Alexandria Real Estate Equities, Inc. logo ARE - Alexandria Real Estate Equities, Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 9
HOLD 15
SELL 0
STRONG
SELL
0
| PRICE TARGET: $50.22 DETAILS
HIGH: $60.00
LOW: $43.00
MEDIAN: $50.00
CONSENSUS: $50.22
UPSIDE: 3.82%
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2002 Q4 2002 Q2 2001 Q4 2001 Q2 2001 Q1 2000 Q4 2000 Q3 2000 Q2 2000 Q1
Revenue
Revenue 671.0 754.4 735.8 737.3 743.2 763.2 775.7 755.2 755.6 742.6 707.5 704.3 687.9 665.7 656.9 641.0 612.6 574.7 550.9 508.4 478.7 461.3 543.4 435.9 437.6 404.7 390.5 373.9 358.8 340.5 341.8 325.0 320.1 298.8 283.7 273.1 268.9 245.6 225.3 215.8 211.1 213.4 212.0 201.7 192.6 188.7 185.6 176.4 176.2 168.8 158.6 154.2 150.4 154.2 128.4 136.2 128.7 126.4 129.2 127.4 120.0 157.8 105.5 98.2 98.9 83.7 114.6 111.6 112.6 106.5 95.3 92.3 87.7 84.0 80.2 76.0 77.1 71.4 66.2 54.2 53.7 52.7 50.6 47.0 44.8 42.1 39.9 36.6 36.1 32.6 33.5 30.4 29.1 26.1 23.5 23.6 22.4 21.4 18.9 18.4
Cost of Revenue 224.1 232.5 239.2 224.4 226.4 240.4 233.3 217.3 218.3 222.7 217.7 211.8 206.9 204.4 201.2 196.3 181.3 175.7 166.0 144.0 137.9 136.8 140.4 123.9 129.1 121.9 116.5 105.7 101.5 97.7 99.8 91.9 91.8 88.1 83.5 77.0 77.1 73.2 72.0 67.3 65.8 68.9 68.8 62.2 61.2 56.9 57.4 52.4 52.5 49.9 47.7 46.3 45.2 46.6 44.6 44.5 43.4 168.6 42.6 40.7 41.1 132.3 33.7 30.4 31.7 225.5 30.8 29.1 32.7 114.5 29.7 27.6 28.3 99.2 25.5 22.8 24.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross Profit 446.9 521.9 496.6 512.8 516.8 522.8 542.5 537.9 537.2 519.9 489.8 492.5 481.0 461.3 455.7 444.7 431.2 398.9 384.9 364.4 340.8 324.6 403.0 311.9 308.5 282.9 274.0 268.2 257.3 242.8 242.1 233.1 228.4 210.8 200.3 196.1 191.8 172.4 153.3 148.5 145.3 144.5 143.1 139.4 131.3 131.8 128.2 124.0 123.7 118.9 110.9 107.9 105.2 107.5 83.7 91.7 85.3 (42.2) 86.5 86.7 78.9 25.5 71.8 67.9 67.3 (141.8) 83.8 82.6 79.9 (8.0) 65.6 64.7 59.4 (15.2) 54.7 53.2 53.0 71.4 66.2 54.2 53.7 52.7 50.6 47.0 44.8 42.1 39.9 36.6 36.1 32.6 33.5 30.4 29.1 26.1 23.5 23.6 22.4 21.4 18.9 18.4
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 34.7 28.0 29.2 29.1 30.7 32.7 43.9 44.6 47.1 59.3 46.0 45.9 48.2 43.0 50.0 43.4 40.9 41.7 37.9 37.9 34.0 32.7 36.9 31.8 32.0 29.8 27.9 26.4 24.7 22.4 22.7 22.9 22.4 18.9 17.6 19.2 19.2 17.5 15.9 15.4 15.2 15.1 15.1 15.0 14.4 13.9 12.6 13.8 13.2 12.8 11.7 12.5 11.6 12.6 57.1 56.8 53.8 55.7 52.9 51.4 50.6 45.2 (25.7) 38.6 41.1 37.5 40.4 37.9 42.1 123.5 8.6 8.5 8.8 8.1 8.3 7.9 8.1 6.7 6.7 6.3 6.5 5.9 6.0 4.8 4.4 4.0 3.7 3.8 3.6 3.5 3.5 3.5 3.3 3.1 2.8 2.9 2.4 2.4 2.1 2.1
Other Expenses 305.4 2,104.9 340.2 346.1 342.1 330.1 294.0 290.7 287.6 285.2 269.4 273.6 265.3 264.5 254.9 242.1 240.7 239.3 0 190.1 180.9 177.8 176.8 168.0 175.5 140.5 135.6 134.4 134.1 125.0 119.6 118.9 114.2 107.7 107.8 104.1 97.2 95.2 77.1 70.2 70.9 72.2 68.0 62.2 58.9 58.0 58.4 57.3 50.4 47.4 49.1 46.6 46.1 176.0 45.9 1.6 (0.6) 25.3 2.7 1.2 2.5 20.8 31.3 41.5 29.9 28.5 28.6 30.1 30.9 (57.5) 56.4 53.5 54.2 48.9 48.7 44.1 45.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses 340.1 2,132.9 369.5 375.3 372.7 362.8 337.9 335.3 334.6 344.5 315.4 319.4 313.5 307.5 304.9 285.5 281.6 280.9 37.9 227.9 214.9 210.4 213.7 199.8 207.5 170.3 163.5 160.9 158.8 147.4 142.3 141.8 136.6 126.6 125.4 123.3 116.4 112.7 93.0 85.6 86.1 87.3 83.1 77.2 73.3 71.8 71.0 71.2 63.6 60.8 60.8 59.1 57.7 60.7 57.1 58.4 53.1 55.7 55.6 52.7 53.1 45.2 41.7 80.1 41.1 37.5 40.4 37.9 42.1 123.5 8.6 8.5 8.8 8.1 8.3 7.9 8.1 6.7 6.7 6.3 6.5 5.9 6.0 4.8 4.4 4.0 3.7 3.8 3.6 3.5 3.5 3.5 3.3 3.1 2.8 2.9 2.4 2.4 2.1 2.1
Operating Income
Operating Income 106.8 (1,611.1) 127.2 137.6 144.0 160.0 204.5 202.6 202.6 175.4 174.5 173.1 167.5 153.8 150.8 159.2 149.6 118.0 346.9 136.5 125.9 114.1 189.2 112.1 101.0 112.6 (1.0) 121.6 168.3 15.6 255.9 92.8 172.5 75.5 84.8 66.0 71.5 46.5 35.3 (86.6) 30.8 70.2 33.6 36.0 47.8 14.8 36.9 36.8 38.6 60.9 31.9 30.8 29.4 35.7 34.6 42.7 48.3 49.1 46.3 49.9 49.5 108.2 45.7 5.6 45.4 48.4 46.4 60.8 60.6 47.0 48.5 46.2 59.9 49.0 46.8 43.9 42.3 41.7 38.0 33.5 31.6 29.6 29.2 27.5 26.3 23.9 22.1 20.8 22.0 19.9 19.1 14.8 17.1 15.8 14.2 14.7 7.2 7.1 6.0 5.6
Interest Expense 64.6 65.7 54.9 55.3 50.9 55.7 43.5 45.8 40.8 32.0 11.4 17.1 13.8 17.5 23.0 24.3 29.4 34.9 35.7 35.2 36.5 37.5 43.3 45.0 45.7 45.5 46.2 42.9 39.1 40.2 42.2 38.1 36.9 36.1 31.0 31.7 29.8 31.2 25.9 25.0 24.9 28.2 27.7 26.7 23.2 22.2 20.6 17.4 19.1 17.8 16.2 16.0 18.0 17.9 17.1 17.9 16.2 14.8 14.3 16.6 17.8 17.2 16.1 18.8 17.6 19.4 20.9 21.1 20.2 18.9 19.9 17.7 22.2 24.0 23.9 19.9 20.6 21.1 19.0 16.3 14.9 13.4 13.2 11.2 11.3 8.4 6.6 6.9 6.7 6.5 6.5 5.3 6.9 7.6 6.9 7.4 7.2 7.1 6.0 5.6
Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.6 0 0 0 4.5 0.8 0.6 0.9 2.8 1.3 0.4 0.5 0.4 2.0 0.9 0.9 1.1 1.2 1.0 1.3 0 1.0 0.8 0.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.4 0.5 0.3 0.6 0.9 1.1 1.2 1.2 0.6 0.5
Profitability
EBITDA 476.8 (607.6) 197.2 339.2 431.6 369.7 551.2 430.6 547.6 250.9 325.8 399.5 379.1 377.3 661.4 575.7 152.7 373.9 333.3 629.7 242.9 672.4 315.9 456.6 251.9 402.1 378.7 374.9 365.6 221.4 298.3 321.6 319.0 168.6 278.0 280.0 271.1 158.5 105.6 (37.9) 105.7 143.5 135.3 127.3 107.2 118.5 115.6 110.2 110.5 106.2 97.8 95.6 94.4 0 78.0 91.2 87.8 0 0 95.8 69.4 0 0 36.9 0 0 0 94.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14.6 13.6 12.3 0
EBIT 171.3 (929.7) (143.0) (6.9) 89.5 39.6 257.2 139.8 260.0 (10.7) 79.7 150.8 135.4 112.8 406.4 333.6 (88.0) 134.7 136.1 439.7 62 494.7 139.1 288.6 76.4 261.5 113.5 108.6 99.7 96.4 261.6 92.4 92.9 81.7 76.5 73.2 77.3 51.0 54.4 (83.1) 34.8 71.2 67.4 65.1 48.3 60.5 57.2 52.9 60.0 58.1 48.7 49.1 47.4 (48.1) 29.8 38.9 44.4 (41.0) (40.0) 50.5 50.3 (34.6) (32.0) 6.6 (29.7) (29.0) (28.3) 64.8 (31.4) (29.1) (27.4) (27.0) (25.8) (21.0) (25.7) (24.1) (24.5) (23.5) (21.0) (17.1) (16.1) (16.6) (15.3) (14.7) (14.4) (12.5) (11.1) (10.6) (10.5) (10.5) (10.2) (9.0) (9.3) (8.5) (7.7) (7.0) 7.2 7.1 6.0 (5.8)
Income Before Tax 171.3 (995.4) (197.8) (62.2) 38.7 (16.1) 213.6 94.0 219.2 (42.7) 68.3 133.7 121.7 95.3 383.4 309.4 (117.4) 99.8 124.4 404.5 25.5 457.1 95.8 243.6 30.7 216.1 (36.0) 87.2 136.8 (18.6) 219.4 60.5 141.5 45.6 59.5 41.5 47.6 19.8 28.6 (108.1) 10.0 43.0 39.7 38.4 25.1 (7.8) 36.1 36.3 40.9 44.4 32.5 33.1 29.4 25.2 17.5 25.4 30.9 34.3 32.0 33.4 31.7 91.1 29.5 (12.2) 27.9 29.0 25.5 39.8 40.4 28.2 28.6 28.4 37.7 25.0 22.9 24.0 21.8 20.5 19.0 17.2 16.8 16.2 16.0 16.3 15.0 15.5 15.5 13.9 15.3 13.4 12.5 9.5 10.2 8.2 7.3 7.3 7.4 6.5 6.3 5.7
Income Tax Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11.2 8.4 7.7 6.1 0 5.8 5.9 6.2 5.8 7.3 5.8 4.5 4.1 3.5 4.0 1.0 0.2 0.3 0.5 (0.4) 1.5 1.5 1.4 1.2 1.0 0.7 0.2 (2.6) (17.5) 0.6 (1.1) (34.3) (32.0) (33.4) (31.7) (91.1) (29.5) 0.9 (27.9) (29.0) (25.5) (39.8) (40.4) (28.2) (28.6) (28.4) (37.7) (25.0) (22.9) (24.0) (21.8) (20.5) (19.0) (17.2) (16.8) (16.2) (16.0) (16.3) (15.0) (15.5) (15.5) (13.9) (15.3) (13.4) (12.5) (9.5) (10.2) (8.2) (7.3) (7.3) (7.4) (6.5) (6.3) 0
Net Income 398.4 (1,081.8) (232.8) (107.0) (8.9) (62.2) 167.9 46.7 170.5 (88.4) 24.3 89.9 77.9 54.3 344.7 272.2 (149.6) 74.9 103.1 385.1 8.1 441.5 81.1 229.7 18.8 202.4 (47.2) 78.8 129.2 (24.7) 213.6 54.7 135.6 39.4 53.8 34.2 41.7 15.3 24.5 (111.6) 5.9 42.0 39.5 38.2 24.5 (7.4) 34.6 34.8 39.6 43.1 31.5 32.4 29.3 27.8 17.5 24.8 32.1 34.3 32.0 33.4 31.7 91.1 29.5 (13.2) 27.9 29.0 25.5 39.8 40.4 28.2 26.7 26.8 36.2 25.0 22.9 24.0 21.8 20.5 19.0 17.2 16.8 16.2 16.0 16.3 15.0 15.5 15.5 13.9 15.3 13.4 12.5 9.5 10.2 8.2 7.3 7.3 7.4 6.5 6.3 5.7
Per Share Data
EPS (Basic) 2.10 -6.35 -1.38 -0.64 -0.07 -0.38 0.96 0.25 0.97 2.29 0.13 0.10 0.19 0.47 2.13 1.69 -0.95 0.47 0.67 2.61 0.04 3.26 0.64 1.82 0.14 1.75 -0.42 0.68 1.11 -0.23 2.01 0.51 1.33 0.39 0.55 0.35 0.29 0.17 0.07 -1.50 -0.05 0.58 0.46 0.44 0.25 -0.11 0.39 0.39 0.46 0.51 0.35 0.38 0.36 0.33 0.17 0.29 0.30 1.12 0.40 0.44 0.44 3.31 0.45 -0.29 0.47 1.33 0.47 0.83 1.01 1.73 0.61 0.61 1.04 1.58 0.69 0.73 0.52 1.42 0.57 0.57 0.57 1.45 0.57 0.59 0.56 1.59 0.59 0.50 0.80 1.39 0.54 1.00 0.61 1.00 0.40 0.41 0.96 0.39 0.38 0.35
EPS (Diluted) 2.10 -6.35 -1.38 -0.64 -0.07 -0.38 0.96 0.25 0.97 2.29 0.13 0.10 0.19 0.47 2.13 1.69 -0.95 0.47 0.67 2.61 0.04 3.26 0.63 1.82 0.14 1.74 -0.42 0.68 1.11 -0.23 1.99 0.51 1.32 0.39 0.55 0.35 0.29 0.17 0.07 -1.50 -0.05 0.58 0.46 0.44 0.25 -0.10 0.39 0.39 0.46 0.51 0.35 0.38 0.36 0.33 0.17 0.29 0.30 1.12 0.40 0.44 0.44 3.31 0.45 -0.29 0.47 1.33 0.47 0.82 1.01 1.73 0.61 0.61 1.03 1.57 0.68 0.73 0.52 1.40 0.56 0.57 0.56 1.42 0.56 0.58 0.55 1.57 0.58 0.50 0.78 1.36 0.54 0.99 0.59 0.98 0.39 0.41 0.94 0.38 0.38 0.35
Shares Outstanding 188.4 170.4 170.1 170.1 170.5 172.1 172.1 172.0 171.9 171.1 170.9 170.9 170.8 165.4 161.6 161.4 158.0 153.5 150.9 145.8 137.3 133.7 124.9 124.3 121.4 114.2 112.1 111.4 111.1 105.1 104.2 101.9 99.9 99.9 92.6 90.2 88.1 88.1 76.7 74.2 72.6 71.8 71.5 71.4 71.4 70.0 71.2 71.1 71.1 71 70.9 67.0 63.2 63.1 62.4 61.7 61.5 61.5 61.3 58.5 54.9 54.9 49.8 44.9 43.7 43.7 39.1 38.9 32.5 32.5 31.7 31.6 31.5 31.5 29.3 29.0 28.9 28.9 26.3 22.9 22.3 22.3 21.1 20.9 19.5 19.5 19.4 19.3 19.2 19.2 19.0 18.9 16.7 16.4 16.0 15.5 15.5 14.5 14.3 13.8
