Invitation Homes Inc. logo INVH - Invitation Homes Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 17
HOLD 16
SELL 0
STRONG
SELL
0
| PRICE TARGET: $31.20 DETAILS
HIGH: $34.00
LOW: $27.00
MEDIAN: $32.00
CONSENSUS: $31.20
UPSIDE: 6.52%
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 734.1 685.2 688.2 681.4 674.5 659.1 660.3 653.5 646.0 624.3 617.7 600.4 589.9 579.8 568.7 557.3 532.3 520.2 509.5 491.6 475.2 464.1 459.2 449.8 449.8 444.3 443.3 441.6 435.5 432.6 434.3 432.4 423.7 330.0 243.5 242.2 238.8 234.6 233.0 230.5 224.5 216.7 213.3 203.0 203.0
Cost of Revenue 329.6 664.1 259.0 280.1 274.2 267.7 276.6 266.8 261.6 253.8 252.9 237.4 232.1 232.4 226.2 212.5 203.2 198.1 202.4 193.1 184.2 183.5 192.8 181.5 181.3 182.1 191.4 182.6 175.5 176.5 186.7 179.8 177.9 129.1 104.1 102.0 99.6 97.7 102.0 98.8 92.4 98.7 103.8 92.4 92.4
Gross Profit 404.5 21.2 429.1 401.3 400.3 391.4 383.7 386.6 384.4 370.5 364.8 363.0 357.8 347.5 342.5 344.8 329.1 322.2 307.2 298.5 291.0 280.6 266.4 268.2 268.5 262.1 252.0 259.0 260.0 256.1 247.5 252.7 245.7 200.8 139.4 140.2 139.1 136.9 131.1 131.7 132.1 118.0 109.5 110.6 110.6
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
SG&A Expenses 32.3 23.7 18.4 23.6 29.5 23.9 21.7 21.5 23.4 22.4 22.7 19.8 17.5 16.9 20.1 19.3 17.6 19.7 19.4 19.8 16.9 16.7 18.0 14.4 14.2 15.4 16.4 16.0 26.5 25.3 21.2 24.6 27.6 63.6 27.5 18.4 58.3 19.5 18.8 15.4 15.4 19.9 9.9 24.8 24.8
Other Expenses 292.8 (189.6) 0 185.5 183.1 181.9 180.5 176.6 175.3 173.2 170.7 165.8 164.7 163.3 160.4 158.6 155.8 151.7 150.7 145.3 144.5 142.1 138.1 137.3 135.0 133.8 133.3 133.0 133.6 130.2 142.6 150.6 150.6 114.6 82.0 68.2 68.8 72.0 67.8 66.6 65.5 64.4 64.6 62.9 62.9
Operating Expenses 325.1 (165.9) 18.4 209.0 212.7 205.9 202.2 198.1 198.8 195.5 193.4 185.6 182.1 180.2 180.6 177.9 173.4 171.3 170.1 165.1 161.5 158.8 156.1 151.7 149.3 149.1 149.7 149.0 160.1 155.6 163.8 175.2 178.3 178.2 109.5 86.6 127.0 91.5 86.6 82.0 80.9 84.3 74.5 87.7 87.7
Operating Income
Operating Income 79.4 187.1 410.7 192.2 187.6 185.6 181.5 188.5 185.6 175.0 171.4 177.4 175.7 167.2 162.0 166.9 155.6 150.8 137.1 133.4 129.6 121.8 110.2 116.5 119.2 113.0 102.2 110 99.8 100.6 83.8 77.5 67.5 22.6 29.9 53.6 12.1 45.4 44.5 49.7 51.3 33.6 37.8 22.7 22.7
Interest Expense 95.3 90.9 90.8 87.4 84.3 95.2 91.1 90.0 89.8 90.0 86.7 78.6 78.0 78.4 76.5 74.8 74.4 79.1 79.4 80.8 83.4 95.4 87.7 86.1 84.8 88.4 89.1 95.7 94.0 96.5 97.6 97.2 92.3 74.2 56.8 57.4 68.6 76.9 68.4 70.5 70.3 69.6 0 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 0 0 0 0 0 0 0 0 0 0 68.0 68.0 68.0
Profitability
