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Real estate services · Real Estate · Fiscal year ends Dec 31
Terreno Realty reported revenue of $476M in the fiscal year ended Dec 2025, up 24.5% from the year before. Operating income was $192M, an operating margin of 40.3%, and net income was $403M. Net debt was $918M.
Ranks among the 16 real estate services 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 | 222 | 276 | 324 | 383 | 476 |
| Operating incomederived: revenue − total costs | 87.9 | 109 | 133 | 148 | 192 |
| Interest expense | 18.1 | 23.9 | 24.8 | 20.9 | 32.9 |
| Net income | 87.3 | 198 | 151 | 184 | 403 |
| Diluted EPS | 1.23 | 2.61 | 1.81 | 1.92 | 3.91 |
| Diluted shares | 70.8 | 75.6 | 83.4 | 95.8 | 103 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 204 | 26.4 | 165 | 18.1 | 25.0 |
| Total assets | 2,924 | 3,164 | 3,905 | 4,770 | 5,388 |
| Long-term debt | 721 | 771 | 772 | 823 | 943 |
| Total liabilities | 866 | 935 | 990 | 1,108 | 1,242 |
| Shareholders' equity | 2,058 | 2,230 | 2,915 | 3,662 | 4,146 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 132 | 143 | 180 | 233 | 272 |
| Depreciation & amortisation | 50.7 | 65.8 | 73.2 | 93.9 | 122 |
| Stock-based compensation | 9.6 | 10.2 | 13.5 | 14.9 | 17.7 |
| Share buybacks | 0.6 | 1.0 | 1.5 | 3.3 | 3.3 |
| Dividends paid | 84.6 | 107 | 136 | 175 | 204 |
| Dividend per share | 1.26 | 1.48 | 1.70 | 1.88 | 2.02 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.5% | 17.2% | 18.2% | 24.5% |
| Operating income growth (YoY) | – | 23.9% | 22.3% | 11.1% | 29.8% |
| EPS growth (YoY) | – | 112.2% | −30.7% | 6.1% | 103.6% |
| Operating margin | 39.6% | 39.4% | 41.1% | 38.7% | 40.3% |
| Net margin | 39.3% | 71.7% | 46.8% | 48.2% | 84.6% |
| Return on equityBlank when equity is negative | 4.2% | 8.9% | 5.2% | 5.0% | 9.7% |
| Cash conversion (CFO ÷ net income) | 1.52x | 0.72x | 1.19x | 1.26x | 0.67x |
| Interest cover | 4.87x | 4.57x | 5.37x | 7.07x | 5.85x |
| Debt ÷ equity | 0.35x | 0.35x | 0.26x | 0.22x | 0.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 516 | 744 | 606 | 805 | 918 |
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.