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Telecom services · Communication Services · Fiscal year ends Dec 31
IHS reported revenue of $1.6B in the fiscal year ended Dec 2025, up 3.6% from the year before. Operating income was $821M, an operating margin of 51.9%, and net income was $127M. Operating cash flow of $936M less capital expenditure of $218M left free cash flow of $719M. Net debt was $2.3B.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,580 | 1,961 | 1,925 | 1,527 | 1,582 |
| Cost of revenue | 907 | 1,157 | 1,037 | 734 | 705 |
| Gross profit | 672 | 804 | 889 | 794 | 877 |
| Operating income | 388 | 312 | 524 | 604 | 821 |
| Interest expense | 179 | 872 | 2,357 | 2,042 | 350 |
| Pre-tax income | −8.1 | −544 | −1,814 | −1,411 | 691 |
| Income tax | 18.0 | −75.0 | 103 | 69.3 | 86.4 |
| Net income | −26.1 | −469 | −1,988 | −1,644 | 127 |
| Diluted EPS | −0.09 | −1.39 | −5.93 | −4.90 | 0.42 |
| Diluted shares | 322 | 331 | 333 | 333 | 335 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 916 | 514 | 294 | 578 | 826 |
| Receivables | 472 | 663 | 608 | 313 | 181 |
| Inventory | 42.0 | 74.2 | 40.6 | 30.6 | 42.1 |
| Current assets | 1,430 | 1,253 | 973 | 924 | 2,503 |
| Net PP&E | 1,714 | 2,075 | 1,710 | 1,322 | 816 |
| Goodwill | 780 | 763 | 619 | 403 | 263 |
| Total assets | 5,542 | 6,321 | 5,334 | 4,247 | 4,490 |
| Payables | 499 | 669 | 498 | 377 | 278 |
| Deferred revenue | – | 22.9 | 7.9 | 18.9 | 15.5 |
| Current liabilities | 831 | 1,266 | 1,188 | 648 | 1,203 |
| Short-term debt | 208 | 438 | 454 | 129 | 296 |
| Long-term debt | 2,401 | 2,906 | 3,057 | 3,219 | 2,842 |
| Total liabilities | 3,799 | 4,961 | 5,006 | 4,561 | 4,579 |
| Shareholders' equity | 1,520 | 1,133 | 110 | −473 | −251 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 750 | 907 | 854 | 729 | 936 |
| Capital expenditure | 238 | 379 | 465 | 235 | 218 |
| Free cash flow | 512 | 529 | 389 | 494 | 719 |
| Depreciation & amortisation | 383 | 469 | 436 | 363 | – |
| Stock-based compensation | 11.8 | 13.3 | 13.3 | 20.2 | 28.8 |
| Acquisitions | 401 | 736 | 4.5 | – | – |
| Share buybacks | – | – | 10.0 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.2% | −1.8% | −20.7% | 3.6% |
| Operating income growth (YoY) | – | −19.6% | 67.9% | 15.2% | 36.0% |
| Gross margin | 42.6% | 41.0% | 46.2% | 52.0% | 55.4% |
| Operating margin | 24.6% | 15.9% | 27.2% | 39.5% | 51.9% |
| Net margin | −1.7% | −23.9% | −103.3% | −107.7% | 8.0% |
| Return on equityBlank when equity is negative | −1.7% | −41.4% | −1810.0% | – | – |
| ROCEEBIT ÷ (assets − current liabilities) | 8.2% | 6.2% | 12.6% | 16.8% | 25.0% |
| Free cash flow margin | 32.4% | 27.0% | 20.2% | 32.4% | 45.4% |
| Cash conversion (CFO ÷ net income) | −28.7x | −1.93x | −0.43x | −0.44x | 7.38x |
| Receivable days | 109 | 123 | 115 | 75 | 42 |
| Inventory days | 17 | 23 | 14 | 15 | 22 |
| Payable days | 201 | 211 | 175 | 188 | 144 |
| Interest cover | 2.17x | 0.36x | 0.22x | 0.30x | 2.35x |
| Debt ÷ equity | 1.72x | 2.95x | 32.0x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,693 | 2,830 | 3,217 | 2,770 | 2,312 |
| Current ratio | 1.72x | 0.99x | 0.82x | 1.43x | 2.08x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.