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REITs · Real Estate · Fiscal year ends Dec 31
Essential Properties Realty Trust reported revenue of $561M in the fiscal year ended Dec 2025, up 24.8% from the year before. Operating income was $360M, an operating margin of 64.1%, and net income was $253M. Net debt was $2.5B.
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 | 230 | 287 | 360 | 450 | 561 |
| Operating income | 134 | 175 | 243 | 278 | 360 |
| Interest expense | 33.6 | 40.4 | 52.6 | 78.5 | 108 |
| Pre-tax income | 96.4 | 136 | 192 | 204 | 254 |
| Income tax | 0.2 | 1.0 | 0.6 | 0.6 | 0.6 |
| Net income | 95.7 | 134 | 191 | 203 | 253 |
| Diluted EPS | 0.82 | 0.99 | 1.24 | 1.15 | 1.28 |
| Diluted shares | 117 | 136 | 154 | 177 | 198 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 59.8 | 62.3 | 39.8 | 40.7 | 60.2 |
| Total assets | 3,299 | 4,000 | 4,768 | 5,799 | 6,863 |
| Long-term debt | 1,174 | 1,430 | 1,680 | 2,130 | 2,530 |
| Total liabilities | 1,255 | 1,503 | 1,781 | 2,227 | 2,655 |
| Shareholders' equity | 2,037 | 2,488 | 2,979 | 3,564 | 4,200 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 167 | 211 | 255 | 308 | 381 |
| Depreciation & amortisation | 61.2 | 80.6 | 95.5 | 115 | 148 |
| Stock-based compensation | 5.7 | 9.5 | 9.0 | 10.8 | 13.2 |
| Dividends paid | 112 | 142 | 168 | 200 | 234 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.4% | 25.5% | 25.0% | 24.8% |
| Operating income growth (YoY) | – | 30.5% | 38.4% | 14.6% | 29.4% |
| EPS growth (YoY) | – | 20.7% | 25.3% | −7.3% | 11.3% |
| Operating margin | 58.4% | 61.2% | 67.5% | 61.9% | 64.1% |
| Net margin | 41.6% | 46.8% | 53.0% | 45.2% | 45.1% |
| Return on equityBlank when equity is negative | 4.7% | 5.4% | 6.4% | 5.7% | 6.0% |
| Cash conversion (CFO ÷ net income) | 1.75x | 1.57x | 1.33x | 1.52x | 1.51x |
| Interest cover | 4.00x | 4.35x | 4.62x | 3.54x | 3.33x |
| Debt ÷ equity | 0.58x | 0.57x | 0.56x | 0.60x | 0.60x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,114 | 1,368 | 1,640 | 2,089 | 2,470 |
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.