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REITs · Real Estate · Fiscal year ends Dec 31
Phillips Edison reported revenue of $13M in the fiscal year ended Dec 2025, up 18.8% from the year before. Net income was $111M. Operating cash flow of $348M less capital expenditure of $136M left free cash flow of $212M. Net debt was $2.4B.
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 | 10.3 | 11.5 | 9.6 | 10.7 | 12.8 |
| Interest expense | 76.4 | 71.2 | 84.2 | 97.0 | – |
| Income tax | – | −0.8 | 0.4 | 1.8 | 1.3 |
| Net income | 15.1 | 48.3 | 56.8 | 62.7 | 111 |
| Diluted EPS | 0.15 | 0.42 | 0.48 | 0.51 | 0.89 |
| Diluted shares | 117 | 130 | 133 | 137 | 139 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 92.6 | 5.5 | 4.9 | 4.9 | 3.5 |
| Goodwill | 29.1 | 29.1 | 29.1 | 29.1 | 29.1 |
| Total assets | 4,669 | 4,735 | 4,866 | 5,046 | 5,286 |
| Deferred revenue | 19.1 | 18.5 | 18.4 | 22.9 | 23.0 |
| Long-term debt | 1,892 | 1,897 | 1,969 | 2,110 | 2,375 |
| Total liabilities | 2,192 | 2,138 | 2,212 | 2,412 | 2,697 |
| Shareholders' equity | 2,150 | 2,236 | 2,310 | 2,320 | 2,287 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 263 | 291 | 291 | 335 | 348 |
| Capital expenditure | 75.0 | 104 | 95.3 | 95.1 | 136 |
| Free cash flow | 188 | 186 | 196 | 240 | 212 |
| Depreciation & amortisation | 221 | 236 | 236 | 253 | 266 |
| Stock-based compensation | 16.4 | 15.4 | 6.9 | 9.7 | 11.7 |
| Share buybacks | 77.8 | 0.0 | 0.0 | – | – |
| Dividends paid | 107 | 127 | 136 | 134 | 157 |
| Dividend per share | 1.03 | 1.09 | 1.14 | 1.19 | 1.25 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.7% | −16.4% | 11.2% | 18.8% |
| EPS growth (YoY) | – | 180.0% | 14.3% | 6.3% | 74.5% |
| Net margin | 146.3% | 418.7% | 589.3% | 584.1% | 872.9% |
| Return on equityBlank when equity is negative | 0.7% | 2.2% | 2.5% | 2.7% | 4.9% |
| Free cash flow margin | 1817.8% | 1615.1% | 2028.9% | 2233.0% | 1662.7% |
| Cash conversion (CFO ÷ net income) | 17.4x | 6.02x | 5.12x | 5.34x | 3.13x |
| Debt ÷ equity | 0.88x | 0.85x | 0.85x | 0.91x | 1.04x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,799 | 1,891 | 1,964 | 2,105 | 2,372 |
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.