GDS Holdings Limited logo GDS - GDS Holdings Limited

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
1
BUY 17
HOLD 2
SELL 0
STRONG
SELL
0
| PRICE TARGET: $55.63 DETAILS
HIGH: $67.50
LOW: $36.00
MEDIAN: $59.50
CONSENSUS: $55.63
UPSIDE: 58.85%
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
Revenue
Revenue 3,346.7 2,881.4 2,887.1 2,900.3 2,723.2 2,690.7 2,965.7 2,826.4 2,627.4 2,556.5 2,519.0 2,472.0 2,409.0 2,404.0 2,367.6 2,310.4 2,243.6 2,187.4 2,061.4 1,863.9 1,706.0 1,631.6 1,524.7 1,342.2 1,240.4 1,179.2 1,066.2 985.2 891.8 829.5 762.8 637.5 562.2 505.5 424.4 336.2 350.0 311.7 297.2 236.0 211.1 209.1 189.8 155.3 152.4
Cost of Revenue 2,271.9 2,334.7 2,247.9 2,211.4 2,078.3 2,112.5 2,308.8 2,188.5 2,053.7 2,124.2 2,071.6 1,921.0 1,917.3 1,916 1,874.8 1,841.8 1,757.2 1,700.1 1,606.0 1,424.0 1,309.1 1,201.6 1,115.8 981.1 890.1 884.5 792.0 723.4 679.8 639.4 591.0 500.0 439.3 387.3 321.7 254.9 243.8 235.7 222.5 175.1 156.9 154.6 138.9 113.7 110.8
Gross Profit 1,074.9 546.6 639.2 688.9 644.8 578.1 656.9 637.8 573.7 432.3 447.4 551.0 491.7 488.0 492.8 468.6 486.4 487.3 455.4 439.9 396.9 430.0 409.0 361.1 350.3 294.7 274.2 261.8 212.0 190.1 171.9 137.5 122.9 118.2 102.7 81.4 106.2 75.9 74.6 60.9 54.2 54.5 50.8 41.6 41.6
Operating Expenses
R&D Expenses 9.5 7.6 8.3 8.8 7.9 6.9 8.6 10.9 10.0 12.8 10.5 5.0 9.8 10.0 6.7 9.4 9.8 12.4 9.0 8.6 9.3 10.0 11.0 10.2 8.7 6.6 6.2 4.2 4.6 4.7 3.3 3.2 2.7 2.5 2.1 1.2 1.5 2.2 2.2 2.8 2.0 1.5 0.8 0.7 0.6
SG&A Expenses 162.9 180.7 268.6 265.5 271.7 289.6 328.0 311.3 344.5 344.3 356.2 301.7 327.3 329.0 339.1 326.1 341.3 322.8 296.6 284.4 266.8 265.1 238.6 186.4 147.3 160.6 138.1 124.5 118.1 122.9 118.6 108.9 89.8 90.9 86.8 71.2 70.0 72.5 60.4 123.8 42.2 51.1 52.9 43.8 41.2
Other Expenses 0 0.0 0 0 0 0 0 0 0 (54.0) 0 0 0 0 0 0 0 0 0 0 0 0 0 (1.6) 0 0 0 0 0 0 0 0 (0.1) 0.8 0.9 0 0 0 0.5 0.5 0 (2.4) 0 0 0
Operating Expenses 172.4 188.4 276.8 274.3 279.6 296.5 336.7 322.2 354.4 272.6 366.8 306.8 337.1 339.0 345.8 335.5 351.0 335.3 305.6 293.0 276.1 275.1 249.6 184.1 156.1 167.2 144.3 128.7 122.8 127.7 121.9 112.1 91.8 93.4 88.9 72.4 71.5 74.7 62.6 126.6 44.2 48.7 53.7 42.4 38.4
Operating Income
Operating Income 902.5 358.3 362.4 414.6 365.2 296.9 320.3 315.6 219.2 (2,938.2) 80.7 244.2 154.6 136.3 147.0 133.1 135.4 152.0 149.8 146.9 120.8 154.9 159.3 164.4 194.2 127.6 129.9 133.1 89.2 62.5 50.0 25.5 30.5 24.8 13.8 8.9 34.7 1.3 12.1 (65.7) 10.0 1.9 (2.8) (2.9) (0.2)
Interest Expense 377.5 407.2 52.5 405.0 441.5 63.8 535.0 505.2 503.5 62.3 503.2 469.5 484.4 476.8 444.3 470.8 453.5 442.8 392.1 411.7 357.7 386.7 339.2 300.6 260.9 233.6 241.0 221.9 219.1 202.5 182.2 137.3 118.7 136.3 105.7 85.8 78.6 83.5 69.4 57.3 53.0 36.8 29.6 0 0
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 3.7 0 0 0 0 0 0 0 0 1.4 0 29.9 30.2
Profitability
EBITDA 1,731.1 1,231.3 1,223.3 1,281.8 2,289.5 1,172.6 1,205.2 1,207.5 1,076.0 (1,784.9) 989.4 1,143.5 1,016.7 1,341.7 967.4 945.9 934.0 891.2 858.5 784.0 698.5 633.3 620.5 554.6 503.6 447.0 429.3 402.2 350.5 296.4 259.8 192.2 167.9 136.1 118.6 87.4 112.0 19.1 74.7 (15.6) 53.9 48.8 36.0 29.1 31.8
