Revenue growth remains challenged by macroeconomic headwinds, evidenced by a 5.5% year-over-year decline in 2026Q1 despite maintaining a gross margin of 55.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 |
|---|
| Sales/Revenue | 1.56B | 1.58B | 1.71B | 2.13B | 1.96B | 1.58B | 1.4B | 1.23B | 1.17B | 1.11B | 905.61M | 726.74M | 2.23B | 1.84B | 1.53B | 1.33B | 1.08B | 967.3M | 844.03M | 550.77M |
| Revenue Growth % | -10.12% | -7.55% | -19.49% | 8.37% | 24.15% | 12.58% | 13.98% | 5.39% | 5.52% | 22.23% | 24.61% | -67.42% | 21.2% | 20.31% | 15.41% | 23.26% | 11.18% | 14.6% | 53.25% | - |
| Cost of Goods Sold | 730.55M | 717.8M | 890.53M | 1.08B | 1.16B | 907.39M | 838.42M | 810.97M | 766.73M | 710.75M | 634.66M | 522.25M | 879.05M | 748.18M | 624.51M | 558.49M | 457.88M | 410.02M | 372.73M | 252.42M |
| COGS % of Revenue | - | 45.37% | 52.04% | 51.03% | 58.99% | 57.44% | 59.75% | 65.88% | 65.64% | 64.21% | 70.08% | 71.86% | 39.41% | 40.65% | 40.82% | 42.13% | 42.58% | 42.39% | 44.16% | 45.83% |
| Gross Profit | 827.25M | 864.2M | 820.69M | 1.04B | 804.3M | 672.34M | 564.73M | 420.09M | 401.36M | 396.2M | 270.94M | 204.49M | 1.35B | 1.09B | 905.36M | 767.15M | 617.58M | 557.28M | 471.3M | 298.35M |
| Gross Margin % | 53.1% | 54.63% | 47.96% | 48.97% | 41.01% | 42.56% | 40.25% | 34.12% | 34.36% | 35.79% | 29.92% | 28.14% | 60.59% | 59.35% | 59.18% | 57.87% | 57.42% | 57.61% | 55.84% | 54.17% |
| Gross Profit Growth % | - | 5.3% | -21.15% | 29.41% | 19.63% | 19.06% | 34.43% | 4.67% | 1.3% | 46.23% | 32.5% | -84.87% | 23.74% | 20.66% | 18.02% | 24.22% | 10.82% | 18.24% | 57.97% | - |
| Operating Expenses | 245.18M | 598.1M | 341.55M | 510.16M | 492.05M | 283.97M | 232.78M | 577.19M | 181.32M | 595.57M | 1.2B | 550.16M | 1.93B | 1.64B | 1.32B | 1.15B | 358.01M | 787.48M | 710.52M | 470.58M |
| OpEx % of Revenue | - | 37.81% | 19.96% | 24% | 25.09% | 17.98% | 16.59% | 46.89% | 15.52% | 53.8% | 132.24% | 75.7% | 86.39% | 89.23% | 86.45% | 86.99% | 33.29% | 81.41% | 84.18% | 85.44% |
| Selling, General & Admin | 262.57M | 657.9M | 302.53M | 421.44M | 286.77M | 241.83M | 180.22M | 495.04M | 125.19M | 203.18M | 244.13M | 207.83M | 828.16M | 680.99M | 534.04M | 453.48M | 358.01M | 332.52M | 295.52M | 0 |
| SG&A % of Revenue | - | 41.59% | 17.68% | 19.83% | 14.62% | 15.31% | 12.84% | 40.21% | 10.72% | 18.35% | 26.96% | 28.6% | 37.12% | 37% | 34.91% | 34.21% | 33.29% | 34.38% | 35.01% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 582.08M | 266.1M | 479.15M | 530.65M | 312.25M | 388.37M | 331.94M | -157.1M | 205.93M | 192.99M | 28.2M | -1.09M | 303.59M | 198.2M | 207.29M | 172.47M | 186.74M | 179.82M | 133.51M | 80.19M |
| Operating Margin % | 37.37% | 16.82% | 28% | 24.97% | 15.92% | 24.58% | 23.66% | -12.76% | 17.63% | 17.43% | 3.11% | -0.15% | 13.61% | 10.77% | 13.55% | 13.01% | 17.36% | 18.59% | 15.82% | 14.56% |
| Operating Income Growth % | - | -44.46% | -9.71% | 69.95% | -19.6% | 17% | 311.29% | -176.29% | 6.71% | 584.44% | 2696.32% | -100.36% | 53.17% | -4.38% | 20.19% | -7.64% | 3.85% | 34.68% | 66.5% | - |
| EBITDA | 915.48M | 647.8M | 841.88M | 966.24M | 781.15M | 771.25M | 740.61M | 227.4M | 525.35M | 517.07M | 298.23M | 183.29M | 505.74M | 356.94M | 325.53M | 260.51M | 246.22M | 228.96M | 172.92M | 105.66M |
| EBITDA Margin % | 58.77% | 40.95% | 49.2% | 45.46% | 39.83% | 48.82% | 52.78% | 18.47% | 44.98% | 46.71% | 32.93% | 25.22% | 22.67% | 19.39% | 21.28% | 19.65% | 22.89% | 23.67% | 20.49% | 19.18% |
| EBITDA Growth % | -6.87% | -23.05% | -12.87% | 23.69% | 1.28% | 4.14% | 225.68% | -56.71% | 1.6% | 73.38% | 62.71% | -63.76% | 41.69% | 9.65% | 24.96% | 5.8% | 7.54% | 32.41% | 63.65% | - |
| D&A (Non-Cash Add-back) | 333.4M | 381.7M | 362.74M | 435.59M | 468.9M | 382.88M | 408.66M | 384.51M | 319.42M | 324.09M | 270.03M | 184.38M | 202.15M | 158.74M | 118.24M | 88.04M | 59.47M | 49.15M | 39.41M | 25.48M |
