% | 0.0% | 0.2% |
| Current ratio | — | — | — | — | — | — | — | — |
| Total liabilities / equity | 1.71x | 1.84x | 1.87x | 1.91x | 1.91x | 1.97x | 1.96x | 1.90x |
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 |
|---|---|---|---|---|---|---|
| UDR FY25 · this stock | $1.7B | +2.4% | — | 32.3% | 22.1% | — |
| 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.