IHS revenueFY2025$1.58B
- FY YoY
- +3.6%
- 5Y CAGR
- +2.4%
IHS revenue was $1.58B for fiscal 2025 (ended Dec 31, 2025), up 3.6% from fiscal 2024. Compound annual growth was +2.4% over 5 years. It rose in 4 of the last 6 fiscal years.
IHS Holding Limited (IHS) financials
For fiscal 2025 (ended Dec 31, 2025), IHS Holding Limited reported $1.58B of revenue and $143.60M of net income.
- Revenue, FY2025
- $1.58B
- Revenue growth, YoY
- +3.6%
- Net income, FY2025
- $143.60M
- Net margin
- 9.1%
- Free cash flow, FY2025
- $718.70M
- EPS, diluted, FY2025
- $0.42
- Cash
- $825.70M
- Total debt
- $3.14B
- P/E
- 19.72
- P/S
- 1.79
- Market cap
- $2.83B
FY2019FY2025
FY2019FY2025
FY2020FY2025
IHS revenue and earnings growth
IHS net incomeFY2025$143.60M
IHS net income was $143.60M for fiscal 2025 (ended Dec 31, 2025), compared with -$1.63B in fiscal 2024. Fiscal 2025 is the highest of the 7 fiscal years on file.
IHS EPSFY2025$0.42
IHS diluted EPS was $0.42 for fiscal 2025 (ended Dec 31, 2025), compared with -$4.90 in fiscal 2024.
IHS free cash flowFY2025$718.70M
- FY YoY
- +45.4%
- 5Y CAGR
- +5.9%
IHS free cash flow was $718.70M for fiscal 2025 (ended Dec 31, 2025), up 45.4% from fiscal 2024. Compound annual growth was +5.9% over 5 years. It rose in 3 of the last 5 fiscal years. Fiscal 2025 is the highest of the 6 fiscal years on file.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.58B | $1.53B | $1.93B | $1.96B | $1.58B | $1.40B | $1.23B |
| Cost of revenue | $705.40M | $733.60M | $1.04B | $1.16B | $907.39M | $838.42M | $810.97M |
| Gross profit | $876.60M | $793.60M | $888.70M | $804.30M | $672.34M | $564.73M | $420.09M |
| Selling, general and admin | $234.80M | $275.40M | $364.70M | $501.18M | $336.51M | $236.11M | $556.28M |
| Operating income | $821.40M | $604.00M | $524.40M | $312.25M | $388.37M | $331.94M | -$157.10M |
| Interest expense | $349.70M | $2.04B | $2.36B | $872.05M | $422.03M | $633.77M | $193.83M |
| Pre-tax income | $690.80M | -$1.41B | -$1.81B | -$543.98M | -$8.14M | -$152.85M | -$409.97M |
| Income tax | $86.40M | $69.30M | $102.80M | -$75.01M | $17.98M | $169.83M | $13.52M |
| Net income | $143.60M | -$1.63B | -$1.98B | -$459.01M | -$25.83M | -$321.99M | -$423.49M |
| EPS, basic | $0.43 | -$4.90 | -$5.93 | -$1.39 | -$0.09 | -$1.09 | -$1.44 |
| EPS, diluted | $0.42 | -$4.90 | -$5.93 | -$1.39 | -$0.09 | -$1.09 | -$1.44 |
| Diluted shares | 335.0M | 333.1M | 333.2M | 331.0M | 321.5M | 317.3M | 316.5M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $825.70M | $578.00M | $293.82M | $514.08M | $916.49M | $585.42M | $898.80M |
| Receivables | $181.40M | $313.40M | $607.84M | $663.47M | $471.75M | $327.19M | - |
| Inventory | $42.10M | $30.60M | $40.59M | $74.22M | $42.02M | $49.22M | - |
| Current assets | $2.50B | $924.30M | $972.61M | $1.25B | $1.43B | $989.32M | - |
| Goodwill | $262.70M | $403.20M | $619.30M | $763.39M | $779.90M | $656.26M | $518.14M |
| Total assets | $4.49B | $4.25B | $5.33B | $6.32B | $5.54B | $4.45B | - |
| Current liabilities | $1.20B | $648.20M | $1.19B | $1.27B | $830.56M | $683.64M | - |
| Short-term debt | $295.70M | $128.70M | $454.15M | $438.11M | $207.62M | - | - |
| Long-term debt | $2.84B | $3.22B | $3.06B | $2.91B | $2.40B | $2.02B | - |
| Total debt | $3.14B | $3.35B | $3.51B | $3.34B | $2.61B | $2.02B | $2.06B |
| Total liabilities | $4.58B | $4.56B | $5.01B | $4.96B | $3.80B | $3.22B | - |
| Shareholders' equity | -$251.30M | -$473.20M | $328.70M | $1.34B | $1.74B | $1.22B | $1.43B |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $936.20M | $729.40M | $853.50M | $907.30M | $750.19M | $635.26M | $641.94M |
