Sun Communities
SUI · NYSEReal Estate Investment Trusts · Fiscal year ends May 13
Sun Communities reported revenue of $2.3B in the fiscal year ended Dec 2025, up 2.0% from the year before. Net income was $1.4B. Operating cash flow of $864M less capital expenditure of $457M left free cash flow of $407M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $3B | $2.3B | $2.3B | $2.3B |
| Cost of revenue | $206M | $311M | – | – | – |
| Gross profit | $2.1B | $2.7B | – | – | – |
| Interest expense | $159M | $230M | $326M | $350M | $221M |
| Pre-tax income | $285M | – | −$54M | −$123M | −$257M |
| Income tax | $1M | $6M | −$9M | −$36M | −$49M |
| Net income | $408M | $261M | −$207M | $104M | $1.4B |
| Diluted EPS | 3.36 | 2.00 | −1.72 | 0.71 | 10.84 |
| Diluted shares | 115M | 123M | 124M | 127M | 125M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $66M | $73M | $29M | $48M | $570M |
| Goodwill | $495M | $1B | $733M | $10M | $10M |
| Total assets | $13.5B | $17.1B | $16.9B | $16.5B | $12.5B |
| Deferred revenue | $243M | $352M | $345M | $249M | $256M |
| Long-term debt | $6M | $7.2B | $7.8B | $7.4B | – |
| Total liabilities | $6.5B | $9B | $9.5B | $9.1B | $5.2B |
| Shareholders' equity | $6.6B | $7.8B | $7.1B | $7.1B | $7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $754M | $735M | $791M | $861M | $864M |
| Capital expenditure | – | – | $7M | $30M | $457M |
| Free cash flow | – | – | $783M | $831M | $407M |
| Depreciation & amortisation | $523M | $602M | $494M | $491M | $508M |
| Stock-based compensation | $28M | $38M | $35M | $33M | $37M |
| Acquisitions | $1.6B | $2.2B | $47M | $22M | $462M |
| Share buybacks | – | – | $0 | $0 | $539M |
| Dividend per share | 3.28 | 3.47 | 3.67 | 3.75 | 7.96 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.7% | −23.1% | −1.0% | 2.0% |
| EPS growth (YoY) | – | −40.5% | −186.0% | – | 1426.8% |
| Gross margin | 90.9% | 89.5% | – | – | – |
| Net margin | 18.0% | 8.8% | −9.1% | 4.6% | 61.3% |
| Return on equityBlank when equity is negative | 6.2% | 3.3% | −2.9% | 1.5% | 20.3% |
| Free cash flow margin | – | – | 34.3% | 36.8% | 17.7% |
| Cash conversion (CFO ÷ net income) | 1.85x | 2.81x | −3.82x | 8.31x | 0.61x |
| Debt ÷ equity | 0.00x | 0.93x | 1.10x | 1.04x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$60M | $7.2B | $7.8B | $7.3B | – |
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.