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2010 Q2 2010 Q1 2009 Q4 2009 Q2 2009 Q1 2007 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2003 Q1 2002 Q4 2002 Q3 2001 Q3 2001 Q2 2001 Q1 2000 Q4 2000 Q3 2000 Q2 2000 Q1 1999 Q4 1999 Q3 1999 Q2 1999 Q1 1998 Q4 1998 Q3 1998 Q2 1998 Q1 1997 Q4 1997 Q3 1997 Q2 1997 Q1
Current Assets
Cash & Cash Equivalents 418.7 549.1 579.5 520.5 476.4 552.1 562.6 561.0 722.2 618.2 532.4 924.4 1,263.5 825.2 533.8 420.3 775.1 361.3 325.9 323.9 492.2 568.5 446.3 206.9 445.3 189.7 410.7 198.9 261.4 234.2 204.2 287.0 221.6 254.4 118.6 124.9 151.2 125.0 157.9 256 146.2 73.3 71.0 70.6 70.3 125.3 33.7 3.0 4.4 5.0 4.0 3.7 3.8 3.6 2.7 3.7 5.8 2.8 0.8 0.7 2.0 3.4 2.5 2.9 1.5 1.6 1.2 2 1.5 2.1 6.8 21.9 2.8
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 327.0 323.7 284.8 283.3 280.2 168.5 64.8 64.3 64.2 64.1 62.5 62.2 69.8 66.8 65.0 61.9 92.6 91.1 90.2 84.0 49.8 48.6 47.7 46.9 53.6 51.0 50.8 49.2 49.5 49.5 50.5 48.0 50.4 49.3 48.6 46.9 48.3 47.7 16.5 312.6 26.7 3.1 2.7 3.9 4.7 6.0 7.0 2.1 2.5 2.0 2.5 3.3 2.6 1.5 8.9 9.0 8.9 8.8 9.7 8.5 8.9 9.4 9.3 15.4 8.9 8.9 13.1 11.8 4.2 3.6 1.2 0 1.6
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 4.7 4.7 4.7 7.4 7.3 7.7 17.0 4.8 9.5 42.6 35.3 35.9 34.9 32.8 332.3 97.4 95.1 53.9 42.2 33.7 42.2 29.2 38.8 34.7 43.1 53.0 42.3 39.3 54.4 37.9 29.7 34.8 37.3 22.8 27.7 20.0 18.3 16.3 16.4 30.8 14.9 (76.3) (73.7) (74.5) (75.0) (131.3) (40.7) (5.1) (6.9) (7.0) (6.5) (7.0) (6.4) (5.1) (11.6) (12.7) (14.7) (11.6) (10.5) (9.3) (10.9) (12.8) (11.8) (18.3) (10.4) (10.5) (14.3) (13.8) (5.7) (5.7) (8) (21.9) (4.4)
Total Current Assets 843.1 939.8 945.2 868.1 857.4 783.6 715.7 679.4 877.3 781.8 700.8 1,049.8 1,431.7 973.9 991.1 635.3 1,080.8 707.2 651.0 612.2 763.3 727.8 642.3 315.5 597.8 336.1 530.5 324.5 400.8 348.3 309.9 388.3 348.5 348.0 209.8 206.7 237.8 202.1 280.3 599.5 206.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-Current Assets
Property, Plant & Equipment 1,092.3 1,102.4 1,143.1 1,158.6 1,197.0 1,250.4 1,328.7 1,084.0 1,112.3 1,149.4 1,195.3 1,230.4 1,315.3 1,345.6 1,372.7 1,426.0 1,469.3 1,262.0 1,207.5 1,174.8 1,105.8 983.0 954.3 782.4 822.6 743.7 660.5 567.4 523.7 228.7 224.2 203.2 148.7 108.1 104.9 96.2 90.4 96.1 56.6 7,554.8 41.0 5,120.6 5,055.2 5,039.1 4,890.1 4,791.6 3,952.3 1,230.4 1,148.3 1,135.7 1,107.8 1,092.6 1,044.8 966.6 829.8 776.1 732.6 705.7 693.8 643.1 610.5 598.8 579.1 526 515.4 493.7 441.7 390.5 349 230 214.9 198.8 147.3
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0 255.2 280.4 305.1 373.8 398.0 426.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 38.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 1,566.9 1,531.9 1,577.2 1,516.9 1,529.8 1,516.9 1,559.5 1,534.9 1,552.2 1,487.3 1,469.5 1,533.8 1,611.4 1,653.5 1,663.2 1,695.0 1,699.6 1,915.0 2,368.6 2,322.9 1,967.7 1,943.5 1,661.7 1,645.3 1,449.1 1,487.5 1,330.6 1,392.0 1,291.3 1,129.8 1,155.3 983.7 894.2 633.9 519.0 483.0 444.9 392.7 454.6 492.5 443.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 30,665.0 30,507.7 33,709.6 33,824.8 33,735.8 33,671.4 34,510.3 34,151.6 33,730.6 33,352.9 33,417.7 32,845.2 32,554.1 31,550.4 30,341.6 29,487.7 28,594.6 26,335.1 24,331.6 22,908.9 21,397.6 19,173.6 18,652.3 17,325.9 16,832.4 15,823.3 14,536.6 13,755.5 13,264.3 12,758.2 12,416.2 11,987.0 11,429.9 11,014.0 10,711.7 10,459.7 10,095.4 9,663.9 8,502.5 459.4 8,280.6 (5,120.6) (5,055.2) (5,039.1) (4,890.1) (4,791.6) (3,952.3) (1,230.4) (1,148.3) (1,135.7) (1,107.8) (1,092.6) (1,044.8) (966.6) (829.8) (776.1) (732.6) (705.7) (693.8) (643.1) (610.5) (598.8) (579.1) (526) (515.4) (493.7) (441.7) (390.5) (349) (230) (214.9) (198.8) (147.3)
Total Non-Current Assets 33,324.3 33,142.1 36,429.9 36,755.5 36,743.0 36,743.8 37,772.4 37,168.5 36,821.7 35,989.7 36,082.5 35,609.4 35,480.8 34,549.5 33,377.5 32,608.7 31,763.4 29,512.1 27,907.7 26,406.7 24,471.1 22,100.0 21,268.4 19,753.6 19,104.1 18,054.4 16,527.7 15,714.9 15,079.4 14,116.7 13,795.6 13,173.9 12,472.7 11,756.0 11,335.5 11,039.0 10,630.8 10,152.8 9,013.6 8,545.4 8,764.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets 34,167.4 34,081.8 37,375.1 37,623.6 37,600.4 37,527.4 38,488.1 37,847.9 37,699.0 36,771.4 36,783.3 36,659.3 36,912.5 35,523.4 34,368.6 33,244.1 32,844.3 30,219.4 28,558.7 27,018.8 25,234.3 22,827.9 21,910.7 20,069.1 19,701.9 18,390.5 17,058.2 16,039.5 15,480.2 14,465.0 14,105.6 13,562.2 12,821.2 12,104.0 11,545.3 11,245.7 10,868.6 10,354.9 9,293.9 9,144.8 8,971.5 5,565.2 5,468.5 5,457.2 5,286.7 5,235.2 4,307.0 1,379.7 1,294.8 1,272.6 1,231.8 1,211.3 1,159.2 1,079.3 928.8 879.6 820.1 781.0 765.9 699.6 661.3 643.1 620.1 562.3 549.9 530.3 476.2 420.9 372.1 248.5 231.5 230 161.7