| Capital expenditures | $217.50M | $235.20M | $464.90M | $378.52M | $238.15M | $94.80M | - |
| Free cash flow | $718.70M | $494.20M | $388.60M | $528.78M | $512.04M | $540.46M | - |
| Investing cash flow | -$22.30M | $63.20M | -$722.20M | -$1.52B | -$877.95M | -$758.51M | -$235.81M |
| Financing cash flow | -$644.10M | -$431.00M | -$162.30M | $398.24M | $524.26M | -$128.14M | -$138.32M |
| Share repurchases | - | - | $10.00M | - | - | - | - |
| Stock-based compensation | $29.10M | $27.90M | $13.40M | $13.27M | $11.78M | $8.34M | $351.05M |
| Depreciation and amortization | - | - | - | - | $344.72M | $373.25M | $355.76M |
Key ratios
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 3.6% | -20.7% | -1.8% | 24.2% | 12.6% | 14.0% | - |
| Gross margin | 55.4% | 52.0% | 46.2% | 41.0% | 42.6% | 40.2% | 34.1% |
| Operating margin | 51.9% | 39.5% | 27.2% | 15.9% | 24.6% | 23.7% | -12.8% |
| Net margin | 9.1% | -106.9% | -102.7% | -23.4% | -1.6% | -22.9% | -34.4% |
| Free cash flow margin | 45.4% | 32.4% | 20.2% | 27.0% | 32.4% | 38.5% | - |
| Return on equity | - | - | -601.3% | -34.2% | -1.5% | -26.3% | -29.6% |
| Return on assets | 3.2% | -38.4% | -37.1% | -7.3% | -0.5% | -7.2% | - |
| Current ratio | 2.08 | 1.43 | 0.82 | 0.99 | 1.72 | 1.45 | - |
| Debt to equity | - | - | 10.68 | 2.49 | 1.50 | 1.65 | 1.44 |
Source: XBRL data IHS Holding Limited files with the SEC, latest filing dated Mar 16, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
IHS peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| IHS | $1.58B | +3.6% | $143.60M | 9.1% | $2.83B |
| VZ | $139.39B | +1.4% | $16.42B | 11.8% | $190.90B |
| TMUS | $93.82B | +9.3% | $11.30B | 12.0% | $178.71B |
| T | $128.85B | +3.5% | $13.13B | 10.2% | $146.82B |
| GLW | $17.72B | +18.8% | $2.24B | 12.6% | $99.88B |
| AMX | MXN 943.64B | +8.6% | MXN 82.82B | 8.8% | $78.39B |
| LITE | $3.74B | +103.2% | -$6.58B | -175.8% | $54.07B |
| CIEN | $6.02B | +32.6% | $654.41M | 10.9% | $38.19B |
| CHT | NT$236.11B | +2.7% | NT$38.70B | 16.4% | $37.90B |
IHS FAQ
9 questionsWhat is IHS revenue?
IHS Holding Limited (IHS) reported $1.58B of revenue for fiscal 2025 (ended Dec 31, 2025). That is up 3.6% from the year before.Is IHS profitable?
Yes. IHS Holding Limited earned $143.60M in net income for fiscal 2025 (ended Dec 31, 2025), a net margin of 9.1%.How much cash and debt does IHS have?
IHS Holding Limited reported $825.70M in cash and cash equivalents and $3.14B of debt on its most recent balance sheet in SEC filings.How fast is IHS revenue growing?
IHS Holding Limited's revenue changed +3.6% in fiscal 2025, to $1.58B. Its compound annual growth rate was +2.4% over 5 years.What is IHS gross margin?
IHS Holding Limited's gross profit was $876.60M on $1.58B of revenue for fiscal 2025 (ended Dec 31, 2025), a gross margin of 55.4%.What is IHS free cash flow?
IHS Holding Limited generated $718.70M of free cash flow for fiscal 2025 (ended Dec 31, 2025), which is operating cash flow of $936.20M less capital expenditures.What is IHS earnings per share?
Diluted earnings per share were $0.42 for fiscal 2025 (ended Dec 31, 2025), from SEC filings, restated for any stock split those filings show.When did IHS last report financial results?
The latest statements here come from IHS Holding Limited's 20-F filed on Mar 16, 2026, covering the period ended Dec 31, 2025.Where does this IHS financial data come from?
Quantisnow builds these statements from the structured XBRL data IHS Holding Limited files with the SEC. It is provided for information only and is not investment advice.