American Assets Trust, Inc. (AAT) Income Statement
AAT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAAT revenue and net income
Where AAT's revenue goes
2025Each bar shows an amount and its share of revenue. AAT kept 16.4% of revenue as net income.
AAT profit margins
AAT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.7% | +1.1% | +4.8% | +4.7% |
| Gross profit | −8.1% | −0.4% | +3.6% | +4.1% |
| Operating income | +13.0% | +8.3% | +10.5% | +4.5% |
| Net income | −2.0% | +8.5% | +14.9% | +2.8% |
| EPS (diluted) | −4.2% | +7.6% | +14.6% | +0.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AAT quarterly EPS vs estimates
American Assets beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.50).
AAT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $436.2M | $457.9M | $441.2M | $422.6M | $375.8M | $344.6M | $366.7M | $330.9M | $315.0M | $295.1M |
| Cost of revenue | $169.6M | $167.7M | $164.0M | $152.4M | $129.8M | $121.1M | $132.0M | $121.5M | $116.7M | $107.9M |
| Gross profit | $266.6M | $290.1M | $277.2M | $270.2M | $246.1M | $223.5M | $234.8M | $209.4M | $198.3M | $187.2M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $37.8M | $38.5M | $39.4M | $34.5M | $31.7M | $28.6M | $27.4M | $24.9M | $23.4M | $20.0M |
| Total operating expenses | $120.7M | $160.9M | $155.5M | $155.5M | $146.2M | $134.9M | $121.1M | $129.9M | $104.7M | $89.2M |
| Operating income | $145.9M | $129.2M | $121.7M | $114.7M | $99.9M | $88.6M | $113.7M | $79.5M | $93.6M | $97.9M |
| Interest income | $78.1M | $9.0M | $2.2M | $58.2M | $58.6M | $436,000 | $696,000 | $238,000 | $548,000 | $72,000 |
| Interest expense | $78.1M | $74.5M | $64.7M | $58.2M | $58.6M | $53.4M | $54.0M | $52.2M | $53.8M | $51.9M |
| Income before taxes | $72.1M | $73.7M | $65.7M | $56.7M | $37.3M | $35.6M | $61.0M | $27.2M | $40.1M | $45.6M |
| Income taxes | $770,000 | $886,000 | $1.0M | $850,000 | $738,000 | −$9,000 | $819,000 | $327,000 | $214,000 | $566,000 |
| Net income | $71.4M | $72.8M | $64.7M | $55.9M | $36.6M | $35.6M | $60.2M | $27.2M | $40.1M | $45.6M |
| EBITDA | $277.6M | $273.7M | $249.9M | $238.3M | $212.2M | $197.3M | $211.2M | $187.2M | $177.5M | $171.3M |
| EPS (diluted) | $0.91 | $0.95 | $0.84 | $0.73 | $0.48 | $0.46 | $0.80 | $0.42 | $0.62 | $0.72 |
| Gross margin | 61.1% | 63.4% | 62.8% | 63.9% | 65.5% | 64.8% | 64.0% | 63.3% | 63.0% | 63.4% |
| Operating margin | 33.5% | 28.2% | 27.6% | 27.1% | 26.6% | 25.7% | 31.0% | 24.0% | 29.7% | 33.2% |
| Net margin | 16.4% | 15.9% | 14.7% | 13.2% | 9.7% | 10.3% | 16.4% | 8.2% | 12.7% | 15.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.5M | $110.6M | $110.1M | $109.6M | $107.9M | $108.6M | $113.5M | $122.8M | $110.9M | $110.7M | $112.5M | $111.2M |
| Cost of revenue | $41.6M | $43.7M | $44.7M | $43.3M | $40.3M | $41.3M | $43.9M | $42.4M | $40.3M | $41.1M | $43.7M | $41.3M |
| Gross profit | $67.9M | $66.9M | $65.4M | $66.3M | $67.6M | $67.3M | $69.6M | $80.4M | $70.5M | $69.6M | $68.8M | $69.9M |
| Sales, general & admin | $8.9M | $8.8M | $10.2M | $9.5M | $8.8M | $9.3M | $8.8M | $10.7M | $9.3M | $9.9M | $11.4M | $9.4M |