Current Liabilities
Account Payables 368.1 510.6 514.9 407.0 383.0 534.8 470.0 434.7 432.3 524.4 516.4 366.4 354.9 389.7 458.8 428.5 389.1 513.4 558.1 305.6 320.3 285.0 318.3 233.7 243.0 199.0 203.9 149.3 167.3 215.5 445.9 394.4 370.2 349.9 338.3 327.4 391.0 366.2 269.9 282.4 266.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Short-Term Debt 1,354.0 353.2 1,548.5 1,098.0 299.9 0 454.6 199.6 0.0 100.0 0 0 374.5 0 386.7 150.0 0 270.0 750.0 300.0 0 100.0 250.0 440 221 384 343 514 0 208 413 0 490 50 314 300 0 28 416 0 299 1,446 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.6 3.9 0 0 0 0 0 148 172 0 0 0 0 0 0 0 0
Deferred Revenue 860.5 876.3 876.9 890.7 733.4 691.9 651.8 583.6 561.8 548.5 503.1 501.0 461.8 449.6 373.9 344.3 345.0 326.9 299.1 290.8 297.8 276.8 278.0 283.3 288.1 275.9 249.7 238.8 246.3 250.9 237.6 248.5 252.3 248.9 240.5 241.5 239.1 231.4 218.3 0 213.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 0 0 0 0 0 0 0 0 (0.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 148.2 0 (1,769.7) (306.5) (304.2) (332.3) (369.4) (253.7) (52.0) (64.2) (56.4) (60.5) (57.2) (58.5) (50.7) (47.2) (269.7) (48.3) (34.5) (30.2) (28.4) (28.5) (30) (24) (171.3) (196.6) (20.7) (16.9) (14.4) (12.5) (10.7) (9.5) (6.9) (4.9)
Total Current Liabilities 2,954.9 2,182.6 3,477.2 2,953.6 2,045.2 1,957.8 2,389.6 2,057.9 1,859.7 2,001.1 1,940.9 1,748.7 2,081.1 1,672.9 2,019.4 1,681.5 1,388.1 1,733.0 2,192.7 1,426.0 1,102.5 1,146.0 1,263.4 1,322.7 1,128.8 1,261.0 1,200.0 1,297.9 809.9 1,060.6 1,197.6 741.7 1,205.5 741.0 976.2 950.5 709.1 702.5 970.9 430.6 842.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non-Current Liabilities
Long-Term Debt 11,166.0 12,047.4 12,045.0 12,196.1 12,791.0 12,244.4 12,237.0 12,224.5 12,217.2 11,215.7 11,202.8 11,183.4 11,162.8 10,159.8 10,139.2 10,121.4 10,303.2 8,521.9 8,513.6 8,541.0 8,540.9 7,463.3 7,573.2 7,083.3 7,084.1 6,393.5 6,394.7 5,842.2 5,843.5 5,270.3 5,271.0 5,614.1 4,720.8 4,714.8 4,503.0 4,475.4 4,430.7 4,136.0 3,913.1 4,047.9 3,792.5 1,238.4 2,762.8 2,746.9 2,826.6 2,829.1 2,502.8 684.5 718.9 709.0 681.8 666.4 614.9 542.0 552.7 274 457.8 427.4 411.6 391.7 369.9 350.5 332.6 128 127.2 309.8 258.9 206.6 192.7 70.8 54.7 55.2 115.3
Deferred Tax Liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 324.1 334.9 372.7 371.5 393.3 419.7 509.7 519.4 484.7 548.8 541.7 573.4 576.6 600.8 545.6 566.4 566.5 496.5 508.8 498.1 166.1 152.3 135.0 19.1 (6.5) 21.9 (20.4) 5.5 (19.1) (11.6) (142.0) (165.6) (175.8) (172.1) (171.6) (166.7) (44.3) (156.8) (124.3) 298.9 (88.9) (1,238.4) (2,762.8) (2,746.9) (2,826.6) (2,829.1) (2,502.8) (684.5) (718.9) (709.0) (681.8) (666.4) (614.9) (542.0) (552.7) (274) (457.8) (427.4) (411.6) (391.7) (369.9) (350.5) (332.6) (128) (127.2) (309.8) (258.9) (206.6) (192.7) (70.8) (54.7) (55.2) (115.3)
Total Non-Current Liabilities 11,848.8 12,742.8 12,779.7 12,931.0 13,555.7 13,171.2 13,395.0 13,123.1 13,083.4 12,147.3 12,129.5 12,143.3 12,144.6 11,167.2 11,093.8 11,100.4 11,275.6 9,453.1 9,393.9 9,411.1 9,349.9 8,238.1 8,312.2 7,677.4 7,658.9 6,963.1 6,894.6 6,330.1 6,315.4 5,509.6 5,494.6 5,820.4 4,882.3 4,879.8 4,664.3 4,640.7 4,713.2 4,270.1 4,030.1 4,346.7 3,941.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Liabilities 14,803.7 14,925.4 16,256.9 15,884.6 15,600.9 15,129.0 15,784.7 15,181.0 14,943.1 14,148.4 14,070.4 13,892.0 14,225.7 12,840.2 13,113.2 12,781.9 12,663.6 11,186.1 11,586.6 10,837.0 10,452.4 9,384.1 9,575.6 9,000.1 8,787.7 8,224.0 8,094.5 7,628.0 7,125.3 6,570.2 6,692.2 6,562.1 6,087.8 5,620.8 5,640.5 5,591.2 5,422.3 4,972.6 5,001.0 4,777.4 4,784.2 3,025.1 3,069.4 3,092.6 3,158.9 3,231.4 2,756.6 775.1 783.1 765.4 742.3 723.6 673.4 592.7 599.9 543.7 506.0 461.8 441.8 420.1 398.4 380.5 356.6 299.3 323.8 330.5 275.8 221 205.1 81.6 64.2 61.9 123.4
Stockholders' Equity
Common Stock 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.6 1.5 1.5 1.5 1.4 1.3 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 1.0 1.0 1.0 0.9 0.9 0.9 0.9 0.8 0.8 0.7 0.5 0.4 0.4 0.4 0.4 0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 0 0 0 0
Retained Earnings 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.8 10.1 8.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2.3) (6.9) (11.1) (16.6) (3.4)
