Kimco Realty
KIM · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
Kimco Realty reported revenue of $2.1B in the fiscal year ended Dec 2025, up 5.1% from the year before. Operating income was $771M, an operating margin of 36.0%, and net income was $585M. Operating cash flow of $1.1B less capital expenditure of $18M left free cash flow of $1.1B. Net debt was $7.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.4B | $1.7B | $1.8B | $2B | $2.1B |
| Operating income | $424M | $565M | $639M | $629M | $771M |
| Interest expense | $204M | $227M | $250M | $308M | $330M |
| Pre-tax income | $745M | $44M | $644M | $351M | $494M |
| Income tax | $3M | $57M | $61M | $25M | $1M |
| Net income | $844M | $126M | $654M | $411M | $585M |
| Diluted shares | 511M | 618M | 618M | 672M | 675M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $326M | $147M | $781M | $689M | $212M |
| Total assets | $18.5B | $17.8B | $18.3B | $20.3B | $19.7B |
| Long-term debt | $7B | $6.8B | $7.3B | $8B | $7.7B |
| Total liabilities | $8.3B | $8.1B | $8.5B | $9.5B | $9.1B |
| Shareholders' equity | $9.9B | $9.5B | $9.5B | $10.7B | $10.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $619M | $861M | $1.1B | $1B | $1.1B |
| Capital expenditure | – | – | – | – | $18M |
| Free cash flow | – | – | – | – | $1.1B |
| Depreciation & amortisation | $395M | $505M | $507M | $604M | $627M |
| Stock-based compensation | $23M | $27M | $33M | $35M | $33M |
| Acquisitions | $264M | $0 | $0 | – | – |
| Share buybacks | – | – | $0 | $0 | $120M |
| Dividends paid | $382M | $545M | $657M | $683M | $712M |
| Dividend per share | 0.68 | 0.84 | 1.02 | 0.97 | 1.01 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.6% | 3.2% | 14.2% | 5.1% |
| Operating income growth (YoY) | – | 33.3% | 13.0% | −1.5% | 22.5% |
| Operating margin | 31.1% | 32.7% | 35.8% | 30.9% | 36.0% |
| Net margin | 61.9% | 7.3% | 36.7% | 20.2% | 27.3% |
| Return on equityBlank when equity is negative | 8.5% | 1.3% | 6.9% | 3.9% | 5.6% |
| Free cash flow margin | – | – | – | – | 51.5% |
| Cash conversion (CFO ÷ net income) | 0.73x | 6.84x | 1.64x | 2.45x | 1.92x |
| Interest cover | 2.08x | 2.49x | 2.55x | 2.04x | 2.33x |
| Debt ÷ equity | 0.71x | 0.71x | 0.76x | 0.75x | 0.74x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.7B | $6.6B | $6.5B | $7.3B | $7.5B |
Recent filings
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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.