ALEXANDRIA REAL ESTATE EQUITIES, INC. (ARE)
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® real estate investment trust, stands as the pioneering and most seasoned entity in the specialized domain of urban office properties. Since its inception in 1994, Alexandria has uniquely focused on the ownership, operation, and development of integrated campuses tailored for the life science, technology, and agtech sectors, strategically positioned within premier innovation ecosystems. By December 31, 2020, the company commanded a market capitalization of $31.9 billion and managed an extensive North American asset portfolio totaling 49.7 million square feet. This substantial base encompasses 31.9 million RSF of operational properties, 3.3 million RSF of premium Class A spaces currently under construction, 7.1 million RSF designated for near-to-mid-term development and refurbishment, and an additional 7.4 million SF earmarked for future projects. Alexandria has cultivated a significant footprint across vital innovation hubs such as Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle. Its established expertise lies in crafting superior Class A facilities within these urban campuses, fostering dynamic and collaborative environments. These spaces are instrumental in empowering innovative tenants to successfully attract and retain world-class professionals, thereby stimulating productivity, efficiency, creativity, and overall achievement. Furthermore, Alexandria extends its support to transformative life science, technology, and agtech companies through its dedicated venture capital platform. This distinct business model, coupled with rigorous underwriting practices, ensures a diverse and high-caliber tenant roster, ultimately driving elevated occupancy rates, extended lease durations, robust rental revenues, superior financial returns, and enhanced long-term asset appreciation.
Sector: Real Estate Investment Trusts
Industry: REIT - Office
Alexandria Real Estate Equities, Inc.
NYSE:AREReal Estate · REIT - Office
-0.72%$43.02
AH Close$43.02+0.00%vs close
AH Close$43.02+0.00%vs close
Mkt Cap$7.5B
Float172.37M
O/S174.25M
Inst Own97.4%
SI4.6%
Div Yield6.69%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$2.97B
Net Income-$1.43B
Total Assets$34.08B
Free Cash Flow$1.41B
Debt & Equity
Debt 45%
Equity 55%
Total Debt$12.76B
Total Equity$15.47B
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in ARE's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$34.08B
Liabilities$14.93B
Accounts Receivable$323.69M
Accounts Payable$510.58M
Inventory$0
PP&E (Net)$1.1B
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 |
| Revenue | $2.97B | $3.05B | $2.84B | $2.58B | $2.11B | $1.89B | $1.52B | $1.33B | $1.12B | $897.89M | $819.55M | $726.88M | $631.15M | $586.07M | $510.04M | $487.3M | $491.39M | -$78.79M | $316.97M | $245.45M | $194.97M | $154.61M | $134.14M | $119.69M | $98.66M | $81.12M | $66.5M | $47M | $27.8M | $11.4M |
| YoY Growth | -2.6% | 7.3% | 10.3% | 22.2% | 11.3% | 24.8% | 14.3% | 18.0% | 25.2% | 9.6% | 12.8% | 15.2% | 7.7% | 14.9% | 4.7% | -0.8% | -723.7% | -124.9% | 29.1% | 25.9% | 26.1% | 15.3% | 12.1% | 21.3% | 21.6% | 22.0% | 41.5% | 69.1% | 143.9% | - |
