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 | $964.7M | $976.1M | $984.2M | $1.0B | $1.0B | $1.0B | $1.0B | $1.1B |
| YoY | — | — | — | — | +4.4% | +3.8% | +3.5% | +5.7% |
| Cost of goods sold | $6.8M | $6.7M | $6.4M | $6.6M | $6.8M | $7.0M | $6.5M | $7.4M |
| YoY | — | — | — | — | +0.0% | +4.5% | +1.6% | +12.1% |
| Gross profit | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Pretax income | $746.9M | $626.7M | $549.8M | $883.9M | $777.5M | $609.7M | $889.9M | $534.9M |
| YoY | — | — | — | — | +4.1% | -2.7% | +61.9% | -39.5% |
| Income tax | $2.5M | $2.4M | $-2.5M | $5.6M | $3.9M | $-4.6M | $4.0M | $-500K |
| YoY | — | — | — | — | +56.0% | -291.7% | +260.0% | -108.9% |
| Net income | $732.9M | $614.6M | $543.6M | $865.1M | $762.0M | $604.8M | $872.4M | $526.5M |
| YoY | — | — | — | — | +4.0% | -1.6% | +60.5% | -39.1% |
| EPS — basic | $0.70 | — | $0.51 | $0.82 | $0.71 | — | $0.82 | $0.48 |
| YoY | — | — | — | — | +1.4% | — | +60.8% | -41.5% |
| EPS — diluted | $0.70 | — | $0.51 | $0.82 | $0.71 | — | $0.82 | $0.48 |
| YoY | — | — | — | — | +1.4% | — | +60.8% | -41.5% |
| Weighted shares — basic | 1.05B | — | 1.06B | 1.06B | 1.07B | — | 1.07B | 1.09B |
| Weighted shares — diluted | 1.05B | — | 1.06B | 1.06B | 1.07B | — | 1.07B | 1.09B |
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 | $355.7M | $524.6M | $334.3M | $233.0M | $507.5M | $563.5M | $480.2M | $288.1M |
| YoY | — | — | — | — | +42.7% | +7.4% | +43.6% | +23.6% |
| Marketable securities (current) | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total assets | $44.9B | $45.4B | $45.5B | $46.1B | $46.5B | $46.7B | $47.1B | $48.3B |
| YoY | — | — | — | — | +3.6% | +3.0% | +3.4% | +4.8% |
| Total current liabilities | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Total liabilities | $18.4B | $18.4B | $18.5B | $18.6B | $18.4B | $18.5B | $18.5B | $18.7B |
| YoY | — | — | — | — | +0.2% | +0.5% | -0.2% | +0.3% |
| Total equity | $26.1B | $26.5B | $26.6B | $27.0B | $27.7B | $27.8B | $28.2B | $29.2B |
| YoY | — | — | — | — | +6.0% | +4.7% | +5.9% | +7.9% |
| Shares outstanding | 1.05B | 1.06B | 1.06B | 1.06B | 1.07B | 1.07B | 1.07B | 1.10B |
| YoY | — | — | — | — | +2.1% | +1.2% | +1.2% | +4.2% |
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 | $579.1M | $644.1M | $591.9M | $639.9M | $586.3M | $691.9M | $631.9M | $728.2M |
| YoY | — | — | — | — | +1.2% | +7.4% | +6.8% | +13.8% |
| Capital expenditures | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Free cash flow | — | — | — | — | — | — | — | — |
| YoY | — | — | — | — | — | — | — | — |
| Dividends paid | $432.7M | $452.7M | $459.0M | $456.9M | $456.8M | $480.7M | $481.4M | $480.9M |
| YoY | — | — | — | — | +5.6% | +6.2% | +4.9% | +5.3% |
| Share repurchases | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — |
| Net margin | 76.0% | 63.0% | 55.2% | 86.4% | 75.6% | 59.7% | 85.7% | 49.7% |
| Free cash flow margin | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.3% | 0.4% | -0.5% | 0.6% | 0.5% | -0.8% | 0.4% | -0.1% |
| Current ratio | — | — | — | — | — | — | — | — |
| Total liabilities / equity | 0.70x | 0.69x | 0.70x | 0.69x | 0.67x | 0.67x | 0.66x | 0.64x |
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 |
|---|---|---|---|---|---|---|
| VICI FY25 · this stock | $4.0B | +4.1% | — | — | 69.3% | — |
| 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% | — |
| 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.