SBA Communications Corporation logo SBAC - SBA Communications Corporation

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
1
BUY 27
HOLD 14
SELL 0
STRONG
SELL
0
| PRICE TARGET: $233.00 DETAILS
HIGH: $260.00
LOW: $205.00
MEDIAN: $230.00
CONSENSUS: $233.00
UPSIDE: 13.34%
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 703.4 719.6 732.3 699.0 664.2 693.7 667.6 660.5 657.9 675.0 682.5 678.5 675.5 686.1 675.6 652.0 619.8 595.1 589.3 575.5 548.7 535.9 522.9 507.2 517.1 513.7 507.5 500.1 493.3 483.8 467.2 456.3 458.3 443.1 433.9 427.3 423.4 416.5 411.3 405.5 399.8 406.9 410.7 410.7 410.1 404.7 393.3 383.4 345.6 335.4 332.1 324.3 313.1 293.8 238.6 229.1 192.5 183.8 175.5 171.1 167.7 165.5 158.6 154.5 148.0 145.0 139.3 136.2 135.1 134.4 118.7 112.0 109.9 108.9 103.2 100.3 95.8 96.8 98.2 87.4 68.8 72.4 66.0 63.2 58.3 65.5 58.7 56.3 57.3 57.6 50.4 64.1 69.6 69.2 57.8 53.0 53.6 45.4 38.5 30.4
Cost of Revenue 171.3 499.4 189.8 178.0 161.0 158.7 155.7 147.8 145.4 149.3 155.4 159.2 170.4 180.2 184.4 172.8 158.0 149.9 145.8 142.6 134.8 132.0 125.6 116.1 119.3 126.8 128.2 127.0 126.3 124.1 119.7 117.5 118.4 120.0 113.1 111.7 113.9 110.4 108.4 109.4 105.8 113.8 112.1 117.9 112.4 109.1 111.8 109.7 105.7 108.4 106.9 105.7 106.5 108.0 77.4 66.2 52.2 50.3 51.8 50.1 50.7 51.8 50.6 50.0 47.1 46.8 45.3 43.9 44.5 46.6 42.0 39.4 40.2 43.0 43.7 39.2 37.5 40.0 42.2 40.2 34.3 39.0 35.0 34.7 31.3 41.6 30.7 29.8 32.9 33.1 27.5 36.7 40.3 41.1 34.3 32.1 61.0 28.8 18.8 13.4
Gross Profit 532.1 220.2 542.5 521.0 503.2 535.0 511.9 512.6 512.5 525.7 527.2 519.3 505.2 505.9 491.2 479.2 461.7 445.2 443.6 433.0 414.0 403.9 397.3 391.1 397.8 386.8 379.3 373.2 367.0 359.8 347.5 338.8 339.9 323.0 320.9 315.6 309.4 306.1 302.9 296.1 294.0 293.1 298.6 292.8 297.6 295.7 281.5 273.8 239.8 227.0 225.2 218.6 206.6 185.9 161.2 162.9 140.3 133.6 123.7 120.9 117.0 113.7 108.0 104.6 100.9 98.1 94.0 92.3 90.5 87.9 76.6 72.6 69.7 65.9 59.5 61.0 58.3 56.8 56.0 47.2 34.5 33.4 31.0 28.6 27.0 24.0 28.0 26.5 24.4 24.5 22.9 27.4 29.3 28.1 23.4 20.8 (7.4) 16.6 19.7 17.1
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 70.5 74.4 66.3 70.9 66.1 68.8 59.3 62.3 68.5 67.5 64.5 63.2 71.9 70.3 65.5 63.0 60.9 63.3 50.8 53.7 51.4 47.2 47.9 48.9 49.4 43.6 42.1 55.3 50.8 35.4 34.7 35.8 35.9 31.2 32.1 32.9 33.6 16.3 31.7 47.3 30.0 28.5 27.4 27.9 29.4 26.2 26.2 25.1 24.3 21.6 21.6 21.3 20.2 19.1 17.7 17.7 17.2 15.8 15.4 15.7 15.9 15.0 14.4 14.3 14.5 14.3 13.2 13.2 12.1 13.3 12.5 12.5 10.5 11.9 11.3 11.6 10.8 10.8 11.0 11.5 8.7 7.1 6.7 7.1 7.2 14.3 7.4 7.1 7.3 7.9 7.2 8.2 9.0 9.9 10.8 10.6 8.3 7.0 6.3 6.0
Other Expenses 118.7 (162.0) 102.0 115.4 102.2 83.9 77.0 95.9 120.6 248.5 214.0 214.9 209.1 200.9 182.7 185.2 184.1 184.6 181.0 179.5 189.0 191.6 189.0 185.2 197.2 189.3 183.4 181.4 177.0 174.0 174.8 177.2 174.1 172.7 171.8 168.1 168.0 182.4 163.0 174.8 166.4 182.5 228.1 166.8 179.1 172.8 165.8 165.4 148.4 146.0 139.7 0 0 0 0 176.7 135.0 524.7 132.6 128.1 128.0 380.7 123.6 120.2 116.6 447.8 111.1 109.4 108.6 380.5 94.7 88.6 87.6 227.6 86.6 80.9 77.8 289.3 80.8 73.1 55.3 227.6 56.7 56.4 21.9 97.8 20.7 22.2 20.9 103.8 3.9 179.9 5.0 104.9 0 0 0 0 0 0
Operating Expenses 189.3 (87.6) 168.4 186.2 168.3 152.7 136.3 158.2 189.1 316.0 278.6 278.1 281.0 271.2 248.2 248.2 245.0 247.9 231.8 233.2 240.4 238.8 237.0 234.0 246.6 232.9 225.5 236.7 227.8 209.4 209.5 212.9 210.0 204.0 203.9 201.1 201.6 198.6 194.7 222.1 196.4 211.0 255.6 194.6 208.6 199.1 192.0 190.4 172.7 167.6 161.3 174.2 149.8 156.4 142.5 111.7 99.7 95.2 93.6 92.4 90.8 87.7 84.1 83.1 82.0 80.0 78.2 77.4 75.7 75.4 65.2 61.8 57.8 56.2 54.2 53.2 51.1 50.7 49.7 44.4 39.4 29.6 28.4 28.8 29.1 41.3 28.0 29.2 28.1 35.0 38.2 34.0 33.2 12.5 29.1 25.6 (0.4) 23.1 20.6 19.0
Operating Income
Operating Income 342.8 307.8 374.2 334.8 334.9 382.3 375.6 354.5 323.4 209.7 248.6 241.2 224.1 234.7 243.0 231.0 216.8 197.4 211.8 199.8 173.6 165.1 160.3 157.1 151.2 153.9 153.8 136.5 139.3 150.3 138.0 125.9 130.0 119.1 117.0 114.6 107.8 107.4 108.2 74.1 97.6 82.1 43.1 98.2 89.1 96.6 89.5 83.3 67.1 59.4 63.9 56.0 60.5 34.9 42.6 34.7 40.3 32.0 27.6 27.2 23.9 16.7 20.7 20.0 16.9 12.1 15.0 13.6 14.3 11.5 11.4 10.8 11.8 9.7 5.3 7.8 7.2 6.1 6.3 2.8 (4.8) 3.9 2.6 (0.2) (2.1) (17.4) (0.0) (2.8) (3.8) (10.5) (15.8) (7.7) (24.9) (8.8) (5.7) (4.8) (7.1) (6.5) (0.9) (2.0)
Interest Expense 134.6 124.0 120.2 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 84.1 84.3 84.4 82.3 79.2 77.9 77.2 86.4 79.8 76.3 73.4 72.6 75.3 76.8 77.3 68.5 61.3 59.2 58.8 58.4 54.1 53.2 52.9 52.7 52.5 52.0 52.0 50.5 42.6 35.7 0 36.6 33.2 28.4 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
