MFA Financial, Inc. logo MFA - MFA Financial, Inc.

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 9
HOLD 14
SELL 0
STRONG
SELL
0
| PRICE TARGET: $14.04 DETAILS
HIGH: $19.00
LOW: $10.00
MEDIAN: $14.00
CONSENSUS: $14.04
UPSIDE: 48.57%
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 229.4 88.1 206.5 192.0 74.8 41.7 82.4 74.6 63.2 114.0 (22.7) 8.6 104.9 31.3 (23.3) (37.1) (54.9) 72.6 112.0 74.6 78.0 39.0 78.2 67.4 (740.3) 113.4 108.5 106.8 102.1 72.7 98.2 83.0 94.0 109.9 78.8 93.9 90.5 84.2 94.3 90.9 89.4 84.1 89.5 89.6 95.0 92.4 89.3 90.4 86.7 86.5 82.1 86.3 85.8 86.1 86.8 83.1 94.0 81.6 88.2 87.3 90.5 68.1 83.6 53.2 42.8 70.4 72.7 69.1 59.5 45.6 55.2 44.5 (80.9) 24.3 (7.2) 13.3 13.1 10.4 9.7 (16.9) 13.7 (5.5) 9.2 15.3 22.1 24.8 21.4 20.5 24.8 16.9 17.8 13.5 15.4 9.4 3.0 5.2 2.1 4.3 1.9 2.0
Cost of Revenue 10.5 7.4 129.3 127.9 0 11.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 34.5 33.7 35.3 10.0 28.5 28.5 24.3 7.5 27.3 21.7 20.8 4.1 19.1 17.8 17.6 3.7 16.0 14.7 14.7 1.8 11.0 11.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 80.9 0 0 0 0 0 0 16.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Gross Profit 218.9 80.7 77.3 64.2 74.8 30.7 82.4 74.6 63.2 114.0 (22.7) 8.6 104.9 31.3 (23.3) (37.1) (54.9) 72.6 112.0 74.6 78.0 39.0 78.2 67.4 (740.3) 113.4 74.0 73.2 66.8 62.7 69.6 54.5 69.6 102.4 51.5 72.2 69.7 80.1 75.2 73.0 71.8 80.4 73.6 74.9 80.3 90.6 78.3 78.7 86.7 86.5 82.1 86.3 85.8 86.1 86.8 83.1 94.0 81.6 88.2 87.3 90.5 68.1 83.6 53.2 42.8 70.4 72.7 69.1 59.5 45.6 55.2 44.5 (161.8) 24.3 (7.2) 13.3 13.1 10.4 9.7 (33.9) 13.7 (5.5) 9.2 15.3 22.1 24.8 21.4 20.5 24.8 16.9 17.8 13.5 15.4 9.4 3.0 5.2 2.1 4.3 1.9 2.0
Operating Expenses
R&D Expenses 0 0.2 0 0 0 0.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 12.2 27.0 29.0 29.9 33.5 28.0 33.8 32.6 37.5 31.3 34.1 33.3 30.9 24.8 29.9 29.6 28.3 28.7 24.9 16.8 15.2 8.9 18.3 16.2 13.5 12.7 12.9 13.8 13.2 11.9 11.0 12.6 10.6 9.3 15.0 13.3 12.0 11.6 10.8 11.9 11.3 10.6 10.0 11.2 10.2 10.9 9.8 10.4 10.5 7.7 8.7 8.8 8.5 8.1 8.7 8.4 8.4 6.6 8.5 7.8 7.3 6.1 6.1 6.2 6.7 6.7 5.9 6.0 5.4 7.3 3.3 4.0 3.8 6.8 1.8 2.7 2.8 5.0 1.4 1.5 1.6 1.1 1.3 1.5 1.6 1.4 1.4 1.4 1.5 (0.4) 0.9 (1.0) 1.3 2.0 0.7 1.2 0.5 1.0 0.5 0.5
Other Expenses 72.0 0 0.3 0.8 41.2 0 48.6 42.0 25.7 82.7 (56.8) (24.7) 74.1 6.5 (53.1) (66.7) (83.1) 43.9 87.2 57.8 62.8 30.1 60.0 51.2 (753.8) 100.6 10.1 9.2 9.8 33.1 (0.0) 0.4 0.4 (0.3) 0.0 (0.3) (0.0) 0.4 0.2 0.1 (0.3) 0.4 (0.0) (0.2) (0.2) (0.9) 0.2 (0.4) (0.5) 0.3 0.3 0.2 (0.5) (0.1) 0.3 (0.4) (0.4) 0.4 (4.2) 0.2 0.7 0.9 (0.1) (1.8) (46.5) (1.7) 0.6 0 0.6 89.7 1.7 1.0 0.2 (2.8) 2.2 0.3 0.2 (3.0) 1.6 0.5 1.4 0.9 0.7 1.5 1.4 4.2 0.1 0 0 13.4 11.4 19.4 12.7 (6.6) 4.3 4.2 6.7 5.8 6.6 6.0
Operating Expenses 84.1 27.2 29.3 30.7 74.8 28.2 82.4 74.6 63.2 114.0 (22.7) 8.6 104.9 31.3 (23.3) (37.1) (54.9) 72.6 112.0 74.6 78.0 39.0 78.2 67.4 (740.3) 113.4 23 23 23 45 11 13 11 9 15 13 12 12 11 12 11 11 10 11 10 10 10 10 10 8 9 9 8 8 9 8 8 7 9 8 8 7 6 7 7 5 6 6 6 97 5 5 4 4 4 3 3 2 3 2 3 2 2 3 3 3.3 0.7 0.8 0.7 13.1 12.3 18.4 14.0 (4.6) 5.1 5.4 7.2 6.8 7.1 6.5
Operating Income
Operating Income 134.7 53.5 48.0 33.4 0 2.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 48.3 31.3 38.7 131.8 80.0 12.2 17.5 149.1 14.9 21.3 24.9 122.5 22.1 22.9 23.9 119.9 21.8 (19.5) (18.6) 118.7 18.0 4.6 117.1 122.0 113.3 114.0 117.5 112.3 123.9 117.5 124.8 109.4 122.5 116.5 117.5 97.0 112.7 84.0 121.1 124.9 119.8 127.1 125.8 45.8 50.1 111.7 7.5 30.0 (10.7) 10.2 9.8 5.2 0.6 (24.2) (0.0) 16.6 55.8 59.1 59.1 50.4 41.0 37.1 38.5 30.0 30.1 32.0 29.4 4.9 8.0 10.6 9.3 11.1 9.0 8.5
Interest Expense 132.7 134.9 129.0 127.1 123.0 127.5 131.3 133.3 129.0 123.4 113.0 99.8 92.8 87.2 71.6 56.7 43.3 35.7 29.1 25.6 30.1 41.0 0 0 83.8 82.5 85.8 85.0 79.0 70.9 58.9 51.8 50.6 48.5 49.3 49.0 50.3 49.9 48.2 47.7 47.6 46.5 43.7 42.8 43.9 39.0 39.4 40.6 40.9 43.4 42.0 38.5 40.2 43.1 45.8 42.7 40.1 38.8 38.8 37.2 34.7 35.5 35.5 35.7 38.5 46.3 53.0 58.0 72.1 87.5 85.0 76.7 93.5 88.9 81.8 78.3 72.3 61.6 38.4 39.0 42.8 47.2 49.5 46.9 40.2 30.6 22.4 19.4 16.6 14.6 14.7 16.9 15.2 12.4 5.8 6.5 7.7 7.8 7.6 7.0
