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REITs · Real Estate · Fiscal year ends Dec 31
Federal Realty Investment Trust reported revenue of $1.3B in the fiscal year ended Dec 2025, up 6.4% from the year before. Operating income was $602M, an operating margin of 47.1%, and net income was $411M. Net debt was $4.9B.
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 | 951 | 1,074 | 1,132 | 1,202 | 1,279 |
| Operating income | 395 | 526 | 406 | 472 | 602 |
| Interest expense | 128 | 137 | 168 | 175 | 184 |
| Net income | 261 | 385 | 237 | 295 | 411 |
| Diluted EPS | 3.26 | 4.71 | 2.80 | 3.42 | 4.68 |
| Diluted shares | 77.4 | 80.5 | 81.3 | 83.6 | 86.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 162 | 85.6 | 251 | 123 | 107 |
| Total assets | 7,622 | 8,234 | 8,437 | 8,525 | 9,130 |
| Long-term debt | 4,063 | 4,344 | 4,616 | 4,497 | 4,964 |
| Total liabilities | 4,745 | 5,022 | 5,211 | 5,100 | 5,630 |
| Shareholders' equity | 2,581 | 2,954 | 2,964 | 3,172 | 3,249 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 471 | 517 | 556 | 575 | 622 |
| Depreciation & amortisation | 280 | 302 | 322 | 343 | 368 |
| Stock-based compensation | 13.0 | 13.7 | 14.3 | 16.4 | 14.6 |
| Dividend per share | 4.26 | 4.30 | 4.34 | 4.38 | 4.46 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.9% | 5.4% | 6.2% | 6.4% |
| Operating income growth (YoY) | – | 33.4% | −22.8% | 16.2% | 27.5% |
| EPS growth (YoY) | – | 44.5% | −40.6% | 22.1% | 36.8% |
| Operating margin | 41.5% | 49.0% | 35.9% | 39.3% | 47.1% |
| Net margin | 27.5% | 35.9% | 20.9% | 24.6% | 32.1% |
| Return on equityBlank when equity is negative | 10.1% | 13.0% | 8.0% | 9.3% | 12.7% |
| Cash conversion (CFO ÷ net income) | 1.80x | 1.34x | 2.35x | 1.95x | 1.51x |
| Interest cover | 3.09x | 3.84x | 2.42x | 2.69x | 3.28x |
| Debt ÷ equity | 1.57x | 1.47x | 1.56x | 1.42x | 1.53x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,901 | 4,259 | 4,365 | 4,373 | 4,856 |
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.