Interest Income 5.2 7.2 5.5 8.2 10.8 20.6 7.0 7.0 7.3 5.5 5.3 4.7 2.8 3.3 2.9 1.5 2.5 1.3 0.9 0.5 0.6 0.6 0.8 0.7 0.9 0.8 1.3 1.6 1.8 1.8 2.0 1.7 1.3 2.7 2.5 2.9 3.2 3.2 3.1 2.7 1.9 1.6 1.3 0.7 0.3 0.2 0.2 0.2 0.1 0.2 0.3 0.7 0.6 0.7 0.3 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.1 0.2 0.3 0.3 0.3 0 1.8 1.6 2.1 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
Profitability
EBITDA 424.2 718.2 486.1 448.7 433.0 462.5 448.7 444.6 438.8 453.7 458.6 448.3 430.8 435.3 425.0 416.0 399.5 381.0 392.1 378.7 361.9 356.3 349.0 341.9 347.5 340.6 336.8 317.3 315.8 323.7 312.2 302.3 303.2 291.7 287.5 280.8 273.8 289.1 269.6 247.3 261.6 268.5 269.4 263.4 266.0 269.1 254.9 248.3 215.1 205.3 203.4 197.1 186.1 166.2 143.6 145.2 123.1 109.4 108.3 105.3 101.2 87.2 93.7 90.4 86.5 74.1 65.2 77.7 81.7 78.8 68.3 65.5 64.0 56.3 50.4 51.7 49.3 48.8 50.0 40.5 21.7 32.1 31.0 29.4 27.7 19.1 31.2 23.2 23.0 12.5 6.6 29.2 15.9 (75.2) 20.0 17.1 (15.7) 9.6 13.4 11.1
EBIT 342.8 556.2 409.2 378.7 367.9 397.4 385.2 380.4 362.0 282.3 277.9 266.4 248.4 252.3 251.2 239.6 225.2 211.1 221.2 203.2 178.1 175.9 168.7 163.2 164.9 161.1 161.8 145.7 144.7 154.2 144.5 132.8 137.8 129.0 125.6 121.3 114.8 130.6 109.5 87.5 101.8 107.0 105.1 101.1 94.1 106.8 95.5 87.3 70.7 72.0 70.1 56.0 60.5 34.9 42.6 8.9 37.9 30.0 25.4 24.9 19.5 14.5 18.8 (31.4) 14.7 8.4 0.3 13.4 18.0 24.9 9.4 7.2 9.2 9.7 5.3 7.8 7.2 6.1 6.3 2.8 (4.8) 3.9 2.6 (0.2) (2.0) (17.3) (3.4) (2.7) (7.2) (10.4) (15.4) (6.6) (16.6) 15.6 (5.7) (4.8) (7.1) (6.5) (0.9) (2.0)
Income Before Tax 236.0 432.3 289.1 260.8 259.9 155.9 298.2 147.1 171.5 138.4 93.2 172.8 144.1 128.8 102.6 65.6 228.8 48.4 37.0 199.9 (32.7) 140.5 13.2 23.0 (194.5) 84.3 18.8 47.6 36.2 73.0 14.2 (75.6) 40.1 10.7 52.5 12.6 41.0 10.5 (13.8) 34.7 55.8 33.0 (154.0) 30.5 (76.1) 4.3 (15.6) (7.4) 3.1 (21.9) 21.7 (34.0) (23.0) (50.7) (52.6) (52.4) (21.3) (28.8) (33.0) (29.2) (33.7) (38.4) (33.9) (83.9) (37.3) (43.6) (50.2) (29.2) (17.6) 3.0 (16.0) (18.2) (14.6) (28.7) (17.0) (15.0) (16.3) (24.3) (24.1) 75.4 (8.8) (31.1) (14.1) (26.0) (21.3) (51.9) (21.2) (22.5) (47.7) (52.7) (45.0) (31.6) (46.8) (29.3) (22.8) (17.6) (5.1) (5.6) (7.6) (9.5)
Income Tax Expense 51.1 61.9 48.7 35.1 42.0 (22.9) 42.3 (12.3) 16.9 28.9 7.9 (29.2) 43.5 26.2 2.9 (3.6) 40.5 (0.6) (10.8) 47.2 (20.9) 34.3 (9.4) (0.2) (66.5) 16.8 (3.0) 15.6 10.2 15.9 (2.0) (18.2) 8.6 3.1 3.4 3.4 3.4 5.3 1.6 2.0 2.2 1.9 1.9 2.2 3.0 3.9 1.0 2.0 1.7 (2.8) 0.2 1.9 (0.6) 1.8 1.0 2.5 1.3 0.3 0.4 0.7 0.7 0.2 0.7 (0.0) 0.1 0.0 0.0 0.2 0.2 0.3 0.4 0.2 0.1 0.1 0.5 0.1 0.1 (0.0) 0.2 0.2 0.4 1.2 0.4 0.3 0.2 (0.1) 0.3 0.3 0.3 0.5 0.4 (1.3) (0.5) 0.4 0.5 0.4 0.3 0.3 0.4 0.2
Net Income 184.8 370.3 236.8 225.8 220.7 173.6 258.5 162.8 154.5 109.5 87.4 203.6 101.2 103.3 100.0 69.5 188.6 48.9 47.8 152.7 (11.7) 105.8 22.6 22.8 (127.1) 67.4 21.7 32.0 26.0 57.2 16.1 (57.4) 31.5 7.7 49.2 9.2 37.6 5.3 (15.4) 32.7 53.6 31.0 (155.9) 28.3 (79.0) 0.4 (16.6) (9.5) 1.4 (19.2) 21.5 (35.9) (22.4) (52.4) (53.4) (53.5) (22.6) (29.1) (33.3) (29.8) (34.3) (39.2) (34.5) (83.7) (37.3) (43.5) (50.1) (29.4) (17.9) 2.7 (16.4) (18.4) (14.6) (28.9) (17.5) (15.1) (16.4) (24.3) (24.3) (75.6) (9.2) (32.3) (14.4) (26.3) (21.7) (52.1) (24.0) (23.2) (47.9) (51.2) (56.4) (30.3) (47.3) (29.7) (23.3) (23.0) (5.4) (5.9) (7.9) (9.7)
Per Share Data
EPS (Basic) 1.75 3.48 2.21 2.10 2.05 1.61 2.41 1.52 1.43 1.01 0.81 1.88 0.94 0.96 0.93 0.64 1.75 0.45 0.44 1.40 -0.11 0.96 0.20 0.20 -1.14 0.60 0.19 0.28 0.23 0.50 0.14 -0.50 0.27 0.07 0.41 0.08 0.31 0.04 -0.12 0.26 0.43 0.25 -1.23 0.22 -0.61 0.00 -0.13 -0.07 0.01 -0.15 0.17 -0.28 -0.18 -0.41 -0.43 -0.44 -0.20 -0.27 -0.30 -0.27 -0.30 -0.34 -0.30 -0.72 -0.32 -0.37 -0.43 -0.25 -0.15 0.02 -0.15 -0.17 -0.13 -0.27 -0.17 -0.15 -0.16 -0.23 -0.23 -0.77 -0.11 -0.38 -0.19 -0.37 -0.33 -0.82 -0.42 -0.41 -0.86 -0.95 -1.10 -0.59 -0.94 -0.62 -0.50 -0.49 -0.12 -0.14 -0.20 -0.27
EPS (Diluted) 1.74 3.47 2.21 2.09 2.04 1.61 2.40 1.51 1.42 1.01 0.80 1.87 0.93 0.95 0.91 0.64 1.72 0.44 0.43 1.37 -0.11 0.94 0.20 0.20 -1.14 0.59 0.19 0.28 0.23 0.50 0.14 -0.50 0.27 0.06 0.41 0.08 0.31 0.04 -0.12 0.26 0.43 0.24 -1.23 0.22 -0.61 0.00 -0.13 -0.07 0.01 -0.15 0.16 -0.28 -0.18 -0.41 -0.43 -0.44 -0.20 -0.26 -0.30 -0.27 -0.30 -0.34 -0.30 -0.72 -0.32 -0.37 -0.43 -0.25 -0.15 0.02 -0.15 -0.17 -0.13 -0.27 -0.17 -0.15 -0.16 -0.23 -0.23 -0.77 -0.11 -0.38 -0.19 -0.37 -0.33 -0.80 -0.42 -0.41 -0.86 -0.92 -1.10 -0.59 -0.94 -0.61 -0.50 -0.49 -0.11 -0.14 -0.20 -0.27