Interest Income 191.9 190.4 185.8 188.3 180.5 178.3 182.0 186.8 176.8 169.9 159.2 144.3 132.2 142.9 123.9 109.3 106.3 105.8 90.9 84.5 81.1 60.5 0 0 145.5 153.1 142.7 144.9 141.0 132.7 117.4 101.7 103.8 100.9 105.1 110.2 117.3 112.5 112.7 114.5 117.5 118.5 119.7 124.0 129.9 113.0 111.0 118.6 121.2 121.0 118.5 120.7 122.7 125.0 125.1 125.5 123.5 124.0 130.8 132.1 109.9 97.6 97.4 88.6 107.7 121.5 124.5 126.7 132.8 137.8 140.9 120.7 128.1 112.3 96.7 91.0 84.8 71.5 47.5 46.2 54.0 58.8 57.5 61.1 61.2 (120.7) 42.4 38.8 40.2 (88.7) 30.8 (94.0) 30.7 (33.1) 8.8 8.9 (25.6) 8.9 8.8 8.8
Profitability
EBITDA 131.8 0 48.3 34.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 94.4 91.4 89.3 0 87.7 0 0 100.9 64.6 80.8 78.7 72.9 83.7 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 5.3 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
EBIT 131.8 0 48.0 33.4 (0.8) 0 (0.8) (0.8) (0.8) (0.8) (0.8) (1.3) (1.3) (1.3) (1.3) (3.3) (3.3) (3.3) (3.3) 0 0 0 0 (0.4) (3.6) (1.4) 93.5 90.7 88.9 (0.5) 87.1 (0.4) (0.4) 100.6 63.8 80.6 78.5 72.6 83.5 (0.3) (0.3) (0.3) (0.2) (0.2) (0.1) (0.3) (0.3) (0.3) (0.3) (2.7) (1.0) (1.1) (1.1) (1.1) (1.1) (0.9) (0.4) (0.4) (1.4) (0.4) (0.5) (0.2) (0.1) (0.2) (0.2) (0.2) (0.1) (0.1) (0.1) (3.5) (0.1) (0.1) (0.1) (4.6) (6.3) (8.3) (8.5) (9.0) (7.0) (7.9) (7.8) (14.1) (18.9) (13.7) (12.2) (13.7) (13.8) (15.1) (8.8) (11.1) (11.4) (9.3) (5.8) (3.1) (0.7) (0.9) (0.4) (0.6) (0.5) (0.4)
Income Before Tax (1.0) 54.3 48.0 33.4 40.3 3.4 49.7 42.3 24.3 89.7 (56.3) (26.3) 72.8 6.7 (55.0) (100.4) (82.9) 44.1 132.5 66.7 85.5 45.8 87.2 96.6 (909.0) 100.6 95.6 93.0 88.9 60.9 87.1 70.4 83.4 100.6 63.8 79.9 78.1 72.6 83.0 79.0 78.1 73.5 79.5 78.1 82.2 79.7 78.9 78.7 76.2 78.6 71.3 75.5 77.4 69.2 78.1 74.8 84.7 70.6 83.7 79.3 82.9 61.6 77.2 48.3 82.7 78.6 66.8 69.1 53.7 45.8 50.1 35.0 (85.9) 22.1 (12.5) 8.1 9.8 8.8 7.1 (19.7) 12.9 6.7 6.3 12.2 18.9 78.1 18.6 17.7 21.9 0 0 0 0 0 0 0 0 0 0 0
Income Tax Expense 0 0 (0.1) 0.2 (0.9) (2.5) 1.5 0.3 1.0 0 0.1 (0.4) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 133.1 146.7 0 0 0 110.0 116.4 0 98.2 0 103.5 0 109.1 103.8 101.8 0 101.4 140.4 65.1 0.0 100.3 114.7 0 0.2 0 2 0 7.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.9) 0 0 0 9.6 80.0 76.3 0 2.3 0 0 55.7 37.3 0 0 0 58.3 0 0 0 14.6 14.7 16.9 15.2 12.4 5.8 6.5 7.7 7.8 7.6 7.0
Net Income (1.0) 54.3 48.1 33.2 41.2 5.9 48.2 41.9 23.2 89.7 (56.4) (25.9) 72.8 6.7 (55.0) (100.4) (82.9) 44.1 132.5 66.7 85.5 45.8 87.2 96.6 (909.0) 100.6 95.6 93.0 88.9 60.9 87.1 70.4 83.4 100.6 63.8 79.9 78.1 72.6 83.0 79.0 78.1 73.5 79.5 78.1 82.2 79.7 78.9 78.7 76.2 78.6 71.3 75.5 77.4 69.2 78.1 74.8 84.7 70.6 83.7 79.3 82.9 61.6 77.2 48.3 82.7 78.6 66.8 69.1 53.7 46.6 50.1 35.0 (85.9) 20.6 (10.4) 10.2 9.8 6.5 7.1 (19.7) 15.0 (30.6) 6.3 12.2 18.9 19.8 18.6 17.7 21.9 15.3 15.4 15.0 14.2 (7.6) 2.2 4.1 1.7 3.3 1.4 1.5
Per Share Data
EPS (Basic) -0.01 0.52 0.36 0.22 0.32 -0.02 0.38 0.32 0.14 0.80 -0.55 -0.25 1.60 0.03 -0.58 -1.02 -1.19 0.08 0.28 0.13 0.68 0.10 0.68 0.76 -8.03 0.84 0.80 0.80 0.76 0.52 0.76 0.68 0.80 0.96 0.60 0.80 0.80 0.72 0.84 0.80 0.80 0.20 0.80 0.80 0.84 0.21 0.80 0.80 0.80 0.21 0.76 0.76 0.84 0.19 0.84 0.80 0.92 0.20 0.92 0.88 1.08 0.21 1.08 0.64 1.16 0.28 1.00 1.20 0.92 0.21 0.96 0.80 -2.38 0.70 -0.50 0.40 0.40 0.37 0.24 -0.98 0.64 -1.53 0.20 0.48 0.80 0.24 0.88 0.88 1.28 1.00 1.20 0.32 1.48 -1.23 0.32 0.59 0.24 0.48 0.21 0.22
EPS (Diluted) -0.01 0.52 0.35 0.21 0.31 -0.02 0.37 0.32 0.14 0.76 -0.55 -0.25 1.48 0.03 -0.58 -1.02 -1.18 0.07 0.27 0.13 0.67 0.10 0.68 0.76 -8.03 0.84 0.80 0.80 0.76 0.52 0.76 0.68 0.80 0.96 0.60 0.80 0.80 0.72 0.84 0.80 0.80 0.20 0.80 0.80 0.84 0.21 0.80 0.80 0.80 0.21 0.76 0.76 0.84 0.19 0.84 0.80 0.92 0.20 0.92 0.88 1.08 0.21 1.08 0.64 1.16 0.28 1.00 1.20 0.92 0.21 0.96 0.80 -2.38 0.70 -0.50 0.40 0.40 0.37 0.24 -0.98 0.64 -1.49 0.20 0.48 0.80 0.24 0.88 0.88 1.28 1.00 1.20 0.32 1.48 -1.22 0.32 0.59 0.24 0.48 0.21 0.22
Shares Outstanding 103.7 103.7 103.7 103.7 103.8 103.7 103.6 103.4 103.2 101.9 101.9 101.9 101.9 101.8 101.8 102.5 106.1 110.7 110.2 110.4 112.8 112.2 113.3 113.3 113.1 113.0 112.8 112.6 112.6 109.9 107.2 99.6 99.6 99.4 99.2 96.6 93.1 92.9 93.3 93.3 92.7 92.6 93.0 92.5 93.0 92.3 92.4 92.1 91.5 90.6 91.0 90.4 89.5 89.2 89.2 89.1 89.0 85.3 89.0 88.8 74.5 70.3 70.1 70.0 70.1 61.6 64.8 55.7 55.6 45.0 49.9 41.5 36.2 29.6 20.8 20.3 19.5 17.2 21.0 20.2 20.2 20.0 21.2 21.1 20.6 19.0 19.7 19.1 17.2 15.4 12.8 10.4 9.6 6.2 6.9 6.9 6.9 6.9 6.9 6.9
