Also trades as: 0LWG.L (LSE) · $vol 0M

$19.39

-0.18 (-0.95%)

Pre-Market: $19.43 (+0.04, +0.21%)

Weekly Expected Move ±4.2%

$18 $19 $19 $20 $21

NYSE · Real Estate · REIT - Specialty · Tech Score Neutral · Power 52 · $14.0B mcap · 717M float · 0.907% daily turnover · Short 37% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $91.5M held by 149 funds, 76 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Revenue Segmentation

By Product / Service

By Geography

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$6.9B -3.1% ▼

5Y CAGR: -1.7%

Gross Profit

$516M -60.7% ▼

5Y CAGR: -24.4%

Operating Income

$465M -32.1% ▼

5Y CAGR: -22.9%

Net Income

$324M -18.2% ▼

5Y CAGR: -16.5%

EPS (Diluted)

$0.45 -16.7% ▼

5Y CAGR: -15.9%

EBITDA

$1.0B -13.0% ▼

5Y CAGR: -11.3%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$10.2B	$10.2B	$7.7B	$7.1B	$6.9B
YoY Growth	+35.4%	-0.2%	-24.6%	-7.2%	-3.1%
Cost of Revenue	$6.1B	$6.6B	$6.0B	$5.8B	$6.4B
Gross Profit	$4.1B	$3.6B	$1.7B	$1.3B	$516M
Gross Margin	40.2%	35.5%	21.9%	18.4%	7.5%
R&D Expenses	$5M	$6M	$7M	$7M	$0
SG&A Expenses	$491M	$491M	$518M	$568M	$545M
Operating Expenses	$455M	$540M	$496M	$628M	$51M
Operating Income	$3.6B	$3.1B	$1.2B	$685M	$465M
Operating Margin	35.7%	30.2%	15.5%	9.6%	6.7%
Interest Expense	$313M	$270M	$280M	$269M	$273M
Income Before Tax	$3.3B	$2.3B	$937M	$427M	$260M
Tax Expense	$709M	$425M	$98M	$31M	-$64M
Net Income	$2.6B	$1.9B	$839M	$396M	$324M
Net Margin	25.6%	18.5%	10.9%	5.6%	4.7%
EPS (Diluted)	$3.47	$2.53	$1.15	$0.54	$0.45
EBITDA	$4.1B	$3.1B	$1.7B	$1.2B	$1.0B
Shares Outstanding	751M	743M	732M	729M	722M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$1.7B	$1.7B	$1.8B	$1.9B	$1.8B	$1.5B	$1.7B	$1.9B
Cost of Revenue	$1.4B	$1.4B	$1.4B	$1.6B	$1.5B	$1.5B	$1.4B	$1.6B
Gross Profit	$250M	$304M	$335M	$325M	$253M	$32M	$318M	$311M
Gross Margin	14.9%	17.8%	19.0%	17.3%	14.3%	2.1%	18.4%	16.7%
R&D Expenses	$1M	$2M	$1M	$1M	$0	$0	$0	$0
SG&A Expenses	$144M	$144M	$142M	$137M	$130M	$136M	$142M	$139M
Operating Expenses	$172M	$163M	$156M	$147M	$130M	$47M	$71M	$88M
Operating Income	$78M	$141M	$179M	$178M	$123M	-$15M	$247M	$223M
Operating Margin	4.6%	8.3%	10.2%	9.4%	7.0%	-1.0%	14.3%	11.9%
Interest Expense	$69M	$66M	$66M	$66M	$71M	$70M	$66M	$66M
Income Before Tax	$13M	$74M	$99M	$99M	$39M	$23M	$171M	$147M
Tax Expense	-$15M	-$7M	$16M	$12M	-$41M	-$51M	$15M	-$15M
Net Income	$28M	$81M	$83M	$87M	$80M	$74M	$156M	$162M
Net Margin	1.7%	4.7%	4.7%	4.6%	4.5%	4.8%	9.0%	8.7%
EPS (Diluted)	$0.04	$0.11	$0.11	$0.12	$0.11	$0.10	$0.22	$0.23
EBITDA	$207M	$266M	$290M	$290M	$240M	$222M	$361M	$336M
Shares Outstanding	728M	728M	727M	724M	722M	722M	722M	722M

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