EBIT 902.5 358.3 362.4 425.2 1,433.0 461.6 293.9 333.3 220.9 (2,809.3) 103.3 269.4 173.4 419.4 172.0 154.4 152.2 152.0 160.6 164.4 138.3 154.9 169.7 164.4 184.5 127.6 131.7 133.1 96.5 62.5 50.0 37.1 27.9 24.8 13.1 8.9 34.8 1.3 15.2 (59.6) 9.3 1.9 3.6 (2.9) (0.2)
Income Before Tax 2,744.1 (433.4) 910.5 (5.7) 963.8 (139.3) (241.1) (171.9) (282.5) (3,389.2) (399.9) (200.0) (311.0) (99.9) (272.3) (316.5) (301.3) (250.6) (231.5) (247.3) (219.4) (227.9) (169.6) (74.7) (76.3) (100.2) (109.3) (94.4) (122.6) (136.7) (115.6) (100.1) (87.2) (117.6) (92.7) (77.1) (45.7) (69.9) (54.2) (117.0) (43.7) (30.7) (26.0) (30.7) (27.0)
Income Tax Expense 108.0 23.0 181.9 64.9 199.7 34.1 (10.0) 59.9 62.4 (224.6) 20.9 25.3 163.6 78.0 67.4 58.8 72.0 62.3 69.6 51.2 59.3 43.6 35.1 26.4 15.7 3.5 (0.7) (1.2) 14.0 (13.8) 3.8 1.9 (1.3) (1.0) (2.3) (1.3) (1.4) (0.2) (1.6) (1.5) (4.9) (2.5) (2.9) (3.7) (3.3)
Net Income 2,632.7 (460.6) 726.0 (72.3) 763.0 4,189.3 (192.3) (225.7) (345.8) (3,166.0) (421.2) (226.6) (474.6) (177.9) (339.7) (375.3) (373.3) (315.9) (325.1) (296.3) (276.7) (269.9) (203.4) (101.0) (92.0) (103.7) (108.6) (93.2) (136.6) (122.9) (119.4) (102.1) (85.9) (116.5) (90.3) (75.7) (44.3) (69.6) (52.6) (115.4) (38.8) (28.2) (23.1) (27.0) (53.1)
Per Share Data
EPS (Basic) 13.44 -2.48 3.68 -0.46 3.92 -8.16 -1.12 -1.30 -1.96 -17.30 -2.37 -1.31 -2.67 -1.06 -1.93 -2.12 -2.08 -1.92 -1.85 -1.79 -1.66 -1.70 -1.42 -0.77 -0.71 -0.82 -0.87 -0.76 -1.21 -0.98 -0.96 -0.82 -0.71 -1.09 -0.95 -0.80 -0.47 -1.04 -0.56 -2.40 -0.80 -0.58 -0.48 -7.92 -15.60
EPS (Diluted) 10.24 -2.48 2.88 -0.38 3.44 -0.96 -1.04 -1.30 -1.96 -17.30 -2.37 -1.31 -2.67 -1.06 -1.93 -2.12 -2.08 -1.92 -1.85 -1.79 -1.66 -1.70 -1.42 -0.77 -0.71 -0.82 -0.87 -0.76 -1.21 -0.98 -0.96 -0.82 -0.71 -1.09 -0.95 -0.80 -0.47 -1.04 -0.56 -2.40 -0.80 -0.58 -0.48 -7.92 -15.60
Shares Outstanding 194.3 194.3 226.9 185.5 185.5 515.8 173.4 173.4 176.9 183.0 177.7 173.2 178.6 170.5 176.5 177.0 182.6 176.1 175.3 174.4 173.4 165.4 147.8 131.4 129.1 126.4 125.4 122.5 113.0 125.1 124.7 124.1 121.2 106.9 95.2 95.1 95.0 67.5 93.2 48.3 48.3 48.3 48.3 3.4 3.4
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
Current Assets
Cash & Cash Equivalents 14,767.1 14,315.1 13,443.7 13,123.8 7,575.7 7,867.7 9,408.5 9,907.8 7,641.4 7,354.8 7,524.9 8,184.8 10,241.3 8,608.1 9,092.4 9,159.2 11,320.9 9,968.1 10,103.6 12,326.9 14,914.1 16,259.5 6,004.5 7,742.1 3,611.1 5,810.9 5,752.8 5,730.6 6,001.2 2,161.6 3,491.7 4,451.0 2,978.6 1,873.4 1,174.1 1,466.0 1,527.3 1,811.3 798.7 834.5 (924.5)
Short-Term Investments 0 667.7 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 0 0 0 0 0 1,849.0
Net Receivables 3,236.2 3,030.9 2,868.2 3,185.7 3,280.9 3,262.5 4,004.7 3,595.4 3,215.2 2,493.1 2,883.7 2,935.3 3,051.9 2,406.0 2,840.7 3,066.1 2,556.8 1,732.7 2,053.6 2,271.6 1,981.5 1,480.3 1,693.5 1,388.5 1,333.6 880.0 952.2 855.2 713.6 536.8 625.1 531.5 469.2 364.7 306.3 308.1 261.0 198.9 190.0 170.1 0