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
Current Assets
Cash & Cash Equivalents 221.6 213.2 305.2 275.7 253.7 338.9 305.6 289.4 306.3 318 300.1 329.4 362.5 334.2 434.1 385.6 410.9 304.7 526.2 906.4 780.7 814.4 884.2 666.2 116.5 70.6 154.2 88.7 76.6 52.0 104.2 54.9 214.7 449.8 608.2 745.5 421.6 260.1 288.7 182.8 146.2 531.5 768.7 653.5 282.5 405.6 206.4 94.2 68.6 139.7 57.3 34.9 64.1 112.8 22.4 63.2 16.1 8.9 14.8 17.1 10.1 23.6 13.9 7 11.2 6 7.7 14
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 0 0 0 0 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 117.8 120.0 114.5 118.8 8,791.8 8,818.7 9,042.7 125.8 122.5 9,092.7 8,500.8 8,139.8 7,794.2 7,855.9 8,194.0 8,190.6 8,261.9 50.2 7,081.5 5,551.0 5,189.3 38.9 5,617.2 5,877.5 6,959.8 7,447.9 0 0 0 0 0 31.1 30.4 27.4 25.3 26.7 27.5 27.8 27.8 0 0 34.6 35.1 41.8 45.5 48.1 36.0 22.6 33.6 19.5 21.7 19.7 19.5 19.8 8.6 4.7 3.8 3.4 4.0 3.5 3.5 2.9 2.7 2.4 2.3 1.5 1.5 1
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 (6,046.9) 0 0 (22.3) (11.2) (1.4) 0 0 0 (0.1) (0.2) (0.1) 0 (0.2) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26
Other Current Assets 189.2 173.5 (419.7) (394.6) 346.5 388.4 320.4 (415.2) (428.8) 293.2 273.7 279.2 266.8 252.1 253.1 252.5 251.3 8,300.4 142.2 67.3 64.5 0 84.4 81.7 731.3 179.7 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 0 0 0 0
Total Current Assets 528.7 506.7 0 0 9,392.1 9,546.0 9,668.7 0 0 9,703.9 9,074.5 8,748.4 8,423.5 8,442.2 8,881.2 8,828.6 8,924.1 8,655.3 7,749.9 6,524.6 6,034.5 502.6 6,585.8 6,625.4 7,807.6 7,698.2 154.2 88.7 76.6 52.0 104.2 54.9 214.7 449.8 608.2 745.5 421.6 260.1 288.7 182.8 146.2 531.5 768.7 653.5 282.5 405.6 206.4 94.2 68.6 159.2 79.0 54.7 83.6 132.7 31.1 68.0 20.0 12.3 18.7 20.6 13.6 26.5 16.6 9.4 13.5 7.5 9.2 41
Non-Current Assets
Property, Plant & Equipment 9.6 0 44.6 45.7 35.7 35.5 35.8 36.5 37.2 37.8 37.8 38.3 38.9 39.5 38.2 38.7 39.2 39.4 39.5 38.1 0 0.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11.2 0 11.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.1 61.6 0 0 0 0 0 0 0 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 7.2 19.5 21.7 19.7 19.5 19.8 8.6 4.7 3.8 3.4 4.0 3.5 3.5 0 0 0 0 0 0 0
Intangible Assets 2.3 2.6 2.9 3.2 4 4.8 5.6 6.4 7.2 8 8.8 9.6 10.9 12.2 13.5 14.8 18.1 21.4 24.7 0 0 239.0 252.2 254.2 738.1 1,217.0 1,164.3 1,169.9 825.4 611.8 565.3 381.4 455.1 492.1 411.8 0 0 226.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2.9 2.7 2.4 2.3 1.5 1.5 0
Long-Term Investments 12,394.7 12,196.9 2,279.8 1,850.0 158.8 184.6 157.4 881.6 756.7 56.3 45.2 50.9 20.0 156.3 0 0 300.0 362.5 0 0 0 63.8 0 0.1 1,927.5 16.9 225.6 98.0 130.5 127.2 101.6 927.5 956.6 1,320.1 1,288.5 1,285.0 1,206.5 1,178.9 1,291.2 1,243.1 1,344.8 7,949.6 1,413.7 8,758.0 9,417.0 9,964.3 6,876.7 5,317.4 5,697.6 4,372.7 4,186.9 3,535.7 3,485.3 3,446.5 1,383.7 802.3 524.7 495.3 515.5 508.7 527.5 486.8 440.5 422.6 346.7 247.8 204.9 153
Other Non-Current Assets 233.3 279.2 (2,388.5) (1,959.9) 1,867.9 1,577.7 1,231.4 (985.5) (862.2) 905.6 877.5 827.9 757.3 401.3 525.9 536.4 582.4 8,835.0 612.2 645.6 683.4 5,815.1 645.3 687.6 657.3 4,636.0 6,971.2 6,458.5 5,569.1 4,992.9 4,224.7 3,064.9 2,226.4 1,642.3 1,177.8 995.8 776.5 1,040.9 858.5 681.2 455.6 161.4 (1,413.7) (8,758.0) (9,428.2) (9,964.3) (6,888.4) (5,317.4) (5,697.6) (4,379.9) (4,194.1) (3,542.9) (3,492.5) (3,453.7) (1,390.9) (809.6) (532.0) (502.6) (522.9) (516.2) (535.1) (494.4) (447.9) (430) (354.2) (255.2) (212.3) (153)
Total Non-Current Assets 12,700.9 12,539.8 0 0 2,127.5 1,863.6 1,491.2 0 0 1,068.8 1,030.3 987.8 888.2 670.3 638.6 651.0 1,000.8 484.4 738.0 683.8 683.4 6,117.9 897.5 942.0 3,322.8 5,869.9 8,361.1 7,726.4 6,524.9 5,731.9 4,898.7 4,380.9 3,645.3 3,454.5 2,885.4 2,288.1 1,990.2 2,227.0 2,156.9 1,931.4 1,807.6 8,118.1 7.2 7.2 7.2 7.2 7.2 7.2 7.2 4,379.9 4,194.1 3,542.9 3,492.5 3,453.7 1,390.9 809.6 532.0 502.6 522.9 516.2 535.1 494.4 447.9 430 354.2 255.2 212.3 153
