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 | $1.5B | $2.6B | $3.6B | $3.8B | $4.0B |
| YoY | — | +72.3% | +38.9% | +6.6% | +4.1% |
| Cost of goods sold | $20.8M | $22.6M | $27.1M | $26.9M | $26.7M |
| YoY | — | +8.7% | +19.9% | -0.7% | -0.7% |
| Gross profit | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Pretax income | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B |
| YoY | — | +11.0% | +123.7% | +7.2% | +3.3% |
| Income tax | $2.9M | $2.9M | $-6.1M | $9.7M | $2.4M |
| YoY | — | +0.0% | -310.3% | +259.0% | -75.3% |
| Net income | $1.0B | $1.1B | $2.5B | $2.7B | $2.8B |
| YoY | — | +10.2% | +124.9% | +6.6% | +3.6% |
| EPS — basic | $1.80 | $1.27 | $2.48 | $2.56 | $2.61 |
| YoY | — | -29.4% | +95.3% | +3.2% | +2.0% |
| EPS — diluted | $1.76 | $1.27 | $2.47 | $2.56 | $2.61 |
| YoY | — | -27.8% | +94.5% | +3.6% | +2.0% |
| Weighted shares — basic | 564.5M | 877.5M | 1.01B | 1.05B | 1.06B |
| Weighted shares — diluted | 577.1M | 879.7M | 1.02B | 1.05B | 1.06B |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $739.6M | $208.9M | $522.6M | $524.6M | $563.5M |
| YoY | — | -71.8% | +150.2% | +0.4% | +7.4% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total assets | $17.6B | $37.6B | $44.1B | $45.4B | $46.7B |
| YoY | — | +113.5% | +17.3% | +3.0% | +3.0% |
| Total current liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total liabilities | $5.4B | $15.3B | $18.4B | $18.4B | $18.5B |
| YoY | — | +182.5% | +20.4% | +0.1% | +0.5% |
| Total equity | $12.1B | $21.9B | $25.3B | $26.5B | $27.8B |
| YoY | — | +81.1% | +15.1% | +5.1% | +4.7% |
| Shares outstanding | 628.9M | 963.1M | 1.04B | 1.06B | 1.07B |
| YoY | — | +53.1% | +8.3% | +1.3% | +1.2% |
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 | $896.4M | $1.9B | $2.2B | $2.4B | $2.5B |
| YoY | — | +116.8% | +12.2% | +9.2% | +5.4% |
| Capital expenditures | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Free cash flow | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Dividends paid | $758.8M | $1.2B | $1.6B | $1.8B | $1.9B |
| YoY | — | +60.7% | +29.9% | +10.7% | +5.7% |
| Share repurchases | — | — | — | — | — |
| YoY | — | — | — | — | — |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — |
| Operating margin | — | — | — | — | — |
| Net margin | 67.2% | 43.0% | 69.6% | 69.6% | 69.3% |
| Free cash flow margin | — | — | — | — | — |
| Effective tax rate | 0.3% | 0.3% | -0.2% | 0.4% | 0.1% |
| Current ratio | — | — | — | — | — |
| Total liabilities / equity | 0.45x | 0.70x | 0.73x | 0.69x | 0.67x |
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.