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REITs · Real Estate · Fiscal year ends Dec 31
Cousins Properties reported revenue of $994M in the fiscal year ended Dec 2025, up 16.0% from the year before. Operating income was $673M, an operating margin of 67.8%, and net income was $41M. Operating cash flow of $402M less capital expenditure of $267M left free cash flow of $135M. Net debt was $3.3B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 755 | 762 | 803 | 857 | 994 |
| Cost of revenue | 259 | 258 | 266 | 281 | 314 |
| Gross profit | 496 | 504 | 536 | 576 | 679 |
| Operating incomederived: revenue − total costs | 494 | 502 | 531 | 570 | 673 |
| Interest expense | 67.0 | 72.5 | 105 | 122 | 159 |
| Net income | 279 | 167 | 83.0 | 46.0 | 40.5 |
| Diluted EPS | 1.87 | 1.11 | 0.55 | 0.30 | 0.24 |
| Diluted shares | 149 | 150 | 152 | 154 | 169 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 8.9 | 5.1 | 6.0 | 7.3 | 5.7 |
| Goodwill | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 |
| Total assets | 7,312 | 7,537 | 7,634 | 8,802 | 8,890 |
| Deferred revenue | 74.5 | 129 | 182 | 277 | 301 |
| Long-term debt | 2,238 | 2,335 | 2,458 | 3,096 | 3,341 |
| Total liabilities | 2,712 | 2,890 | 3,086 | 3,932 | 4,188 |
| Shareholders' equity | 4,567 | 4,626 | 4,524 | 4,847 | 4,680 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 389 | 365 | 368 | 400 | 402 |
| Capital expenditure | – | 342 | 280 | 253 | 267 |
| Free cash flow | – | 22.9 | 88.8 | 148 | 135 |
| Depreciation & amortisation | 288 | 296 | 315 | 365 | 415 |
| Stock-based compensation | 10.7 | 10.0 | 12.0 | 14.8 | 16.5 |
| Dividends paid | 183 | 192 | 194 | 195 | 216 |
| Dividend per share | 1.24 | 1.28 | 1.28 | 1.28 | 1.28 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.0% | 5.3% | 6.7% | 16.0% |
| Operating income growth (YoY) | – | 1.7% | 5.8% | 7.4% | 18.1% |
| EPS growth (YoY) | – | −40.6% | −50.5% | −45.5% | −20.0% |
| Gross margin | 65.6% | 66.1% | 66.8% | 67.2% | 68.4% |
| Operating margin | 65.4% | 65.9% | 66.1% | 66.6% | 67.8% |
| Net margin | 36.9% | 21.9% | 10.3% | 5.4% | 4.1% |
| Return on equityBlank when equity is negative | 6.1% | 3.6% | 1.8% | 0.9% | 0.9% |
| Free cash flow margin | – | 3.0% | 11.1% | 17.2% | 13.6% |
| Cash conversion (CFO ÷ net income) | 1.40x | 2.19x | 4.44x | 8.71x | 9.93x |
| Interest cover | 7.37x | 6.92x | 5.04x | 4.66x | 4.23x |
| Debt ÷ equity | 0.49x | 0.50x | 0.54x | 0.64x | 0.71x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,229 | 2,329 | 2,452 | 3,088 | 3,335 |
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.