Total Assets 13,229.6 13,046.4 12,097.5 11,674.7 11,519.5 11,409.6 11,159.8 11,076.9 10,874.1 10,772.7 10,104.8 9,736.2 9,311.6 9,112.4 9,519.8 9,479.6 9,925.0 9,139.7 8,487.9 7,208.4 6,718.0 6,932.3 7,483.3 7,567.4 11,130.3 13,568.2 13,104.8 13,208.1 12,801.6 12,420.3 11,782.0 10,644.8 10,615.2 10,954.7 11,103.5 11,536.8 11,900.1 12,484.0 12,751.4 12,827.5 12,844.4 8,684.3 8,434.7 9,627.2 9,806.2 10,517.7 7,140.1 5,476.4 5,841.4 4,564.9 4,300.7 3,627.6 3,603.9 3,598.9 1,443.3 897.9 562.7 522.5 548.2 540.7 552.2 524.4 468.3 442.5 371.4 264.7 223.6 202
Current Liabilities
Account Payables 36.2 36.4 33.0 32.4 0 0 0 33.1 36.2 0 0 0 0 0 0 0 0 9.6 0 0 0 11.1 0 0 0 0 20.5 16.9 17.0 16.3 11.6 11.0 11.2 12.3 11.2 11.6 13.6 14.1 11.8 13.3 13.4 7.8 8.3 13.3 14.9 16.1 18.7 14.0 11.2 7.2 9.9 13.5 14.3 16.1 6.3 3.0 2.1 2.0 2.4 1.4 0.9 2.8 1 1.5 0.8 0.8 1 1
Short-Term Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 225.2 0 0 0 0 0 8,630.6 8,509.7 0 7,278.3 5,892.2 6,558.9 0 0 0 8,137.1 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 99
Deferred Revenue 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (173.1) 0 0 0 500.0 0 0 0 0 0 (8,630.6) (8,509.7) (7,879.1) (7,278.3) (5,881.2) (6,547.6) (6,614.7) 0 0 (8,137.1) (8,734.2) (324.3) (132.0) (118.9) 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
Other Current Liabilities 0 (73.5) (382.5) (294.6) 37.4 36.0 36.0 (260.5) (261.2) 35.8 35.8 35.8 35.8 35.8 45.0 45.0 46.4 0 44.2 44.2 33.6 (306.2) 22.8 0 0 90.7 8,511.9 (87.0) (17.0) 7,879.1 811.0 (6,569.0) (6,677.7) 7,118.8 7,516.0 7,694.4 510.3 9,245.0 9,313.0 9,682.0 9,775.7 6,441.7 (22.0) (110.7) (21.0) (20.0) (18.7) (29.5) (13.9) (38.2) 3,824.8 3,212.4 3,187.7 (31.9) (11.9) (7.2) (4.7) (4.0) (4.8) (3.1) (2.7) (4.7) (3.6) (3.3) (3.7) (3.4) (3.9) 3
Total Current Liabilities 115.8 0 0 0 245.9 313.5 251.6 0 0 188.8 182.0 156.9 151.3 134.1 154.1 159.3 177.3 236.1 129.1 80.5 67.5 725.2 66.5 35.0 66.6 152.6 8,715.6 8,770.0 8,641.1 9,004.2 8,229.8 11.0 11.2 7,596 7,749 8,165 8,747 9,353 9,621 9,783 9,874 6,456 6,181 7,450 8,147 9,049 6,365 4,803 5,171 4,064 3,850 3,239 3,217 16.1 6.3 3.0 2.1 2.0 2.4 1.4 0.9 2.8 1 1.5 0.8 0.8 1 103
Non-Current Liabilities
Long-Term Debt 6,480.1 10,940.0 6,547.6 6,088.3 9,367.2 9,155.5 8,922.5 5,230.7 5,074.7 8,536.7 8,038.0 7,568.2 7,101.3 6,812.1 7,289.4 7,132.4 7,028.2 2,876.9 5,550.8 4,428.8 3,996.0 1,614.5 4,851.1 5,011.4 8,623.1 10,031.6 926.2 947.7 756.0 781.2 811.0 615.4 448.1 460.7 234.1 240.5 96.7 96.7 96.7 0 108.5 0 0 0 0 0 9.5 22.8 22.8 16.2 16.2 16.3 16.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25
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
Other Non-Current Liabilities 4,838.1 225.3 (6,599.1) (6,140.5) 31.0 63.1 65.3 (5,272.8) (5,117.6) 103.7 0 30.9 0 132.0 0 0 329.7 (2,921.9) 163.0 131.3 112.2 (1,615.1) 0 0 0 0 8,571.4 0 0 (781.2) (811.0) (615.4) (448.1) (460.7) (234.1) (240.5) (96.7) (96.7) (96.7) 0 (108.5) 0 0 0 0 0 (9.5) (22.8) (22.8) (16.2) (0.2) (0.3) (16.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Non-Current Liabilities 11,334.4 11,218.8 0 0 9,435.2 9,254.3 9,027.7 0 0 8,684.0 8,074.3 7,634.6 7,141.7 6,989.4 7,331.8 7,173.9 7,398.7 2,695.4 5,757.6 4,601.4 4,108.2 4,337.0 4,851.1 5,011.4 8,623.1 10,031.6 985.8 1,034.7 756.0 781.2 811.0 615.4 448.1 97 97 97 97 97 97 97 109 0 9 9 9 9 9 23 23 16 16 16 16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 25
Total Liabilities 11,450.2 11,218.8 10,276.0 9,852.6 9,681.1 9,567.8 9,279.4 9,193.7 8,989.9 8,872.8 8,256.3 7,791.5 7,293.0 7,123.6 7,485.9 7,333.2 7,576.0 6,596.8 5,886.8 4,681.9 4,175.7 4,407.5 4,917.6 5,046.4 8,689.7 10,184.2 9,701.4 9,804.7 9,397.1 9,004.2 8,229.8 7,438.1 7,379.8 7,693.1 7,845.8 8,262.2 8,844.2 9,450.1 9,718.0 9,879.9 9,982.8 6,456.2 6,189.7 7,458.9 8,155.6 9,058.1 6,374.3 4,826.0 5,193.6 4,080.0 3,866.4 3,255.5 3,232.7 3,229.0 1,292.8 756.1 486.9 452.6 478.2 475.5 487.3 456.8 399.3 373.9 300.8 193.7 151.5 128
Stockholders' Equity
Common Stock 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.1 1.1 4.4 4.4 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.5 4.0 4.0 4.0 4.0 4.0 3.7 3.7 3.7 3.7 3.7 2.8 2.8 2.8 2.2 2.2 1.0 0.8 0.8 0.6 0.5 0.5 0.5 0.5 0.2 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0 0 0 0 0