EBITDA 272.5 371.3 416.0 414.2 433.7 420.6 367.1 340.1 407.9 393.1 389.7 382.7 363.3 342.6 316.3 344.9 323.2 305.7 299.6 286.7 285.6 308.6 258.7 266.5 254.9 274.7 256.4 268.1 248.8 273.4 238.0 229.5 219.2 129.2 98.0 120.2 79.4 114.2 109.9 115.9 116.8 94.9 101.4 84.9 84.9
EBIT 79.4 181.5 227.5 228.8 250.5 238.7 186.6 163.4 232.6 220.0 219.0 216.9 198.6 179.3 155.9 186.3 167.4 154.0 148.9 141.5 141.1 166.5 120.6 129.2 119.8 141.0 123.0 135.1 115.2 143.2 98.6 83.0 74.7 22.1 30.5 52.7 11.9 44.8 43.5 49.8 51.1 31.1 37.8 23.4 23.4
Income Before Tax 161.1 90.6 136.7 141.4 166.3 143.6 95.6 73.4 142.8 129.9 132.2 138.3 120.6 100.9 79.4 111.5 93.0 74.9 69.5 60.7 57.7 71.1 32.9 43.2 35.1 52.6 34.0 39.4 21.2 46.7 1.0 (14.2) (17.6) (52.1) (26.3) (4.6) (56.7) (32.1) (24.9) (20.7) (19.2) (38.5) (31.3) (45.2) (45.2)
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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Income 160.5 144.6 136.7 140.9 165.7 143.1 95.3 73.2 142.3 129.5 131.8 137.9 120.2 100.6 79.2 111.0 92.6 74.5 69.2 60.3 57.4 70.7 32.7 42.9 50.0 52.0 33.7 38.9 20.8 25.3 1.0 (13.9) (17.3) (46.0) (22.5) 5.5 (42.4) (26.6) (21.9) (19.7) (10.0) (38.5) (31.3) (45.2) (45.2)
Per Share Data
EPS (Basic) 0.26 0.24 0.22 0.23 0.27 0.23 0.16 0.12 0.23 0.21 0.22 0.23 0.20 0.16 0.13 0.18 0.15 0.12 0.12 0.11 0.10 0.13 0.06 0.08 0.09 0.10 0.06 0.07 0.04 0.05 0.00 -0.03 -0.03 -0.09 -0.07 0.02 -0.08 -0.09 -0.07 -0.07 -0.03 -0.13 -0.10 -0.15 -0.15
EPS (Diluted) 0.26 0.24 0.22 0.23 0.27 0.23 0.15 0.12 0.23 0.21 0.21 0.22 0.20 0.16 0.13 0.18 0.15 0.12 0.12 0.11 0.10 0.12 0.06 0.08 0.09 0.10 0.06 0.07 0.04 0.05 0.00 -0.03 -0.03 -0.09 -0.07 0.02 -0.08 -0.09 -0.07 -0.07 -0.03 -0.13 -0.10 -0.15 -0.15
Shares Outstanding 606.0 612.9 613.1 613.0 612.8 612.6 612.7 612.6 612.2 612.0 612.0 612.0 611.6 611.4 610.8 610.3 606.4 598.1 577.0 567.9 567.4 564.0 560.6 548.8 542.5 540.2 537.8 525.1 521.4 520.7 520.6 520.5 519.7 519.7 311.6 311.8 311.7 302.1 302.1 302.1 302.1 302.1 302.1 302.1 302.1
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 114.1 130.0 155.4 65.1 84.4 174.5 1,027.2 749.4 738.1 700.6 762.6 414.3 325.3 262.9 300.3 272.7 467.5 610.2 569.7 126.2 187.3 213.4 559.6 571.7 297.1 92.3 81.5 77.0 130.9 144.9 130.0 166.9 134.9 179.9 134.4 158.9 192.4 198.1 274.1 299.6 (274.8)
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 0 549.6
Net Receivables 89.1 59.9 66.4 63.5 65.1 61.2 68.4 68.1 70.4 60.8 58.9 58.6 60.6 54.1 40.8 37.2 37.4 37.5 37.1 38.0 36.5 35.3 36.5 31.6 25.0 25.2 28.8 29.5 33.5 33.1 36.1 26.4 28.7 24.5 12.0 9.8 11.8 11.6 0 9.5 0
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