Accumulated Other Comprehensive Income (30.9) (29.4) (32.2) (27.4) (46.2) (46.3) (22.5) (27.7) (23.8) (15.9) (25.0) (16.6) (20.5) (20.8) (24.7) (11.9) (5.7) (7.3) (6.0) (4.5) (5.8) (6.6) (10.6) (13.1) (15.6) (9.7) (11.5) (11.1) (10.7) (10.4) (3.8) (2.5) 1.2 50.0 43.9 22.7 21.5 5.4 (31.7) 8.3 (8.5) (40.4) (27.0) (33.7) (53.0) (79.9) 26.3 (1.4) (9.0) (7.7) (9.5) (9.4) (10.3) (11.7) (9.2) (2.7) (6.4) 1.5 6.7 0 0 (1.3) 0 0 0 0 0 0 0 0 0 0 0
Total Stockholders' Equity 15,734.1 15,470.1 16,639.3 17,175.2 17,464.6 17,889.0 18,217.6 18,258.6 18,412.6 18,471.2 18,627.9 18,797.4 18,884.0 18,972.4 17,616.3 17,139.3 16,930.0 16,189.5 14,723.2 14,191.0 12,990.4 11,725.7 10,701.8 9,431.4 9,322.6 8,865.8 7,790.2 7,629.0 7,566.6 7,342.0 6,872.8 6,460.5 6,194.6 5,949.7 5,407.0 5,157.2 4,952.4 4,895.8 3,910.1 4,021.7 3,865.7 2,498.3 5,427.4 2,323.4 5,245.7 1,962.9 1,490.7 604.6 511.7 507.1 489.5 487.7 485.9 486.6 328.9 335.9 314.1 319.2 324.1 279.5 262.9 262.6 263.5 263.0 226.1 199.8 200.4 199.9 167 166.9 167.3 168.1 38.3
Total Liabilities & Equity 34,167.4 34,081.8 37,375.1 37,623.6 37,600.4 37,527.4 38,488.1 37,847.9 37,699.0 36,771.4 36,783.3 36,659.3 36,912.5 35,523.4 34,368.6 33,244.1 32,844.3 30,219.4 28,558.7 27,018.8 25,234.3 22,827.9 21,910.7 20,069.1 19,701.9 18,390.5 17,058.2 16,039.5 15,480.2 14,465.0 14,105.6 13,562.2 12,821.2 12,104.0 11,545.3 11,245.7 10,868.6 10,354.9 9,293.9 9,144.8 8,971.5 5,565.2 5,468.5 5,457.2 5,286.7 5,235.2 4,307.0 1,379.7 1,294.8 1,272.6 1,231.8 1,211.3 1,159.2 1,079.3 928.8 879.6 820.1 781.0 765.9 699.6 661.3 643.1 620.1 562.3 549.9 530.3 476.2 420.9 372.1 248.5 231.5 230 161.7
Debt Metrics
Total Debt 12,878.6 12,761.1 13,955.5 13,657.5 13,462.2 12,751.5 13,339.9 12,803.3 12,598.7 11,698.5 11,587.8 11,569.9 11,942.5 10,566.5 10,934.9 10,683.9 10,709.1 9,226.6 9,635.1 9,212.9 8,886.0 7,909.0 8,149.2 7,815.0 7,598.3 7,049.3 7,008.3 6,599.8 6,088.1 5,478.3 5,812.0 5,737.5 5,295.9 4,853.0 4,909.4 4,865.9 4,518.3 4,223.5 4,352.0 4,047.9 4,116.5 2,684.4 2,762.8 2,746.9 2,826.6 2,829.1 2,502.8 684.5 718.9 709.0 681.8 666.4 614.9 542.0 552.7 274 460.4 431.3 411.6 391.7 369.9 350.5 332.6 276 299.2 309.8 258.9 206.6 192.7 70.8 54.7 55.2 115.3
Net Debt 12,459.9 12,212.0 13,376.1 13,137.0 12,985.8 12,199.4 12,777.3 12,242.3 11,876.6 11,080.3 11,055.4 10,645.5 10,679.0 9,741.3 10,401.1 10,263.7 9,934.0 8,865.3 9,309.3 8,889.0 8,393.8 7,340.5 7,703.0 7,608.1 7,153.1 6,859.6 6,597.6 6,400.9 5,826.7 5,244.1 5,607.8 5,450.5 5,074.3 4,598.6 4,790.9 4,741.0 4,367.1 4,098.5 4,194.1 3,791.9 3,970.3 2,611.2 2,691.8 2,676.3 2,756.3 2,703.8 2,469.1 681.5 714.5 704.0 677.8 662.7 611.1 538.4 550.0 270.3 454.6 428.5 410.8 390.9 367.9 347.1 330.1 273.1 297.7 308.2 257.7 204.6 191.2 68.7 47.9 33.3 112.5
Metric 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2005 Q3 2005 Q2 2005 Q1 2004 Q2 2004 Q1 2003 Q4 2003 Q3 2003 Q2 2003 Q1 2002 Q4 2002 Q3 2002 Q2 2002 Q1 2001 Q4 2001 Q3 2001 Q2 2000 Q4 2000 Q3 2000 Q2 2000 Q1 1999 Q4 1999 Q3 1999 Q2 1999 Q1 1998 Q4 1998 Q3 1998 Q2 1998 Q1 1997 Q4 1997 Q3 1997 Q2 1997 Q1
Operating Activities
Net Income 398.4 (1,081.8) (197.8) (62.2) 38.7 (16.1) 213.6 94.0 219.2 (42.7) 68.3 133.7 121.7 95.3 383.4 309.4 (117.4) 99.8 124.4 404.5 25.5 457.1 95.8 243.6 30.7 216.1 (36.0) 87.2 136.8 (18.6) 219.4 60.5 141.5 45.6 59.5 41.5 47.6 19.8 28.6 (108.1) 10.0 16.0 16.3 15.0 13.9 15.3 13.4 21.6 12.5 12.1 9.5 10.8 10.2 9.6 8.2 7.5 7.3 7.4 6.5 6.3 5.7 5.1 5.9 5.8 5.3 4.9 5.1 4.8 4.6 4.2 4.1 (11) (0.1)
Depreciation & Amortization 305.4 322.1 333.8 335.9 326.8 314.6 276.7 268.2 257.2 261.6 246.1 248.8 243.7 244.4 231.4 211.4 240.7 239.3 171.8 190.1 180.9 177.8 176.8 168.0 175.5 140.5 135.6 134.4 134.1 125.0 119.6 118.9 114.2 107.7 107.8 104.1 97.2 95.2 77.1 70.2 70.9 15.3 14.7 14.4 10.6 10.5 10.5 10.3 10.2 9.8 9.0 9.0 9.3 8.8 8.5 8.4 7.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.1
Stock-Based Compensation 11.0 8.2 10.3 12.5 10.1 12.5 15.5 14.5 17.1 34.6 16.3 15.5 16.5 11.6 17.8 14.3 14.0 14.3 9.7 12.2 12.4 11.4 13.0 9.2 9.9 10.2 10.9 11.4 11.0 9.8 10.0 8.0 7.2 7.0 7.9 5.5 5.3 6.4 7.5 6.1 5.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (143.5) (109.3) 14.5 17.2 (220.3) (170.6) 31.9 3.8 (65.6) 11.0 10.6 72.6 (92.2) 23.6 3.5 (15.8) (134.0) (54.9) 31.2 (32.0) (39.6) (61.4) 18.7 (10.7) (17.1) (11.2) 17.7 (7.6) (36.0) (12.2) (8.3) (24.4) (10.7) (35.2) (2.1) (16.4) (2.6) (12.9) 13.8 (44.1) 0.6 5.6 (15.1) 1.3 (9.9) (5.5) (5.2) (13.6) 4.5 (5.7) 5.4 (9.9) (4.7) (8.2) 9.8 (2.6) (14.1) (15) (1) (2) (28) 2 (6) (1) 2 (4) (4) (3) (2) (1) (2) (9) 1.9
Other Non-Cash Items (374.7) 1,173.2 272.7 156.8 52.7 133.8 (60.3) 31.2 (86.7) 164.1 76.6 7.9 15.9 26.3 (273.1) (180.3) 187.8 (48.9) (28.3) (335.1) 32.8 (411.3) 10.9 (207.7) (7.8) (177.3) (32.2) (31.9) (32.7) (21.5) (23.2) (26.5) (36.8) (35.5) (23.2) (20.7) (38.7) (21.1) (14.0) (0.5) (10.4) 2.3 1.6 1.0 0.8 (0.8) 0.8 (2.8) (5.0) 1.4 4.6 1.8 1.0 1.0 0.9 0.3 0.9 18.7 9.9 0.3 24.1 7.6 6.5 2.4 6.7 9.2 4.3 0.1 6.1 (3) 2.3 16.1 0.3