Shares Outstanding 105.8 106.3 107.5 108.0 108.2 107.8 107.7 107.8 108.8 108.5 109.3 108.9 108.8 108.7 109.9 108.6 109.7 111.3 111.2 111.4 106.8 112.9 112.8 114.1 111.5 113.9 114.1 114.2 113.0 115.3 115.3 114.8 116.8 117.2 119.9 121.5 121.3 122.7 124.6 125.8 125.4 126.0 126.8 128.8 129.2 129.1 129.0 129.0 140.7 128.4 134.6 127.7 124.3 126.6 121.4 121.3 111.4 109.5 110.2 112.3 114.4 114.4 114.7 115.7 117.1 116.9 116.7 117.1 118.0 116.5 107.4 107.1 108.5 106.0 104.2 103.2 105.7 105.0 103.7 98.1 85.7 85.1 74.5 70.3 65.3 63.7 57.8 56.9 55.7 54.1 51.1 51.1 50.4 47.8 47.1 46.8 46.6 43.4 39.2 35.4
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 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
Current Assets
Cash & Cash Equivalents 327.8 432.4 430.3 275.3 636.4 189.8 186.3 220.5 240.3 208.5 190.5 179.2 152.8 143.7 201.2 183.1 263.6 367.3 187.8 273.8 176.6 308.6 271.9 207.5 184.1 108.3 128.8 101.8 117.6 143.4 136.2 134.7 109.3 68.8 139.7 164.5 132.2 146.1 165.2 134.0 103.3 227.9 118.3 161.3 174.2 89.8 43.4 21.8 19.2 8.3 22.0 47.9 61.1 42.3 70.4 150.9 250.4 15.0 124.8 27.2 111.7 3.1 2.7 5 2.3 26.7
Short-Term Investments 0 6.6 0.8 1.6 65.7 254.5 16.2 30.4 0 1.0 1.1 22.4 1.9 1.3 21.1 40.8 0 0.8 0 0 0 0 0 225.9 0 0 0.7 25.5 0 0 0 0 0 0 0 0 0 0 0.2 0.2 0.7 4.2 3.6 5.4 3.8 0.2 121.2 0 0 15.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 161.5 663.9 218.9 189.6 158.2 284.5 142.8 115.6 147.3 202.1 190.9 202.5 241.9 264.4 198.6 169.9 169.6 150.8 116.9 119.2 124.7 108.9 95.2 110.2 126.0 158.4 151.0 143.1 136.5 146.0 118.0 101.2 114.1 109.1 99.9 88.0 87.3 89.5 86.6 77.8 100.3 17.1 14.8 19.6 13.6 14.1 42.7 29.8 28.0 29.6 33.5 39.5 46.7 45.7 69.0 71.6 67.3 61.3 40.4 40.7 25.8 22.6 23.1 18.4 14.2 12.5
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
Other Current Assets 0 0 143.9 41.4 48.6 1,229.4 82.0 76.2 43.2 54.7 58.1 95.9 60.9 55.4 97.3 89.9 92.6 81.2 84.3 75.1 77.2 44.3 79.6 69.5 73.0 58.0 43.1 43.9 44.8 47.1 42.1 59.4 48.0 49.2 53.5 30.1 30.7 55.0 552.5 25.4 25.1 41.9 38.1 40.7 46.5 47.8 32.7 7.1 11.3 12.1 65.7 0 202.4 16.3 0 0 0 6.0 18.8 7.9 11.5 7.9 6.5 7.7 7.9 6.6
Total Current Assets 489.3 1,103.0 812.5 523.8 933.3 1,978.7 450.3 460.0 447.6 484.3 460.0 518.6 471.6 482.7 529.8 494.9 539.4 614.4 403.8 482.2 389.9 473.0 458.6 624.1 395.1 334.3 329.3 315.7 300.6 373.9 327.7 326.9 302.8 259.5 324.1 336.5 301.3 324.6 858.2 291.3 282.6 303.1 184.5 236.8 246.9 160.7 249.4 65.0 62.7 68.9 126.4 92.4 113.6 111.7 150.8 230.5 323.3 82.2 184.0 75.9 149.0 33.6 32.3 31.1 24.4 45.8
Non-Current Assets
Property, Plant & Equipment 4,011.2 3,865.7 7,080.6 7,021.1 6,488.2 6,392.8 6,486.1 6,226.0 6,337.3 6,426.1 6,505.3 6,602.5 6,605.0 6,603.5 5,973.1 6,036.6 6,054.5 5,808.4 5,843.4 5,934.5 5,868.5 5,050.9 5,008.0 5,034.1 5,118.1 5,366.8 5,213.0 5,264.2 5,313.6 2,786.4 2,787.7 2,778.4 2,803.5 2,812.3 2,777.3 2,774.4 2,785.9 2,792.1 2,780.1 2,805.4 2,802.7 1,490.5 1,472.7 1,496.9 1,478.3 1,483.0 1,159.7 816.5 837.0 856.2 898.0 1,121.9 1,140.6 1,154.4 1,104.1 1,056.2 910.5 765.8 617.3 507.0 397.2 338.9 284.5 232.5 184.8 150.9
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
Intangible Assets 2,880.0 2,882.1 2,725.0 2,579.8 2,403.0 2,388.7 2,492.4 2,314.2 2,403.8 2,455.6 2,523.6 2,628.1 2,693.9 2,776.5 2,701.9 2,800.6 2,909.8 2,803.2 2,906.9 3,051.6 2,984.1 3,156.2 3,063.5 3,174.6 3,294.4 3,626.8 3,261.9 3,238.0 3,259.0 3,331.5 3,388.0 3,459.9 3,600.6 3,598.1 3,550.7 3,569.0 3,605.5 3,656.9 3,710.8 3,788.8 3,764.0 1,433.1 1,420.5 1,435.6 1,400.0 1,405.4 788.8 1.9 2.2 2.4 3.0 3.9 4.3 4.7 116.0 116.9 102.3 83.4 51.6 34.7 34.0 34.4 16.2 16.4 6.8 6.9
Long-Term Investments 3,415.9 3,433.9 13.5 16.0 18.1 20.8 26.6 19.2 22.0 24.5 31.6 34.2 37.1 40.7 44.0 42.1 45.6 47.9 48.7 51.9 55.5 57.6 60.0 0 0 13.3 0 0 0 0 0 0 0 0 0 8.6 8.4 7.9 8.0 8.1 8.1 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
Other Non-Current Assets 924.4 254.6 585.8 578.3 548.0 582.3 686.7 705.1 719.9 720.5 745.4 747.6 722.3 665.5 669.5 608.6 572.5 475.8 414.0 401.2 393.9 366.7 367.1 487.8 488.1 414.5 380.0 441.2 439.6 703.7 682.4 699.7 698.2 648.5 648.4 620.3 596.3 579.5 558.6 542.9 514.3 206.9 192.9 144.3 130.3 122.9 103.5 51.0 52.4 55.4 57.1 46.4 43.3 53.2 10.2 10.6 13.6 17.4 22.8 22.9 22.3 22.9 14.2 12.5 15.8 7.6
Total Non-Current Assets 11,231.5 10,472.1 10,447.7 10,242.6 9,509.6 9,438.6 9,751.4 9,326.2 9,547.7 9,694.2 9,874.2 10,085.9 10,070.0 10,102.3 9,419.2 9,517.0 9,602.7 9,187.3 9,264.3 9,478.1 9,373.5 8,685.0 8,576.1 8,766.5 8,964.4 9,425.7 8,871.9 8,953.7 9,012.2 6,839.9 6,886.2 6,962.5 7,102.3 7,060.7 6,976.4 6,972.4 6,996.2 7,036.4 7,057.5 7,145.1 7,089.1 3,130.6 3,086.1 3,076.8 3,008.6 3,011.3 2,051.9 869.5 891.5 912.7 958.2 1,172.2 988.0 1,212.2 1,230.3 1,183.6 1,026.4 866.6 691.7 564.6 453.5 396.2 314.9 261.4 207.4 168.8