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 250.8 0 0 0 115.2 89.7 0 0 64.9 0 0 71.8 103.6 107.7 0 0 126.7 0 49.5 0
Other Current Assets 5,491.4 554.7 254.1 1,628.9 1,469.6 482.9 882.4 803.3 261.5 1,135.8 173.4 171.4 169.2 750.1 0 0 0 2,560.3 0 0 0 415.0 0 383.1 0 312.9 371.3 0 0 274.1 0 0 201.5 165.6 176.0 0 0 149.8 0 137.5 0
Total Current Assets 23,494.8 18,559.3 17,260.8 17,938.4 12,326.2 11,613.1 14,295.6 14,306.5 12,102.7 10,983.7 11,255.4 12,180.3 14,417.9 11,951.1 12,584.1 12,975.2 14,511.8 14,463.9 12,671.4 15,123.9 17,348.5 18,318.8 8,115.5 9,618.1 5,292.0 7,084.7 7,166.0 7,051.5 7,131.4 3,037.4 4,459.9 5,322.4 3,710.3 2,454.0 1,711.0 2,003.0 2,004.5 2,210.3 1,256.2 1,183.2 924.5
Non-Current Assets
Property, Plant & Equipment 42,526.2 42,912.8 44,300.7 44,510.1 44,054.4 45,397.5 57,381.4 54,332.6 53,224.2 52,935.8 54,986.3 54,305.2 53,228.8 52,550.6 51,671.6 50,532.3 49,055.5 44,653.7 41,180.6 37,763.0 34,481.6 32,655.8 29,801.9 26,452.2 22,046.5 19,981.3 16,759.7 16,018.8 15,128.3 13,994.9 12,581.6 11,441.9 8,817.8 8,165.6 6,368.8 5,631.5 4,595.4 4,322.9 3,949.4 3,591.5 0
Goodwill 0 5,187.7 0 5,640.3 6,092.4 0 0 7,660.4 0 7,076.5 0 0 0 8,124.2 8,182.7 8,241.5 8,300.3 8,359.1 6,822.6 6,207.0 3,353.0 3,381.7 2,957.6 2,409.3 2,287.5 2,300.5 1,752.0 0 0 1,752.0 0 0 1,570.8 1,570.8 1,497.8 0 0 1,341.1 0 1,341.1 0
Intangible Assets 5,402.0 289.5 5,602.1 16.4 21.6 6,389.3 7,629.4 22.1 7,735.4 710.9 7,968.1 8,049.8 8,128.8 23.0 23.2 23.3 23.5 635.0 652.8 658.3 674.6 678.2 713.6 1,305.7 754.8 747.2 1,169.1 2,160.9 2,175.4 1,239.4 2,249.8 2,265.0 365.1 374.7 285.6 1,764.4 1,429.4 119.4 1,437.9 128.1 0
Long-Term Investments 9,302.6 10,058.7 8,347.9 7,992.3 7,914.6 7,544.6 0 0 0 1,399.8 0 0 0 0 0 0 0 (186.5) 0 0 0 (146.1) 0 1,129.4 0 (72.9) 627.7 0 0 (37.0) 0 0 376.5 (14.3) 353.5 0 0 (12.6) 0 0 0
Other Non-Current Assets 3,094.9 3,054.1 3,097.5 3,101.6 3,048.8 2,704.2 3,035.8 2,843.8 2,651.7 1,050.1 2,632.4 2,519.3 2,358.4 1,936.1 2,414.4 2,243.4 3,774.4 3,520.8 3,105.5 2,704.1 2,454.4 2,224.3 2,058.9 557.3 1,523.6 1,378.8 473.8 1,733.2 1,705.6 1,618.4 925.8 831.1 260.8 605.7 21.2 353.9 270.9 237.0 118.1 79.5 (924.5)
Total Non-Current Assets 60,325.7 61,490.2 61,348.2 61,260.6 61,131.7 62,035.6 68,046.7 64,859.0 63,611.3 63,463.0 65,586.9 64,874.2 63,716.0 62,862.9 62,291.8 61,040.5 61,153.6 57,168.6 51,761.5 47,332.4 40,963.7 38,940.0 35,531.9 31,990.8 26,612.4 24,407.8 20,837.6 19,913.0 19,009.3 17,847.8 15,757.2 14,538.1 11,424.9 10,690.5 8,543.3 7,749.8 6,295.8 5,993.6 5,505.4 5,150.8 (924.5)
Total Assets 83,820.5 80,049.4 78,609.0 79,199.1 73,457.9 73,648.6 82,342.3 79,165.4 75,714.0 74,446.7 76,842.3 77,054.6 78,133.9 74,814.0 74,875.9 74,015.7 75,665.4 71,632.4 64,433.0 62,456.4 58,312.1 57,258.8 43,544.9 41,608.8 31,904.4 31,492.5 28,003.6 26,964.5 26,140.7 20,885.2 20,217.1 19,860.4 15,135.1 13,144.6 10,254.3 9,752.7 8,300.2 8,203.9 6,761.6 6,334.1 0
Current Liabilities