| Cost of Revenue | $922.61M | $909.26M | $859.18M | $783.15M | $623.55M | $530.22M | $445.49M | $381.12M | $325.61M | $278.41M | $261.23M | $219.16M | $189.04M | $174.52M | $168.63M | $132.28M | $120.49M | $114.54M | $99.21M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Gross Profit | $2.05B | $2.14B | $1.98B | $1.79B | $1.48B | $1.36B | $1.07B | $946.34M | $798.9M | $619.49M | $558.32M | $507.71M | $442.11M | $411.55M | $341.41M | $355.02M | $370.9M | -$193.33M | $217.76M | $245.45M | $194.97M | $154.61M | $134.14M | $119.69M | $98.66M | $81.12M | $66.5M | $47M | $27.8M | $11.4M |
| Gross Margin | 68.9% | 70.2% | 69.8% | 69.6% | 70.4% | 72.0% | 70.6% | 71.3% | 71.0% | 69.0% | 68.1% | 69.8% | 70.0% | 70.2% | 66.9% | 72.9% | 75.5% | 245.4% | 68.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $117.05M | $168.36M | $199.35M | $177.28M | $151.46M | $133.34M | $108.82M | $90.41M | $75.01M | $63.88M | $59.62M | $53.53M | $48.52M | $47.8M | $209.79M | $166.67M | $156.78M | $34.8M | $32.46M | $26.07M | $21.09M | $15.11M | $14.21M | $13.44M | $11.69M | $8.99M | $7M | $3.9M | $2.5M | $2M |
| Other | $3.13B | $1.2B | $1.09B | $1B | $821.06M | $0 | $544.61M | $477.66M | $416.78M | $313.39M | $261.29M | $224.1M | $189.12M | $188.85M | $6.49M | $112.33M | $119.22M | $106.66M | $187.54M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $3.25B | $1.37B | $1.29B | $1.18B | $972.52M | $133.34M | $653.43M | $568.07M | $491.79M | $377.27M | $320.91M | $277.63M | $237.64M | $236.65M | $216.28M | $166.67M | $156.78M | $149.34M | $32.46M | $26.07M | $21.09M | $15.11M | $14.21M | $13.44M | $11.69M | $8.99M | $7M | $3.9M | $2.5M | $2M |
| Operating Income (EBIT) | -$1.2B | $769.7M | $690.45M | $613.46M | $512.17M | $1.23B | $417.94M | $422.25M | $180.72M | $41.05M | $136.58M | $180.87M | $130.95M | $103.42M | $194.82M | $204.94M | $215.87M | $201.66M | $182.11M | $144.79M | $112.55M | $88.86M | $86.06M | $65.02M | $59.4M | $51.8M | $41.8M | $33.43M | $4.2M | $8.5M |
| Operating Margin | -40.5% | 25.2% | 24.3% | 23.8% | 24.3% | 65.0% | 27.6% | 31.8% | 16.1% | 4.6% | 16.7% | 24.9% | 20.7% | 17.6% | 38.2% | 42.1% | 43.9% | -255.9% | 57.5% | 59.0% | 57.7% | 57.5% | 64.2% | 54.3% | 60.2% | 63.9% | 62.9% | 71.1% | 15.1% | 74.6% |
| Interest Expense | $226.7M | $185.84M | $74.2M | $94.2M | $142.16M | $171.61M | $173.68M | $157.5M | $128.65M | $106.95M | $105.81M | $79.3M | $67.95M | $69.18M | $63.41M | $69.64M | $81.27M | $78.79M | $88.39M | $71.37M | $49.12M | $28.67M | $26.42M | $24.98M | $29.13M | $25.79M | $19.7M | $14.03M | $7M | $6.3M |
| Interest Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.98M | $4.16M | $4.59M | $3.38M | $850K | $750K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.61M | $3.27M | $3.51M | $1.5M | $1.23M | $0 | $0 |
| Other Income (Expense) | -$14.45M | -$258.97M | -$409.45M | $57.24M | $142.11M | -$403.05M | -$13.89M | -$460.68M | -$534.6M | -$315.82M | -$115.17M | -$45.24M | $4.82M | -$4.73M | -$66.91M | -$99.68M | -$31.46M | -$91.64M | -$76.6M | -$71.37M | -$49.12M | -$28.67M | -$26.42M | -$24.98M | -$59.18M | -$25.79M | -$38.6M | -$24.3M | -$7M | -$8.7M |
| Income Before Tax (EBT) | -$1.22B | $510.73M | $280.99M | $670.7M | $654.28M | $827.17M | $404.05M | $402.79M | $194.2M | -$49.8M | $146.16M | $105.55M | $139.35M | $91.91M | $131.42M | $135.29M | $134.6M | $122.87M | $93.72M | $73.42M | $63.43M | $60.2M | $59.64M | $40.03M | $30.28M | $26.01M | $22.1M | $19.4M | -$2.8M | $2.2M |
| Income Tax Expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$114.55M | $25.11M | $16.1M | $1.94M | $3.97M | $3.13M | -$10.22M | -$131.42M | -$135.29M | -$134.6M | -$122.87M | -$93.72M | -$73.42M | -$63.43M | -$60.2M | -$59.64M | -$40.03M | -$30.28M | -$26.01M | -$22.1M | -$19.4M | $0 | -$2.2M |