Other Current Assets 169.7 283.5 284.0 249.2 270.9 294.6 276.0 240.3 240.2 243.1 253.0 239.8 239.9 220.9 241.1 232.3 237.6 228.7 278.8 267.0 255.4 242.5 300.0 301.3 325.1 310.5 595.3 393.4 380.7 369.1 563.3 312.3 332.8 283.5 166.0 149.5 181.3 267.2 272.7 267.4 0
Total Current Assets 373.0 569.1 616.4 520.9 582.3 674.2 1,533.7 1,222.2 1,206.0 1,144.4 1,213.6 895.6 768.0 677.5 716.5 680.2 861.7 980.1 959.4 484.2 525.5 535.4 929.4 938.8 690.0 461.5 741.2 544.0 578.4 579.2 766.4 548.3 564.9 538.4 335.8 343.7 419.4 500.0 551.2 576.4 274.8
Non-Current Assets
Property, Plant & Equipment 17,114.9 102.6 91.3 81.3 74.0 71.5 68.8 67.5 45.2 45.0 38.2 39.4 40.3 41.0 34.6 33.0 32.8 33.6 31.4 29.2 29.8 31.7 30.3 32.2 30.0 23.6 25.4 26.9 26.6 11.8 12.3 18.0 15.4 16.6 6.5 6.0 5.6 6.2 0 9,116.1 0
Goodwill 314.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 258.2 0 0 0 0 0 0 0
Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4.6 21.1 37.5 0 0 0 0 0 0 0
Long-Term Investments 250.6 372.7 373.0 348.4 357.5 356.3 389.6 411.2 380.8 389.6 399.8 409.6 413.4 390.0 422.9 379.7 337.9 303.9 318.4 343.7 363.2 361.7 379.6 381.3 382.9 388.4 382.5 387.1 414.7 423.2 449.5 540.2 481.3 435.6 230.6 230.5 209.4 209.3 0 209.1 0
Other Non-Current Assets 648.6 17,377.8 17,444.0 17,453.3 17,306.0 17,340.7 17,382.5 17,280.3 17,319.7 17,383.7 17,556.4 16,939.5 17,023.3 17,170.0 17,246.1 17,155.8 17,053.6 16,962.1 16,683.1 16,369.3 16,313.8 16,319.2 16,153.3 16,135.9 16,232.3 16,261.2 16,252.8 16,498.0 16,575.7 16,791.0 16,990.2 17,296.1 17,355.6 17,397.3 8,951.6 8,939.2 8,953.8 9,016.7 9,359.2 17.0 (274.8)
Total Non-Current Assets 18,328.2 18,111.2 18,166.4 18,141.1 17,995.8 18,026.7 18,099.1 18,017.2 18,003.9 18,076.5 18,252.6 17,646.7 17,735.2 17,859.2 17,961.9 17,826.7 17,682.5 17,557.8 17,291.2 17,000.4 16,965.0 16,970.8 16,821.4 16,807.5 16,903.3 16,931.4 16,918.8 17,170.2 17,275.2 17,484.3 17,710.2 18,117.1 18,131.5 18,145.3 9,188.7 9,175.7 9,168.8 9,232.3 9,359.2 9,342.2 (274.8)
Total Assets 18,701.1 18,680.3 18,782.8 18,662.0 18,578.1 18,701.0 19,632.8 19,239.4 19,209.9 19,221.0 19,466.2 18,542.3 18,503.2 18,536.7 18,678.4 18,507.0 18,544.2 18,537.8 18,250.6 17,484.6 17,490.4 17,506.2 17,750.8 17,746.3 17,593.3 17,392.9 17,660.0 17,714.2 17,853.6 18,063.4 18,476.6 18,665.4 18,696.4 18,683.6 9,524.5 9,519.3 9,588.2 9,732.4 9,910.4 9,918.6 0
Current Liabilities
Account Payables 257.5 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 0 0 0 0 0 0 0 0 0 0 112.9 0
Short-Term Debt 560 145 0 540 470 570 750 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,133.4 270 2,162.3 1,434.3 1,723.0 3,039.1 3,205.4 0 0 15 35 0 0 0 2,315.5 2,407.4 0.5 0