Account Payables 1,904.8 1,933.4 1,915.2 2,691.4 2,049.7 2,593.3 3,640.2 3,089.3 3,363.4 2,749.9 2,921.9 2,966.5 2,640.7 3,092.9 3,787.3 3,991.0 3,758.0 3,901.8 3,855.6 3,788.3 3,441.6 3,657.1 3,431.2 2,880.7 1,300.8 1,676.0 1,691.8 1,770.0 1,532.0 1,508.0 1,033.5 1,221.5 984.9 1,110.4 579.3 588.1 462.6 513.5 473.2 460.0 0
Short-Term Debt 9,440.1 2,951.7 2,634.9 3,819.8 4,075.2 4,342.2 6,034.9 5,017.5 4,304.3 2,582.3 2,527.3 4,807.1 6,488.6 5,707.8 5,105.1 5,018.4 6,242.3 5,948.0 2,556.6 2,341.0 2,287.1 2,153.4 1,811.4 1,681.8 1,407.0 1,137.7 916.6 900.4 860.1 1,283.3 1,311.0 1,439.4 905.5 790.5 952.7 568.1 438.2 628.5 574.5 699.4 0
Deferred Revenue 0 113.8 0 0 0 0 0 0 0 119.9 0 0 0 156.1 0 0 0 91.0 0 0 0 96.7 0 60.0 0 96.3 95.8 0 0 77.9 0 0 61.1 55.6 44.4 0 0 40.7 0 45.0 0
Other Current Liabilities 1,243.8 989.9 0 202.9 0 0 0 0 0 1,027.3 0 0 0 0 0 0 0 0 0 0 0 0 0 17.2 0 1,089.8 796.8 0 0 552.8 0 0 0 424.1 0 0 0 137.4 0 0 0
Total Current Liabilities 12,588.7 7,132.9 6,868.2 8,983.1 8,405.8 9,078.1 11,977.7 10,278.4 10,743.4 8,305.5 7,397.7 9,719.8 11,149.2 10,603.4 11,292.5 11,997.1 13,221.5 13,465.2 8,923.2 8,533.4 7,677.4 7,643.8 6,708.4 6,468.2 4,013.2 3,999.5 3,578.3 3,501.2 3,219.3 3,507.9 3,160.7 3,525.3 2,445.8 2,423.1 1,906.4 1,685.9 1,286.7 1,479.2 1,368.6 1,478.3 0
Non-Current Liabilities
Long-Term Debt 30,767.9 35,530.2 35,182.3 34,665.9 30,329.0 30,482.6 34,929.8 35,215.0 35,260.1 31,522.8 35,153.9 32,371.9 31,699.2 27,813.0 26,974.7 25,810.6 25,398.6 20,180.4 18,347.8 16,781.8 13,684.7 12,495.2 12,128.8 11,424.1 10,144.1 10,078.1 9,517.0 8,724.9 8,552.3 7,208.4 6,754.2 6,476.2 4,244.9 3,459.8 3,237.4 3,398.4 2,891.0 2,550.2 2,409.4 1,819.6 0
Deferred Tax Liabilities 0 1,144.4 0 0 0 0 0 0 0 1,282.5 0 0 0 1,410.4 0 0 0 734.3 0 0 0 462.0 0 282.3 0 252.7 0 0 0 171.9 0 0 121.2 124.3 91.6 0 0 53.3 0 57.1 0
Other Non-Current Liabilities 1,341.2 113.6 1,402.1 1,432.4 1,581.9 1,538.0 1,597.4 1,599.4 1,600.2 3,827.5 2,815.5 2,772.1 2,740.8 207.8 1,473.0 2,511.7 1,497.5 1,835.3 824.5 1,746.8 657.9 1,429.9 787.3 1,341.4 629.8 1,385.6 511.5 512.1 504.7 331.0 612.1 594.8 457.6 358.9 573.0 390.8 145.6 97.7 226.2 209.0 0
Total Non-Current Liabilities 38,911.2 45,161.8 44,957.5 44,624.9 40,609.3 40,901.9 45,571.2 46,011.9 45,179.6 46,017.4 47,444.8 45,031.8 44,198.3 40,025.9 39,367.4 38,419.2 37,448.4 33,634.2 29,366.1 28,499.5 24,055.5 24,049.0 22,167.1 21,312.0 16,577.9 17,199.4 14,974.3 14,010.7 13,498.7 11,855.4 11,458.8 10,677.0 7,037.6 6,246.0 5,523.7 5,176.4 4,064.1 3,738.2 3,500.2 2,902.6 0
Total Liabilities 51,499.9 52,294.7 51,825.7 53,608.0 49,015.1 49,980.0 57,548.9 56,290.3 55,923.0 54,322.9 54,842.6 54,751.6 55,347.5 50,629.3 50,659.9 50,416.3 50,669.9 47,099.4 38,289.3 37,032.9 31,733.0 31,692.8 28,875.5 27,780.2 20,591.1 21,199.0 18,552.6 17,511.9 16,718.0 15,363.3 14,619.5 14,202.3 9,483.4 8,669.1 7,430.2 6,862.3 5,350.8 5,217.4 4,868.7 4,380.9 0
Stockholders' Equity
Common Stock 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.1 0.1 0