Operating Cash Flow 196.6 312.4 433.5 460.2 207.9 274.2 477.4 411.8 341.2 428.6 417.9 478.5 305.6 401.2 363.0 339.0 191.1 249.6 308.8 239.8 212.1 173.6 315.3 202.4 191.3 178.3 197.2 171.6 136.7 156.3 155.8 129.3 128.9 94.0 134.7 114.1 107.5 100.7 119.7 70.3 101.8 39.2 17.5 31.7 15.4 19.5 19.4 15.5 22.3 17.6 28.5 11.6 15.7 11.2 27.4 13.6 1.8 11.1 15.4 4.7 1.8 14.7 6.4 7.2 14 10.1 5.4 1.9 8.7 0.2 4.4 (3.9) 3.2
Investing Activities
Capital Expenditure 0 0 0 0 0 0 0 0 0 (391.3) 0 0 0 0 0 0 0 0 (1,311.9) (1,613.0) (2,310.8) 0 0 0 0 0 (911.7) (632.9) (659.4) (339.2) (485.0) (610.4) (509.6) (306.3) (334.1) (480.1) (433.3) (807.2) (283.2) (186.7) (159.5) (80.0) (81.8) (124.0) (81.5) (24.5) (69.1) (23.1) (23.4) (59.7) (87.3) (36.0) (69.1) (21.1) 0 (60.7) (50.1) (17.8) (46.5) (37.9) (16.8) (39.1) (43.5) (14.3) (12.9) (50.1) (26.2) (44) (120.5) (19) (14.8) (52.5) (1.3)
Acquisitions 18.1 33.3 0.3 (0.1) (11.0) 3.0 (0.3) (0.5) (3.2) (0.2) (0.2) (0.2) (0.1) (0.2) (0.9) (0.0) 0.1 382.0 (0.0) (0.7) (9.0) (0.2) (0.4) (0.3) 17.6 (2.1) (4.0) (43.3) (52.6) (38.5) 35.6 (22.2) (58.2) (77.9) 38.5 (0.2) 0 (4.6) (1.0) (5.5) (0.4) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (619.9) (386.2) (64.3) (51.3) (69.3) (50.8) (62.9) (62.1) (60.6) (33.1) (52.5) (56.4) (47.4) (56.2) (46.6) (75.8) (64.2) (89.5) (85.6) (156.2) (77.3) (58.3) (40.4) (44.9) (31.1) (56.9) (29.0) (55.9) (49.0) (61.7) (55.4) (68.5) (50.3) (43.7) (47.0) (37.2) (44.0) (33.9) (16.0) (30.3) (22.1) (1.1) 0.5 (0.9) (2.0) (1.4) 0 0 0 0 0 (3.1) 0 0 0 2.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 35 2,185.8 34.9 29.4 12.7 32.2 55.8 45.5 40.5 34.1 40.0 60.0 49.4 48.7 59.4 45.4 44.8 146.1 116.0 105.0 57.6 37.5 35.2 37.6 30.9 44.1 35.1 23.3 26.7 46.3 12.6 16.9 27.8 11.6 6.3 6.9 5.7 3.7 13.8 10.6 10.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities 0.1 0 (378.8) (352.9) (587.2) 461.9 (481.1) (556.5) (871.6) (390.9) (663.7) (397.7) (1,041.5) (1,352.1) (636.3) (576.9) (2,469.5) (2,112.5) (1,327.4) (1,646.7) (2,409.1) (392.2) (1,462.3) (555.9) (851.1) (1,275.6) 10.9 (9) (734.3) (4.5) (3) 13.3 (7.8) (8) 4.2 (2.8) 3.2 60.7 (54.9) 9.0 (171.1) 1.2 0 0 0 5.5 7.4 26.2 (2.8) 4.7 (2.3) 0 (4.7) (4.2) (41.8) 0 (5.7) (3.5) (10.1) 0 0 14.1 (14.1) 0 0 27.7 (27.7) 0.1 (6.1) 2.6 (2.6) 0 0
Investing Cash Flow (566.7) 1,833.0 (407.9) (374.9) (654.8) 446.3 (488.5) (573.6) (894.9) (390.1) (676.5) (394.4) (1,039.7) (1,359.8) (624.4) (607.4) (2,488.8) (1,673.9) (1,296.9) (1,698.6) (2,437.9) (413.1) (1,468.0) (563.5) (833.6) (1,290.5) (898.6) (717.9) (734.3) (397.6) (495.2) (670.9) (598.0) (424.4) (332.0) (513.4) (468.4) (781.3) (341.3) (202.8) (171.1) (79.9) (81.3) (124.8) (83.5) (20.4) (61.7) 3.2 (26.3) (55.0) (89.6) (39.1) (73.8) (25.3) (41.8) (57.9) (55.8) (21.3) (56.5) (37.9) (16.8) (25) (57.6) (14.3) (12.9) (22.4) (53.9) (43.9) (126.6) (16.4) (17.4) (52.5) (1.3)
Financing Activities
Net Debt Issuance 479.5 (1,196.5) 295.8 203.2 849.4 (449.9) 264.8 204.8 909.0 110.4 17.0 (356.9) 1,385.6 (368.5) 252.2 (37.4) 1,527.5 (470.9) 449.1 299.2 978.3 (262.2) 306.5 217.4 535.1 39.3 394.4 512.5 344.9 (206.7) 69.7 410.2 445.0 (50.3) 40.4 343.4 269.0 (388.7) 209.7 30.9 154.3 (36.0) 79.0 20.5 (43.9) 9.9 53.7 (7.9) 15.5 48.2 73.0 (36.9) 58.9 (47.8) 3.8 68.2 41.0 19.7 10.0 21.0 20.3 18.1 56.6 (23.1) (22.7) 18.2 188.5 (122.3) 121.8 16.1 (0.4) (60.1) 2.1
Stock Repurchased 0 0 0 0 (208.2) (50.1) (18.7) (3.1) (24.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.1) (14.0) 0 0 0 0 0 (130.3) (17.9) (108.2) (39.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Dividends Paid (123.8) (227.0) (227.2) (227.2) (230.0) (227.2) (227.4) (222.1) (221.8) (214.5) (214.6) (209.3) (209.1) (193.6) (192.6) (187.7) (183.8) (173.6) (170.6) (160.8) (151.0) (143.0) (133.7) (130.0) (126.3) (115.6) (114.5) (110.6) (110.5) (101.3) (98.9) (93.3) (92.4) (83.6) (81.8) (79.0) (77.3) (67.3) (67.8) (64.9) (62.7) (18.5) (18.0) (17.0) (13.9) (13.4) (13.0) (12.4) (12.3) (11.7) (11.7) (10.7) (10.5) (8.4) (8.4) (8.4) (8.4) (7.6) (7.1) (6.8) (6.8) (6.9) (6.2) (5.5) (5) (5.1) (5) (4.5) (4.6) (4.5) (1.5) (0.9) (3)
Other Financing Activities (115.8) (754.4) (37.8) (16.7) (40.4) (38.6) 6.2 16.5 (38.8) 55.4 64.0 144.0 (1.7) 12.2 351.0 141.4 762.6 1,347.5 735.5 274.6 (62.7) 254.6 (86.2) 25.9 (23.4) (2.8) 486.5 (18.9) 406.5 5.9 (15.9) (12.6) (0.6) 559.4 (5.3) (3.9) (2.8) 147.7 (17.7) 276.8 (0.7) 0 0 0 124.2 0 (0.0) 0.0 0 0 0 (6) 6 0 0 0 0 0 0 17.8 0 (36.9) (0.1) 36.8 0.2 0 (136.3) 169.4 0.1 (0.1) 0.1 136.5 0.1
