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REITs · Real Estate · Fiscal year ends Dec 31
SL Green Realty reported revenue of $1B in the fiscal year ended Dec 2025, up 13.2% from the year before. Operating income was $652M, an operating margin of 65.0%, and net income was −$97M.
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 | 861 | 919 | 914 | 886 | 1,003 |
| Selling, general & admin | 94.9 | 93.8 | 111 | 85.2 | 89.3 |
| Operating income | – | 606 | 599 | 731 | 652 |
| Net interest incomeBanks | −70.9 | −89.5 | −137 | −147 | −188 |
| Interest expense | 145 | 166 | 229 | 196 | 216 |
| Income tax | 2.8 | 2.6 | 9.2 | 0.7 | – |
| Net income | 450 | −78.1 | −565 | 22.0 | −96.9 |
| Diluted EPS | 6.50 | −1.49 | −9.12 | 0.08 | −1.61 |
| Diluted shares | 70.8 | 67.9 | 68.0 | 65.7 | 70.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 251 | 203 | 222 | 184 | 156 |
| Total assets | 11,067 | 12,356 | 9,531 | 10,470 | 11,083 |
| Deferred revenue | 107 | 272 | 134 | 165 | 147 |
| Long-term debt | 1,394 | 3,228 | – | – | – |
| Total liabilities | 5,748 | 7,261 | 5,271 | 5,915 | 6,730 |
| Shareholders' equity | 4,765 | 4,585 | 3,786 | 3,951 | 3,671 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 256 | 276 | 230 | 130 | 82.9 |
| Depreciation & amortisation | 228 | 224 | 256 | 214 | 263 |
| Share buybacks | 341 | 151 | 0.0 | 0.0 | – |
| Dividends paid | 271 | 262 | 231 | 219 | 243 |
| Dividend per share | 6.27 | 3.69 | 3.23 | 3.01 | 3.09 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.8% | −0.6% | −3.0% | 13.2% |
| Operating income growth (YoY) | – | – | −1.1% | 22.0% | −10.8% |
| EPS growth (YoY) | – | −122.9% | – | – | −2112.5% |
| Operating margin | – | 65.9% | 65.5% | 82.4% | 65.0% |
| Net margin | 52.2% | −8.5% | −61.8% | 2.5% | −9.7% |
| Return on equityBlank when equity is negative | 9.4% | −1.7% | −14.9% | 0.6% | −2.6% |
| Cash conversion (CFO ÷ net income) | 0.57x | −3.54x | −0.41x | 5.89x | −0.86x |
| Interest cover | – | 3.64x | 2.62x | 3.72x | 3.02x |
| Debt ÷ equity | 0.29x | 0.70x | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,143 | 3,024 | – | – | – |
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.