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Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
189.00
+0.11%
Close of 9 Nov 2026, in USD
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in USD, from our data supplier.
Revenue
$10.65bn
FY2016FY2025
Net income
$2.53bn
FY2016FY2025
Free cash flow
$3.78bn
FY2016FY2025
Shareholders' equity
$3.65bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.65bn | $10.13bn | $10.01bn | $9.65bn | $9.36bn | $8.04bn | $7.58bn | $7.44bn | $6.66bn | $5.79bn |
| Gross profit | $7.84bn | $7.55bn | $7.45bn | $7.08bn | $6.67bn | $5.81bn | $5.37bn | $5.26bn | $4.61bn | $4.00bn |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $4.88bn | $4.52bn | $3.13bn | $2.74bn | $3.13bn | $2.89bn | $2.69bn | $1.91bn | $2.00bn | $1.85bn |
| Net income | $2.53bn | $2.25bn | $1.48bn | $1.77bn | $2.57bn | $1.69bn | $1.89bn | $1.24bn | $1.24bn | $956.4m |
| Diluted earnings per share | 5.39 | 4.81 | 3.17 | 3.78 | 5.62 | 3.79 | 4.23 | 2.78 | 2.86 | 2.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $63.19bn | $61.08bn | $66.03bn | $67.19bn | $69.89bn | $47.23bn | $42.80bn | $33.01bn | $33.21bn | $30.88bn |
| Cash and short-term investments | $1.47bn | $2.00bn | $1.75bn | $2.03bn | $1.95bn | $1.75bn | $1.50bn | $1.21bn | $803.1m | $791.2m |
| Total liabilities | $52.84bn | $51.43bn | $55.16bn | $54.79bn | $60.82bn | $42.45bn | $36.21bn | $26.11bn | $25.26bn | $22.81bn |
| Debt | $37.22bn | $36.50bn | $38.92bn | $38.67bn | $43.25bn | $29.29bn | $24.06bn | $21.16bn | $20.21bn | $18.53bn |
| Shareholders' equity | $3.65bn | $3.38bn | $4.20bn | $5.57bn | $5.08bn | $4.09bn | $5.06bn | $5.34bn | $6.24bn | $6.76bn |
| Shares outstanding | 469m | 468m | 467m | 467m | 457m | 446m | 446m | 444m | 432m | 430m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $5.46bn | $5.29bn | $4.72bn | $3.70bn | $4.82bn | $3.88bn | $3.75bn | $3.75bn | $2.93bn | $2.70bn |
| Capital spending | −$1.68bn | −$1.59bn | −$1.80bn | −$1.87bn | −$1.38bn | −$1.03bn | −$991.3m | −$913.2m | −$803.6m | −$682.5m |
| Free cash flow | $3.78bn | $3.70bn | $2.92bn | $1.82bn | $3.44bn | $2.85bn | $2.76bn | $2.84bn | $2.12bn | $2.02bn |
| Dividends paid | −$3.16bn | −$3.07bn | −$2.95bn | −$2.63bn | −$2.27bn | −$1.93bn | −$1.60bn | −$1.34bn | −$1.16bn | −$993.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.75bn | $2.74bn | $2.74bn | $2.72bn | $2.63bn | $2.56bn | $2.55bn | $2.52bn |
| Gross profit | $2.01bn | $2.02bn | $1.94bn | $2.04bn | $1.94bn | $1.93bn | $1.89bn | $1.87bn |
| Operating income | $1.27bn | $1.31bn | $1.31bn | $1.58bn | $1.20bn | $942.8m | $1.37bn | $907.3m |
| Net income | $867.5m | $836.8m | $821.0m | $853.3m | $366.8m | $488.7m | $1.23bn | −$792.3m |
| Diluted earnings per share | 1.86 | 1.79 | 1.75 | 1.82 | 0.78 | 1.04 | 2.63 | -1.69 |
| Cash from operations | $1.49bn | $1.40bn | $1.43bn | $1.46bn | $1.28bn | $1.29bn | $1.20bn | $1.47bn |
| Capital spending | −$320.0m | −$449.0m | −$579.0m | −$465.0m | −$304.0m | −$331.0m | −$443.0m | −$424.0m |
| Free cash flow | $1.17bn | $951.0m | $848.0m | $995.0m | $977.0m | $964.0m | $756.0m | $1.04bn |
| Total assets | $63.30bn | $63.19bn | $63.19bn | $63.89bn | $63.75bn | $62.06bn | $61.08bn | $62.82bn |
| Cash and short-term investments | $1.76bn | $1.47bn | $1.47bn | $1.95bn | $2.08bn | $2.10bn | $2.00bn | $2.15bn |
| Debt | $5.87bn | $35.18bn | $37.81bn | $37.85bn | $38.10bn | $37.45bn | $37.08bn | $37.70bn |
| Shareholders' equity | $3.72bn | $3.65bn | $3.65bn | $3.95bn | $3.71bn | $3.53bn | $3.38bn | $3.64bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 73.7% | 74.6% | 74.4% | 73.4% | 71.3% | 72.3% | — | — |
| Operating margin | 45.8% | 44.6% | 31.2% | 28.4% | 33.5% | 35.9% | — | — |
| Net margin | 23.8% | 22.3% | 14.8% | 18.3% | 27.4% | 21.0% | — | — |
| Return on equity | 69.3% | 66.7% | 35.3% | 31.7% | 50.5% | 41.3% | — | — |
| Return on assets | 4.0% | 3.7% | 2.2% | 2.6% | 3.7% | 3.6% | — | — |
| Free cash flow yield | 8.7% | 8.4% | 8.0% | 6.8% | 7.7% | 6.3% | — | — |
| Revenue growth | 5.1% | 1.1% | 3.8% | 3.1% | 16.4% | 6.1% | — | — |
| Earnings growth | 12.2% | 52.0% | -16.0% | -31.2% | 51.9% | -10.4% | — | — |
| Current ratio | 0.63x | 0.45x | 0.51x | 0.44x | 0.41x | 0.79x | — | — |
| Debt to equity | 10.35x | 10.96x | 9.41x | 7.08x | 8.65x | 7.29x | — | — |
| Equity ratio | 5.8% | 5.5% | 6.4% | 8.3% | 7.3% | 8.7% | — | — |
| Interest coverage | 4.79x | 3.22x | 2.25x | 2.41x | 3.60x | 3.64x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -0.2% | -0.2% | -0.2% | -2.1% | -2.4% | -0.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.3% | 5.8% | 8.4% |
| Operating income | 21.2% | 11.1% | 11.7% |
| Net income | 12.7% | 8.4% | 14.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 74.1% | 74.0% | 73.3% | 72.3% |
| Operating margin | 45.2% | 37.7% | 36.8% | 34.8% |
| Net margin | 23.0% | 19.9% | 21.3% | 20.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 32.6 | 38.1 | 68.0 | 56.0 | 52.1 | 59.3 | 54.3 | 56.9 | 49.8 | 47.5 |
| Price to sales | 7.7 | 8.5 | 10.1 | 10.3 | 14.3 | 12.5 | 13.5 | 9.4 | 9.3 | 7.8 |
Market value over time
31 Oct 2016 to 9 Sept 2026, in USD
$50.39bn$81.85bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -6% | -12% | 1% | -25% | 27% | -3% | 41% | 15% | 31% | 11% |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 30 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 5.37 | 6.80 | 6.48 | 6.45 | 5.86 | 5.21 | 4.53 | 3.78 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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