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REITs · Real Estate · Fiscal year ends Dec 31
Douglas Emmett reported revenue of $1B in the fiscal year ended Dec 2025, up 1.8% from the year before. Operating income was $190M, an operating margin of 19.0%, and net income was $16M. Operating cash flow of $387M less capital expenditure of $192M left free cash flow of $194M. Net debt was $5.2B.
Ranks among the 77 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 | 69.0 | 84.9 | 1,020 | 986 | 1,004 |
| Gross profit | 615 | 660 | 659 | 636 | 636 |
| Operating incomederived: revenue − total costs | −648 | −667 | 150 | 207 | 190 |
| Interest expense | 147 | 150 | 209 | 229 | 267 |
| Net income | 65.3 | 97.1 | −42.7 | 23.5 | 16.3 |
| Diluted EPS | 0.37 | 0.55 | −0.26 | 0.13 | 0.09 |
| Diluted shares | 175 | 176 | 170 | 167 | 167 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 336 | 269 | 523 | 445 | 341 |
| Net PP&E | 2.5 | 7.1 | 7.0 | 6.8 | 7.0 |
| Total assets | 9,354 | 9,747 | 9,644 | 9,404 | 9,288 |
| Deferred revenue | 50.1 | 47.2 | 50.8 | 51.3 | 50.8 |
| Long-term debt | 5,012 | 5,192 | 5,543 | 5,498 | 5,549 |
| Total liabilities | 5,367 | 5,472 | 5,799 | 5,745 | 5,813 |
| Shareholders' equity | 2,416 | 2,562 | 2,220 | 2,059 | 1,905 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 447 | 497 | 427 | 409 | 387 |
| Capital expenditure | 108 | 162 | 189 | 167 | 192 |
| Free cash flow | 338 | 335 | 238 | 241 | 194 |
| Depreciation & amortisation | 371 | 373 | 460 | 384 | 399 |
| Stock-based compensation | 20.9 | 21.0 | 19.8 | 21.0 | 21.2 |
| Share buybacks | 0.0 | 0.0 | 109 | 0.0 | 0.0 |
| Dividends paid | 197 | 197 | 130 | 127 | 127 |
| Dividend per share | 1.12 | 1.03 | 0.76 | 0.76 | 0.76 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.0% | 1102.0% | −3.3% | 1.8% |
| Operating income growth (YoY) | – | – | – | 38.2% | −7.9% |
| EPS growth (YoY) | – | 48.6% | −147.3% | – | −30.8% |
| Gross margin | 891.3% | 777.2% | 64.6% | 64.5% | 63.4% |
| Operating margin | −939.5% | −785.8% | 14.7% | 21.0% | 19.0% |
| Net margin | 94.6% | 114.4% | −4.2% | 2.4% | 1.6% |
| Return on equityBlank when equity is negative | 2.7% | 3.8% | −1.9% | 1.1% | 0.9% |
| Free cash flow margin | 490.5% | 394.0% | 23.3% | 24.5% | 19.4% |
| Cash conversion (CFO ÷ net income) | 6.85x | 5.11x | −10.00x | 17.4x | 23.8x |
| Interest cover | −4.39x | −4.44x | 0.71x | 0.90x | 0.71x |
| Debt ÷ equity | 2.07x | 2.03x | 2.50x | 2.67x | 2.91x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,676 | 4,923 | 5,020 | 5,053 | 5,208 |
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.