W. P. Carey
WPC · NYSEReal Estate Investment Trusts · Fiscal year ends Dec 31
W. P. Carey reported revenue of $1.7B in the fiscal year ended Dec 2025, up 8.4% from the year before. Net income was $466M. Net debt was $8.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.3B | $1.5B | $1.7B | $1.6B | $1.7B |
| Cost of revenue | $4M | $3M | $368,000 | – | – |
| Gross profit | $1.3B | $1.5B | $1.7B | – | – |
| Interest expense | $197M | $219M | $292M | $277M | $291M |
| Pre-tax income | $439M | $626M | $752M | $492M | $505M |
| Income tax | $28M | $28M | $44M | $32M | $32M |
| Net income | $410M | $599M | $708M | $461M | $466M |
| Diluted shares | 183M | 200M | 216M | 221M | 221M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $165M | $168M | $634M | $640M | $155M |
| Goodwill | $902M | $1B | $978M | $968M | $987M |
| Total assets | $15.5B | $18.1B | $18B | $17.5B | $18B |
| Long-term debt | $6.8B | $7.9B | $8.1B | $8B | $8.7B |
| Total liabilities | $7.9B | $9.1B | $9.3B | $9.1B | $9.9B |
| Shareholders' equity | $7.6B | $9B | $8.7B | $8.4B | $8.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $926M | $1B | $1.1B | $1.8B | $1.3B |
| Depreciation & amortisation | $476M | $503M | $574M | $488M | $521M |
| Stock-based compensation | $25M | $33M | $35M | $41M | $40M |
| Dividends paid | $764M | $835M | $917M | $765M | $790M |
| Dividend per share | 4.21 | 4.24 | 4.07 | 3.49 | 3.62 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.1% | 17.7% | −9.1% | 8.4% |
| Gross margin | 99.7% | 99.8% | 100.0% | – | – |
| Net margin | 30.8% | 40.5% | 40.7% | 29.1% | 27.2% |
| Return on equityBlank when equity is negative | 5.4% | 6.7% | 8.1% | 5.5% | 5.7% |
| Cash conversion (CFO ÷ net income) | 2.26x | 1.67x | 1.52x | 3.98x | 2.75x |
| Debt ÷ equity | 0.90x | 0.88x | 0.94x | 0.95x | 1.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.6B | $7.7B | $7.5B | $7.4B | $8.6B |
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.