IHS Holding (IHS) financial statements
IHS Holding reported revenue of $1.6B in fiscal 2025, up 4.3% a year over 6 years.
Net income was $144M and the operating margin 51.9%, against -12.8% in 2019.
Free cash flow was $719M.
The diluted share count rose 6% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from IHS Holding's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.2B | $1.4B | $1.6B | $2.0B | $1.9B | $1.5B | $1.6B |
| Cost of revenue | $811M | $838M | $907M | $1.2B | $1.0B | $734M | $705M |
| Gross profit | $420M | $565M | $672M | $804M | $889M | $794M | $877M |
| Selling, general and admin | $556M | $236M | $337M | $501M | $365M | $275M | $235M |
| Operating income | -$157M | $332M | $388M | $312M | $524M | $604M | $821M |
| Interest expense | $194M | $182M | $179M | $872M | $2.4B | $2.0B | $350M |
| Pre-tax income | -$410M | -$153M | -$8M | -$544M | -$1.8B | -$1.4B | $691M |
| Income tax | $14M | $170M | $18M | -$75M | $103M | $69M | $86M |
| Net income | -$423M | -$322M | -$26M | -$459M | -$2.0B | -$1.6B | $144M |
| EPS (diluted) | -$1.44 | -$1.09 | -$0.09 | -$1.39 | -$5.93 | -$4.90 | $0.42 |
| Diluted shares | 316M | 317M | 322M | 331M | 333M | 333M | 335M |
| Gross margin | 34.1% | 40.2% | 42.6% | 41.0% | 46.2% | 52.0% | 55.4% |
| Operating margin | -12.8% | 23.7% | 24.6% | 15.9% | 27.2% | 39.5% | 51.9% |
| Net margin | -34.4% | -22.9% | -1.6% | -23.4% | -102.7% | -106.9% | 9.1% |
Balance sheet
Fiscal years, from IHS Holding's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $899M | $585M | $916M | $514M | $294M | $578M | $826M |
| Receivables | — | $327M | $472M | $663M | $608M | $313M | $181M |
| Inventory | — | $49M | $42M | $74M | $41M | $31M | $42M |
| Total current assets | — | $989M | $1.4B | $1.3B | $973M | $924M | $2.5B |
| Property, plant and equipment | — | $1.4B | $1.7B | $2.1B | $1.7B | $1.3B | $816M |
| Goodwill | $518M | $656M | $780M | $763M | $619M | $403M | $263M |
| Total assets | — | $4.4B | $5.5B | $6.3B | $5.3B | $4.2B | $4.5B |
| Total current liabilities | — | $684M | $831M | $1.3B | $1.2B | $648M | $1.2B |
| Long-term debt | — | $2.0B | $2.4B | $2.9B | $3.1B | $3.2B | $2.8B |
| Total liabilities | — | $3.2B | $3.8B | $5.0B | $5.0B | $4.6B | $4.6B |
| Shareholders' equity | $1.4B | $1.2B | $1.5B | $1.1B | $110M | -$473M | -$251M |
| Net debt | -$899M | $1.6B | $1.7B | $2.8B | $3.2B | $2.8B | $2.3B |
Cash flow
Fiscal years, from IHS Holding's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $642M | $635M | $750M | $907M | $854M | $729M | $936M |
| Capital spending | $5M | $97M | $243M | $394M | $488M | $239M | $218M |
| Free cash flow | $637M | $538M | $507M | $513M | $366M | $490M | $719M |
| Stock-based compensation | $351M | $8M | $12M | $13M | $13M | $28M | $29M |
| Share buybacks (net) | — | — | — | — | -$10M | — | — |
| Net borrowing | $178M | $132M | $423M | $757M | $297M | $59M | -$191M |
| Free cash flow margin | 51.7% | 38.3% | 32.1% | 26.2% | 19.0% | 32.1% | 45.4% |
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Open IHS in InvestinglyQuestions
What was IHS Holding's revenue in 2025?
$1.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does IHS Holding generate?
$719M in fiscal 2025 (operating cash flow minus capital spending).
From IHS Holding's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.