Total Assets 11,720.8 11,575.0 11,260.2 10,766.4 10,442.9 11,417.3 10,201.7 9,786.2 9,995.3 10,178.4 10,334.2 10,604.5 10,541.5 10,585.0 9,949.0 10,011.9 10,142.1 9,801.7 9,668.1 9,960.3 9,763.5 9,158.0 9,034.7 9,390.5 9,359.5 9,759.9 9,201.1 9,269.4 9,312.8 7,213.7 7,213.8 7,289.4 7,405.1 7,320.2 7,300.5 7,308.9 7,297.4 7,360.9 7,915.7 7,436.3 7,371.6 3,433.7 3,270.6 3,313.6 3,255.5 3,172.0 2,301.3 934.5 954.2 983.0 1,084.5 1,264.6 1,304.9 1,324.0 1,381.1 1,414.2 1,349.7 948.8 875.6 640.5 602.5 429.8 347.2 292.5 231.8 214.6
Current Liabilities
Account Payables 63.5 73.0 219.7 60.8 65.0 59.5 54.4 50.7 45.8 42.2 46.6 47.0 53.6 51.4 51.3 41.5 40.6 34.1 34.8 34.6 33.6 110.0 29.2 26.4 26.9 31.8 35.1 41.3 34.5 34.3 32.1 32.4 29.6 33.3 32.4 29.2 29.6 28.3 23.9 25.5 20.7 10.1 10.7 9.2 9.7 10.1 9.5 12.5 11.0 11.4 11.5 13.9 16.8 19.9 65.6 54.7 46.8 76.9 60.4 58.6 36.4 40.7 28.8 24.2 12.1 14.4
Short-Term Debt 2,683.5 2,235.4 772.6 772.2 771.8 1,187.9 23 1,806.3 1,805.4 643.1 24 24 24 24 663.2 662.7 662.3 24 24 24 24 24 24 24 522.7 522.1 24 943.2 942.4 941.7 24 24 20 20 773.3 772.5 20 627.2 515.9 568.9 20 29.6 29.1 28.6 6 6 0 3.3 2.5 11.5 6.6 60.1 60.1 2.6 0.3 0.7 0.1 2.6 0.1 1.3 0.1 0.1 0.1 0.1 0 0
Deferred Revenue 103.7 117.3 132.3 125.4 110.4 127.3 184.0 191.3 161.1 235.7 185.8 242.0 145.4 179.7 216.9 199.8 195.6 190.0 184.3 177.0 174.4 113.1 155.8 130.7 133.5 113.5 112.4 95.1 99.0 108.1 96.6 94.6 93.4 98.0 101.2 98.8 96.0 101.1 94.5 89.7 87.3 56.6 49.2 54.0 48.1 45.9 29.8 10.2 9.6 11.1 11.6 14.4 11.1 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Liabilities 65.8 (190.3) 59.4 20.7 18.8 17.9 14.1 14.2 21.0 18.7 3.1 4.1 24.5 12.9 30.1 21.1 21.4 4.8 13.7 12.8 12.6 14.3 16.6 25.8 18.1 16.9 10.8 9.2 11.3 9.8 10.5 16.5 13.9 8.8 11.1 7.7 9.8 11.2 8.5 9.2 9.6 3.4 3.1 3.2 3.1 2.8 5.7 16.5 9.4 24.3 36.3 16.4 31.6 42.3 27.9 40.1 27.1 30.2 23.0 17.5 16.2 13.8 11.8 10.1 6.3 23.4
Total Current Liabilities 3,345.7 2,235.4 1,611.0 1,429.7 1,343.0 1,797.9 667.8 2,459.6 2,413.3 1,363.3 663.1 738.4 638.8 696.8 1,338.4 1,318.2 1,278.6 616.3 592.0 626.0 560.8 614.8 551.2 552.7 1,019.6 1,048.3 510.2 1,428.1 1,404.7 1,206.3 265.5 277.8 250.9 278.9 1,022.7 1,046.4 228.6 873.4 738.8 806.0 233.1 156.8 139.2 158.7 97.0 91.8 62.9 59.7 49.3 76.0 79.9 120.1 262.6 79.1 112.3 107.9 84.5 109.7 83.5 77.4 52.6 54.6 40.7 34.4 18.4 37.8
Non-Current Liabilities
Long-Term Debt 10,276.2 10,960.0 11,932.9 11,739.4 11,654.4 12,403.8 12,296.5 10,473.7 10,550.6 11,681.2 12,491.1 12,571.9 12,797.8 12,844.2 11,696.1 11,817.5 11,969.1 12,278.7 11,822.5 11,908.4 12,019.8 11,071.8 10,692.7 10,555.6 10,050.7 9,812.3 9,821.5 8,749.5 8,780.6 8,996.8 9,710.1 9,675.7 9,363.7 9,290.7 8,185.5 7,906.2 8,646.2 8,148.4 8,515.4 7,913.9 8,452.3 2,777.8 2,472.2 2,460.4 2,383.6 2,348.1 1,905 889.6 898.6 859.2 888.1 969.1 964.2 1,011.6 778.4 772.0 715.3 281.7 253.1 271.1 266.7 318.2 255.9 210.7 210.4 165.6
Deferred Tax Liabilities 0 317.1 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 0 0 0 0 0 0 0 0 16.5 18.4 18.4 18.5 18.9 18.5 20.5 18.4 8.6 7.9 7.9 8 3.2 3.4 3.4 0
Other Non-Current Liabilities 613.5 589.5 554.2 466.3 406.2 367.9 432.2 373.7 411.4 404.2 332.2 330.8 302.7 248.1 221.0 227.6 232.8 191.5 183.6 185.6 179.1 186.2 181.0 459.4 438.0 270.9 241.3 195.6 147.5 387.4 383.2 378.0 378.7 349.7 350.0 341.9 339.2 335.0 330.6 325.1 316.9 101.2 96.9 94.6 87.8 82.0 58.3 4.2 3.9 3.8 4.2 5.1 (16.3) 1.8 1.5 1.3 1.0 0.8 0.6 0.6 0.6 0.4 0.6 0.4 0.4 3.7
Total Non-Current Liabilities 13,041.1 14,114.9 14,506.6 14,210.4 14,008 14,675.2 14,659.6 12,602.5 12,768.2 13,951.0 14,802.5 14,920.8 15,133.7 15,132.9 13,934.9 14,092.5 14,252.7 14,451.5 14,019.2 14,158.9 14,234.2 13,352.4 12,954.6 13,128.5 12,642.7 12,362.6 12,237.3 11,180.6 11,210.9 9,384.3 10,093.4 10,053.7 9,742.4 9,640.4 8,535.6 8,248.1 8,985.4 8,483.4 8,846.0 8,239.0 8,769.1 2,879.0 2,569.1 2,555.0 2,471.4 2,430.1 1,963.3 893.8 902.5 863.1 908.8 992.6 966.3 1,029.3 798.8 791.8 736.8 300.9 262.3 279.6 275.2 326.6 259.7 214.5 214.2 169.3
Total Liabilities 16,472.5 16,350.3 16,117.6 15,640.1 15,351.0 16,473.1 15,327.4 15,062.1 15,181.5 15,314.3 15,465.6 15,659.2 15,772.5 15,829.6 15,273.2 15,410.7 15,531.2 15,067.9 14,611.2 14,784.9 14,795.0 13,967.2 13,505.9 13,681.2 13,662.3 13,410.9 12,747.4 12,608.8 12,615.5 10,590.5 10,358.9 10,331.5 9,993.3 9,919.3 9,558.3 9,294.5 9,213.9 9,356.9 9,584.8 9,043.9 9,002.2 3,035.9 2,708.3 2,713.7 2,568.4 2,521.9 2,026.3 953.4 951.8 939.1 988.7 1,112.6 1,119.4 1,108.4 911.1 899.7 821.3 410.7 345.8 357.0 327.8 381.2 300.4 248.9 232.6 207.1