| Net Income | -$1.43B | $322.95M | $103.64M | $521.66M | $571.25M | $770.96M | $363.17M | $517.35M | $169.09M | -$65.9M | $144.22M | $101.57M | $136.22M | $102.13M | $131.42M | $135.29M | $134.6M | $116.3M | $93.72M | $73.42M | $63.43M | $60.2M | $59.64M | $40.03M | $30.28M | $26.01M | $22.1M | $19.4M | -$2.8M | $2.2M |
| Net Income Margin | -48.2% | 10.6% | 3.6% | 20.3% | 27.1% | 40.7% | 23.9% | 39.0% | 15.0% | -7.3% | 17.6% | 14.0% | 21.6% | 17.4% | 25.8% | 27.8% | 27.4% | -147.6% | 29.6% | 29.9% | 32.5% | 38.9% | 44.5% | 33.4% | 30.7% | 32.1% | 33.2% | 41.3% | -10.1% | 19.3% |
| Supplementary Data | ||||||||||||||||||||||||||||||
| EPS | -8.44 | 1.80 | 0.54 | 3.18 | 3.83 | 4.69 | 1.60 | 5.02 | 1.59 | -0.87 | 1.63 | 1.01 | 1.60 | 1.09 | 1.73 | 2.19 | 2.72 | 3.12 | 2.66 | 2.28 | 2.26 | 2.37 | 3.14 | 1.79 | 1.67 | 1.80 | 1.48 | 1.60 | -0.35 | 0.60 |
| Diluted EPS | -8.44 | 1.80 | 0.54 | 3.18 | 3.82 | 4.67 | 1.59 | 5.01 | 1.58 | -0.87 | 1.63 | 1.01 | 1.60 | 1.09 | 1.73 | 2.19 | 2.72 | 3.09 | 2.63 | 2.25 | 2.22 | 2.33 | 3.10 | 1.76 | 1.64 | 1.77 | 1.46 | 1.58 | -0.35 | 0.60 |
| Weighted Average OS | 170.39M | 172.07M | 170.91M | 161.66M | 146.92M | 126.11M | 112.20M | 103.01M | 91.55M | 75.95M | 71.53M | 71.17M | 68.04M | 62.16M | 59.07M | 48.38M | 38.59M | 31.65M | 29.67M | 25.14M | 20.95M | 20.08M | 18.99M | 17.59M | 15.95M | 14.46M | 13.53M | 12.10M | 8.08M | 3.64M |
| EBITDA | $360.45M | $1.9B | $1.45B | $1.77B | $1.62B | $1.17B | $1.12B | $1.04B | $739.63M | $370.54M | $407.45M | $323.24M | $395.25M | $357.9M | $337.72M | $314.63M | $324.95M | $311.84M | $274.55M | $223.31M | $170.94M | $131.97M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| EBITDA Margin | 12.1% | 62.3% | 51.0% | 68.6% | 76.7% | 61.9% | 74.0% | 78.2% | 65.8% | 41.3% | 49.7% | 44.5% | 62.6% | 61.1% | 66.2% | 64.6% | 66.1% | -395.8% | 86.6% | 91.0% | 87.7% | 85.4% | - | - | - | - | - | - | - | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 |
| Assets | ||||||||||||||||||||||||||||||
| Current Assets | ||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | $549.06M | $552.15M | $618.19M | $825.19M | $361.35M | $568.53M | $189.68M | $234.18M | $254.38M | $125.03M | $125.1M | $86.01M | $57.7M | $140.97M | $78.54M | $91.23M | $70.63M | $71.16M | $8.03M | $2.95M | $3.91M | $3.16M | $4.99M | $3.79M | $2.38M | $2.78M | $3.4M | $1.6M | $2.1M | $1.7M |
| 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 |
| Cash and Short-Term Investments | $549.06M | $552.15M | $618.19M | $825.19M | $361.35M | $568.53M | $189.68M | $234.18M | $254.38M | $125.03M | $125.1M | $86.01M | $57.7M | $140.97M | $78.54M | $91.23M | $70.63M | $71.16M | $8.03M | $2.95M | $3.91M | $3.16M | $4.99M | $3.79M | $2.38M | $2.78M | $3.4M | $1.6M | $2.1M | $1.7M |
| Accounts Receivable | $323.69M | $168.46M | $64.15M | $66.84M | $91.12M | $48.6M | $51.04M | $49.48M | $49.26M | $47.73M | $27.11M | $31.34M | $9.92M | $8.45M | $7.48M | $5.49M | $3.9M | $6.45M | $6.76M | $6.33M | $4.76M | $2.54M | $1.97M | $2.64M | $9.12M | $8.84M | $9.4M | $8.9M | $3.6M | $1.2M |
| 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 |
| Other Current Assets | $4.69M | $7.7M | $42.58M | $32.78M | $53.88M | $29.17M | $53.01M | $37.95M | $22.8M | $16.33M | $28.87M | $26.88M | $27.71M | $39.95M | $23.33M | -$96.72M | -$74.53M | -$77.61M | -$14.79M | -$9.28M | -$8.68M | -$5.7M | -$6.95M | -$6.43M | -$11.5M | -$11.61M | -$12.8M | -$10.5M | -$5.7M | -$2.9M |