| EBIT | 631.27M | 266.1M | -1.16B | -1.43B | -216.26M | 208.61M | 59.42M | -198.41M | 100.23M | 192.99M | 28.2M | -1.09M | 249.93M | 176.42M | 208.29M | 173.33M | 187.4M | 180.9M | 136.67M | 86.16M |
| Net Interest Income | -144.2M | -281.4M | -424.9M | -412.43M | -305.47M | -208.95M | -204.53M | -195.12M | -167.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 166.8M | 35.9M | 18.66M | 25.01M | 15.17M | 7.8M | 5.1M | 14.73M | 18.7M | 197.04M | 190.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 738.8M | 690.8M | -1.61B | -1.88B | -543.98M | -8.14M | -152.85M | -409.97M | -86.02M | -396.41M | -1.12B | -462.62M | 194.55M | 131.83M | 187.71M | 161.98M | 185.36M | 178.69M | 134.19M | 85.31M |
| Pretax Margin % | 47.43% | 43.67% | -94.1% | -88.48% | -27.74% | -0.52% | -10.89% | -33.3% | -7.36% | -35.81% | -123.35% | -63.66% | 8.72% | 7.16% | 12.27% | 12.22% | 17.24% | 18.47% | 15.9% | 15.49% |
| Income Tax | 98M | 86.4M | 33.96M | 107.53M | -75.01M | 17.98M | 169.83M | 13.52M | 46.75M | 25.13M | -176.28M | 41.45M | 0 | 23.06M | 29.56M | 26.7M | 43.99M | -41.58M | -38.51M | -26.88M |
| Effective Tax Rate % | 13.26% | 12.51% | -2.11% | -5.72% | 13.79% | -220.86% | -111.11% | -3.3% | -54.34% | -6.34% | 15.78% | -8.96% | 0% | 17.49% | 15.75% | 16.48% | 23.73% | -23.27% | -28.7% | -31.51% |
| Net Income | 186.3M | 143.6M | -1.63B | -1.98B | -459.01M | -25.83M | -321.99M | -423.49M | -132.77M | -425.45M | -826.39M | -435.65M | 194.55M | 131.73M | 158.17M | 135.41M | 141.31M | 134.96M | 98.99M | 56.34M |
| Net Margin % | 11.96% | 9.08% | -95.37% | -92.99% | -23.4% | -1.64% | -22.95% | -34.4% | -11.37% | -38.43% | -91.25% | -59.95% | 8.72% | 7.16% | 10.34% | 10.22% | 13.14% | 13.95% | 11.73% | 10.23% |
| Net Income Growth % | 508.3% | 108.8% | 17.43% | -330.63% | -1676.89% | 91.98% | 23.97% | -218.97% | 68.79% | 48.52% | -89.69% | -323.93% | 47.68% | -16.71% | 16.8% | -4.18% | 4.71% | 36.34% | 75.69% | - |
| Net Income (Continuing) | 640.8M | 604.4M | -1.64B | -1.99B | -468.97M | -26.12M | -322.68M | -423.49M | -132.77M | -421.54M | -940.75M | -504.08M | 194.55M | 131.73M | 158.17M | 135.41M | 141.31M | 134.96M | 98.99M | 56.34M |
| Discontinued Operations | 0 | -477.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 169.6M | 161.5M | 158.77M | 237.51M | 227.2M | 223.19M | 14.22M | 0 | 0 | 0 | 76.58M | 221.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.54 | 0.42 | -4.90 | -5.93 | -1.42 | -0.08 | -0.98 | -1.28 | -0.40 | -1.48 | -3.45 | -1.99 | 2.81 | 1.95 | 2.37 | 2.06 | 2.18 | 2.11 | 1.57 | 1.03 |
| EPS Growth % | 478.57% | 108.57% | 17.37% | -317.61% | -1681.68% | 91.87% | 23.44% | -220% | 72.97% | 57.1% | -73.37% | -170.82% | 44.1% | -17.72% | 15.05% | -5.5% | 3.32% | 34.39% | 52.43% | - |
| EPS (Basic) | - | 0.43 | -4.90 | -5.93 | -1.42 | -0.08 | -0.98 | -1.28 | -0.40 | -1.48 | -3.45 | -1.99 | 2.85 | 1.98 | 2.40 | 2.09 | 2.21 | 2.14 | 1.60 | 1.03 |
| Diluted Shares Outstanding | 343.11M | 341.64M | 333.06M | 333.18M | 330.96M | 327.82M | 330.75M | 330.75M | 328.05M | 286.56M | 239.4M | 218.88M | 69.12M | 67.44M | 66.73M | 65.72M | 64.72M | 63.94M | 62.96M | 54.7M |
| Basic Shares Outstanding | 335.71M | 335.05M | 333.06M | 333.18M | 330.96M | 327.82M | 330.75M | 330.75M | 328.05M | 286.56M | 239.4M | 218.88M | 68.16M | 66.43M | 65.84M | 64.94M | 63.96M | 63.05M | 62.06M | 54.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Currency Devaluation and Volatility
As reported in recent financial filings, IHS experienced a 5.5% year-over-year revenue decline in 2026Q1, reflecting the ongoing struggle to offset significant currency headwinds in core emerging markets through organic growth or contractual price escalators, which remain insufficient to stabilize the top-line trajectory in USD terms.