Deferred Revenue 187.1 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 Current Liabilities 0 230.3 407.3 308.3 250.5 247.7 398.9 354.3 240.5 200.6 368.1 241.1 226.4 198.4 326.0 237.9 175.6 193.6 297.1 217.4 180.4 149.3 261.4 (1,943.0) 180.2 (1,976.2) (1,156.1) (1,495.1) (2,845.6) (3,035.8) 275.2 221.5 199.3 193.4 160.7 110.9 101.3 88.1 136.8 0 0
Total Current Liabilities 1,004.5 375.4 407.3 848.3 720.5 817.7 1,148.9 354.3 240.5 200.6 368.1 241.1 226.4 198.4 326.0 237.9 175.6 193.6 297.1 217.4 180.4 149.3 261.4 190.3 450.2 186.1 278.3 228.0 193.5 169.6 275.2 221.5 214.3 228.4 160.7 110.9 101.3 2,403.6 2,544.2 115.3 0
Non-Current Liabilities
Long-Term Debt 8,242.4 8,235.0 8,230.3 7,634.5 7,633.5 7,632.3 8,258.9 8,543.8 8,544.4 8,546.1 8,547.2 7,765.6 7,768.1 7,769.1 7,753.0 7,753.9 7,855.6 7,998.7 7,813.1 8,014.4 8,022.7 8,031.5 8,330.0 8,351.6 8,368.8 8,467.5 8,655.9 8,965.0 9,080.9 9,249.8 9,454.9 9,662.8 9,653.9 9,616.7 5,644.3 5,645.2 5,714.4 5,254.7 5,273.6 7,693.3 0
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
Other Non-Current Liabilities 325.6 502.0 482.3 473.9 469.1 458.4 273.4 274.7 254.9 283.9 281.3 252.9 256.2 245.6 253.1 233.1 287.9 506.8 617.1 633.1 655.0 769.3 828.0 860.5 816.2 473.2 549.3 483.7 357.8 274.8 181.9 197.5 191.4 188.7 117.6 119.2 114.4 116.6 106.2 106.3 0
Total Non-Current Liabilities 8,568.0 8,737.0 8,712.5 8,108.4 8,102.6 8,090.7 8,532.3 8,818.4 8,799.3 8,829.9 8,828.6 8,018.4 8,024.3 8,014.7 8,006.1 7,987.1 8,143.5 8,505.4 8,430.2 8,647.5 8,677.6 8,800.9 9,158.1 9,212.1 9,185.0 8,940.7 9,205.2 9,448.7 9,438.8 9,524.6 9,636.8 9,860.2 9,845.2 9,805.4 5,761.8 5,764.4 5,828.8 5,371.3 5,379.8 7,799.6 0
Total Liabilities 9,572.5 9,112.4 9,119.8 8,956.7 8,823.1 8,908.4 9,681.2 9,172.7 9,039.8 9,030.5 9,196.7 8,259.5 8,250.7 8,213.1 8,332.1 8,225.0 8,319.1 8,699.0 8,727.3 8,864.9 8,858.1 8,950.1 9,419.4 9,402.4 9,635.2 9,126.8 9,483.5 9,676.7 9,632.3 9,694.2 9,912 10,081.8 10,059.5 10,033.8 5,922.5 5,875.4 5,930.1 7,774.9 7,924.0 7,914.9 0
Stockholders' Equity
Common Stock 5.9 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.1 6.0 5.9 5.7 5.7 5.7 5.6 5.6 5.4 5.4 5.4 5.3 5.2 5.2 5.2 5.2 5.2 5.2 3.1 3.1 3.1 1,957.4 1,986.5 2,003.7 0
Retained Earnings (1,629.4) (1,611.0) (1,571.5) (1,531.3) (1,494.0) (1,480.9) (1,275.6) (1,198.5) (1,100.0) (1,070.6) (1,039.8) (1,011.1) (989.4) (951.2) (916.1) (860.3) (836.5) (794.9) (767.2) (737.4) (700.7) (661.2) (647.0) (595.3) (556.3) (524.6) (505.9) (469.1) (439.7) (392.6) (360.3) (303.8) (232.3) (157.6) (86.5) (38.8) (25.5) 0 0 0 0
Accumulated Other Comprehensive Income 18.5 6.4 7.8 11.6 31.3 61.0 21.3 64.0 74.8 63.7 119.7 113.0 66.3 98.0 91.9 (20.3) (80.5) (286.9) (378.4) (413.7) (430.0) (546.9) (599.0) (632.1) (607.4) (276.6) (340.7) (265.4) (110.7) (13.0) 151.9 119.0 106.9 47.9 8.2 4.6 13.3 0 0 0 1,887.0