| Total Current Assets | $939.78M | $783.64M | $781.75M | $973.91M | $707.23M | $727.83M | $336.08M | $348.27M | $347.99M | $202.13M | $202.45M | $180.2M | $95.32M | $189.37M | $109.35M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Assets | ||||||||||||||||||||||||||||||
| Property, Plant & Equipment Net | $1.1B | $1.25B | $1.15B | $1.35B | $1.26B | $982.99M | $743.68M | $228.72M | $108.12M | $96.14M | $41.68M | $28.83M | $0 | $0 | $6.01B | $5.44B | $5.04B | $4.72B | $4.29B | $3.32B | $2.12B | $1.68B | $1.14B | $1.04B | $861.88M | $705.75M | $598.8M | $493.7M | $230M | $147M |
| 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 |
| Intangible Assets | $0 | $305.14M | $461.61M | $615.64M | $609.87M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $1.53B | $1.52B | $1.49B | $1.65B | $1.92B | $1.94B | $1.49B | $1.13B | $633.87M | $392.7M | $480.68M | $353.8M | $140.29M | $115.05M | $95.78M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Deferred Tax 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 |
| Other Long-Term Assets | $30.51B | $33.67B | $32.89B | $30.93B | $25.73B | $19.17B | $15.82B | $12.76B | $11.01B | $9.66B | $8.16B | $7.57B | $7.29B | $6.85B | $360.56M | -$5.44B | -$5.04B | -$4.72B | -$4.29B | -$3.32B | -$2.12B | -$1.68B | -$1.14B | -$1.04B | -$861.88M | -$705.75M | -$598.8M | -$493.7M | -$230M | -$147M |
| Total Long-Term Assets | $33.14B | $36.74B | $35.99B | $34.55B | $29.51B | $22.1B | $18.05B | $14.12B | $11.76B | $10.15B | $8.68B | $7.96B | $7.43B | $6.96B | $6.46B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.91B | $5.46B | $5.13B | $4.64B | $3.62B | $2.36B | $1.87B | $1.27B | $1.16B | $962.15M | $780.98M | $643.12M | $530.3M | $248.5M | $160.4M |
| Total Assets | $34.08B | $37.53B | $36.77B | $35.52B | $30.22B | $22.83B | $18.39B | $14.46B | $12.1B | $10.35B | $8.91B | $8.14B | $7.53B | $7.15B | $6.57B | $5.91B | $5.46B | $5.13B | $4.64B | $3.62B | $2.36B | $1.87B | $1.27B | $1.16B | $962.15M | $780.98M | $643.1M | $530.3M | $248.5M | $160.4M |
| Liabilities | ||||||||||||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||||||||||||
| Accounts Payable | $510.58M | $534.8M | $524.44M | $389.74M | $513.42M | $285.02M | $198.99M | $215.54M | $349.88M | $366.17M | $239.84M | $218.94M | $98.04M | $105.52M | $86.42M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Short-Term Debt | $353.16M | $0 | $99.95M | $0 | $269.99M | $99.99M | $384M | $208M | $50M | $28M | $151M | $304M | $204M | $566M | $370M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.88M | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $876.25M | $691.87M | $548.53M | $449.62M | $326.92M | $276.75M | $275.86M | $250.92M | $248.92M | $231.42M | $211.6M | $193.7M | $188.24M | $143.88M | $103.49M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$91.11M | $0 | $0 | $0 | -$335.37M | -$304.2M | -$418.91M | -$274.86M | -$183.48M | -$105.87M | -$64.86M | -$56.44M | -$58.51M | -$56.35M | -$34.46M | -$30M | -$20.7M | -$10.7M | -$4.6M |
| Total Current Liabilities | $2.18B | $1.96B | $2B | $1.67B | $1.73B | $1.15B | $1.26B | $1.06B | $740.95M | $702.5M | $664.45M | $775.45M | $622.8M | $939.9M | $633.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Liabilities | ||||||||||||||||||||||||||||||
