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Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
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338.15
+0.20%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$4.82bn
FY2016FY2025
Net income
$1.78bn
FY2016FY2025
Free cash flow
$2.90bn
FY2016FY2025
Shareholders' equity
$9.25bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.82bn | $4.70bn | $4.52bn | $4.18bn | $3.42bn | $2.92bn | $2.86bn | $2.76bn | $2.67bn | $2.56bn |
| Research and development | — | — | $0 | $17.5m | $8.4m | $10.8m | $6.8m | $5.4m | $8.2m | $9.7m |
| Operating income | $2.25bn | $2.20bn | $2.32bn | $2.27bn | $1.78bn | $1.41bn | $1.48bn | $1.42bn | $1.42bn | $1.37bn |
| Net income | $1.78bn | $2.07bn | $2.15bn | $4.35bn | $1.95bn | $1.36bn | $1.52bn | $1.71bn | $1.44bn | $1.45bn |
| Diluted earnings per share | 10.15 | 11.78 | 12.23 | 24.69 | 11.09 | 7.77 | 8.71 | 9.81 | 8.28 | 8.36 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $20.21bn | $19.75bn | $19.81bn | $17.55bn | $17.38bn | $11.82bn | $11.37bn | $10.93bn | $10.73bn | $10.13bn |
| Cash and short-term investments | $318.1m | $447.4m | $370.0m | $775.3m | $734.6m | $257.6m | $409.7m | $361.2m | $433.4m | $183.7m |
| Total liabilities | $10.87bn | $9.94bn | $9.70bn | $7.39bn | $7.96bn | $3.24bn | $2.29bn | $1.78bn | $1.77bn | $688.7m |
| Debt | $10.25bn | $9.35bn | $9.10bn | $6.87bn | $7.48bn | $2.85bn | $1.90bn | $1.41bn | $1.43bn | $391.0m |
| Shareholders' equity | $9.25bn | $9.71bn | $10.01bn | $10.17bn | $9.42bn | $8.58bn | $9.08bn | $9.14bn | $8.96bn | $9.44bn |
| Shares outstanding | 176m | 176m | 176m | 176m | 176m | 175m | 175m | 174m | 174m | 174m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $3.19bn | $3.13bn | $3.25bn | $3.12bn | $2.54bn | $2.04bn | $2.07bn | $2.06bn | $1.97bn | $1.95bn |
| Capital spending | −$289.4m | −$420.0m | −$461.1m | −$459.8m | −$270.2m | −$170.0m | −$187.3m | −$141.0m | −$120.6m | −$351.4m |
| Free cash flow | $2.90bn | $2.71bn | $2.79bn | $2.66bn | $2.27bn | $1.87bn | $1.88bn | $1.92bn | $1.85bn | $1.59bn |
| Dividends paid | −$2.30bn | −$2.30bn | −$2.31bn | −$3.91bn | −$1.59bn | −$1.61bn | −$1.61bn | −$1.61bn | −$1.63bn | −$1.51bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.23bn | $1.22bn | $1.22bn | $1.22bn | $1.20bn | $1.18bn | $1.18bn | $1.19bn |
| Operating income | $542.8m | $547.0m | $556.7m | $864.4m | $575.2m | $543.4m | $614.5m | $559.5m |
| Net income | $500.0m | $526.3m | $507.1m | $511.1m | $358.4m | $407.8m | $614.6m | $430.3m |
| Diluted earnings per share | 2.83 | 2.98 | 2.88 | 2.91 | 2.04 | 2.32 | 3.49 | 2.45 |
| Cash from operations | $868.0m | $694.0m | $733.0m | $875.0m | $872.0m | $705.0m | $768.0m | $798.0m |
| Capital spending | −$69.0m | −$69.0m | −$100.0m | −$113.0m | −$55.0m | −$58.0m | −$103.0m | −$110.0m |
| Free cash flow | $799.0m | $625.0m | $633.0m | $762.0m | $817.0m | $647.0m | $665.0m | $688.0m |
| Total assets | $20.12bn | $19.85bn | $20.21bn | $20.11bn | $20.54bn | $19.62bn | $19.75bn | $19.80bn |
| Cash and short-term investments | $259.9m | $134.6m | $318.1m | $296.5m | $1.10bn | $287.2m | $447.4m | $599.0m |
| Debt | $10.83bn | $9.71bn | $9.10bn | $10.04bn | $10.44bn | $8.76bn | $8.70bn | $9.47bn |
| Shareholders' equity | $9.19bn | $9.22bn | $9.25bn | $9.31bn | $9.37bn | $9.57bn | $9.71bn | $9.61bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.9% | 10.6% | 7.3% |
| Operating income | -0.3% | 9.8% | 6.2% |
| Net income | -25.7% | 5.6% | 3.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 46.8% | 49.7% | 49.9% | 50.8% |
| Net margin | 40.5% | 56.8% | 55.7% | 55.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 25.6 | 25.4 | 24.9 | 11.3 | 33.8 | 29.7 | 24.4 | 20.6 | 25.3 | 26.7 |
| Price to sales | 9.5 | 11.2 | 11.9 | 11.8 | 19.3 | 13.8 | 13.0 | 12.8 | 13.6 | 15.2 |
Market value over time
31 Oct 2016 to 17 Sept 2026, in USD
$37.15bn$53.09bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -13% | 2% | 4% | -22% | 60% | 8% | 4% | -1% | -6% | -11% |
Dividends and splits
Per share, in the currency the company pays
Paid for 36 years. Last went ex-dividend on 15 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 9.00 | 12.00 | 12.00 | 12.00 | 21.193 | 8.026 | 8.00 | 8.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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