Stockholders' Equity
Common Stock 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.2 1.3 1.1 1.2 1.2 1.2 1.2 1.1 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0 0.1
Retained Earnings (7,200.9) (7,249.9) (7,285.0) (7,251.1) (7,226.2) (7,326.2) (7,393.8) (7,546.4) (7,509.4) (7,450.8) (7,421.7) (7,362.8) (7,473.9) (7,482.1) (7,508.2) (7,531.2) (7,523.7) (7,203.5) (6,890.8) (6,759.4) (6,848.3) (6,604.0) (6,177.9) (5,972.7) (5,943.4) (5,560.7) (5,387.1) (5,194.0) (5,131.3) (5,136.4) (4,851.5) (4,759.6) (4,395.3) (4,388.3) (4,064.8) (3,735.1) (3,604.3) (3,637.5) (3,299.4) (3,231.7) (3,164.4) (1,845.7) (1,673.6) (1,627.6) (1,532.3) (1,452.9) (1,205.4) (707.8) (684.6) (636.6) (578.1) (521.7) (488.0) (457.7) (185.1) (136.0) (112.7) (89.7) (84.3) (78.4) (70.5) (60.8) (51.2) (43.3) (36) (26.9)
Accumulated Other Comprehensive Income (636.7) (664.1) (688.1) (711.5) (736.6) (760.3) (723.6) (701.8) (629.7) (615.2) (594.3) (555.6) (596.4) (590.5) (613.9) (626.5) (591.4) (762.3) (780.5) (739.0) (808.4) (807.6) (873.6) (867.9) (846.8) (568.8) (620.8) (554.9) (531.8) (511.9) (528.5) (500.9) (379.1) (379.5) (342.4) (378.9) (342.9) (370.2) (370.4) (364.9) (441.4) 1.3 (1.8) (2.8) (1.9) (1.8) (1.1) (292.2) (273.7) (254.8) (215.5) (243.7) (221.7) (197.9) (103.9) (85.3) (54.7) (54.7) (45.6) (36.8) (29.9) (23.6) (18.4) (14.3) (9.9) 0
Total Stockholders' Equity (4,751.6) (4,853.5) (4,934.0) (4,938.9) (4,970.7) (5,109.9) (5,174.9) (5,316.7) (5,222.8) (5,170.9) (5,166.5) (5,092.3) (5,269.2) (5,276.3) (5,364.8) (5,438.6) (5,425.1) (5,283.4) (4,958.3) (4,839.7) (5,045.2) (4,824.4) (4,486.4) (4,305.0) (4,317.2) (3,667.0) (3,560.4) (3,339.3) (3,302.8) (3,376.8) (3,145.1) (3,042.1) (2,588.2) (2,599.1) (2,257.8) (1,985.7) (1,916.5) (1,995.9) (1,669.1) (1,607.6) (1,630.6) 397.8 562.3 599.0 687.1 650.1 275.0 (19.0) 2.5 43.9 95.8 152.0 185.5 215.6 470.0 514.5 528.4 538.2 529.8 283.5 274.7 48.6 46.8 43.6 (0.8) 7.5
Total Liabilities & Equity 11,720.8 11,575.0 11,260.2 10,766.4 10,442.9 11,417.3 10,201.7 9,786.2 9,995.3 10,178.4 10,334.2 10,604.5 10,541.5 10,585.0 9,949.0 10,011.9 10,142.1 9,801.7 9,668.1 9,960.3 9,763.5 9,158.0 9,034.7 9,390.5 9,359.5 9,759.9 9,201.1 9,269.4 9,312.8 7,213.7 7,213.8 7,289.4 7,405.1 7,320.2 7,300.5 7,308.9 7,297.4 7,360.9 7,915.7 7,436.3 7,371.6 3,433.7 3,270.6 3,313.6 3,255.5 3,172.0 2,301.3 934.5 954.2 983.0 1,084.5 1,264.6 1,304.9 1,324.0 1,381.1 1,414.2 1,349.7 948.8 875.6 640.5 602.5 429.8 347.2 292.5 231.8 214.6
Debt Metrics
Total Debt 15,416.1 15,319.1 15,016.5 14,805.7 14,641.1 15,756.2 14,521.3 14,297.9 14,432.5 14,463.5 14,766.7 14,888.8 15,125.3 15,171.2 14,632.6 14,784.2 14,936.6 14,522.5 14,098.3 14,239.8 14,311.1 13,426.2 13,026.8 12,923.0 12,958.7 12,860.8 12,250.2 12,159.8 12,234.6 9,938.6 9,734.1 9,699.7 9,383.7 9,310.7 8,958.8 8,678.7 8,666.2 8,775.6 9,031.3 8,482.8 8,472.3 2,807.4 2,501.4 2,489.1 2,389.6 2,354.1 1,905 892.8 901.0 870.8 894.7 1,029.2 1,024.3 1,011.6 778.7 772.7 715.4 284.3 253.2 272.4 266.7 318.3 256 210.8 210.4 182.6
Net Debt 15,088.2 14,886.8 14,586.2 14,530.5 14,004.7 15,566.4 14,335.0 14,077.4 14,192.2 14,254.9 14,576.1 14,709.7 14,972.5 15,027.4 14,431.4 14,601.1 14,673.0 14,155.3 13,910.5 13,966.0 14,134.5 13,117.6 12,754.9 12,715.5 12,774.6 12,752.5 12,121.4 12,058.0 12,117.0 9,795.1 9,597.9 9,565.1 9,274.3 9,241.9 8,819.1 8,514.2 8,534.0 8,629.5 8,866.0 8,348.8 8,369.0 2,579.5 2,383.1 2,327.7 2,215.4 2,264.3 1,861.6 871.0 881.9 862.4 872.6 981.3 963.1 969.3 708.2 621.8 465.0 269.3 128.4 245.2 155.0 315.2 253.3 205.8 208.1 155.9
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 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
Operating Activities
Net Income 184.9 370.4 240.4 254.7 217.9 178.8 255.9 159.5 154.5 109.5 85.4 202.0 101.2 102.6 99.8 69.2 188.3 48.9 47.8 152.7 (11.7) 106.2 22.7 23.1 (127.9) 67.6 21.8 32.0 26.0 57.2 16.1 (57.4) 31.5 7.7 49.2 9.2 37.6 5.3 (15.4) 32.7 53.6 (14.4) (26.3) (21.7) (23.2) (47.9) (51.2) (30.8) (56.4) (33.8) (30.3) (31.7) (127.9) (83.2) (29.7) (49.1) (23.3) (5.4) (5.9) (7.9) (9.7) (9.5) (8) (7.6) (8.3) (7.2) (5.1)
Depreciation & Amortization 81.3 80.4 76.9 70.0 65.0 65.1 63.5 64.2 76.8 395.9 180.7 181.8 182.4 183.0 173.8 176.4 174.3 169.9 170.9 175.5 183.9 180.4 180.3 178.7 182.6 179.5 175.0 171.6 171.0 169.5 167.7 169.6 165.4 162.6 161.9 159.5 159.0 158.6 160.1 159.7 159.8 28.4 29.6 29.8 27.9 28.1 22.9 22.2 17.9 31.7 34.3 34.8 32.5 34.1 5.1 27.8 25.7 (8.7) 16.2 14.3 13.0 27.6 4.3 (1.6) 8.3 3 1.3