| Long-Term Debt | $12.05B | $12.24B | $11.22B | $10.16B | $8.52B | $7.46B | $6.39B | $5.27B | $4.71B | $4.14B | $3.78B | $3.37B | $2.86B | $2.62B | $2.41B | $2.58B | $2.75B | $2.94B | $2.79B | $2.02B | $1.41B | $1.19B | $709.01M | $614.88M | $573.16M | $427.37M | $350.5M | $309.8M | $70.8M | $113.2M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $276.75M | $275.86M | $250.92M | $248.92M | $231.42M | $211.6M | $193.7M | $188.24M | $143.88M | $103.49M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term 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 |
| Other Long-Term Liabilities | $334.86M | $419.66M | $548.76M | $600.76M | $496.46M | $152.29M | $21.92M | -$11.56M | -$172.08M | -$156.84M | -$99.71M | -$126.06M | -$128.68M | -$67.39M | -$22.93M | -$2.58B | -$2.75B | -$2.94B | -$2.79B | -$2.02B | -$1.41B | -$1.19B | -$709.01M | -$614.88M | -$573.16M | -$427.37M | -$350.5M | -$309.8M | -$70.8M | -$113.2M |
| Total Long-Term Liabilities | $12.74B | $13.17B | $12.15B | $11.17B | $9.45B | $8.24B | $6.96B | $5.51B | $4.88B | $4.27B | $3.92B | $3.45B | $2.93B | $2.71B | $2.51B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.92B | $3.05B | $3.39B | $3.14B | $2.21B | $1.51B | $1.25B | $765.44M | $673.39M | $629.51M | $461.83M | $380.52M | $330.5M | $81.6M | $120.8M |
| Total Liabilities | $14.93B | $15.13B | $14.15B | $12.84B | $11.19B | $9.38B | $8.22B | $6.57B | $5.62B | $4.97B | $4.62B | $4.23B | $3.55B | $3.65B | $3.14B | $2.92B | $3.09B | $3.39B | $3.06B | $2.21B | $1.51B | $1.25B | $765.44M | $673.39M | $629.51M | $461.83M | $380.5M | $330.5M | $81.6M | $120.8M |
| Stockholders' Equity | ||||||||||||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $64.34M | $74.39M | $216.91M | $367.16M | $367.16M | $380M | $380M | $379.64M | $379.64M | $379.64M | $379.64M | $129.64M | $187.14M | $187.14M | $187.14M | $96.09M | $96.09M | $38.59M | $38.59M | $38.6M | $0 | $0 | $25.2M |
| Common Stock | $1.71M | $1.72M | $1.72M | $1.71M | $1.58M | $1.37M | $1.21M | $1.11M | $998K | $877K | $725K | $715K | $712K | $632K | $616K | $550K | $438K | $319K | $316K | $290K | $224K | $196K | $193K | $190K | $163K | $155K | $100K | $100K | $0 | $0 |
| Retained Earnings | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $734K | $0 | $0 | $0 | $0 | $0 | $5.27M | $8.63M | $0 | $0 | $0 | $0 | $0 | -$6.9M | -$1.8M |
| Comprehensive Income & Other | -$29.39M | -$46.25M | -$15.9M | -$20.81M | -$7.29M | -$6.63M | -$9.75M | -$10.44M | $50.02M | $5.36M | $49.19M | -$628K | -$36.2M | -$24.83M | -$34.51M | -$18.34M | -$33.73M | -$87.21M | $8.09M | $24.59M | $35.03M | $6.04M | -$7.71M | -$10.26M | -$7.93M | $1.54M | -$1.3M | $0 | $0 | $0 |
| Other Stockholders' Equity | $15.47B | $17.89B | $18.47B | $18.97B | $16.19B | $11.72B | $8.86B | $7.34B | $5.95B | $4.89B | $3.97B | $3.83B | $3.92B | $3.44B | $3.37B | $2.93B | $2.32B | $1.7B | $1.5B | $1.35B | $829.58M | $615.01M | $498.31M | $485.66M | $332.48M | $319M | $262.5M | $199.7M | $173.8M | $41.4M |
| Total Equity | $15.47B | $17.89B | $18.47B | $18.97B | $16.19B | $11.73B | $8.87B | $7.34B | $5.95B | $4.9B | $3.98B | $3.83B | $3.92B | $3.44B | $3.37B | $2.93B | $2.32B | $1.7B | $1.5B | $1.35B | $829.8M | $620.47M | $507.13M | $485.85M | $332.64M | $319.15M | $262.6M | $199.8M | $166.9M | $39.6M |
