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REITs · Real Estate · Fiscal year ends Dec 31
STAG Industrial reported revenue of $845M in the fiscal year ended Dec 2025, up 10.1% from the year before. Operating income was $317M, an operating margin of 37.5%, and net income was $274M. Operating cash flow of $463M less capital expenditure of $205M left free cash flow of $259M. Net debt was $3.3B.
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 | 562 | 657 | 708 | 767 | 845 |
| Operating incomederived: revenue − total costs | 164 | 204 | 238 | 263 | 317 |
| Interest expense | 63.5 | 78.0 | 94.6 | 113 | 132 |
| Net income | 192 | 178 | 193 | 189 | 274 |
| Diluted shares | 164 | 179 | 181 | 182 | 187 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 19.0 | 25.9 | 20.7 | 36.3 | 14.9 |
| Goodwill | 4.9 | 4.9 | – | – | – |
| Total assets | 5,833 | 6,185 | 6,283 | 6,833 | 7,208 |
| Long-term debt | 2,218 | 2,499 | 2,624 | 3,029 | 3,266 |
| Total liabilities | 2,440 | 2,727 | 2,838 | 3,304 | 3,537 |
| Shareholders' equity | 3,328 | 3,385 | 3,375 | 3,458 | 3,596 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 336 | 388 | 391 | 460 | 463 |
| Capital expenditure | 39.5 | 112 | 108 | 150 | 205 |
| Free cash flow | 297 | 276 | 283 | 310 | 259 |
| Depreciation & amortisation | 239 | 275 | 278 | 293 | 302 |
| Stock-based compensation | 15.0 | 12.1 | 11.5 | 11.7 | 12.7 |
| Dividends paid | 246 | 267 | 268 | 275 | 284 |
| Dividend per share | 1.45 | – | 1.47 | 1.48 | 1.49 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.9% | 7.7% | 8.4% | 10.1% |
| Operating income growth (YoY) | – | 24.1% | 16.8% | 10.7% | 20.5% |
| Operating margin | 29.2% | 31.0% | 33.6% | 34.3% | 37.5% |
| Net margin | 34.2% | 27.1% | 27.2% | 24.7% | 32.4% |
| Return on equityBlank when equity is negative | 5.8% | 5.3% | 5.7% | 5.5% | 7.6% |
| Free cash flow margin | 52.8% | 42.0% | 40.0% | 40.4% | 30.6% |
| Cash conversion (CFO ÷ net income) | 1.75x | 2.18x | 2.03x | 2.43x | 1.69x |
| Interest cover | 2.58x | 2.61x | 2.51x | 2.32x | 2.40x |
| Debt ÷ equity | 0.67x | 0.74x | 0.78x | 0.88x | 0.91x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,199 | 2,473 | 2,603 | 2,993 | 3,251 |
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.