| Total operating expenses | $41.6M | $41.1M | $42.2M | $41.5M | $41.6M | −$4.7M | $39.5M | $42.6M | $39.7M | $39.1M | $39.4M | $38.7M |
| Operating income | $26.3M | $25.8M | $23.2M | $24.8M | $26.0M | $72.0M | $30.0M | $37.8M | $30.8M | $30.5M | $29.4M | $31.1M |
| Interest income | $540,000 | $715,000 | $19.8M | $1.1M | $19.8M | $1.3M | $5.5M | $2.0M | $990,000 | $589,000 | — | $16.3M |
| Interest expense | $19.9M | $19.7M | $19.8M | $19.8M | $19.8M | $18.8M | $23.8M | $18.2M | $16.3M | $16.3M | $16.3M | $16.3M |
| Income before taxes | $6.8M | $5.1M | $4.3M | $6.1M | $7.2M | $54.5M | $11.8M | $21.6M | $15.5M | $24.9M | $13.5M | $15.4M |
| Income taxes | — | — | $79,000 | $156,000 | $118,000 | $417,000 | $190,000 | $235,000 | $201,000 | $260,000 | $291,000 | $293,000 |
| Net income | $5.4M | $5.1M | $4.2M | $5.9M | $7.1M | $54.1M | $11.6M | $21.3M | $15.3M | $24.6M | $13.5M | $15.1M |
| EBITDA | $59.4M | $58.8M | $56.1M | $57.9M | $59.8M | $103.8M | $66.2M | $73.3M | $62.8M | $71.4M | $60.7M | $61.6M |
| EPS (diluted) | $0.51 | $0.08 | $0.05 | $0.07 | $0.09 | $0.70 | $0.15 | $0.28 | $0.20 | $0.32 | $0.17 | $0.20 |
| Gross margin | 62.0% | 60.5% | 59.4% | 60.5% | 62.6% | 62.0% | 61.3% | 65.5% | 63.6% | 62.9% | 61.1% | 62.8% |
| Operating margin | 24.0% | 23.4% | 21.1% | 22.6% | 24.1% | 66.3% | 26.5% | 30.8% | 27.8% | 27.6% | 26.1% | 28.0% |
| Net margin | 4.9% | 4.6% | 3.8% | 5.4% | 6.6% | 49.8% | 10.2% | 17.4% | 13.8% | 22.2% | 12.0% | 13.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AAT's financial statements (latest annual report filed February 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AAT financial results
In fiscal year 2025 (ended December 31, 2025), American Assets reported revenue of $436.2 million, down 4.7% from the year before. It had net income of $71.4 million (down 2.0%), a net profit margin of 16.4%. Diluted earnings per share came to $0.91. Over five years revenue grew at an average rate of 4.8% a year.
See the AAT stock overview for the latest quote and news, or the AAT chart for price history and technical indicators.
AAT income statement FAQ
What is American Assets's annual revenue?
American Assets reported total revenue of $436.2 million for fiscal year 2025, which ended on December 31, 2025. That was down 4.7% from $457.9 million the previous year.
Is American Assets profitable?
Yes. American Assets reported net income of $71.4 million in fiscal 2025, a net profit margin of 16.4%; its operating margin was 33.5%.
What is American Assets's gross margin?
American Assets's gross margin was 61.1% in fiscal 2025: for every $100 of revenue, American Assets kept $61 after the direct cost of its products and services.
How fast is American Assets growing?
Revenue grew 4.8% a year on average over the last five fiscal years, from $344.6 million to $436.2 million.
What are American Assets's earnings per share?
American Assets earned $0.91 per diluted share in fiscal 2025, compared with $0.95 a year earlier.
When will American Assets report its next earnings?
American Assets is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does American Assets's fiscal year end?
American Assets's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 6, 2026.