Retained Earnings (2,436.9) (5,098.0) (4,627.7) (5,353.7) (5,281.4) (6,044.4) (10,233.7) (10,041.3) (9,815.6) (9,469.8) (6,303.8) (5,882.6) (5,656.0) (5,179.7) (4,999.0) (4,658.9) (4,283.6) (3,910.8) (3,594.9) (3,296.7) (3,004.4) (2,723.6) (2,447.9) (2,250.3) (2,149.2) (2,057.2) (1,953.5) (1,844.9) (1,751.7) (1,615.1) (1,492.2) (1,372.8) (1,270.8) (1,185.6) (1,069.0) (978.7) (903.0) (858.7) (789.0) (736.5) 0
Accumulated Other Comprehensive Income (866.2) (829.8) (928.2) (947.2) (1,081.4) (1,094.4) (661.4) (1,048.8) (1,029.6) (974.4) (1,091.7) (1,112.3) (800.2) (848.4) (975.6) (755.2) (612.5) (599.2) (528.5) (542.5) (414.1) (439.6) (105.7) (47.1) (62.2) (52.7) (43.2) (72.4) (119.9) (139.3) (142.6) (169.2) (241.1) (200.7) (190.4) (194.8) (198.4) (192.1) (126.7) (112.5) (340.5)
Total Stockholders' Equity 31,423.4 26,856.8 26,666.7 25,477.2 24,311.8 23,538.7 19,672.0 19,447.3 19,625.4 19,958.2 21,869.8 22,173.0 22,668.3 24,068.1 24,113.4 23,539.7 24,936.3 24,473.8 26,110.3 25,053.4 26,427.0 25,566.0 14,626.6 13,828.7 11,313.3 10,293.6 9,451.0 9,452.6 9,422.7 5,521.9 5,597.6 5,658.1 5,651.7 4,475.5 2,824.1 2,890.4 2,949.4 2,986.5 1,892.8 1,953.2 2,054.8
Total Liabilities & Equity 83,820.5 80,049.4 78,609.0 79,199.1 73,457.9 73,648.6 82,342.3 79,165.4 75,714.0 74,446.7 76,842.3 77,054.6 78,133.9 74,814.0 74,875.9 74,015.7 75,665.4 71,632.4 64,433.0 62,456.4 58,312.1 57,258.8 43,647.5 41,608.8 31,904.4 31,492.5 28,003.6 26,964.5 26,140.7 20,885.2 20,217.1 19,860.4 15,135.1 13,144.6 10,254.3 9,752.7 8,300.2 8,203.9 6,761.6 6,334.1 2,054.8
Debt Metrics
Total Debt 47,010.1 47,554.3 46,964.5 47,800.2 43,881.3 44,459.7 50,778.1 50,193.7 49,661.5 44,024.3 47,833.7 47,735.7 48,575.6 44,684.7 43,607.9 41,679.5 42,905.9 37,790.4 31,623.3 29,558.1 26,096.5 24,630.0 23,509.8 21,653.2 17,667.1 16,954.6 15,561.1 14,580.9 14,044.2 12,793.0 12,306.7 11,673.2 7,606.2 6,651.2 5,942.0 5,485.9 4,470.3 4,290.3 3,931.6 3,464.9 0
Net Debt 32,243.0 33,239.3 33,520.8 34,676.4 36,305.6 36,592.0 41,369.6 40,285.9 42,020.1 36,669.5 40,308.8 39,550.9 38,334.3 36,076.6 34,515.5 32,520.3 31,585.0 27,822.2 21,519.7 17,231.2 11,182.4 8,370.6 17,505.3 13,911.1 14,056.0 11,143.7 9,808.3 8,850.3 8,043.0 10,631.3 8,815.0 7,222.2 4,627.6 4,777.8 4,767.9 4,019.8 2,942.9 2,478.9 3,132.9 2,630.4 924.5
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
Operating Activities
Net Income 2,632.7 (460.6) 726.0 (70.6) 764.1 36.9 (231.1) (231.8) (344.9) (3,164.6) (420.8) (225.3) (474.6) (177.9) (339.7) (375.3) (373.3) (312.9) (301.1) (298.5) (278.7) (271.5) (204.6) (101.0) (92.0) (103.7) (108.6) (93.2) (136.6) (122.9) (119.4) (102.1) (85.9) (116.5) (90.3) (75.7) (44.3) (69.6) (52.6) (115.4) (38.8)
Depreciation & Amortization 828.6 873.0 877.2 856.6 856.5 710.9 911.3 874.2 856.7 1,024.4 886.1 874.1 843.4 820.4 795.3 791.5 781.8 739.2 697.9 619.6 560.2 478.4 450.9 390.2 319.0 319.5 299.3 269.2 254.0 230.6 206.7 166.8 137.5 117.4 104.7 78.7 77.3 71.3 62.6 49.5 44.0