Financing Cash Flow 239.9 (2,178.0) 30.8 (40.7) 370.8 (738.7) 24.9 (4.0) 624.4 55.2 (133.6) (422.3) 1,174.8 950.7 610.1 (83.7) 2,752.6 1,473.6 998.7 1,281.8 2,162.3 351.6 1,395.8 113.3 889.7 901.8 916.5 468.4 640.8 280.6 251.3 605.2 451.3 460.5 199.1 372.1 388.7 647.8 124.2 242.8 90.8 42.9 62.4 93.8 66.8 0.2 44.1 (19.4) 4.3 37.2 61.4 28.1 56.0 16.7 14.0 43.4 51.8 12.3 41.2 32.0 13.5 11.3 50.8 8.5 (1.2) 12.5 47.7 42.6 117.3 11.5 (2.1) 75.5 (0.8)
Cash Position
Net Change in Cash (130.4) (30.4) 56.2 44.2 (76.1) (19.8) 13.8 (165.8) 70.9 93.1 (392.6) (338.1) 440.4 (8.2) 348.5 (352.5) 454.9 47.2 10.5 (176.8) (63.3) 112.7 243.5 (246.8) 245.7 (210.3) 214.7 (77.6) 43.7 38.2 (88.0) 62.9 (18.2) 135.8 (6.3) (26.3) 26.2 (32.9) (98.1) 109.8 21.1 2.2 (1.4) 0.6 (1.3) (0.6) 1.8 (0.8) 0.3 (0.1) 0.2 0.7 (2.1) 2.6 (0.3) (0.9) (2.1) 2.0 0.0 (1.2) (1.5) 0.9 (0.4) 1.4 (0.1) 0.4 (0.8) 0.5 (0.6) (4.7) (15.1) 19.1 1.1
Cash at Beginning 553.8 584.2 527.9 483.8 559.8 579.6 565.9 731.7 660.8 567.7 960.3 1,298.4 858.0 866.2 517.7 870.2 415.2 368.1 357.6 534.4 597.7 485.0 241.5 488.4 242.7 453.0 238.2 315.8 272.1 233.9 321.8 259.0 277.2 118.6 124.9 151.2 125.0 157.9 256 146.2 125.1 2.4 3.8 3.2 4.4 5.0 3.2 4.0 3.7 3.8 3.6 2.9 5.0 2.4 2.7 3.7 5.8 0.8 0.7 2.0 3.4 2.5 2.9 1.5 1.6 1.2 2 1.5 2.1 6.8 21.9 2.8 1.7
Cash at End 423.4 553.8 584.2 527.9 483.8 559.8 579.6 565.9 731.7 660.8 567.7 960.3 1,298.4 858.0 866.2 517.7 870.2 415.2 368.1 357.6 534.4 597.7 485.0 241.5 488.4 242.7 453.0 238.2 315.8 272.1 233.9 321.8 259.0 254.4 118.6 124.9 151.2 125.0 157.9 256 146.2 4.6 2.4 3.8 3.0 4.4 5.0 3.2 4.0 3.7 3.8 3.6 2.9 5.0 2.4 2.7 3.7 2.8 0.8 0.7 2.0 3.4 2.5 2.9 1.5 1.6 1.2 2 1.5 2.1 6.8 21.9 2.8
Free Cash Flow 196.6 312.4 433.5 460.2 207.9 274.2 477.4 411.8 341.2 37.3 417.9 478.5 305.6 401.2 363.0 339.0 191.1 249.6 (1,003.1) (1,373.2) (2,098.7) 173.6 315.3 202.4 191.3 178.3 (714.5) (461.3) (522.7) (183.0) (329.2) (481.0) (380.6) (212.3) (199.4) (366.0) (325.8) (706.5) (163.4) (116.3) (57.7) (40.8) (64.3) (92.3) (66.1) (5.0) (49.7) (7.6) (1.1) (42.1) (58.8) (24.3) (53.4) (9.9) 27.4 (47.1) (48.2) (6.8) (31.1) (33.2) (15.0) (24.4) (37.1) (7.1) 1.1 (40) (20.8) (42.1) (111.8) (18.8) (10.4) (56.4) 1.9
Key Metrics 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 2024 Q2 2024 Q1 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2019 Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 2011 Q2 2011 Q1 2010 Q4 2010 Q3 2010 Q2 2010 Q1 2009 Q4 2009 Q3 2009 Q2 2009 Q1 2008 Q4 2008 Q3 2008 Q2 2008 Q1 2007 Q4 2007 Q3 2007 Q2 2007 Q1 2006 Q4 2006 Q3 2006 Q2 2006 Q1 2005 Q4 2005 Q3 2005 Q2 2005 Q1 2004 Q4 2004 Q3 2004 Q2 2004 Q1 2003 Q4 2003 Q2 2002 Q4 2002 Q2 2001 Q4 2001 Q2 2001 Q1 2000 Q4 2000 Q3 2000 Q2 2000 Q1
Income Statement
Revenue 671.0 754.4 735.8 737.3 743.2 763.2 775.7 755.2 755.6 742.6 707.5 704.3 687.9 665.7 656.9 641.0 612.6 574.7 550.9 508.4 478.7 461.3 543.4 435.9 437.6 404.7 390.5 373.9 358.8 340.5 341.8 325.0 320.1 298.8 283.7 273.1 268.9 245.6 225.3 215.8 211.1 213.4 212.0 201.7 192.6 188.7 185.6 176.4 176.2 168.8 158.6 154.2 150.4 154.2 128.4 136.2 128.7 126.4 129.2 127.4 120.0 157.8 105.5 98.2 98.9 83.7 114.6 111.6 112.6 106.5 95.3 92.3 87.7 84.0 80.2 76.0 77.1 71.4 66.2 54.2 53.7 52.7 50.6 47.0 44.8 42.1 39.9 36.6 36.1 32.6 33.5 30.4 29.1 26.1 23.5 23.6 22.4 21.4 18.9 18.4
Gross Profit 446.9 521.9 496.6 512.8 516.8 522.8 542.5 537.9 537.2 519.9 489.8 492.5 481.0 461.3 455.7 444.7 431.2 398.9 384.9 364.4 340.8 324.6 403.0 311.9 308.5 282.9 274.0 268.2 257.3 242.8 242.1 233.1 228.4 210.8 200.3 196.1 191.8 172.4 153.3 148.5 145.3 144.5 143.1 139.4 131.3 131.8 128.2 124.0 123.7 118.9 110.9 107.9 105.2 107.5 83.7 91.7 85.3 (42.2) 86.5 86.7 78.9 25.5 71.8 67.9 67.3 (141.8) 83.8 82.6 79.9 (8.0) 65.6 64.7 59.4 (15.2) 54.7 53.2 53.0 71.4 66.2 54.2 53.7 52.7 50.6 47.0 44.8 42.1 39.9 36.6 36.1 32.6 33.5 30.4 29.1 26.1 23.5 23.6 22.4 21.4 18.9 18.4
Operating Income 106.8 (1,611.1) 127.2 137.6 144.0 160.0 204.5 202.6 202.6 175.4 174.5 173.1 167.5 153.8 150.8 159.2 149.6 118.0 346.9 136.5 125.9 114.1 189.2 112.1 101.0 112.6 (1.0) 121.6 168.3 15.6 255.9 92.8 172.5 75.5 84.8 66.0 71.5 46.5 35.3 (86.6) 30.8 70.2 33.6 36.0 47.8 14.8 36.9 36.8 38.6 60.9 31.9 30.8 29.4 35.7 34.6 42.7 48.3 49.1 46.3 49.9 49.5 108.2 45.7 5.6 45.4 48.4 46.4 60.8 60.6 47.0 48.5 46.2 59.9 49.0 46.8 43.9 42.3 41.7 38.0 33.5 31.6 29.6 29.2 27.5 26.3 23.9 22.1 20.8 22.0 19.9 19.1 14.8 17.1 15.8 14.2 14.7 7.2 7.1 6.0 5.6