Stock-Based Compensation 18.9 19.2 19.3 21.5 15.7 17.9 16.4 18.6 21.5 22.1 21.4 18.2 26.2 25.8 25.5 23.9 24.7 25.2 17.1 21.6 20.4 17.0 17.1 18.6 16.3 12.6 12.7 24.5 23.4 10.2 10.4 11.3 10.4 9.4 9.4 10.2 9.3 8.2 8.1 8.9 7.8 0 0 0.1 0 0.1 0.8 0 0 0.3 2.0 0 (0.9) 0 3.3 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (80.2) (92.6) (46.6) 12.6 (53.0) (73.1) (62.3) 62.0 (69.6) 53.5 (65.6) 119.2 (42.7) (67.0) (23.8) 22.5 (44.8) (19.1) (64.1) 47.4 0.7 (39.2) 17.8 53.5 16.6 18.0 (11.4) 15.1 (11.7) (7.2) (27.4) 30.0 (42.3) 13.6 (27.8) 19.4 (33.7) 10.3 (39.5) 20.0 (40.9) 4.3 (9.7) 6.5 4.7 (0.7) (7.2) (4.9) 4.5 (5.3) 19.4 (18.8) 13.1 (33.1) 126.0 3.5 41.1 13.4 (3.4) 10.3 (6.6) 9.3 1.5 12 (5.6) 8 0
Other Non-Cash Items 24.7 (73.4) (4.8) 9.2 19.9 151.7 1.0 142.8 103.0 (154.5) 93.0 2.2 7.7 26.9 64.7 91.4 (84.4) 79.4 98.2 (85.4) 119.1 (51.2) 68.1 46.3 262.4 (12.6) 49.5 4.2 10.1 (31.8) 38.8 116.7 5.1 23.4 (14.5) 26.4 (6.9) 30.4 46.4 (11.2) (35.2) 0.1 8.1 1.5 3.1 23.0 25.9 0.8 31.2 0.8 1.9 1.3 25.8 48.9 (106.5) 25.4 (19.5) 26.5 0.4 0.6 0.5 (15.8) 5.6 9.8 1.1 (16.7) 15
Operating Cash Flow 255.1 304.0 318.0 368.1 301.2 310.2 304.7 425.6 294.5 432.6 313.7 486.9 311.2 288.6 332.5 372.1 292.5 298.6 253.0 352.8 285.5 243.1 290.5 314.7 277.7 265.1 238.7 258.8 222.3 226.5 199.1 248.0 178.6 228.1 187.3 231.9 172.3 215.3 159.1 209.8 144.9 18.4 1.8 16.0 12.5 2.5 (9.5) (12.7) (2.8) (4.8) 25.3 (14.3) 24.0 (33.4) (1.8) 7.6 23.9 25.8 7.2 17.2 (2.8) 11.6 3.4 12.6 (4.5) (8.9) 10.6
Investing Activities
Capital Expenditure (48.4) (62.7) (60.1) (55.9) (46.2) (55.5) (64.8) (50.0) (57.9) (99.8) (61.4) (63.4) (49.1) (66.1) (57.4) (53.0) (38.0) (43.3) (35.0) (30.8) (24.5) (33.2) (28.4) (27.7) (39.3) (42.9) (38.6) (36.4) (36.4) (44.8) (36.4) (37.5) (31.1) (41.9) (36.9) (33.7) (35.7) (35.7) (33.7) (34.6) (36.1) (6.2) (4.1) (3.1) (1.4) (2.0) (2.9) (3.1) (3.0) (6.1) (18.9) (13.5) (24.9) (46.1) 415.2 (87.9) (169.0) 0 (120.0) (102.6) (60.6) (60.9) (56.4) (54.7) (36.9) (34.5) (42.1)
Acquisitions (143.5) 0 (11.8) 51.6 (63.4) (31.4) (207.4) (41.6) (19.4) (37.1) (53.1) (19.8) (19.9) (757.4) (65.1) (138.4) (215.2) (70.0) (57.9) (77.2) (1,052.7) (71.5) (80.9) (29.5) (89.5) (490.3) (132.4) (95.9) (55.3) (48.0) (118.5) (167.7) (117.6) (280.5) (78.8) (39.5) (42.7) (85.4) (42.7) (56.9) (91.8) (22.8) (5.8) (10.2) (0.4) (0.0) (0.4) (0.2) (0.2) (2.3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Purchases of Investments (107.1) (508.3) (223.7) 64.1 (228.4) (596.1) (523.4) (369.4) (311.8) (333.9) 61.4 (20.1) (213.4) (375.2) (225.0) (251.2) (30.4) (975.6) (0.4) (0.2) (755.0) (0.4) (153.2) (525.0) (610.0) (110.0) (243.3) (135.5) (150.1) (57.2) 0 0 0 41.9 0 0 0 35.7 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
Sales/Maturities of Investments 2.2 379.3 224.1 (191.7) 415.8 357.5 527.6 340.6 311 333.4 20.4 63.4 213.0 20.1 240.2 212.4 30.2 975.2 0.2 0.1 755 4.2 325 300 610 110.2 260 105 150.6 55 0 0 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
Other Investing Activities 0.1 405.3 (6.9) (449.0) 160.4 (3.4) (5.9) (0.9) (7.2) 31.1 (70.8) (71.6) (77.3) 376.2 1.6 0.4 (2.5) (31.8) 0.0 (0.1) 0.6 8.0 (1.9) 0.2 (3.2) 0.8 (5.2) (7.6) 6.2 (3.0) 4.7 (13.3) (2.9) (35.0) (6.6) (11.1) (5.9) (42.8) 5.6 (5.6) (4.4) 0.6 0.3 0.3 4.8 0.4 17.0 34.2 122.5 (2.3) 5.4 0 0 0 (530.3) 0 0 (162.2) 0 0 0 0 0 0 0 0 0
Investing Cash Flow (296.8) (180.8) (78.3) (581.0) 238.3 (328.9) (273.9) (121.2) (85.3) (106.4) (103.5) (111.6) (146.8) (802.3) (105.6) (229.8) (255.9) (145.4) (93.1) (108.2) (1,076.6) (93.0) 60.6 (282.0) (132.0) (532.1) (159.5) (170.5) (85.0) (98.0) (150.2) (218.6) (151.6) (315.3) (122.3) (84.4) (84.3) (128.0) (70.8) (97.1) (132.4) (28.4) (9.6) (13) 3.1 (1.7) 13.7 30.8 119.3 (8.4) (13.5) (13.5) (24.9) (46.1) (115.1) (87.9) (169.0) (162.2) (120.0) (102.6) (60.6) (60.9) (56.4) (54.7) (36.9) (34.5) (42.1)
Financing Activities
Net Debt Issuance 60 189.2 188.5 80 (1,170.8) 1,264.9 34.2 (80.8) 21.8 (190) (80) (225) (51) 310 (120) (150) 330 433.0 (85.2) (112.5) 938.2 355.9 135.3 6.7 224.4 483.4 153.0 (42) (215) 198.9 29.0 291.9 71.8 331.1 274.7 5.2 (115) 234.6 (5.9) 15 15 11.1 (67.0) (53.9) (13.1) 10.0 257.9 (3.7) (134.8) (0.0) 5.8 40.0 (0.2) 97.8 60.0 (0.5) 44.6 24.7 (25.0) (0.0) (59.5) 57 40 (5) 23 0 0
Stock Repurchased 0 (216.3) (150.8) (130.7) 0 0 0 (93.9) (106.2) (46.4) (53.7) 0 0 (0.1) 0 0.0 (431.7) (298.2) (115.4) 0.0 (168.9) (480.3) (175.7) 0 (203.3) (199.4) (173.0) (94.6) (6.2) (342.0) (108.0) (307.0) (38.5) (331.2) (378.9) (140.0) (4.4) (343.3) (52.3) (100.0) (50.0) 0 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 0
