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REITs · Real Estate · Fiscal year ends Dec 31
EPR Properties reported revenue of $718M in the fiscal year ended Dec 2025, up 2.9% from the year before. Operating income was $414M, an operating margin of 57.7%, and net income was $275M. Operating cash flow of $421M less capital expenditure of $152M left free cash flow of $269M. Net debt was $2.8B.
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 | 532 | 658 | 706 | 698 | 718 |
| Operating incomederived: pre-tax income + interest | 279 | 311 | 306 | 316 | 414 |
| Interest expense | 148 | 131 | 125 | 131 | 133 |
| Pre-tax income | 100 | 177 | 175 | 147 | 277 |
| Income tax | 1.6 | 1.2 | 1.7 | 1.4 | 2.5 |
| Net income | 98.6 | 176 | 173 | 146 | 275 |
| Diluted EPS | 1.00 | 2.03 | 1.97 | 1.60 | 3.28 |
| Diluted shares | 74.8 | 75.0 | 75.7 | 76.0 | 76.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 289 | 108 | 78.1 | 22.1 | 90.6 |
| Goodwill | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 |
| Total assets | 5,801 | 5,759 | 5,701 | 5,617 | 5,700 |
| Deferred revenue | 61.6 | 63.9 | 77.4 | 80.6 | 109 |
| Long-term debt | 2,804 | 2,810 | 2,816 | 2,860 | 2,929 |
| Total liabilities | 3,183 | 3,223 | 3,247 | 3,293 | 3,371 |
| Shareholders' equity | 2,618 | 2,536 | 2,454 | 2,323 | 2,329 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 307 | 442 | 447 | 393 | 421 |
| Capital expenditure | 56.6 | 403 | 269 | 264 | 152 |
| Free cash flow | 250 | 39.2 | 178 | 129 | 269 |
| Depreciation & amortisation | 164 | 164 | 168 | 166 | 169 |
| Stock-based compensation | 14.9 | 16.7 | 17.5 | 14.1 | 15.3 |
| Share buybacks | 2.8 | 4.3 | 3.7 | 11.4 | 9.9 |
| Dividends paid | 118 | 266 | 272 | 280 | 291 |
| Dividend per share | 1.50 | 3.25 | 3.30 | 3.40 | 3.52 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.8% | 7.2% | −1.1% | 2.9% |
| Operating income growth (YoY) | – | 11.5% | −1.5% | 3.0% | 31.2% |
| EPS growth (YoY) | – | 103.0% | −3.0% | −18.8% | 105.0% |
| Operating margin | 52.4% | 47.3% | 43.4% | 45.2% | 57.7% |
| Net margin | 18.5% | 26.8% | 24.5% | 20.9% | 38.3% |
| Return on equityBlank when equity is negative | 3.8% | 6.9% | 7.1% | 6.3% | 11.8% |
| Free cash flow margin | 47.1% | 6.0% | 25.2% | 18.5% | 37.5% |
| Cash conversion (CFO ÷ net income) | 3.11x | 2.51x | 2.58x | 2.69x | 1.53x |
| Interest cover | 1.88x | 2.37x | 2.45x | 2.41x | 3.11x |
| Debt ÷ equity | 1.07x | 1.11x | 1.15x | 1.23x | 1.26x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,516 | 2,702 | 2,738 | 2,838 | 2,839 |
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.