Total Stockholders' Equity 9,091.0 9,530.1 9,625.9 9,668.3 9,718.4 9,756.8 9,916.1 10,031.5 10,134.7 10,156.0 10,235.8 10,249.9 10,219.5 10,291.3 10,315.1 10,238.7 10,182.9 9,797.7 9,483.0 8,580.0 8,580.1 8,504.8 8,280.9 8,293.8 7,908.2 8,214.4 8,097.3 7,957.7 8,139.9 8,229.1 8,421.1 8,439.7 8,491.9 8,498.1 3,602.0 3,644.0 3,658.0 1,957.4 1,986.5 2,003.7 1,887.0
Total Liabilities & Equity 18,701.1 18,642.5 18,782.8 18,662.0 18,578.1 18,701.0 19,632.8 19,239.4 19,209.9 19,221.0 19,466.2 18,542.3 18,503.2 18,536.7 18,678.4 18,507.0 18,544.2 18,537.8 18,250.6 17,484.6 17,490.4 17,506.2 17,750.8 17,746.3 17,593.3 17,392.9 17,660.0 17,714.2 17,853.6 18,063.4 18,476.6 18,665.4 18,696.4 18,683.6 9,524.5 9,519.3 9,588.2 9,732.4 9,910.4 9,918.6 1,887.0
Debt Metrics
Total Debt 8,802.4 8,380.0 8,230.3 8,174.5 8,103.5 8,202.3 9,008.9 8,543.8 8,544.4 8,546.1 8,547.2 7,765.6 7,768.1 7,769.1 7,753.0 7,753.9 7,855.6 7,998.7 7,813.1 8,014.4 8,022.7 8,031.5 8,330.0 10,484.9 8,638.8 10,629.8 10,090.2 10,688.0 12,120.0 12,455.2 9,454.9 9,662.8 9,668.9 9,651.7 5,644.3 5,645.2 5,714.4 7,570.3 7,681.0 7,693.8 0
Net Debt 8,688.2 8,250.0 8,074.9 8,109.4 8,019.1 8,027.8 7,981.7 7,794.4 7,806.3 7,845.4 7,784.6 7,351.3 7,442.8 7,506.2 7,452.7 7,481.2 7,388.2 7,388.5 7,243.5 7,888.3 7,835.4 7,818.1 7,770.5 9,913.2 8,341.7 10,537.5 10,008.7 10,611.0 11,989.1 12,310.2 9,324.9 9,495.9 9,534.0 9,471.8 5,509.8 5,486.3 5,521.9 7,372.2 7,406.8 7,394.3 274.8
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
Operating Activities
Net Income 161.1 143.8 136.5 141.4 166.3 143.6 95.6 73.0 142.2 129.4 132.2 138.3 120.6 100.9 79.4 111.5 93.0 74.9 69.5 60.7 57.7 71.1 32.9 43.2 50.3 52.6 34.0 39.4 21.2 25.7 1.0 (14.2) (17.6) (46.5) (22.5) 5.5 (42.4) (26.6) (21.9) (19.7) (10.0)
Depreciation & Amortization 193.1 189.9 188.5 185.5 183.1 181.9 180.5 176.6 175.3 173.2 170.7 165.8 164.7 163.3 160.4 158.6 155.8 151.7 150.7 145.3 144.5 142.1 138.1 137.3 135.0 133.8 133.3 133.0 133.6 130.2 139.4 146.4 144.5 107.0 67.5 75.7 67.6 69.4 66.5 66.1 65.7
Stock-Based Compensation 10.7 7.3 1.9 8.5 10.2 7.1 5.4 7.5 7.9 8.0 8.9 6.1 6.5 6.4 7.9 8.0 6.6 6.1 6.1 9.2 5.8 4.8 6.1 2.1 4.1 4.3 4.6 3.6 5.6 5.9 6.1 8.0 9.5 16.7 12.0 8.2 44.2 (2.8) 4.7 4.1 4.2
Change in Working Capital (4.5) (187.2) 100.8 82.8 3.6 (134.6) 46.2 133.6 (24.3) (190.1) 151.6 7.5 43.0 (165.6) 117.6 54.6 (17.0) (110.5) 90.8 13.2 31.3 (122.7) 55.4 33.2 (12.0) (97.0) 47.3 13.2 29.3 (108.1) 44.8 28.2 (11.6) (87.4) 40.9 7.1 (3.2) (53.9) 29.5 9.5 8.6