Dividends Paid (135.2) (118.2) (119.1) (119.4) (122.3) (105.4) (105.3) (105.3) (108.1) (91.8) (92.1) (92.1) (93.9) (76.7) (76.7) (76.6) (76.9) (63.1) (63.6) (63.5) (63.4) (51.5) (52.0) (52.0) (52.2) (41.5) (41.9) 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 0 0 0 0 0 0 0 0
Other Financing Activities 5.6 (2.2) 1.7 11.8 10.9 20.1 5.2 3.4 1.1 (6.6) (5.0) (4.4) (15.8) 197.3 6.6 2.3 26.8 (41.0) 27.4 20.1 (4.5) 21.2 (169.8) 36.5 (12.2) 2.8 18.7 5.7 (6.5) 25.8 21.1 7.7 0.7 23.1 10.8 23.0 7.1 0.7 2.0 (6.0) 1.7 (75.4) 75.4 0 0.1 0 7.9 (1.3) (7.6) 0 1.2 (1.1) (0.1) 0 0 0 0 0.1 (0.1) (0.0) (0.0) (7.9) (0.4) 49.8 (6.1) 17.8 (0.7)
Financing Cash Flow (69.6) (143.4) (79.8) (158.3) (1,282.1) 1,179.6 (65.9) (276.5) (191.4) (311.6) (230.8) (314.2) (160.7) 430.6 (190.1) (224.3) (151.8) 30.7 (236.8) (155.9) 701.3 (154.8) (262.1) (8.8) (43.3) 245.3 (43.1) (106.4) (158.0) (117.3) (57.9) (7.3) 34.0 23.0 (93.5) (111.8) (112.3) (622.1) (56.2) (91.0) (33.3) 12.3 9.9 (53.6) (13.0) 10.0 (31.2) (4.9) (142.4) (0.0) 7.0 38.9 (0.1) 97.9 60.4 (0.2) 45.6 26.5 210.4 0.8 171.9 49.6 50.8 44.8 16.9 17.8 (0.7)
Cash Position
Net Change in Cash (104.5) (28.4) 164.9 (363.6) (736.6) 1,149.2 (31.7) 18.8 13.4 18.9 (23.4) 62.3 3.9 (90.6) 28.9 (85.5) (99.2) 181.2 (84.4) 96.6 (100.6) 6.8 84.3 22.0 88.5 (17.6) 31.9 (17.1) (34.4) 15.0 (13.0) 11.5 60.5 (68.2) (24.7) 31.7 (20.5) (535.0) 31.3 30.7 (14.8) 2.4 2.1 (50.6) 2.7 10.8 (26.9) 13.2 (25.8) (13.3) 18.8 11.0 (1.0) 18.4 (56.5) (80.4) (99.5) (109.9) 97.6 (84.5) 108.6 0.4 (2.3) 44.8 16.9 (25.8) (32.1)
Cash at Beginning 437.0 460.8 300.5 664.1 1,400.7 251.5 283.1 264.3 250.9 227.8 255.5 193.2 189.3 279.9 251.0 336.4 435.6 254.4 338.8 242.2 342.8 336.0 251.6 229.6 141.1 158.7 126.8 143.9 178.3 163.3 176.4 164.8 104.3 172.5 197.2 165.5 186.0 720.9 134.0 103.3 118.0 21.1 19.0 69.6 19.2 8.3 35.3 22.0 47.9 61.1 42.3 31.3 32.3 13.9 70.4 150.9 250.4 124.8 27.2 111.7 3.1 2.7 5 (39.8) 26.7 0 184.1
Cash at End 332.5 432.4 465.4 300.5 664.1 1,400.7 251.5 283.1 264.3 246.7 232.1 255.5 193.2 189.3 279.9 251.0 336.4 435.6 254.4 338.8 242.2 342.8 336.0 251.6 229.6 141.1 158.7 126.8 143.9 178.3 163.3 176.4 164.8 104.3 172.5 197.2 165.5 186.0 165.2 134.0 103.3 23.5 21.1 19.0 21.8 19.2 8.3 35.3 22.0 47.9 61.1 42.3 31.3 32.3 13.9 70.4 150.9 15.0 124.8 27.2 111.7 3.1 2.7 5 43.6 (25.8) 152.0
Free Cash Flow 206.7 241.3 258.0 312.2 255.0 254.6 239.9 375.6 236.6 332.8 252.3 423.5 262.0 222.5 275.1 319.2 254.5 255.3 218.0 321.9 261.0 209.9 262.1 287.0 238.5 222.2 200.1 222.3 186.0 181.6 162.7 210.5 147.5 186.3 150.4 198.2 136.6 179.6 125.4 175.2 108.8 12.2 (2.3) 12.9 11.2 0.5 (12.4) (15.8) (5.7) (11.0) 6.4 (27.9) (0.9) (79.5) 413.3 (80.3) (145.1) 25.8 (112.7) (85.3) (63.4) (49.3) (53) (42.1) (41.4) (43.4) (31.5)
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 703.4 719.6 732.3 699.0 664.2 693.7 667.6 660.5 657.9 675.0 682.5 678.5 675.5 686.1 675.6 652.0 619.8 595.1 589.3 575.5 548.7 535.9 522.9 507.2 517.1 513.7 507.5 500.1 493.3 483.8 467.2 456.3 458.3 443.1 433.9 427.3 423.4 416.5 411.3 405.5 399.8 406.9 410.7 410.7 410.1 404.7 393.3 383.4 345.6 335.4 332.1 324.3 313.1 293.8 238.6 229.1 192.5 183.8 175.5 171.1 167.7 165.5 158.6 154.5 148.0 145.0 139.3 136.2 135.1 134.4 118.7 112.0 109.9 108.9 103.2 100.3 95.8 96.8 98.2 87.4 68.8 72.4 66.0 63.2 58.3 65.5 58.7 56.3 57.3 57.6 50.4 64.1 69.6 69.2 57.8 53.0 53.6 45.4 38.5 30.4
Gross Profit 532.1 220.2 542.5 521.0 503.2 535.0 511.9 512.6 512.5 525.7 527.2 519.3 505.2 505.9 491.2 479.2 461.7 445.2 443.6 433.0 414.0 403.9 397.3 391.1 397.8 386.8 379.3 373.2 367.0 359.8 347.5 338.8 339.9 323.0 320.9 315.6 309.4 306.1 302.9 296.1 294.0 293.1 298.6 292.8 297.6 295.7 281.5 273.8 239.8 227.0 225.2 218.6 206.6 185.9 161.2 162.9 140.3 133.6 123.7 120.9 117.0 113.7 108.0 104.6 100.9 98.1 94.0 92.3 90.5 87.9 76.6 72.6 69.7 65.9 59.5 61.0 58.3 56.8 56.0 47.2 34.5 33.4 31.0 28.6 27.0 24.0 28.0 26.5 24.4 24.5 22.9 27.4 29.3 28.1 23.4 20.8 (7.4) 16.6 19.7 17.1
Operating Income 342.8 307.8 374.2 334.8 334.9 382.3 375.6 354.5 323.4 209.7 248.6 241.2 224.1 234.7 243.0 231.0 216.8 197.4 211.8 199.8 173.6 165.1 160.3 157.1 151.2 153.9 153.8 136.5 139.3 150.3 138.0 125.9 130.0 119.1 117.0 114.6 107.8 107.4 108.2 74.1 97.6 82.1 43.1 98.2 89.1 96.6 89.5 83.3 67.1 59.4 63.9 56.0 60.5 34.9 42.6 34.7 40.3 32.0 27.6 27.2 23.9 16.7 20.7 20.0 16.9 12.1 15.0 13.6 14.3 11.5 11.4 10.8 11.8 9.7 5.3 7.8 7.2 6.1 6.3 2.8 (4.8) 3.9 2.6 (0.2) (2.1) (17.4) (0.0) (2.8) (3.8) (10.5) (15.8) (7.7) (24.9) (8.8) (5.7) (4.8) (7.1) (6.5) (0.9) (2.0)