Net Income 398.4 (1,081.8) (232.8) (107.0) (8.9) (62.2) 167.9 46.7 170.5 (88.4) 24.3 89.9 77.9 54.3 344.7 272.2 (149.6) 74.9 103.1 385.1 8.1 441.5 81.1 229.7 18.8 202.4 (47.2) 78.8 129.2 (24.7) 213.6 54.7 135.6 39.4 53.8 34.2 41.7 15.3 24.5 (111.6) 5.9 42.0 39.5 38.2 24.5 (7.4) 34.6 34.8 39.6 43.1 31.5 32.4 29.3 27.8 17.5 24.8 32.1 34.3 32.0 33.4 31.7 91.1 29.5 (13.2) 27.9 29.0 25.5 39.8 40.4 28.2 26.7 26.8 36.2 25.0 22.9 24.0 21.8 20.5 19.0 17.2 16.8 16.2 16.0 16.3 15.0 15.5 15.5 13.9 15.3 13.4 12.5 9.5 10.2 8.2 7.3 7.3 7.4 6.5 6.3 5.7
EPS (Diluted) 2.10 -6.35 -1.38 -0.64 -0.07 -0.38 0.96 0.25 0.97 2.29 0.13 0.10 0.19 0.47 2.13 1.69 -0.95 0.47 0.67 2.61 0.04 3.26 0.63 1.82 0.14 1.74 -0.42 0.68 1.11 -0.23 1.99 0.51 1.32 0.39 0.55 0.35 0.29 0.17 0.07 -1.50 -0.05 0.58 0.46 0.44 0.25 -0.10 0.39 0.39 0.46 0.51 0.35 0.38 0.36 0.33 0.17 0.29 0.30 1.12 0.40 0.44 0.44 3.31 0.45 -0.29 0.47 1.33 0.47 0.82 1.01 1.73 0.61 0.61 1.03 1.57 0.68 0.73 0.52 1.40 0.56 0.57 0.56 1.42 0.56 0.58 0.55 1.57 0.58 0.50 0.78 1.36 0.54 0.99 0.59 0.98 0.39 0.41 0.94 0.38 0.38 0.35
Balance Sheet
Cash & Equivalents 418.7 549.1 579.5 520.5 476.4 552.1 562.6 561.0 722.2 618.2 532.4 924.4 1,263.5 825.2 533.8 420.3 775.1 361.3 325.9 323.9 492.2 568.5 446.3 206.9 445.3 189.7 410.7 198.9 261.4 234.2 204.2 287.0 221.6 254.4 118.6 124.9 151.2 125.0 157.9 256 146.2 73.3 71.0 70.6 70.3 125.3 33.7 3.0 4.4 5.0 4.0 3.7 3.8 3.6 2.7 3.7 5.8 2.8 0.8 0.7 2.0 3.4 2.5 2.9 1.5 1.6 1.2 2 1.5 2.1 6.8 21.9 2.8
Total Assets 34,167.4 34,081.8 37,375.1 37,623.6 37,600.4 37,527.4 38,488.1 37,847.9 37,699.0 36,771.4 36,783.3 36,659.3 36,912.5 35,523.4 34,368.6 33,244.1 32,844.3 30,219.4 28,558.7 27,018.8 25,234.3 22,827.9 21,910.7 20,069.1 19,701.9 18,390.5 17,058.2 16,039.5 15,480.2 14,465.0 14,105.6 13,562.2 12,821.2 12,104.0 11,545.3 11,245.7 10,868.6 10,354.9 9,293.9 9,144.8 8,971.5 5,565.2 5,468.5 5,457.2 5,286.7 5,235.2 4,307.0 1,379.7 1,294.8 1,272.6 1,231.8 1,211.3 1,159.2 1,079.3 928.8 879.6 820.1 781.0 765.9 699.6 661.3 643.1 620.1 562.3 549.9 530.3 476.2 420.9 372.1 248.5 231.5 230 161.7
Total Debt 12,878.6 12,761.1 13,955.5 13,657.5 13,462.2 12,751.5 13,339.9 12,803.3 12,598.7 11,698.5 11,587.8 11,569.9 11,942.5 10,566.5 10,934.9 10,683.9 10,709.1 9,226.6 9,635.1 9,212.9 8,886.0 7,909.0 8,149.2 7,815.0 7,598.3 7,049.3 7,008.3 6,599.8 6,088.1 5,478.3 5,812.0 5,737.5 5,295.9 4,853.0 4,909.4 4,865.9 4,518.3 4,223.5 4,352.0 4,047.9 4,116.5 2,684.4 2,762.8 2,746.9 2,826.6 2,829.1 2,502.8 684.5 718.9 709.0 681.8 666.4 614.9 542.0 552.7 274 460.4 431.3 411.6 391.7 369.9 350.5 332.6 276 299.2 309.8 258.9 206.6 192.7 70.8 54.7 55.2 115.3
Stockholders' Equity 15,734.1 15,470.1 16,639.3 17,175.2 17,464.6 17,889.0 18,217.6 18,258.6 18,412.6 18,471.2 18,627.9 18,797.4 18,884.0 18,972.4 17,616.3 17,139.3 16,930.0 16,189.5 14,723.2 14,191.0 12,990.4 11,725.7 10,701.8 9,431.4 9,322.6 8,865.8 7,790.2 7,629.0 7,566.6 7,342.0 6,872.8 6,460.5 6,194.6 5,949.7 5,407.0 5,157.2 4,952.4 4,895.8 3,910.1 4,021.7 3,865.7 2,498.3 5,427.4 2,323.4 5,245.7 1,962.9 1,490.7 604.6 511.7 507.1 489.5 487.7 485.9 486.6 328.9 335.9 314.1 319.2 324.1 279.5 262.9 262.6 263.5 263.0 226.1 199.8 200.4 199.9 167 166.9 167.3 168.1 38.3
Cash Flow
Operating Cash Flow 196.6 312.4 433.5 460.2 207.9 274.2 477.4 411.8 341.2 428.6 417.9 478.5 305.6 401.2 363.0 339.0 191.1 249.6 308.8 239.8 212.1 173.6 315.3 202.4 191.3 178.3 197.2 171.6 136.7 156.3 155.8 129.3 128.9 94.0 134.7 114.1 107.5 100.7 119.7 70.3 101.8 39.2 17.5 31.7 15.4 19.5 19.4 15.5 22.3 17.6 28.5 11.6 15.7 11.2 27.4 13.6 1.8 11.1 15.4 4.7 1.8 14.7 6.4 7.2 14 10.1 5.4 1.9 8.7 0.2 4.4 (3.9) 3.2
Capital Expenditure 0 0 0 0 0 0 0 0 0 (391.3) 0 0 0 0 0 0 0 0 (1,311.9) (1,613.0) (2,310.8) 0 0 0 0 0 (911.7) (632.9) (659.4) (339.2) (485.0) (610.4) (509.6) (306.3) (334.1) (480.1) (433.3) (807.2) (283.2) (186.7) (159.5) (80.0) (81.8) (124.0) (81.5) (24.5) (69.1) (23.1) (23.4) (59.7) (87.3) (36.0) (69.1) (21.1) 0 (60.7) (50.1) (17.8) (46.5) (37.9) (16.8) (39.1) (43.5) (14.3) (12.9) (50.1) (26.2) (44) (120.5) (19) (14.8) (52.5) (1.3)
Free Cash Flow 196.6 312.4 433.5 460.2 207.9 274.2 477.4 411.8 341.2 37.3 417.9 478.5 305.6 401.2 363.0 339.0 191.1 249.6 (1,003.1) (1,373.2) (2,098.7) 173.6 315.3 202.4 191.3 178.3 (714.5) (461.3) (522.7) (183.0) (329.2) (481.0) (380.6) (212.3) (199.4) (366.0) (325.8) (706.5) (163.4) (116.3) (57.7) (40.8) (64.3) (92.3) (66.1) (5.0) (49.7) (7.6) (1.1) (42.1) (58.8) (24.3) (53.4) (9.9) 27.4 (47.1) (48.2) (6.8) (31.1) (33.2) (15.0) (24.4) (37.1) (7.1) 1.1 (40) (20.8) (42.1) (111.8) (18.8) (10.4) (56.4) 1.9