Other Non-Cash Items (67.4) (25.1) (33.1) (35.6) (62.6) (65.2) (14.1) (19.3) (35.5) 43.8 6.8 5.4 (17.0) 14.7 (13.5) (15.7) (3.4) 7.7 9.3 8.3 8.8 13.4 10.3 10.6 12.0 6.7 13.3 15.2 15.5 16.8 18.7 10.4 7.9 5.8 5.3 (2.8) 14.2 11.4 15.1 19.3 17.9
Operating Cash Flow 293.0 128.7 394.6 382.5 300.5 132.8 313.6 371.4 265.6 87.5 420.8 280.9 317.8 119.6 351.9 317.0 235.0 125.3 312.2 229.5 240.6 71.0 229.7 218.2 177.7 71.3 215.5 182.2 193.2 48.2 202.7 180.3 130.1 (7.5) 100.0 93.8 70.9 2.4 91.6 78.8 77.3
Investing Activities
Capital Expenditure (57.0) (58.8) 110.9 (60.0) (50.9) (51.7) (68.5) (60.6) (44.5) (58.7) (59.6) (52.8) (50.0) (56.1) (60.7) (50.4) (40.9) (45.5) (45.3) (37.2) (34.9) (44.6) (43.7) (43.8) (40.2) (45.8) (48.3) (40.7) (29.5) (37.4) (45.6) (31.5) (31.3) (25.7) (14.2) (1.2) (11.1) (10.7) (15.3) (13.1) (10.7)
Acquisitions (171.5) (5.9) 2.4 (2.4) 0 (4.6) (0.6) (38.2) (0.7) 58.7 (0.2) 52.8 (0.2) (1.1) (45) 0 (34.7) (40) (16) (4) (5) (221.6) 0 0 0 0 0 0 0 211.1 0 (8.9) (14.2) 42.7 0 0 0 0 0 0 0
Purchases of Investments (13.7) (0.6) (1.4) (0.1) (0.8) (1.3) (2.9) (172.7) (111.1) (1.0) (0.3) (1.2) (31.1) 3.9 (1.9) (300.6) 3.0 9.4 (424.6) (136.8) 3.1 (29.7) 0 0 0 0 0 0 0 (48.0) 0 (117.9) (45.8) (43.3) 0 0 0 (16.3) 0 0 0
Sales/Maturities of Investments 187.6 0 0 0 0 31.6 0.2 87.0 132.2 0.2 0.3 0.2 0.2 28.1 0.2 108.5 6.0 49.4 51.7 18.1 0.7 64.0 1.3 1.2 5.5 9.9 4.3 27.2 8.4 74.4 90.5 59.1 0.1 48.4 0 0 0 0 0 0 0
Other Investing Activities 2.4 (16.2) (215.0) (240.2) (113.4) 60.7 (402.7) 7.5 (0.7) (3.2) (617.8) (21.2) 11.4 (33.2) (68.1) (12.4) (222.7) (404.6) (11.2) (0.4) (86.6) 1.1 (62.5) 33.8 (46.1) 164.7 (21.8) (2.4) 76.1 4.0 3.5 11.8 (10.8) 42.6 (71.7) (39.1) 122.6 70.7 (77.0) (113.2) (69.5)
Investing Cash Flow (52.3) (81.6) (154.1) (302.7) (114.2) 26.8 (292.5) (176.9) (24.9) (4.0) (677.6) (22.1) (69.8) (58.3) (175.4) (291.5) (289.2) (431.2) (445.4) (160.3) (122.6) (230.8) (104.9) (8.8) (80.7) 128.8 (65.8) (15.8) 55.0 204.0 48.3 (87.4) (102.0) 64.7 (85.9) (40.4) 111.5 43.7 (92.3) (126.3) (80.2)
Financing Activities
Net Debt Issuance 415 145.0 51.2 69.0 (102.8) (810.9) 435.7 (4.7) (5.8) (5.3) 785.0 (5.7) (4.6) 12.5 (4.5) (105.0) (4.8) 195.9 (1.4) (310.3) (13.0) (276.8) (26.1) (294.4) 162.6 (199.0) (89.0) (528.6) (180.8) (216.2) (217.7) 17.3 23.3 35.6 (3.6) (73.7) (1,852.1) (117.6) (24.6) 76.1 (130.4)
Stock Repurchased (447.2) 0 5.5 (0.7) (4.8) 0.7 (0.3) (0.7) (9.9) 0 (0.0) (0.6) (7.5) (0.0) 0 0 (11.0) (0.0) 0 (2.0) (7.4) 0 (0.0) (0.2) 0 0 (0.1) (1.4) (6.7) (0.8) (1.0) (0.8) (6.6) (6.0) (9.9) 0 0 0 0 0 0
Dividends Paid (184.5) (178.0) (178.0) (178.6) (178.2) (172.6) (171.7) (171.7) (173.2) (159.3) (159.3) (159.3) (160.3) (134.7) (134.6) (135.0) (134.8) (101.7) (98.3) (96.6) (97.2) (84.5) (84.2) (81.7) (81.8) (69.9) (70.5) (68.3) (68.0) (57.5) (57.6) (57.6) (57.4) (25.1) (25.1) (18.8) 0 (0.1) 0 0 0