| Minority Interest | $3.69B | $4.51B | $4.15B | $3.71B | $2.84B | $1.72B | $1.3B | $552.75M | $533.5M | $486.48M | $318.88M | $81.12M | $62.15M | $61.21M | $58.59M | $57.5M | $82.67M | $41.09M | $75.51M | $57.48M | $20.11M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $30.4B | $33.02B | $32.62B | $31.81B | $27.38B | $21.11B | $17.09B | $13.91B | $11.57B | $9.87B | $8.59B | $8.05B | $7.47B | $7.09B | $6.52B | $5.85B | $5.42B | $5.09B | $4.57B | $3.56B | $2.34B | $1.87B | $1.27B | $1.16B | $962.15M | $780.98M | $643.1M | $530.3M | $248.5M | $160.4M |
| Supplementary Data | ||||||||||||||||||||||||||||||
| Total Debt | $12.76B | $12.75B | $11.7B | $10.57B | $9.23B | $7.91B | $7.05B | $5.48B | $4.85B | $4.22B | $3.96B | $3.69B | $3.07B | $3.2B | $2.8B | $2.58B | $2.75B | $2.94B | $2.79B | $2.02B | $1.41B | $1.19B | $709.01M | $614.88M | $573.16M | $431.26M | $350.5M | $309.8M | $70.8M | $113.2M |
| Net Debt | $12.21B | $12.2B | $11.08B | $9.74B | $8.87B | $7.34B | $6.86B | $5.24B | $4.6B | $4.1B | $3.84B | $3.6B | $3.01B | $3.06B | $2.72B | $2.49B | $2.68B | $2.87B | $2.78B | $2.02B | $1.4B | $1.18B | $704.02M | $611.09M | $570.78M | $428.48M | $347.1M | $308.2M | $68.7M | $111.5M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 | FY 2005 | FY 2004 | FY 2003 | FY 2002 | FY 2001 | FY 2000 | FY 1999 | FY 1998 | FY 1997 | FY 1996 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 | 2005-12-31 | 2004-12-31 | 2003-12-31 | 2002-12-31 | 2001-12-31 | 2000-12-31 | 1999-12-31 | 1998-12-31 | 1997-12-31 | 1996-12-31 |
| Operating Activities | ||||||||||||||||||||||||||||||
| Net Income | -$1.44B | $510.73M | $280.99M | $670.7M | $654.28M | $827.17M | $404.05M | $402.79M | $194.2M | -$49.8M | $146.11M | $106.78M | $140.25M | $105.53M | $135.39M | $139.02M | $141.65M | $122.87M | $93.72M | $73.42M | $63.43M | $60.2M | $59.64M | $40.03M | $30.28M | $26.01M | $22.1M | $19.4M | -$2.8M | $2.2M |
| Depreciation & Amortization | $1.35B | $1.2B | $1.09B | $1B | $821.06M | $640.86M | $544.61M | $477.66M | $416.78M | $313.39M | $261.29M | $224.1M | $190.78M | $192M | $158.03M | $126.64M | $118.51M | $108.74M | $95.27M | $77.68M | $60.99M | $44.74M | $40.74M | $36.09M | $31.51M | $24.94M | $18.9M | $10.3M | $4.9M | $2.4M |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | -$142.56M | -$181.59M | -$11.86M | $192.14M | -$8.71M | $41.63M | -$8.28M | -$134K | $7.17M | -$5.9M | -$6.72M | -$13.45M | -$31.18M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Stock-Based Compensation | $41.12M | $59.63M | $82.86M | $57.74M | $48.67M | $43.5M | $43.64M | $35.02M | $25.61M | $25.43M | $17.51M | $14M | $15.55M | $14.16M | $11.76M | $10.82M | $14.05M | $13.68M | $11.18M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||||||||||||
| Accounts Receivable | -$252K | $1.77M | -$102K | -$273K | -$44K | $2.8M | -$897K | $435K | -$502K | -$285K | $7K | -$673K | -$1.52M | -$981K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | -$20.82M | -$20.85M | -$18.22M | -$11.42M | -$9.08M | -$7.47M | -$6.3M | -$4.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | -$117.82M | -$56.82M | $110.67M | $77.85M | $60.93M | -$1.12M | $39.01M | $21.91M | $25.57M | $5.32M | $43.8M | $26.65M | $56.96M | $65.7M | $41.82M | $10.86M | -$19.24M | $46.75M | $49.66M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | -$179.77M | -$145.4M | -$108.54M | -$200.28M | -$156.15M | -$72.06M | -$54.45M | -$57.09M | -$63.2M | -$36.26M | -$65.36M | -$34.14M | -$53.93M | -$45.36M | -$81.41M | -$39.26M | -$27.91M | -$37.41M | -$48.44M | -$25.7M | -$7.19M | -$38.02M | -$19.99M | -$17.42M | -$4.29M | -$19.85M | -$300K | -$3.6M | -$2.4M | $0 |