Net Income 184.8 370.3 236.8 225.8 220.7 173.6 258.5 162.8 154.5 109.5 87.4 203.6 101.2 103.3 100.0 69.5 188.6 48.9 47.8 152.7 (11.7) 105.8 22.6 22.8 (127.1) 67.4 21.7 32.0 26.0 57.2 16.1 (57.4) 31.5 7.7 49.2 9.2 37.6 5.3 (15.4) 32.7 53.6 31.0 (155.9) 28.3 (79.0) 0.4 (16.6) (9.5) 1.4 (19.2) 21.5 (35.9) (22.4) (52.4) (53.4) (53.5) (22.6) (29.1) (33.3) (29.8) (34.3) (39.2) (34.5) (83.7) (37.3) (43.5) (50.1) (29.4) (17.9) 2.7 (16.4) (18.4) (14.6) (28.9) (17.5) (15.1) (16.4) (24.3) (24.3) (75.6) (9.2) (32.3) (14.4) (26.3) (21.7) (52.1) (24.0) (23.2) (47.9) (51.2) (56.4) (30.3) (47.3) (29.7) (23.3) (23.0) (5.4) (5.9) (7.9) (9.7)
EPS (Diluted) 1.74 3.47 2.21 2.09 2.04 1.61 2.40 1.51 1.42 1.01 0.80 1.87 0.93 0.95 0.91 0.64 1.72 0.44 0.43 1.37 -0.11 0.94 0.20 0.20 -1.14 0.59 0.19 0.28 0.23 0.50 0.14 -0.50 0.27 0.06 0.41 0.08 0.31 0.04 -0.12 0.26 0.43 0.24 -1.23 0.22 -0.61 0.00 -0.13 -0.07 0.01 -0.15 0.16 -0.28 -0.18 -0.41 -0.43 -0.44 -0.20 -0.26 -0.30 -0.27 -0.30 -0.34 -0.30 -0.72 -0.32 -0.37 -0.43 -0.25 -0.15 0.02 -0.15 -0.17 -0.13 -0.27 -0.17 -0.15 -0.16 -0.23 -0.23 -0.77 -0.11 -0.38 -0.19 -0.37 -0.33 -0.80 -0.42 -0.41 -0.86 -0.92 -1.10 -0.59 -0.94 -0.61 -0.50 -0.49 -0.11 -0.14 -0.20 -0.27
Balance Sheet
Cash & Equivalents 327.8 432.4 430.3 275.3 636.4 189.8 186.3 220.5 240.3 208.5 190.5 179.2 152.8 143.7 201.2 183.1 263.6 367.3 187.8 273.8 176.6 308.6 271.9 207.5 184.1 108.3 128.8 101.8 117.6 143.4 136.2 134.7 109.3 68.8 139.7 164.5 132.2 146.1 165.2 134.0 103.3 227.9 118.3 161.3 174.2 89.8 43.4 21.8 19.2 8.3 22.0 47.9 61.1 42.3 70.4 150.9 250.4 15.0 124.8 27.2 111.7 3.1 2.7 5 2.3 26.7
Total Assets 11,720.8 11,575.0 11,260.2 10,766.4 10,442.9 11,417.3 10,201.7 9,786.2 9,995.3 10,178.4 10,334.2 10,604.5 10,541.5 10,585.0 9,949.0 10,011.9 10,142.1 9,801.7 9,668.1 9,960.3 9,763.5 9,158.0 9,034.7 9,390.5 9,359.5 9,759.9 9,201.1 9,269.4 9,312.8 7,213.7 7,213.8 7,289.4 7,405.1 7,320.2 7,300.5 7,308.9 7,297.4 7,360.9 7,915.7 7,436.3 7,371.6 3,433.7 3,270.6 3,313.6 3,255.5 3,172.0 2,301.3 934.5 954.2 983.0 1,084.5 1,264.6 1,304.9 1,324.0 1,381.1 1,414.2 1,349.7 948.8 875.6 640.5 602.5 429.8 347.2 292.5 231.8 214.6
Total Debt 15,416.1 15,319.1 15,016.5 14,805.7 14,641.1 15,756.2 14,521.3 14,297.9 14,432.5 14,463.5 14,766.7 14,888.8 15,125.3 15,171.2 14,632.6 14,784.2 14,936.6 14,522.5 14,098.3 14,239.8 14,311.1 13,426.2 13,026.8 12,923.0 12,958.7 12,860.8 12,250.2 12,159.8 12,234.6 9,938.6 9,734.1 9,699.7 9,383.7 9,310.7 8,958.8 8,678.7 8,666.2 8,775.6 9,031.3 8,482.8 8,472.3 2,807.4 2,501.4 2,489.1 2,389.6 2,354.1 1,905 892.8 901.0 870.8 894.7 1,029.2 1,024.3 1,011.6 778.7 772.7 715.4 284.3 253.2 272.4 266.7 318.3 256 210.8 210.4 182.6
Stockholders' Equity (4,751.6) (4,853.5) (4,934.0) (4,938.9) (4,970.7) (5,109.9) (5,174.9) (5,316.7) (5,222.8) (5,170.9) (5,166.5) (5,092.3) (5,269.2) (5,276.3) (5,364.8) (5,438.6) (5,425.1) (5,283.4) (4,958.3) (4,839.7) (5,045.2) (4,824.4) (4,486.4) (4,305.0) (4,317.2) (3,667.0) (3,560.4) (3,339.3) (3,302.8) (3,376.8) (3,145.1) (3,042.1) (2,588.2) (2,599.1) (2,257.8) (1,985.7) (1,916.5) (1,995.9) (1,669.1) (1,607.6) (1,630.6) 397.8 562.3 599.0 687.1 650.1 275.0 (19.0) 2.5 43.9 95.8 152.0 185.5 215.6 470.0 514.5 528.4 538.2 529.8 283.5 274.7 48.6 46.8 43.6 (0.8) 7.5
Cash Flow
Operating Cash Flow 255.1 304.0 318.0 368.1 301.2 310.2 304.7 425.6 294.5 432.6 313.7 486.9 311.2 288.6 332.5 372.1 292.5 298.6 253.0 352.8 285.5 243.1 290.5 314.7 277.7 265.1 238.7 258.8 222.3 226.5 199.1 248.0 178.6 228.1 187.3 231.9 172.3 215.3 159.1 209.8 144.9 18.4 1.8 16.0 12.5 2.5 (9.5) (12.7) (2.8) (4.8) 25.3 (14.3) 24.0 (33.4) (1.8) 7.6 23.9 25.8 7.2 17.2 (2.8) 11.6 3.4 12.6 (4.5) (8.9) 10.6
Capital Expenditure (48.4) (62.7) (60.1) (55.9) (46.2) (55.5) (64.8) (50.0) (57.9) (99.8) (61.4) (63.4) (49.1) (66.1) (57.4) (53.0) (38.0) (43.3) (35.0) (30.8) (24.5) (33.2) (28.4) (27.7) (39.3) (42.9) (38.6) (36.4) (36.4) (44.8) (36.4) (37.5) (31.1) (41.9) (36.9) (33.7) (35.7) (35.7) (33.7) (34.6) (36.1) (6.2) (4.1) (3.1) (1.4) (2.0) (2.9) (3.1) (3.0) (6.1) (18.9) (13.5) (24.9) (46.1) 415.2 (87.9) (169.0) 0 (120.0) (102.6) (60.6) (60.9) (56.4) (54.7) (36.9) (34.5) (42.1)
Free Cash Flow 206.7 241.3 258.0 312.2 255.0 254.6 239.9 375.6 236.6 332.8 252.3 423.5 262.0 222.5 275.1 319.2 254.5 255.3 218.0 321.9 261.0 209.9 262.1 287.0 238.5 222.2 200.1 222.3 186.0 181.6 162.7 210.5 147.5 186.3 150.4 198.2 136.6 179.6 125.4 175.2 108.8 12.2 (2.3) 12.9 11.2 0.5 (12.4) (15.8) (5.7) (11.0) 6.4 (27.9) (0.9) (79.5) 413.3 (80.3) (145.1) 25.8 (112.7) (85.3) (63.4) (49.3) (53) (42.1) (41.4) (43.4) (31.5)