The consistent negative revenue growth suggests that the company's reliance on local currency-denominated contracts creates a structural vulnerability when translated into USD. Investors should monitor whether the current build-to-suit pipeline can eventually outpace the erosion caused by local currency devaluation, as current figures indicate a persistent inability to achieve top-line expansion.
Based on the provided income statement data, gross margins have fluctuated significantly, reaching 55.7% in 2026Q1, which highlights the sensitivity of the company's cost structure to volatile diesel prices and the logistical challenges inherent in maintaining power-as-a-service infrastructure across decentralized, logistically complex African markets.
The variability in gross margins suggests that the company's pass-through mechanisms may not fully insulate the bottom line from sudden spikes in energy costs or inflationary pressures. The reliance on diesel-heavy power generation remains a primary margin risk that warrants further investigation into the efficacy of the ongoing transition to renewable energy sources.
According to the latest quarterly data, operating income reached $119.9M in 2026Q1, yet the lack of consistent scaling relative to gross profit suggests that administrative and depreciation expenses associated with an aging infrastructure base continue to exert pressure on the company's overall operating leverage profile.
While operating margins appear to have stabilized in recent periods, the underlying efficiency is difficult to discern due to the impact of non-operating items and FX-related noise. The company's ability to convert gross profit into operating income appears constrained by the high fixed-cost nature of its tower portfolio and the ongoing capital intensity required for site maintenance.
Analysis of the income statement reveals that net income remains highly erratic, with a reported $75.8M in 2026Q1 following periods of significant losses, indicating that unrealized FX impacts and non-operating charges frequently obscure the true underlying cash-generating capacity of the core tower infrastructure business.
The volatility in net income suggests that investors should prioritize cash flow metrics over GAAP earnings, as the latter is heavily influenced by currency translation effects that do not necessarily reflect operational performance. The recurring nature of these distortions warrants caution when evaluating the sustainability of current earnings per share trends.
As indicated by the recent financial data, the company's exposure to geopolitical and currency risks in Nigeria creates a persistent valuation discount, as the market appears to prioritize these macro-level vulnerabilities over the potential long-term moat provided by the company's entrenched power-as-a-service infrastructure model.
Short-term focus on currency devaluation may be overshadowing the company's role as a critical infrastructure provider, yet the governance disputes and debt-servicing risks remain material concerns. Investors should monitor whether the company can successfully diversify its revenue base away from its most volatile markets to justify a re-rating of its current valuation.
Quick answers to the most common questions about buying IHS stock.
For fiscal year 2025, IHS Holding Limited (IHS) reported total revenue of $1.58B. This represents a 187.2% increase compared to $550.8M in 2007.
IHS Holding Limited (IHS) is profitable, generating $143.6M in net income for the fiscal year ending 2025 with a net profit margin of 9.1%.
IHS Holding Limited (IHS) reported an operating income of $266.1M, resulting in an operating profit margin of 16.8%. This margin reflects the operational efficiency of the business before interest and taxes.
IHS Holding Limited (IHS) generated $864.2M in gross profit for the year, representing a gross profit margin of 54.6%. This demonstrates the company's core pricing power and production efficiency.