| Total Working Capital Change | -$297.85M | -$200.46M | $2.03M | -$122.7M | -$95.27M | -$70.38M | -$37.16M | -$55.59M | -$56.35M | -$42.64M | -$30.63M | -$15.63M | -$4.79M | $15.29M | -$39.59M | -$28.4M | -$47.16M | $9.35M | $1.22M | -$25.7M | -$7.19M | -$38.02M | -$19.99M | -$17.42M | -$4.29M | -$19.85M | -$300K | -$3.6M | -$2.4M | -$6.2M |
| Other Non-Cash Items | $1.76B | -$67.77M | $171.2M | -$313.56M | -$418.55M | -$558.64M | -$128.72M | -$107.96M | -$118.06M | -$46.02M | -$42.97M | -$36.55M | -$20.79M | -$21.31M | -$25.8M | -$22.83M | -$14.38M | -$8.47M | $15.18M | $3M | $3.44M | $843K | -$5.55M | $8.35M | $2.84M | $1.83M | $1.6M | $0 | $4.2M | $0 |
| Net Cash from Operating | $1.41B | $1.5B | $1.63B | $1.29B | $1.01B | $882.51M | $683.86M | $570.34M | $450.32M | $392.5M | $342.61M | $334.32M | $312.73M | $305.53M | $246.96M | $219.35M | $205.95M | $232.71M | $185.38M | $128.39M | $120.68M | $67.75M | $74.85M | $67.05M | $60.34M | $32.93M | $42.3M | $26.1M | $3.9M | -$1.6M |
| Investing Activities | ||||||||||||||||||||||||||||||
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.94B | -$1.55B | -$1.44B | -$683.34M | -$544.08M | -$561.49M | -$555.02M | -$735.07M | -$717.1M | -$446.13M | -$548.76M | -$950.02M | -$978.28M | -$434.22M | -$450.96M | -$175.32M | -$213.47M | -$57.39M | -$118.94M | -$109.8M | -$240.8M | -$87.6M | -$94.9M |
| Acquisitions | -$10.73M | -$1.01M | -$658K | -$971K | $372.24M | $16.78M | -$102.07M | -$83.34M | -$39.59M | -$11.53M | -$9.03M | -$70.76M | -$17.99M | -$6.7M | $20.08M | $0 | $18.02M | $0 | $934.96M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$238.76M | -$236.36M | -$189.47M | -$242.93M | -$408.56M | -$174.66M | -$190.78M | -$235.94M | -$171.88M | -$102.28M | -$95.94M | -$60.23M | -$36.08M | -$36.29M | -$28M | -$18.4M | -$12.89M | -$13.01M | -$16.62M | -$12.91M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $169M | $173.93M | $183.4M | $198.32M | $424.62M | $141.15M | $129.22M | $103.68M | $30.48M | $38.95M | $67.14M | $18.97M | $16.52M | $27.04M | $16.85M | $4.71M | $5.63M | $13.31M | $19.65M | $20.59M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $442.59M | -$1.45B | -$2.49B | -$5.03B | -$7.5B | -$3.26B | -$3.48B | -$2M | -$3.3M | $14.75M | -$1.22M | $21.27M | $7.66M | $12.87M | -$7.44M | $294.13M | $25.45M | $80.91M | -$934.96M | $0 | $1.32M | $271K | $35.51M | -$14.37M | -$134.79M | -$13.54M | $0 | -$6M | $0 | $0 |
| Net Cash from Investing | $362.1M | -$1.51B | -$2.5B | -$5.08B | -$7.11B | -$3.28B | -$3.64B | -$2.16B | -$1.74B | -$1.5B | -$722.39M | -$634.83M | -$591.38M | -$558.1M | -$733.58M | -$436.65M | -$409.92M | -$467.55M | -$946.99M | -$970.59M | -$432.9M | -$450.69M | -$139.81M | -$227.84M | -$192.18M | -$132.48M | -$109.8M | -$246.8M | -$87.6M | -$94.9M |
| Financing Activities | ||||||||||||||||||||||||||||||
| Debt Repaid | $206.96M | -$1.03B | -$1.06B | -$1.64B | -$1.09B | -$1.08B | -$1.11B | -$560.22M | -$580.43M | -$129.1M | -$353.81M | -$469.07M | $121.55M | -$201.29M | -$783.15M | $270.77M | $170.17M | -$179.53M | -$695.56M | -$391.18M | -$196.67M | -$347.02M | -$109.54M | -$47.24M | -$142.25M | -$71.03M | -$28.9M | -$206.2M | $42.3M | -$72.3M |
