Revenue volatility masks underlying stability, with a sharp 42.0% drop in 2025Q4 to $254.0M, while operating margins swung from 19.3% to 61.4% due to non-cash items like a $92.5M D&A charge in 2025Q4.
IHS Holding Limited (IHS) annual income statement — 19-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 1.55B | 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 % | -10.28% | -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 Revenue | 741.05M | 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 |
| Gross Profit | 812.05M | 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 % | 52.29% | 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 | 293.57M | 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 |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 819.08M | 647.8M | 841.88M | 966.24M | 781.15M | 771.25M | 740.61M | 227.4M | 523.24M | 517.07M | 298.23M | 183.29M | 505.74M | 356.94M | 325.53M | 260.51M | 246.22M | 228.96M | 172.92M | 105.66M |
| EBITDA Margin % | 52.74% | 40.95% | 49.2% | 45.46% | 39.83% | 48.82% | 52.78% | 18.47% | 44.79% | 46.71% | 32.93% | 25.22% | 22.67% | 19.39% | 21.28% | 19.65% | 22.89% | 23.67% | 20.49% | 19.18% |
| EBITDA Growth % | -19.21% | -23.05% | -12.87% | 23.69% | 1.28% | 4.14% | 225.68% | -56.54% | 1.19% | 73.38% | 62.71% | -63.76% | 41.69% | 9.65% | 24.96% | 5.8% | 7.54% | 32.41% | 63.65% | - |
| Depreciation & Amortization | 300.6M | 381.7M | 362.74M | 435.59M | 468.9M | 382.88M | 408.66M | 384.51M | 317.3M | 324.09M | 270.03M | 184.38M | 202.15M | 158.74M | 118.24M | 88.04M | 59.47M | 49.15M | 39.41M | 25.48M |
| D&A / Revenue % | 19.35% | 24.13% | 21.2% | 20.49% | 23.91% | 24.24% | 29.12% | 31.23% | 27.16% | 29.28% | 29.82% | 25.37% | 9.06% | 8.62% | 7.73% | 6.64% | 5.53% | 5.08% | 4.67% | 4.63% |
| Operating Income (EBIT) | 518.48M | 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 % | 33.38% | 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% | - |
| Interest Expense | 4M | 317.3M | 443.56M | 437.44M | 320.64M | 216.75M | 209.63M | 209.85M | 186.25M | 0 | 0 | 70.98M | 55.38M | 44.58M | 20.57M | 11.35M | 2.04M | 2.22M | 2.48M | 847K |
| Interest Coverage | - | 3.18x | -2.61x | -3.28x | -0.67x | 0.96x | 0.28x | -0.95x | 0.54x | - | - | -0.02x | 4.51x | 3.96x | 10.12x | 15.28x | 92.04x | 81.60x | 55.07x | 101.72x |
| Interest / Revenue % | 0.26% | 20.06% | 25.92% | 20.58% | 16.35% | 13.72% | 14.94% | 17.05% | 15.95% | 0% | 0% | 9.77% | 2.48% | 2.42% | 1.34% | 0.86% | 0.19% | 0.23% | 0.29% | 0.15% |
| Non-Operating Income | 0 | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 680K | 1000K |
| Pretax Income | 696.9M | 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 % | 44.87% | 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 | 103.5M | 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 % | 14.85% | 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 | 142.1M | 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 % | 9.15% | 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 % | 28.17% | 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% | - |
| EPS (Diluted) | 0.41 | 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 % | 25% | 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 | 344.06M | 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 |
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.
Key Metrics
Top Statement Risk
Revenue volatility and negative earnings
Revenue Volatility Masks Underlying Stability
Revenue fluctuated between $254.0M and $455.1M over the last ten quarters, with a sharp 42.0% drop in 2025Q4. According to the income statement data, this volatility appears driven by non-recurring items rather than core demand shifts.
The 2025Q4 revenue plunge to $254.0M, down from $437.8M in 2024Q4, suggests a one-off event such as a contract renegotiation or asset sale, not a sustainable trend. Excluding that quarter, revenue has hovered around $420-440M, indicating a stable base. Investors should monitor whether this volatility reflects regulatory or contractual adjustments that could recur.
Operating Margins Swing on Non-Cash Items
Operating margin ranged from 19.3% to 61.4% across the period, with the 2025Q4 spike to 61.4% coinciding with a $92.5M D&A charge. As reported in the financial statements, this suggests margins are distorted by impairment or one-time gains, not operational efficiency.
The 61.4% operating margin in 2025Q4 is anomalous given the revenue drop, implying a large non-cash gain or reversal. Conversely, 2026Q2's 19.3% margin aligns with more typical utility-like returns. The wide swings indicate that reported operating income is not a reliable indicator of underlying regulatory margin quality.
Depreciation and Amortization Distort Earnings
D&A expenses varied from $55.8M to $94.8M quarterly, with the highest in 2025Q3 and 2025Q4. Based on the income statement data, these fluctuations appear tied to asset impairments or accelerated depreciation, which may not reflect cash costs.
The elevated D&A in 2025Q3 and Q4 (around $94M) versus $55-65M in other quarters suggests write-downs or changes in asset lives. For a tower company, D&A is a significant non-cash charge, but the variability implies non-recurring items that obscure the underlying cost structure. Investors should adjust for these to assess true cash recovery.
Net Income Volatility Masks Core Profitability
Net income swung from -$1.6B in 2024Q1 to $246.5M in 2024Q4, with EPS ranging from -$4.67 to $0.73. According to the income statement data, these extremes suggest large non-recurring items, including impairments or tax effects, that obscure the underlying earnings power.
The 2024Q1 net loss of $1.6B is likely a one-time impairment, while 2024Q4's $246.5M gain may include a tax benefit or asset sale. Excluding these, net income has been modestly positive in recent quarters (e.g., $75.8M in 2026Q1). This indicates that core regulated earnings are positive but volatile, and investors should focus on normalized earnings.
Capital Intensity Not Reflected in EPS Growth
Revenue growth has been negative in most quarters, with a -42.0% drop in 2025Q4, while EPS growth has been erratic. Based on the income statement data, this suggests that capital expenditures are not translating into consistent earnings growth, possibly due to high depreciation or financing costs.
Despite stable revenue around $420M, EPS has been negative in several quarters, indicating that incremental capital is not generating sufficient returns to cover D&A and interest. The negative EPS in 2026Q2 (-$0.06) and 2025Q4 (-$0.23) suggests that the company may be investing in assets that are not yet generating returns, or that regulatory lag is delaying recovery.
What Could Invalidate the Base Case
The most significant challenge to the narrative is the extreme volatility in revenue and net income, which may indicate structural issues rather than one-off events. As reported in the income statement data, the 2025Q4 revenue drop and 2024Q1 net loss warrant further investigation.
If the revenue volatility is due to customer churn or contract losses, the stable base may be eroding. Additionally, the negative net income in several quarters suggests that the company may be struggling to achieve authorized returns, possibly due to rising interest costs or competitive pressures. Investors should monitor whether these trends persist, as they could signal a deteriorating regulatory compact.