Other Financing Activities (5.9) (54.9) (7.3) (4.4) (1.5) (2.6) (2.5) (1.6) (1.8) (1.4) (8.6) (2.0) (1.2) (1.1) (1.1) (3.5) 69.1 209.4 (7.5) 297.0 (1.3) (59.0) (1.2) (1.4) (4.2) (8.8) 16.8 400.0 (1.3) (1.3) (1.1) (32.6) (13.2) (16.4) 0 0 (26.9) (4.4) (0.1) (8.5) (0.2)
Financing Cash Flow (222.6) (87.9) (128.6) (114.7) (287.4) (985.4) 261.2 (178.7) (190.8) (166.0) 617.2 (167.6) (173.6) (123.3) (140.2) (229.1) (81.5) 303.6 586.2 (111.9) (119.0) (237.4) (111.6) 70.4 132.6 (240.2) (142.8) (198.3) (256.8) (275.8) (277.4) (73.7) (53.9) (11.8) (38.6) (92.8) (188.1) (122.2) (24.7) 77.6 (2.5)
Cash Position
Net Change in Cash 18.1 (40.8) 111.9 (34.9) (101.1) (825.8) 282.3 15.8 49.9 (82.4) 360.4 91.2 74.4 (62.0) 36.3 (203.6) (135.7) (2.3) 453.0 (42.7) (0.9) (397.1) 13.3 279.8 229.6 (40.2) 7.0 (32.0) (8.6) (23.6) (26.3) 19.2 (25.8) 45.4 (24.5) (39.4) (5.7) (76.0) (25.4) 30.1 (5.3)
Cash at Beginning 354.9 395.7 283.7 318.6 419.7 1,245.5 963.2 947.4 897.5 979.9 619.5 528.3 453.9 515.9 479.6 683.1 818.9 821.1 368.1 410.8 411.8 808.9 795.6 515.8 286.2 326.4 319.5 351.4 360.0 383.6 409.9 390.7 416.6 134.4 158.9 336.6 198.1 274.1 299.6 269.5 274.8
Cash at End 373.0 354.9 395.7 283.7 318.6 419.7 1,245.5 963.2 947.4 897.5 979.9 619.5 528.3 453.9 515.9 479.6 683.1 818.9 821.1 368.1 410.8 411.8 808.9 795.6 515.8 286.2 326.4 319.5 351.4 360.0 383.6 409.9 390.7 179.9 134.4 297.2 192.4 198.1 274.1 299.6 269.5
Free Cash Flow 236.0 69.9 505.5 322.5 249.6 81.1 245.1 310.8 221.1 28.8 361.2 228.2 267.8 63.5 291.2 266.6 194.2 79.8 266.9 192.3 205.7 26.5 186.1 174.4 137.5 25.5 167.2 141.5 163.7 10.8 157.1 148.8 98.8 (33.2) 85.8 92.6 59.8 (8.2) 76.3 65.6 66.7
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 734.1 685.2 688.2 681.4 674.5 659.1 660.3 653.5 646.0 624.3 617.7 600.4 589.9 579.8 568.7 557.3 532.3 520.2 509.5 491.6 475.2 464.1 459.2 449.8 449.8 444.3 443.3 441.6 435.5 432.6 434.3 432.4 423.7 330.0 243.5 242.2 238.8 234.6 233.0 230.5 224.5 216.7 213.3 203.0 203.0
Gross Profit 404.5 21.2 429.1 401.3 400.3 391.4 383.7 386.6 384.4 370.5 364.8 363.0 357.8 347.5 342.5 344.8 329.1 322.2 307.2 298.5 291.0 280.6 266.4 268.2 268.5 262.1 252.0 259.0 260.0 256.1 247.5 252.7 245.7 200.8 139.4 140.2 139.1 136.9 131.1 131.7 132.1 118.0 109.5 110.6 110.6
Operating Income 79.4 187.1 410.7 192.2 187.6 185.6 181.5 188.5 185.6 175.0 171.4 177.4 175.7 167.2 162.0 166.9 155.6 150.8 137.1 133.4 129.6 121.8 110.2 116.5 119.2 113.0 102.2 110 99.8 100.6 83.8 77.5 67.5 22.6 29.9 53.6 12.1 45.4 44.5 49.7 51.3 33.6 37.8 22.7 22.7
