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Real Estate · Equity Real Estate Investment Trusts (REITs) · US listing · 🇺🇸 United States
S&P 500
89.49
+0.83%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$5.83bn
FY2016FY2025
Net income
$251.4m
FY2016FY2025
Free cash flow
$1.32bn
FY2016FY2025
Shareholders' equity
$12.53bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.83bn | $4.92bn | $4.50bn | $4.13bn | $3.83bn | $3.80bn | $3.87bn | $3.75bn | $3.57bn | $3.44bn |
| Research and development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Operating income | $826.8m | $681.2m | $415.5m | $483.8m | $501.5m | $591.4m | $857.9m | $861.1m | $622.1m | $556.8m |
| Net income | $251.4m | $81.2m | −$41.0m | −$47.4m | $49.0m | $439.1m | $433.0m | $409.5m | $1.36bn | $649.2m |
| Diluted earnings per share | 0.52 | 0.19 | -0.10 | -0.12 | 0.12 | 1.16 | 1.15 | 1.14 | 3.78 | 1.82 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $27.59bn | $26.19bn | $24.73bn | $24.16bn | $24.72bn | $23.93bn | $24.69bn | $22.58bn | $23.95bn | $23.17bn |
| Cash and short-term investments | $741.1m | $897.9m | $508.8m | $122.6m | $149.7m | $650.9m | $106.4m | $72.3m | $136.0m | $286.7m |
| Total liabilities | $15.01bn | $15.36bn | $15.18bn | $13.94bn | $13.77bn | $13.65bn | $14.15bn | $12.31bn | $13.02bn | $12.64bn |
| Debt | $13.01bn | $13.52bn | $13.49bn | $12.30bn | $12.03bn | $11.89bn | $12.16bn | $10.73bn | $11.28bn | $11.13bn |
| Shareholders' equity | $12.53bn | $10.77bn | $9.49bn | $10.15bn | $10.95bn | $10.18bn | $10.55bn | $10.27bn | $10.93bn | $10.53bn |
| Shares outstanding | 481m | 428m | 407m | 400m | 403m | 378m | 376m | 360m | 359m | 357m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.68bn | $1.34bn | $1.19bn | $1.12bn | $1.03bn | $1.45bn | $1.44bn | $1.44bn | $1.43bn | $1.37bn |
| Capital spending | −$363.9m | −$281.6m | −$259.4m | −$454.1m | −$433.0m | −$528.6m | −$560.6m | −$131.9m | −$132.6m | −$117.5m |
| Free cash flow | $1.32bn | $1.06bn | $935.1m | $666.1m | $593.1m | $921.5m | $877.1m | $1.31bn | $1.30bn | $1.25bn |
| Dividends paid | −$860.1m | −$740.3m | −$723.6m | −$720.3m | −$686.9m | −$928.8m | −$1.16bn | −$1.13bn | −$827.3m | −$1.02bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.73bn | $1.66bn | $1.57bn | $1.49bn | $1.42bn | $1.36bn | $1.29bn | $1.24bn |
| Operating income | $216.0m | $199.3m | $226.3m | $220.5m | $225.6m | $187.2m | $195.8m | $174.4m |
| Net income | $74.1m | $55.9m | $70.2m | $66.0m | $68.3m | $46.9m | $56.8m | $19.2m |
| Diluted earnings per share | 0.15 | 0.11 | 0.15 | 0.14 | 0.14 | 0.10 | 0.13 | 0.05 |
| Cash from operations | $556.0m | $394.0m | $505.0m | $378.0m | $475.0m | $321.0m | $379.0m | $356.0m |
| Capital spending | −$971.0m | −$971.0m | −$137.0m | −$92.0m | −$75.0m | −$58.0m | −$87.0m | −$72.0m |
| Free cash flow | −$415.0m | −$577.0m | $368.0m | $286.0m | $400.0m | $263.0m | $292.0m | $284.0m |
| Total assets | $29.66bn | $27.69bn | $27.59bn | $26.93bn | $26.47bn | $26.03bn | $26.19bn | $25.35bn |
| Cash and short-term investments | $199.0m | $183.6m | $741.1m | $188.6m | $614.2m | $182.3m | $897.9m | $1.10bn |
| Debt | $13.15bn | $12.45bn | $13.01bn | $12.57bn | $13.06bn | $12.28bn | $11.74bn | $13.62bn |
| Shareholders' equity | $14.65bn | $13.12bn | $12.53bn | $12.36bn | $11.53bn | $11.47bn | $10.77bn | $9.76bn |
Financial ratios
Data as of 20 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 14.2% | 13.8% | 9.2% | 11.7% | 13.1% | 15.6% | — | — |
| Net margin | 4.3% | 1.6% | -0.9% | -1.1% | 1.3% | 11.6% | — | — |
| Return on equity | 2.0% | 0.8% | -0.4% | -0.5% | 0.4% | 4.3% | — | — |
| Return on assets | 0.9% | 0.3% | -0.2% | -0.2% | 0.2% | 1.8% | — | — |
| Free cash flow yield | 4.9% | 4.4% | 4.1% | 4.5% | 4.2% | 6.0% | — | — |
| Revenue growth | 18.5% | 9.5% | 8.9% | 7.9% | 0.9% | -2.0% | — | — |
| Earnings growth | 209.8% | -298.1% | -13.6% | -196.8% | -88.8% | 1.4% | — | — |
| Current ratio | 0.96x | 1.04x | 0.73x | 0.61x | 0.63x | 1.06x | — | — |
| Debt to equity | 1.04x | 1.26x | 1.42x | 1.25x | 1.13x | 1.19x | — | — |
| Equity ratio | 45.4% | 41.1% | 38.4% | 42.0% | 44.3% | 42.5% | — | — |
| Interest coverage | 1.35x | 1.13x | 0.72x | 1.03x | 1.14x | 1.26x | — | — |
| 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 | -12.4% | -5.1% | -1.8% | 0.9% | -6.7% | -0.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 12.2% | 9.0% | 5.9% |
| Operating income | 19.6% | 6.9% | -0.1% |
| Net income | — | -10.6% | -5.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 14.0% | 12.4% | 13.0% | 16.1% |
| Net margin | 3.1% | 1.3% | 2.7% | 8.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 148.0 | 310.3 | -495.1 | -379.5 | 420.5 | 42.2 | 50.2 | 51.5 | 15.9 | 34.4 |
| Price to sales | 6.4 | 5.1 | 4.5 | 4.4 | 5.4 | 4.9 | 5.6 | 5.6 | 6.0 | 6.5 |
Market value over time
31 Oct 2016 to 18 Sept 2026, in USD
$24.00bn$42.68bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 36% | 18% | 12% | -7% | -1% | -15% | -6% | 1% | -2% | 9% |
Dividends and splits
Per share, in the currency the company pays
Paid for 27 years. Last went ex-dividend on 30 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.56 | 1.92 | 1.80 | 1.80 | 1.80 | 1.80 | 2.143 | 3.17 |
- 5-for-4 split · 16 Jan 1992
- 3-for-2 split · 18 Jun 1991
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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