Retained Earnings (1,943.8) (1,895.5) (1,900.9) (1,899.9) (1,884.0) (1,879.9) (1,840.4) (1,843.5) (1,839.8) (1,817.8) (1,862.5) (1,761.1) (1,690.1) (1,718.0) (1,680.1) (1,570.8) (1,417.1) (1,279.5) (1,267.5) (1,347.5) (1,361.7) (1,405.3) (1,408.9) (1,451.8) (1,548.4) (631.0) (637.2) (638.4) (637.3) (632.0) (599.0) (592.2) (578.9) (579.0) (596.0) (576.5) (573.1) (572.6) (566.9) (571.7) (572.4) (142.9) (121.6) (202.2) (141.3) (159.2) (79.3) 3.4 6.1 (15.8) (10.1) (10.2) (12.4) (12.5) 1.6 0.9 2.1 (0.4) (0.7) (2.6) (2.7) (2.9) (3.2) (5.1) (5.5) (4.3) (2.7) (1)
Accumulated Other Comprehensive Income 2.9 3.7 4.3 4.9 8.2 9.5 10.1 17.7 19.5 17.7 14.4 13.4 20.2 21.3 31.1 36.9 41.9 45.6 56.8 64.6 73.7 77.3 45.3 45.7 77.7 370.0 401.9 411.8 414.6 420.3 526.4 564.7 582.7 609.2 630.2 632.4 594.7 573.7 573.5 493.7 410.4 185.8 182.3 187.0 (3.7) (176.3) (43.5) (57.1) 14.6 (12.1) 17.0 22.0 23.8 22.0 7.3 (0.8) (0.8) (4.1) (4.7) (7.7) (7.9) (5.4) (4.1) 0 0 0 (1.5) (2)
Total Stockholders' Equity 1,779.4 1,827.7 1,821.5 1,822.1 1,838.4 1,841.8 1,880.5 1,883.2 1,884.2 1,899.9 1,848.5 1,944.8 2,018.6 1,988.8 2,033.9 2,146.4 2,349.0 2,542.8 2,601.1 2,526.5 2,542.3 2,524.8 2,565.7 2,521.1 2,440.7 3,384.0 3,403.4 3,403.4 3,404.5 3,416.1 3,552.2 3,206.6 3,235.4 3,261.6 3,257.7 3,274.6 3,055.9 3,033.9 3,033.4 2,947.7 2,861.6 2,228.2 2,245.1 2,168.3 1,650.6 1,459.6 765.8 650.4 647.8 485.0 434.3 372.1 371.2 369.9 150.5 141.8 75.8 69.9 70.0 65.1 64.9 67.6 69 68.6 70.6 70.9 71.9 74
Total Liabilities & Equity 13,229.6 13,046.4 12,097.5 11,674.7 11,519.5 11,409.6 11,159.8 11,076.9 10,874.1 10,772.7 10,104.8 9,736.2 9,311.6 9,112.4 9,519.8 9,479.6 9,925.0 9,139.7 8,487.9 7,208.4 6,718.0 6,932.3 7,483.3 7,567.4 11,130.3 13,568.2 13,104.8 13,208.1 12,801.6 12,420.3 11,782.0 10,644.8 10,615.2 10,954.7 11,103.5 11,536.8 11,900.1 12,484.0 12,751.4 12,827.5 12,844.4 8,684.3 8,434.7 9,627.2 9,806.2 10,517.7 7,140.1 5,476.4 5,841.4 4,564.9 4,300.7 3,627.6 3,603.9 3,598.9 1,443.3 897.9 562.7 522.5 548.2 540.7 552.2 524.4 468.3 442.5 371.4 264.7 223.6 202
Debt Metrics
Total Debt 6,496.3 10,993.4 6,599.1 6,140.5 9,408.5 9,196.5 8,963.9 5,272.8 5,117.6 8,580.3 8,081.5 7,612.3 7,146.0 6,857.4 7,333.2 7,176.7 7,073.0 2,921.9 5,595.1 4,470.5 3,996.0 1,839.7 4,851.1 5,011.4 8,623.1 10,031.6 926.2 947.7 756.0 781.2 811.0 615.4 448.1 460.7 234.1 240.5 96.7 96.7 96.7 96.7 108.5 6,274 6,023 7,205 7,961 8,782 9.5 22.8 22.8 16.2 16.2 16.3 16.3 3,197 1,281 749 482 449 473 472 485 452 396 371 297 190 148 124
Net Debt 6,274.7 10,780.2 6,293.9 5,864.7 9,154.8 8,857.6 8,658.4 4,983.4 4,811.3 8,262.3 7,781.4 7,282.9 6,783.6 6,523.2 6,899.1 6,791.1 6,662.1 2,617.2 5,068.9 3,564.1 3,215.3 1,025.3 3,966.9 4,345.2 8,506.6 9,961.0 772.1 859.1 679.4 729.3 706.8 560.6 233.4 11.0 (374.1) (505.0) (324.8) (163.4) (192.0) (86.0) (37.7) 5,742.5 5,254.3 6,551.5 7,678.5 8,376.4 (196.9) (71.4) (45.8) (123.5) (41.1) (18.6) (47.8) 3,084.2 1,258.6 685.8 465.9 440.1 458.2 454.9 474.9 428.4 382.1 364 285.8 184 140.3 110
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
Operating Activities
Net Income (1.3) 54.5 48.1 33.0 41.2 5.9 48.2 41.9 23.2 89.7 (56.4) (25.9) 72.8 6.6 (55.0) (100.5) (82.9) 44.1 132.1 66.7 85.5 45.7 86.9 96.6 (909.0) 100.6 95.6 93.0 88.9 60.9 87.1 70.4 83.4 100.6 63.8 79.9 78.1 72.6 83.0 79.0 78.1 6.3 12.2 18.9 17.7 21.9 15.3 11.8 15.4 15.3 15.0 17.3 14.2 9.6 (7.6) 5.1 2.2 1.7 3.3 1.4 1.5 1.7 3.1 1.5 1.3 0.8 0.9 1.2 0.5
Depreciation & Amortization 0.3 (0.8) 0 0.8 0 0 0 0 0 0 0.8 1.3 1.3 1.3 (5.2) 3.3 0 3.3 3.3 0 0 0 0 0.4 3.6 1.4 0.9 0.7 0.4 0.5 0.5 0.4 0.4 0.3 0.8 0.2 0.2 0.2 0.2 0.3 0.3 18.9 13.9 12.0 15.1 8.8 11.1 14.6 11.4 8.8 9.3 7.3 5.8 5.7 3.1 0.9 0.7 0.4 0.6 0.5 0.4 0.2 0.4 0.6 0.2 0.4 (0.2) 0.1 0
Stock-Based Compensation 0 0 0 0 0 0 0 0 0 0 4.2 0 3.1 0 2.2 0 0 2.8 0 0 0 0 0 1.6 1.3 4.5 1.3 2.4 1.0 4.1 1.1 2.3 0.6 2.7 1.9 2.4 1.1 5.0 1.1 1.9 1.1 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