Net Income 160.5 144.6 136.7 140.9 165.7 143.1 95.3 73.2 142.3 129.5 131.8 137.9 120.2 100.6 79.2 111.0 92.6 74.5 69.2 60.3 57.4 70.7 32.7 42.9 50.0 52.0 33.7 38.9 20.8 25.3 1.0 (13.9) (17.3) (46.0) (22.5) 5.5 (42.4) (26.6) (21.9) (19.7) (10.0) (38.5) (31.3) (45.2) (45.2)
EPS (Diluted) 0.26 0.24 0.22 0.23 0.27 0.23 0.15 0.12 0.23 0.21 0.21 0.22 0.20 0.16 0.13 0.18 0.15 0.12 0.12 0.11 0.10 0.12 0.06 0.08 0.09 0.10 0.06 0.07 0.04 0.05 0.00 -0.03 -0.03 -0.09 -0.07 0.02 -0.08 -0.09 -0.07 -0.07 -0.03 -0.13 -0.10 -0.15 -0.15
Balance Sheet
Cash & Equivalents 114.1 130.0 155.4 65.1 84.4 174.5 1,027.2 749.4 738.1 700.6 762.6 414.3 325.3 262.9 300.3 272.7 467.5 610.2 569.7 126.2 187.3 213.4 559.6 571.7 297.1 92.3 81.5 77.0 130.9 144.9 130.0 166.9 134.9 179.9 134.4 158.9 192.4 198.1 274.1 299.6 (274.8)
Total Assets 18,701.1 18,680.3 18,782.8 18,662.0 18,578.1 18,701.0 19,632.8 19,239.4 19,209.9 19,221.0 19,466.2 18,542.3 18,503.2 18,536.7 18,678.4 18,507.0 18,544.2 18,537.8 18,250.6 17,484.6 17,490.4 17,506.2 17,750.8 17,746.3 17,593.3 17,392.9 17,660.0 17,714.2 17,853.6 18,063.4 18,476.6 18,665.4 18,696.4 18,683.6 9,524.5 9,519.3 9,588.2 9,732.4 9,910.4 9,918.6 0
Total Debt 8,802.4 8,380.0 8,230.3 8,174.5 8,103.5 8,202.3 9,008.9 8,543.8 8,544.4 8,546.1 8,547.2 7,765.6 7,768.1 7,769.1 7,753.0 7,753.9 7,855.6 7,998.7 7,813.1 8,014.4 8,022.7 8,031.5 8,330.0 10,484.9 8,638.8 10,629.8 10,090.2 10,688.0 12,120.0 12,455.2 9,454.9 9,662.8 9,668.9 9,651.7 5,644.3 5,645.2 5,714.4 7,570.3 7,681.0 7,693.8 0
Stockholders' Equity 9,091.0 9,530.1 9,625.9 9,668.3 9,718.4 9,756.8 9,916.1 10,031.5 10,134.7 10,156.0 10,235.8 10,249.9 10,219.5 10,291.3 10,315.1 10,238.7 10,182.9 9,797.7 9,483.0 8,580.0 8,580.1 8,504.8 8,280.9 8,293.8 7,908.2 8,214.4 8,097.3 7,957.7 8,139.9 8,229.1 8,421.1 8,439.7 8,491.9 8,498.1 3,602.0 3,644.0 3,658.0 1,957.4 1,986.5 2,003.7 1,887.0
Cash Flow
Operating Cash Flow 293.0 128.7 394.6 382.5 300.5 132.8 313.6 371.4 265.6 87.5 420.8 280.9 317.8 119.6 351.9 317.0 235.0 125.3 312.2 229.5 240.6 71.0 229.7 218.2 177.7 71.3 215.5 182.2 193.2 48.2 202.7 180.3 130.1 (7.5) 100.0 93.8 70.9 2.4 91.6 78.8 77.3
Capital Expenditure (57.0) (58.8) 110.9 (60.0) (50.9) (51.7) (68.5) (60.6) (44.5) (58.7) (59.6) (52.8) (50.0) (56.1) (60.7) (50.4) (40.9) (45.5) (45.3) (37.2) (34.9) (44.6) (43.7) (43.8) (40.2) (45.8) (48.3) (40.7) (29.5) (37.4) (45.6) (31.5) (31.3) (25.7) (14.2) (1.2) (11.1) (10.7) (15.3) (13.1) (10.7)
Free Cash Flow 236.0 69.9 505.5 322.5 249.6 81.1 245.1 310.8 221.1 28.8 361.2 228.2 267.8 63.5 291.2 266.6 194.2 79.8 266.9 192.3 205.7 26.5 186.1 174.4 137.5 25.5 167.2 141.5 163.7 10.8 157.1 148.8 98.8 (33.2) 85.8 92.6 59.8 (8.2) 76.3 65.6 66.7