Stock-Based Compensation 0 0 0 61.2 62.0 83.0 61.2 75.7 76.6 80.8 108.0 63.0 84.9 38.4 71.1 88.3 93.0 90.9 91.8 100.5 108.1 111.2 88.6 66.7 67.1 74.9 51.9 31.0 32.0 34.9 27.4 28.0 15.6 18.4 15.6 12.3 13.5 7.0 0 57.2 0
Change in Working Capital (1,014.2) 67.3 (41.8) (20.2) 86.8 315.8 (67.9) (260.6) (764.2) 285.8 (116.2) (27.5) (626.8) 414.8 4.8 1,045.8 (791.3) (140.4) (83.6) (149.3) (436.6) (82.5) (358.0) (129.9) (453.1) (223.6) (89.9) (111.7) (221.0) (29.1) (90.8) (121.6) (215.8) (63.3) (88.5) (85.5) (85.4) (40.4) (108.7) 15.4 (24.8)
Other Non-Cash Items (2,002.1) 480.6 (824.8) 38.1 (989.3) (412.2) (32.0) (3.3) 50.8 4.5 53.4 50.3 44.1 (187.8) 44.2 68.8 45.0 29.3 51.3 90.9 22.8 76.9 15.2 (39.9) (10.8) 14.6 12.6 20.6 11.8 31.7 13.5 10.7 7.9 42.1 3.0 2.6 0.4 12.9 (0.5) (0.8) (8.3)
Operating Cash Flow 445.0 960.3 736.5 865.1 780.1 929.3 641.5 454.2 (125.0) 949.4 510.4 734.6 (129.2) 907.9 575.7 1,619.2 (244.7) 406.1 456.2 363.3 (24.2) 312.6 (7.9) 186.0 (169.8) 72.1 165.2 115.9 (59.8) 111.4 37.5 (18.3) (143.4) (13.6) (55.5) (67.6) (38.5) (27.7) (100.5) 5.9 (27.9)
Investing Activities
Capital Expenditure (765.4) (896.2) (1,421.8) (1,264.8) (1,009.3) (381.4) (2,898.8) (1,960.9) (1,595.1) (1,318.0) (1,478.4) (1,415.2) (2,042.1) (2,135.2) (1,762.2) (1,744.5) (2,161.7) (2,313.9) (3,241.9) (1,868.4) (2,274.9) (2,332.0) (2,141.0) (1,021.9) (2,525.7) (2,091.8) (1,114.3) (517.0) (829.4) (1,661.5) (965.6) (868.0) (763.0) (584.7) (433.4) (362.1) (380.0) (283.3) (386.9) (144.2) (173.3)
Acquisitions 0 0 1,715.1 900.3 (360.1) 27 0 (70.8) 0 145.4 (94) 8.8 (151.3) 4.3 (377.2) (328.0) (2,770.3) (415.7) (595.9) (2,968.8) (32.8) (413.2) (607.0) (327.0) (10.3) (515.4) (36.1) (22.1) (5) (31.2) (110.6) (289.5) (43.8) (221.7) (10.3) (43.6) 0 159.4 0 (119.4) (40)
Purchases of Investments 0 (655.4) 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 0 0 0 0 0 0 0
Sales/Maturities of Investments 2,678.1 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 0 0 0 0 0 0 0
Other Investing Activities (3,734.7) (4.7) 0 0 0 (5,547.5) 0 0 0 0 0 0 0 37.4 0 0 0 (1.6) 20.9 0 0 11.9 0 1.4 0 2.4 0 0.1 0 (48.4) 62.3 0 (27.4) (12.0) (12.5) 0 0 (159.4) 0 (42) 0
Investing Cash Flow (1,822.1) (1,556.3) 293.3 (364.5) (1,369.4) (2,234.9) (2,898.8) (2,031.7) (1,595.1) (1,154.1) (1,572.4) (1,406.4) (2,193.4) (2,131.0) (2,139.4) (2,072.5) (4,932.0) (2,729.6) (3,817.0) (4,837.2) (2,307.7) (2,745.2) (2,747.9) (1,348.9) (2,535.9) (2,607.2) (1,150.4) (539.1) (834.4) (1,692.7) (1,076.1) (1,157.5) (806.8) (806.4) (443.7) (405.7) (380.0) (283.3) (386.9) (263.6) (213.3)
Financing Activities
Net Debt Issuance 0 0 0 0 275.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 789.8 0 0 0 0 0 0 868.9 0 0 0 156.1 0 0 0 0
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 0 0 0 0 (13.5) (40.7) 0 0 0 (53.9) 0 0 0 (51.6) 0 0 0 (49.2) 0 0 0 (65.5) 0 (40.1) 0 (25.0) 0 (11.5) 0 0 0 0 0 0 0 0 0 (76.5) 0 0 0
Other Financing Activities 1,870.0 1,474.6 (822.0) 5,144.7 275.0 9,660.2 1,941.8 3,833.4 1,622.0 376.9 442.3 (1,551.2) 3,874.4 860.0 1,380.3 (1,994.7) 4,610.8 4,118.5 1,114.7 1,947.6 938.4 13,117.3 1,154.0 5,268.1 604.3 (11.6) 887.5 (20.3) 4,789.7 263.6 1.1 2,499.1 (52.3) 1,550.6 226.3 432.5 (9.8) 1,281.3 452.0 137.1 258.3