Change in Working Capital 24.7 (17.0) (16.6) 7.1 26.5 32.9 (24.4) (4.5) 12.5 59.0 (41.8) (19.1) (16.1) (258.5) 129.2 (209.3) 22.6 0.1 (36.0) 26.9 3.0 (10.8) 3.6 43.8 (47.5) (2.8) 9.4 (6.8) (15.5) 4.5 2.2 1.1 (34.2) 2.7 (4.4) (2.5) (7.2) (62.8) 7.7 (54.4) (10.1) 14.1 11.7 15.9 17.1 (12.7) 10.5 2.8 (3.4) (1.7) (0.0) 1.1 (0.4) (4.7) 9.5 0.2 (0.4) 2.0 (1.8) 0.5 (2.5) 0 0 (0.9) (0.2) (1.7) 103 (103) (103)
Other Non-Cash Items 47.4 0.9 (16.8) (2.4) (82.2) 72.6 (35.1) 9.0 17.8 (144.9) 138 121.6 (69.4) 255.2 80.0 382.9 193.9 (39.2) (86.9) (21.2) (64.4) (13.2) (130.4) (98.8) 964.8 (41.5) (39.5) (40.5) (37.7) (12.4) (44.5) (36.2) (44.2) (49.2) (39.3) (27.3) (28.8) (28.4) (29.3) (29.6) (30.4) (0.3) 0.1 0.1 0.1 0.2 0 0.6 (0.3) 0 (0.3) 0.4 0.2 3.1 5.3 0.1 (2.6) (0.3) (2.6) (0.1) 0 1.4 1.1 (0.1) 0 0.1 (101.7) 100.6 103.6
Operating Cash Flow 71.1 37.6 14.7 38.5 (14.6) 111.4 (11.3) 46.5 53.5 3.8 39.8 77.8 (12.7) 4.5 151.6 76.4 133.6 11.2 12.5 72.4 24.2 21.6 (39.9) 43.4 13.2 62.2 67.6 48.9 37.1 57.6 46.4 37.9 5.9 57.1 22.8 52.7 43.5 (13.3) 62.7 (2.9) 39.0 39.0 37.9 47.0 50.0 18.2 36.9 29.7 23.1 22.4 24.0 26.0 19.8 13.6 10.3 6.3 (0.0) 3.8 (0.6) 2.3 (0.6) 3.3 4.6 1.1 1.3 (0.4) 2 (1.1) 1.1
Investing Activities
Capital Expenditure 0 0 0 0 0 0 0 0 0 0 0 1.5 (1.5) 1.2 (0.3) (0.3) (1.0) 38.7 (8.2) (39.2) (4.4) (3.4) 39.9 0.2 (0.2) (0.5) (0.3) (0.7) (0.4) (0.1) (0.5) (0.4) (0.2) (0.3) (0.3) (0.2) (0.1) (0.3) (0.1) (0.2) (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
Acquisitions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.3 0 0 (0.0) 0 0 0 0 (0.8) 0 898.2 0 0 0 314.1 2,033.9 0 0 (132.2) (303.9) 0 0 54.1 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
Purchases of Investments (350.9) (1,931.4) (355.8) (162.2) (299.6) (465.1) (228.5) (175.5) 0 (53.3) (151.9) (77.8) (305.9) (0.1) (740.0) (0.3) 0 0 0.6 0 0 (0.9) (0.5) 0 (1,131.6) 0 0 0 (1,037.5) (3,141.7) 0 0 (19.8) (86.3) 0 0 494.5 (84.6) 0 0 (22.1) (248.2) (672.6) (752.7) (310.7) (1,669.0) (844.1) (886.4) (1,189.2) (482.1) (585.7) (377.9) (988.1) (1,006.9) (712.9) (650.8) (323.0) (12.3) (30.2) (13.5) (65.0) (75.6) (54) (101.1) (125.3) (65.2) 0 0 0
Sales/Maturities of Investments 155.9 (168.2) 61.5 118.4 35.1 39.4 34.3 47.8 8.1 27.1 16.0 42.2 5.8 78.5 16.3 41.1 1.8 0 64.9 51.4 58.9 99.6 109.2 0 1,009.3 0 0 0 208.3 538.7 0 0 19.4 243.1 0 0 160.7 0 0 0 0 848.3 653.1 533.1 603.3 362.6 504.8 984.8 522.1 421.5 539.8 318.9 257.5 288.3 147.3 76.1 44.6 30.6 28.7 31.8 21.5 30.3 33.3 24.1 25.6 26.1 0 0 0
Other Investing Activities (30.6) 868.1 22.3 13.3 13.0 183.9 284.1 (53.6) (99.5) (283.1) (412.3) (516.0) 159.5 (165.7) 430.8 (204.7) (584.3) (980.0) (1,322.5) (318.2) 291.0 422.2 352.7 4,583.2 46.4 (569.9) 174.3 (240.3) 18.0 24.5 (1,879.2) 383.2 16.6 21.3 91.4 1,121.6 20.9 89.9 420.6 265.0 358.9 (1.3) 1.1 0.1 0.2 0.4 0.3 1.1 0.0 0.1 0.2 0.0 0.2 (0.0) (0.2) 0.3 2.9 (3.7) 0.2 (0.3) 3.0 (6.5) (1) 0.5 (0.8) (2.5) (54.1) (93.6) 0.2
Investing Cash Flow (225.6) (1,231.5) (272.0) (30.5) (251.5) (241.8) 89.9 (181.3) (91.4) (309.2) (548.2) (550.1) (142.1) (86.0) (293.0) (164.2) (583.5) (941.3) (1,265.2) (306.0) 345.5 517.5 460.5 4,583.2 822.2 (570.4) 174.0 (240.9) (497.5) (544.8) (1,879.7) 382.8 (116.2) (126.1) 91.1 1,121.4 730.0 4.9 420.4 264.9 336.7 598.8 (18.4) (219.4) 292.8 (1,306.0) (339.0) 99.5 (667.1) (60.5) (45.7) (59.0) (730.4) (718.6) (565.8) (574.3) (275.6) 14.6 (1.3) 18.0 (40.5) (51.8) (21.7) (76.5) (100.5) (41.6) (54.1) (93.6) 0.2
Financing Activities
Net Debt Issuance 240.4 (629.5) 311.1 128.9 189.6 275.4 (44.4) 194.1 125.8 386.8 505.8 492.1 236.9 2,334.6 255.5 179.7 713.5 842.5 971.2 435.3 (341.1) (526.8) (183.4) (6,817.7) (724.4) (35.0) (81.3) 943.0 605.1 570.8 196.7 (498.5) (12.8) (29.3) (176.1) (951.2) 0 0 0 (117.9) (10.1) (582.6) 11.9 198.8 (384.0) 1,131.3 260.3 (57.5) 610.0 25.7 (11.2) 91.1 618.6 641.8 564.7 532.1 266.7 (24.8) 1.0 (12.2) 32.5 56.4 25.1 73.6 106.8 42.7 0 0 0
Stock Repurchased (9.0) 10.3 (5.1) 0 (5.2) (0.0) (0.0) (0.0) (1.5) (0.0) 0 0 0 0 0 (47.5) (54.8) (37.5) 0 (27.1) (20.9) (93.4) 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 0 0 0 0 0 0 0 0 0
