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Real estate services · Real Estate · Fiscal year ends Dec 31
Curbline Properties reported revenue of $183M in the fiscal year ended Dec 2025, up 51.3% from the year before. Operating income was $52M, an operating margin of 28.6%, and net income was $40M. Operating cash flow of $125M less capital expenditure of $17M left free cash flow of $107M. Net debt was $134M.
Ranks among the 16 real estate services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 73.1 | 93.7 | 121 | 183 |
| Operating incomederived: pre-tax income + interest | 27.3 | 32.5 | 11.2 | 52.3 |
| Interest expense | 1.6 | 1.5 | 0.9 | 12.1 |
| Pre-tax income | 25.7 | 31.0 | 10.3 | 40.2 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.3 |
| Net income | 25.7 | 31.0 | 10.3 | 39.9 |
| Diluted EPS | 0.25 | 0.30 | 0.09 | 0.37 |
| Diluted shares | 105 | 105 | 105 | 105 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | – | 0.6 | 626 | 290 |
| Total assets | – | 922 | 2,033 | 2,470 |
| Long-term debt | – | – | 0.0 | 423 |
| Total liabilities | – | 59.0 | 90.5 | 556 |
| Shareholders' equity | 692 | 863 | 1,942 | 1,909 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 49.9 | 59.2 | 54.3 | 125 |
| Capital expenditure | 18.9 | 23.2 | 17.8 | 17.4 |
| Free cash flow | 31.0 | 36.1 | 36.5 | 107 |
| Depreciation & amortisation | 26.6 | 32.0 | 41.9 | 72.4 |
| Stock-based compensation | 0.0 | 0.0 | 3.8 | 12.9 |
| Dividends paid | – | 0.0 | 0.0 | 77.4 |
| Dividend per share | – | – | 0.25 | 0.67 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 28.1% | 29.1% | 51.3% |
| Operating income growth (YoY) | – | 19.0% | −65.6% | 368.1% |
| EPS growth (YoY) | – | 20.0% | −70.0% | 311.1% |
| Operating margin | 37.4% | 34.7% | 9.2% | 28.6% |
| Net margin | 35.2% | 33.1% | 8.5% | 21.8% |
| Return on equityBlank when equity is negative | 3.7% | 3.6% | 0.5% | 2.1% |
| Free cash flow margin | 42.4% | 38.5% | 30.2% | 58.6% |
| Cash conversion (CFO ÷ net income) | 1.94x | 1.91x | 5.28x | 3.12x |
| Interest cover | 16.9x | 21.4x | 12.4x | 4.31x |
| Debt ÷ equity | – | – | 0.00x | 0.22x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | −626 | 134 |
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.