Financing Cash Flow 1,870.0 1,474.6 (822.0) 5,144.7 275.0 9,660.2 1,941.8 3,833.4 1,622.0 376.9 442.3 (1,551.2) 3,874.4 860.0 1,380.3 (1,994.7) 4,610.8 4,118.5 1,114.7 1,947.6 938.4 13,117.3 1,154.0 5,268.1 604.3 2,705.0 887.5 (20.3) 4,789.7 263.6 1.1 2,499.1 2,113.0 1,541.7 226.3 432.5 146.4 1,281.3 452.0 137.1 258.3
Cash Position
Net Change in Cash 549.3 1,109.1 265.3 5,542.4 (314.6) 8,386.4 (343.6) 2,286.8 (108.0) 177.5 (630.2) (2,086.1) 1,574.6 (371.7) (75.1) (2,125.6) (571.9) 1,803.7 (2,223.5) (2,699.4) (1,347.4) 10,219.7 (1,753.4) 4,129.2 (2,075.9) 111.4 11.9 (321.0) 3,886.2 (1,322.6) (921.9) 1,476.5 1,105.2 699.4 (292.4) (61.3) (284.0) 1,012.6 (35.7) (105.0) 15.0
Cash at Beginning 14,217.8 13,206.0 13,321.4 7,779.0 8,093.5 9,753.1 10,096.7 7,809.9 7,917.9 7,740.4 8,370.6 10,456.6 8,882.1 9,253.8 9,328.9 11,454.5 12,026.4 10,222.7 12,446.1 15,145.5 16,492.9 6,273.2 8,026.5 3,897.4 5,973.3 5,861.8 5,850.0 6,171.0 2,284.7 3,607.4 4,529.3 3,052.8 1,947.6 1,174.1 1,519.7 1,527.3 1,811.3 798.7 834.5 939.5 924.5
Cash at End 14,767.1 14,315.1 13,586.7 13,321.4 7,779.0 18,139.5 9,753.1 10,096.7 7,809.9 7,917.9 7,740.4 8,370.6 10,456.6 8,882.1 9,253.8 9,328.9 11,454.5 12,026.4 10,222.7 12,446.1 15,145.5 16,492.9 6,273.2 8,026.5 3,897.4 5,973.3 5,861.8 5,850.0 6,171.0 2,284.7 3,607.4 4,529.3 3,052.8 1,873.4 1,227.2 1,466.0 1,527.3 1,811.3 798.7 834.5 939.5
Free Cash Flow (320.4) 64.1 (685.3) (399.7) (229.3) 547.9 (2,257.3) (1,506.7) (1,720.1) (368.6) (968.0) (680.6) (2,171.3) (1,227.3) (1,186.5) (125.3) (2,406.5) (1,907.8) (2,785.7) (1,505.1) (2,299.1) (2,019.4) (2,148.9) (835.9) (2,695.5) (2,019.7) (949.1) (401.1) (889.3) (1,550.1) (928.1) (886.3) (906.4) (598.2) (488.9) (429.7) (418.4) (310.9) (487.4) (138.4) (201.2)
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
Income Statement
Revenue 3,346.7 2,881.4 2,887.1 2,900.3 2,723.2 2,690.7 2,965.7 2,826.4 2,627.4 2,556.5 2,519.0 2,472.0 2,409.0 2,404.0 2,367.6 2,310.4 2,243.6 2,187.4 2,061.4 1,863.9 1,706.0 1,631.6 1,524.7 1,342.2 1,240.4 1,179.2 1,066.2 985.2 891.8 829.5 762.8 637.5 562.2 505.5 424.4 336.2 350.0 311.7 297.2 236.0 211.1 209.1 189.8 155.3 152.4
Gross Profit 1,074.9 546.6 639.2 688.9 644.8 578.1 656.9 637.8 573.7 432.3 447.4 551.0 491.7 488.0 492.8 468.6 486.4 487.3 455.4 439.9 396.9 430.0 409.0 361.1 350.3 294.7 274.2 261.8 212.0 190.1 171.9 137.5 122.9 118.2 102.7 81.4 106.2 75.9 74.6 60.9 54.2 54.5 50.8 41.6 41.6
Operating Income 902.5 358.3 362.4 414.6 365.2 296.9 320.3 315.6 219.2 (2,938.2) 80.7 244.2 154.6 136.3 147.0 133.1 135.4 152.0 149.8 146.9 120.8 154.9 159.3 164.4 194.2 127.6 129.9 133.1 89.2 62.5 50.0 25.5 30.5 24.8 13.8 8.9 34.7 1.3 12.1 (65.7) 10.0 1.9 (2.8) (2.9) (0.2)