| Common Stock Issuance | $0 | $27.1M | $103.85M | $2.35B | $3.53B | $2.32B | $1.22B | $1.29B | $1.28B | $1.43B | $78.46M | $1.99B | $534.47M | $97.89M | $451.54M | $342.34M | $488.16M | $242.19M | $215.19M | $539.56M | $193.66M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$208.19M | -$50.11M | $0 | $0 | $0 | $0 | $0 | -$13.98M | -$148.28M | -$206.83M | $0 | -$14.41M | $0 | $0 | $0 | $0 | $0 | $1.1B | $0 | $0 | $0 | -$38.59M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | -$911.45M | -$898.56M | -$847.48M | -$757.74M | -$655.97M | -$532.98M | -$447.03M | -$380.63M | -$312.13M | -$240.35M | -$218.1M | -$202.39M | -$169.08M | -$126.5M | -$106.89M | -$67.87M | -$90.5M | -$105.5M | -$93.68M | -$87.58M | -$73.07M | -$58.43M | -$49.33M | -$41.4M | -$32.76M | -$28.39M | -$23.6M | -$19.2M | -$9.9M | -$1.6M |
| Other Financing Activities | -$816.01M | -$100.45M | $261.66M | $1.27B | $1.79B | $170.79M | $880.48M | -$23.27M | $12.55M | $125.08M | $382.94M | -$9.49M | $514.08M | -$21.23M | -$244.41M | -$4.15M | $455K | -$176K | $19.8M | -$1.93M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.6M | $2.4M |
| Net Cash from Financing | -$1.78B | -$93.31M | $674.16M | $4.23B | $5.92B | $2.75B | $2.93B | $1.59B | $1.42B | $1.11B | $419.13M | $331.31M | $197.57M | $314.86M | $479.16M | $237.91M | $203.44M | $297.97M | $766.68M | $841.24M | $312.98M | $381.11M | $66.16M | $162.2M | $131.44M | $98.88M | $69.4M | $220.1M | $84.1M | $97.3M |
| Forex Effect | $1.56M | -$1.44M | -$1.29M | -$887K | -$1.71M | $311K | $540K | -$2.07M | $1.72M | -$1.46M | -$255K | -$2.49M | -$2.2M | $139K | -$5.23M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$100K | $100K | $0 | $0 |
| Net Change in Cash | -$6.09M | -$100.92M | -$197.2M | $442.75M | -$182.48M | $355.02M | -$29.44M | -$5.06M | $129.35M | -$66K | $39.09M | $28.32M | -$83.28M | $62.43M | -$12.69M | $20.6M | -$533K | $63.13M | $5.08M | -$963K | $753K | -$1.83M | $1.2M | $1.41M | -$400K | -$670K | $1.8M | -$500K | $400K | $800K |
| Supplementary Data | ||||||||||||||||||||||||||||||
| Operating Cash Flow | $1.41B | $1.5B | $1.63B | $1.29B | $1.01B | $882.51M | $683.86M | $570.34M | $450.32M | $392.5M | $342.61M | $334.32M | $312.73M | $305.53M | $246.96M | $219.35M | $205.95M | $232.71M | $185.38M | $128.39M | $120.68M | $67.75M | $74.85M | $67.05M | $60.34M | $32.93M | $42.3M | $26.1M | $3.9M | -$1.6M |
| Capital Expenditure | $0 | $0 | $0 | $0 | -$7.33B | $0 | $0 | -$1.94B | -$1.55B | -$1.44B | -$683.34M | -$544.08M | -$561.49M | -$555.02M | -$735.07M | -$717.1M | -$446.13M | -$548.76M | -$950.02M | -$978.28M | -$434.22M | -$450.96M | -$175.32M | -$213.47M | -$57.39M | -$118.94M | -$109.8M | -$240.8M | -$87.6M | -$94.9M |
| Free Cash Flow | $1.41B | $1.5B | $1.63B | $1.29B | -$6.32B | $882.51M | $683.86M | -$1.37B | -$1.1B | -$1.04B | -$340.73M | -$209.75M | -$248.76M | -$249.49M | -$488.11M | -$497.76M | -$240.18M | -$316.05M | -$764.64M | -$849.89M | -$313.55M | -$383.21M | -$100.47M | -$146.42M | $2.95M | -$86M | -$67.5M | -$214.7M | -$83.7M | -$96.5M |
| Cash at Beginning | $559.85M | $660.77M | $857.98M | $415.23M | $597.71M | $242.69M | $272.13M | $277.19M | $125.03M | $125.1M | $86.01M | $57.7M | $140.97M | $78.54M | $91.23M | $70.63M | $71.16M | $8.03M | $2.95M | $3.91M | $3.16M | $4.99M | $3.79M | $2.38M | $2.78M | $3.45M | $1.6M | $2.1M | $1.7M | $900K |
| Cash at End | $553.75M | $559.85M | $660.77M | $857.98M | $415.23M | $597.71M | $242.69M | $272.13M | $254.38M | $125.03M | $125.1M | $86.01M | $57.7M | $140.97M | $78.54M | $91.23M | $70.63M | $71.16M | $8.03M | $2.95M | $3.91M | $3.16M | $4.99M | $3.79M | $2.38M | $2.78M | $3.4M | $1.6M | $2.1M | $1.7M |