Dividends Paid (49.3) (48.0) (48.4) (48.0) (44.1) (44.2) (44.3) (44.2) (44.0) (44.0) (44.0) (44.0) (44.0) (53.2) (53.2) (55.1) (55.4) (52.5) (52.5) (41.9) (42.2) (31.0) (21.6) 0 (90.7) (94.4) (94.2) (94.1) (93.9) (93.9) (83.7) (83.7) (83.5) (83.4) (83.3) (78.6) (78.4) (78.3) (78.2) (78.2) (78.2) (12.4) (17.0) (20.2) (20.4) (15.9) (16.9) (15.3) (13.1) (15.0) (14.9) (14.0) (10.9) (7.7) (4.4) (3.4) (1.5) (1.4) (1.3) (1.3) (1.3) (1.3) (1.1) (2.5) (2.4) (2.4) 0 0 0
Other Financing Activities (6.8) 1,710.8 (8.3) (17.2) (2.2) (2.4) (28.4) (2.8) (1.3) (2.7) (3.2) 0.1 (4.6) (2,307.3) (5.0) 0 (2.9) 0.2 0 (3.7) (1.4) 37.3 0 2,531.6 (97.3) 575.6 (0.5) (656.3) (21.5) (12.3) 1,382.5 (2.6) (35.9) 17.0 5.3 180.4 (537.6) 54.4 (299.3) (29.6) (306.5) (0.1) 0 0.0 48.3 (2.4) (0.2) 0 2.3 (2.3) (0.9) (1.9) 39.3 (0.8) (28.5) (1.4) 58.8 3.2 0 0 0 (0.5) 0 0 0 (0.1) 46.1 98.3 (1.5)
Financing Cash Flow 178.7 1,043.5 249.3 63.7 138.1 228.8 (117.1) 147.0 78.9 340.1 458.5 448.1 188.3 (25.8) 197.4 77.6 601.0 752.8 919.3 362.9 (405.3) (607.1) (205.0) (4,286.1) (636.8) 449.7 (168.2) 193.2 490.2 464.5 1,885.7 (584.3) (131.0) (89.4) (251.2) (850.1) (612.0) (20.2) (377.2) (225.4) (394.5) (596.9) (5.1) 181.6 (317.3) 1,216.7 274.4 (19.1) 666.4 8.9 (27.0) 75.3 736.1 691.5 591.6 527.2 323.9 (23.9) (0.4) (13.6) 30.8 54.6 24 71.1 104.4 40.2 46.1 98.3 (1.5)
Cash Position
Net Change in Cash 24.1 (150.3) (8.0) 71.7 (128.0) 98.4 (38.5) 12.3 41.0 34.7 (49.9) (24.2) 33.5 (107.3) 56.1 (10.2) 151.1 (177.3) (333.5) 129.4 (35.7) (68.0) 215.6 340.5 198.7 (58.5) 73.5 1.1 29.9 (22.0) 52.5 (163.6) (241.3) (158.4) (137.3) 323.9 161.5 (28.6) 105.9 36.5 (18.8) 40.9 14.4 9.2 25.6 (71.1) (27.7) 110.1 22.4 (29.2) (48.8) 42.4 25.5 (13.6) 36.1 (40.8) 48.3 (5.6) (2.2) 6.7 (10.3) 6 6.9 71.1 104.4 40.2 (6.1) 3.7 (0.3)
Cash at Beginning 386.7 537.0 545.0 473.3 601.3 502.9 541.4 529.2 488.2 453.5 503.4 527.6 494.1 601.4 545.3 555.5 404.4 581.7 915.2 785.9 821.5 889.5 673.9 333.4 134.7 193.2 119.7 118.6 88.7 110.7 58.2 221.8 463.1 608.2 745.5 421.6 260.1 288.7 182.8 146.2 165.0 92.0 77.5 68.3 68.6 139.7 167.4 57.3 34.9 64.1 112.8 70.4 45.0 58.5 22.4 63.2 14.9 14.0 16.2 9.5 19.9 13.9 7 (64.1) 6 0 14 0 70.6
Cash at End 410.8 386.7 537.0 545.0 473.3 601.3 502.9 541.4 529.2 488.2 453.5 503.4 527.6 494.1 601.4 545.3 555.5 404.4 581.7 915.2 785.9 821.5 889.5 673.9 333.4 134.7 193.2 119.7 118.6 88.7 110.7 58.2 221.8 449.8 608.2 745.5 421.6 260.1 288.7 182.8 146.2 132.8 92.0 77.5 94.2 68.6 139.7 167.4 57.3 34.9 64.1 112.8 70.4 45.0 58.5 22.4 63.2 8.4 14.0 16.2 9.5 19.9 13.9 7 110.4 40.2 7.9 3.7 70.3
Free Cash Flow 71.1 37.6 14.7 38.5 (14.6) 111.4 (11.3) 46.5 53.5 3.8 39.8 79.3 (14.1) 5.7 151.3 76.1 132.6 49.9 4.2 33.3 19.8 18.2 0 43.6 13.0 61.7 67.3 48.2 36.7 57.5 46.0 37.5 5.7 56.8 22.6 52.5 43.3 (13.7) 62.6 (3.1) 38.9 39.0 37.9 47.0 50.0 18.2 36.9 29.7 23.1 22.4 24.0 26.0 19.8 13.6 10.3 6.3 (0.0) 3.8 (0.6) 2.3 (0.6) 3.3 4.6 1.1 1.3 (0.4) 2 (1.1) 1.1
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 229.4 88.1 206.5 192.0 74.8 41.7 82.4 74.6 63.2 114.0 (22.7) 8.6 104.9 31.3 (23.3) (37.1) (54.9) 72.6 112.0 74.6 78.0 39.0 78.2 67.4 (740.3) 113.4 108.5 106.8 102.1 72.7 98.2 83.0 94.0 109.9 78.8 93.9 90.5 84.2 94.3 90.9 89.4 84.1 89.5 89.6 95.0 92.4 89.3 90.4 86.7 86.5 82.1 86.3 85.8 86.1 86.8 83.1 94.0 81.6 88.2 87.3 90.5 68.1 83.6 53.2 42.8 70.4 72.7 69.1 59.5 45.6 55.2 44.5 (80.9) 24.3 (7.2) 13.3 13.1 10.4 9.7 (16.9) 13.7 (5.5) 9.2 15.3 22.1 24.8 21.4 20.5 24.8 16.9 17.8 13.5 15.4 9.4 3.0 5.2 2.1 4.3 1.9 2.0
Gross Profit 218.9 80.7 77.3 64.2 74.8 30.7 82.4 74.6 63.2 114.0 (22.7) 8.6 104.9 31.3 (23.3) (37.1) (54.9) 72.6 112.0 74.6 78.0 39.0 78.2 67.4 (740.3) 113.4 74.0 73.2 66.8 62.7 69.6 54.5 69.6 102.4 51.5 72.2 69.7 80.1 75.2 73.0 71.8 80.4 73.6 74.9 80.3 90.6 78.3 78.7 86.7 86.5 82.1 86.3 85.8 86.1 86.8 83.1 94.0 81.6 88.2 87.3 90.5 68.1 83.6 53.2 42.8 70.4 72.7 69.1 59.5 45.6 55.2 44.5 (161.8) 24.3 (7.2) 13.3 13.1 10.4 9.7 (33.9) 13.7 (5.5) 9.2 15.3 22.1 24.8 21.4 20.5 24.8 16.9 17.8 13.5 15.4 9.4 3.0 5.2 2.1 4.3 1.9 2.0
Operating Income 134.7 53.5 48.0 33.4 0 2.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 48.3 31.3 38.7 131.8 80.0 12.2 17.5 149.1 14.9 21.3 24.9 122.5 22.1 22.9 23.9 119.9 21.8 (19.5) (18.6) 118.7 18.0 4.6 117.1 122.0 113.3 114.0 117.5 112.3 123.9 117.5 124.8 109.4 122.5 116.5 117.5 97.0 112.7 84.0 121.1 124.9 119.8 127.1 125.8 45.8 50.1 111.7 7.5 30.0 (10.7) 10.2 9.8 5.2 0.6 (24.2) (0.0) 16.6 55.8 59.1 59.1 50.4 41.0 37.1 38.5 30.0 30.1 32.0 29.4 4.9 8.0 10.6 9.3 11.1 9.0 8.5