Net Income 2,632.7 (460.6) 726.0 (72.3) 763.0 4,189.3 (192.3) (225.7) (345.8) (3,166.0) (421.2) (226.6) (474.6) (177.9) (339.7) (375.3) (373.3) (315.9) (325.1) (296.3) (276.7) (269.9) (203.4) (101.0) (92.0) (103.7) (108.6) (93.2) (136.6) (122.9) (119.4) (102.1) (85.9) (116.5) (90.3) (75.7) (44.3) (69.6) (52.6) (115.4) (38.8) (28.2) (23.1) (27.0) (53.1)
EPS (Diluted) 10.24 -2.48 2.88 -0.38 3.44 -0.96 -1.04 -1.30 -1.96 -17.30 -2.37 -1.31 -2.67 -1.06 -1.93 -2.12 -2.08 -1.92 -1.85 -1.79 -1.66 -1.70 -1.42 -0.77 -0.71 -0.82 -0.87 -0.76 -1.21 -0.98 -0.96 -0.82 -0.71 -1.09 -0.95 -0.80 -0.47 -1.04 -0.56 -2.40 -0.80 -0.58 -0.48 -7.92 -15.60
Balance Sheet
Cash & Equivalents 14,767.1 14,315.1 13,443.7 13,123.8 7,575.7 7,867.7 9,408.5 9,907.8 7,641.4 7,354.8 7,524.9 8,184.8 10,241.3 8,608.1 9,092.4 9,159.2 11,320.9 9,968.1 10,103.6 12,326.9 14,914.1 16,259.5 6,004.5 7,742.1 3,611.1 5,810.9 5,752.8 5,730.6 6,001.2 2,161.6 3,491.7 4,451.0 2,978.6 1,873.4 1,174.1 1,466.0 1,527.3 1,811.3 798.7 834.5 (924.5)
Total Assets 83,820.5 80,049.4 78,609.0 79,199.1 73,457.9 73,648.6 82,342.3 79,165.4 75,714.0 74,446.7 76,842.3 77,054.6 78,133.9 74,814.0 74,875.9 74,015.7 75,665.4 71,632.4 64,433.0 62,456.4 58,312.1 57,258.8 43,544.9 41,608.8 31,904.4 31,492.5 28,003.6 26,964.5 26,140.7 20,885.2 20,217.1 19,860.4 15,135.1 13,144.6 10,254.3 9,752.7 8,300.2 8,203.9 6,761.6 6,334.1 0
Total Debt 47,010.1 47,554.3 46,964.5 47,800.2 43,881.3 44,459.7 50,778.1 50,193.7 49,661.5 44,024.3 47,833.7 47,735.7 48,575.6 44,684.7 43,607.9 41,679.5 42,905.9 37,790.4 31,623.3 29,558.1 26,096.5 24,630.0 23,509.8 21,653.2 17,667.1 16,954.6 15,561.1 14,580.9 14,044.2 12,793.0 12,306.7 11,673.2 7,606.2 6,651.2 5,942.0 5,485.9 4,470.3 4,290.3 3,931.6 3,464.9 0
Stockholders' Equity 31,423.4 26,856.8 26,666.7 25,477.2 24,311.8 23,538.7 19,672.0 19,447.3 19,625.4 19,958.2 21,869.8 22,173.0 22,668.3 24,068.1 24,113.4 23,539.7 24,936.3 24,473.8 26,110.3 25,053.4 26,427.0 25,566.0 14,626.6 13,828.7 11,313.3 10,293.6 9,451.0 9,452.6 9,422.7 5,521.9 5,597.6 5,658.1 5,651.7 4,475.5 2,824.1 2,890.4 2,949.4 2,986.5 1,892.8 1,953.2 2,054.8
Cash Flow
Operating Cash Flow 445.0 960.3 736.5 865.1 780.1 929.3 641.5 454.2 (125.0) 949.4 510.4 734.6 (129.2) 907.9 575.7 1,619.2 (244.7) 406.1 456.2 363.3 (24.2) 312.6 (7.9) 186.0 (169.8) 72.1 165.2 115.9 (59.8) 111.4 37.5 (18.3) (143.4) (13.6) (55.5) (67.6) (38.5) (27.7) (100.5) 5.9 (27.9)
Capital Expenditure (765.4) (896.2) (1,421.8) (1,264.8) (1,009.3) (381.4) (2,898.8) (1,960.9) (1,595.1) (1,318.0) (1,478.4) (1,415.2) (2,042.1) (2,135.2) (1,762.2) (1,744.5) (2,161.7) (2,313.9) (3,241.9) (1,868.4) (2,274.9) (2,332.0) (2,141.0) (1,021.9) (2,525.7) (2,091.8) (1,114.3) (517.0) (829.4) (1,661.5) (965.6) (868.0) (763.0) (584.7) (433.4) (362.1) (380.0) (283.3) (386.9) (144.2) (173.3)
Free Cash Flow (320.4) 64.1 (685.3) (399.7) (229.3) 547.9 (2,257.3) (1,506.7) (1,720.1) (368.6) (968.0) (680.6) (2,171.3) (1,227.3) (1,186.5) (125.3) (2,406.5) (1,907.8) (2,785.7) (1,505.1) (2,299.1) (2,019.4) (2,148.9) (835.9) (2,695.5) (2,019.7) (949.1) (401.1) (889.3) (1,550.1) (928.1) (886.3) (906.4) (598.2) (488.9) (429.7) (418.4) (310.9) (487.4) (138.4) (201.2)