Net Income (1.0) 54.3 48.1 33.2 41.2 5.9 48.2 41.9 23.2 89.7 (56.4) (25.9) 72.8 6.7 (55.0) (100.4) (82.9) 44.1 132.5 66.7 85.5 45.8 87.2 96.6 (909.0) 100.6 95.6 93.0 88.9 60.9 87.1 70.4 83.4 100.6 63.8 79.9 78.1 72.6 83.0 79.0 78.1 73.5 79.5 78.1 82.2 79.7 78.9 78.7 76.2 78.6 71.3 75.5 77.4 69.2 78.1 74.8 84.7 70.6 83.7 79.3 82.9 61.6 77.2 48.3 82.7 78.6 66.8 69.1 53.7 46.6 50.1 35.0 (85.9) 20.6 (10.4) 10.2 9.8 6.5 7.1 (19.7) 15.0 (30.6) 6.3 12.2 18.9 19.8 18.6 17.7 21.9 15.3 15.4 15.0 14.2 (7.6) 2.2 4.1 1.7 3.3 1.4 1.5
EPS (Diluted) -0.01 0.52 0.35 0.21 0.31 -0.02 0.37 0.32 0.14 0.76 -0.55 -0.25 1.48 0.03 -0.58 -1.02 -1.18 0.07 0.27 0.13 0.67 0.10 0.68 0.76 -8.03 0.84 0.80 0.80 0.76 0.52 0.76 0.68 0.80 0.96 0.60 0.80 0.80 0.72 0.84 0.80 0.80 0.20 0.80 0.80 0.84 0.21 0.80 0.80 0.80 0.21 0.76 0.76 0.84 0.19 0.84 0.80 0.92 0.20 0.92 0.88 1.08 0.21 1.08 0.64 1.16 0.28 1.00 1.20 0.92 0.21 0.96 0.80 -2.38 0.70 -0.50 0.40 0.40 0.37 0.24 -0.98 0.64 -1.49 0.20 0.48 0.80 0.24 0.88 0.88 1.28 1.00 1.20 0.32 1.48 -1.22 0.32 0.59 0.24 0.48 0.21 0.22
Balance Sheet
Cash & Equivalents 221.6 213.2 305.2 275.7 253.7 338.9 305.6 289.4 306.3 318 300.1 329.4 362.5 334.2 434.1 385.6 410.9 304.7 526.2 906.4 780.7 814.4 884.2 666.2 116.5 70.6 154.2 88.7 76.6 52.0 104.2 54.9 214.7 449.8 608.2 745.5 421.6 260.1 288.7 182.8 146.2 531.5 768.7 653.5 282.5 405.6 206.4 94.2 68.6 139.7 57.3 34.9 64.1 112.8 22.4 63.2 16.1 8.9 14.8 17.1 10.1 23.6 13.9 7 11.2 6 7.7 14
Total Assets 13,229.6 13,046.4 12,097.5 11,674.7 11,519.5 11,409.6 11,159.8 11,076.9 10,874.1 10,772.7 10,104.8 9,736.2 9,311.6 9,112.4 9,519.8 9,479.6 9,925.0 9,139.7 8,487.9 7,208.4 6,718.0 6,932.3 7,483.3 7,567.4 11,130.3 13,568.2 13,104.8 13,208.1 12,801.6 12,420.3 11,782.0 10,644.8 10,615.2 10,954.7 11,103.5 11,536.8 11,900.1 12,484.0 12,751.4 12,827.5 12,844.4 8,684.3 8,434.7 9,627.2 9,806.2 10,517.7 7,140.1 5,476.4 5,841.4 4,564.9 4,300.7 3,627.6 3,603.9 3,598.9 1,443.3 897.9 562.7 522.5 548.2 540.7 552.2 524.4 468.3 442.5 371.4 264.7 223.6 202
Total Debt 6,496.3 10,993.4 6,599.1 6,140.5 9,408.5 9,196.5 8,963.9 5,272.8 5,117.6 8,580.3 8,081.5 7,612.3 7,146.0 6,857.4 7,333.2 7,176.7 7,073.0 2,921.9 5,595.1 4,470.5 3,996.0 1,839.7 4,851.1 5,011.4 8,623.1 10,031.6 926.2 947.7 756.0 781.2 811.0 615.4 448.1 460.7 234.1 240.5 96.7 96.7 96.7 96.7 108.5 6,274 6,023 7,205 7,961 8,782 9.5 22.8 22.8 16.2 16.2 16.3 16.3 3,197 1,281 749 482 449 473 472 485 452 396 371 297 190 148 124
Stockholders' Equity 1,779.4 1,827.7 1,821.5 1,822.1 1,838.4 1,841.8 1,880.5 1,883.2 1,884.2 1,899.9 1,848.5 1,944.8 2,018.6 1,988.8 2,033.9 2,146.4 2,349.0 2,542.8 2,601.1 2,526.5 2,542.3 2,524.8 2,565.7 2,521.1 2,440.7 3,384.0 3,403.4 3,403.4 3,404.5 3,416.1 3,552.2 3,206.6 3,235.4 3,261.6 3,257.7 3,274.6 3,055.9 3,033.9 3,033.4 2,947.7 2,861.6 2,228.2 2,245.1 2,168.3 1,650.6 1,459.6 765.8 650.4 647.8 485.0 434.3 372.1 371.2 369.9 150.5 141.8 75.8 69.9 70.0 65.1 64.9 67.6 69 68.6 70.6 70.9 71.9 74
Cash Flow
Operating Cash Flow 71.1 37.6 14.7 38.5 (14.6) 111.4 (11.3) 46.5 53.5 3.8 39.8 77.8 (12.7) 4.5 151.6 76.4 133.6 11.2 12.5 72.4 24.2 21.6 (39.9) 43.4 13.2 62.2 67.6 48.9 37.1 57.6 46.4 37.9 5.9 57.1 22.8 52.7 43.5 (13.3) 62.7 (2.9) 39.0 39.0 37.9 47.0 50.0 18.2 36.9 29.7 23.1 22.4 24.0 26.0 19.8 13.6 10.3 6.3 (0.0) 3.8 (0.6) 2.3 (0.6) 3.3 4.6 1.1 1.3 (0.4) 2 (1.1) 1.1
Capital Expenditure 0 0 0 0 0 0 0 0 0 0 0 1.5 (1.5) 1.2 (0.3) (0.3) (1.0) 38.7 (8.2) (39.2) (4.4) (3.4) 39.9 0.2 (0.2) (0.5) (0.3) (0.7) (0.4) (0.1) (0.5) (0.4) (0.2) (0.3) (0.3) (0.2) (0.1) (0.3) (0.1) (0.2) (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
Free Cash Flow 71.1 37.6 14.7 38.5 (14.6) 111.4 (11.3) 46.5 53.5 3.8 39.8 79.3 (14.1) 5.7 151.3 76.1 132.6 49.9 4.2 33.3 19.8 18.2 0 43.6 13.0 61.7 67.3 48.2 36.7 57.5 46.0 37.5 5.7 56.8 22.6 52.5 43.3 (13.7) 62.6 (3.1) 38.9 39.0 37.9 47.0 50.0 18.2 36.9 29.7 23.1 22.4 24.0 26.0 19.8 13.6 10.3 6.3 (0.0) 3.8 (0.6) 2.3 (0.6) 3.3 4.6 1.1 1.3 (0.4) 2 (1.1) 1.1