Alexandria Real Estate Equities, Inc. (ARE) Income Statement
ARE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsARE revenue and net income
Where ARE's revenue goes
2025Each bar shows an amount and its share of revenue. ARE kept −48.2% of revenue as net income.
ARE profit margins
ARE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.6% | +4.9% | +9.5% | +13.7% |
| Gross profit | −4.3% | +4.5% | +8.6% | +13.9% |
| Operating income | −256.2% | — | — | — |
| Net income | −543.0% | — | — | — |
| EPS (diluted) | −245.9% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ARE quarterly EPS vs estimates
Alexandria Real Estate beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: October 26, 2026 (estimate $1.52).
ARE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.97B | $3.05B | $2.84B | $2.58B | $2.11B | $1.89B | $1.53B | $1.33B | $1.12B | $897.9M |
| Cost of revenue | $922.6M | $909.3M | $859.2M | $783.2M | $623.6M | $530.2M | $445.5M | $381.1M | $325.6M | $278.4M |
| Gross profit | $2.05B | $2.14B | $1.98B | $1.79B | $1.49B | $1.36B | $1.09B | $946.3M | $798.9M | $619.5M |
| Research & development | — | — | $0 | $0 | $0 | $1 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $117.0M | $168.4M | $199.4M | $177.3M | $151.5M | $133.3M | $108.8M | $90.4M | $75.0M | $63.9M |
| Total operating expenses | $3.25B | $1.37B | $1.29B | $1.18B | $972.5M | $831.4M | $653.4M | $568.1M | $491.8M | $377.3M |
| Operating income | −$1.20B | $769.7M | $690.4M | $613.5M | $530.3M | $532.1M | $442.5M | $422.3M | $180.7M | $41.1M |
| Interest income | $376.0M | $291.0M | $274.7M | $425.3M | $129.6M | $257.9M | $31.1M | $23.2M | $2.3M | $6.7M |
| Interest expense | $226.7M | $185.8M | $74.2M | $94.2M | $142.2M | $171.6M | $173.7M | $157.5M | $128.6M | $107.0M |
| Income before taxes | −$1.22B | $510.7M | $281.0M | $670.7M | $654.3M | $827.2M | $404.0M | $402.8M | $194.2M | −$49.8M |
| Income taxes | — | — | −$188.6M | $94.2M | $237.5M | $236.0M | $224.7M | −$114.6M | $25.1M | $16.1M |
| Net income | −$1.43B | $322.9M | $103.6M | $521.7M | $571.2M | $771.0M | $363.2M | $379.3M | $169.1M | −$65.9M |
| EBITDA | $360.4M | $1.90B | $1.45B | $1.77B | $1.35B | $1.23B | $987.1M | $899.9M | $739.6M | $370.5M |
| EPS (diluted) | −$4.86 | $3.33 | $3.03 | $2.15 | $2.73 | $2.23 | $2.39 | $2.16 | $1.55 | $0.79 |
| Gross margin | 68.9% | 70.2% | 69.8% | 69.6% | 70.5% | 71.9% | 70.9% | 71.3% | 71.0% | 69.0% |
| Operating margin | −40.5% | 25.2% | 24.3% | 23.8% | 25.1% | 28.2% | 28.9% | 31.8% | 16.1% | 4.6% |
| Net margin | −48.2% | 10.6% | 3.6% | 20.3% | 27.0% | 40.9% | 23.7% | 28.6% | 15.0% | −7.3% |
| 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 | $796.0M | $671.0M | $754.4M | $735.8M | $737.3M | $743.2M | $763.2M | $775.7M | $755.2M | $755.6M | $742.6M | $707.5M |
| Cost of revenue | $207.3M | $224.1M | $232.5M | $239.2M | $224.4M | $226.4M | $240.4M | $233.3M | $217.3M | $218.3M | $222.7M | $217.7M |
| Gross profit | $588.7M | $446.9M | $521.9M | $496.6M | $512.8M | $516.8M | $522.8M | $542.5M | $537.9M | $537.2M | $519.9M | $489.8M |
| Sales, general & admin | $36.9M | $34.7M | $28.0M | $29.2M | $29.1M | $30.7M | $32.7M | $43.9M | $44.6M | $47.1M | $59.3M | $46.0M |
| Total operating expenses | $563.7M | $340.1M | $2.13B | $369.5M | $375.3M | $372.7M | $362.8M | $337.9M | $335.3M | $334.6M | $344.5M | $315.4M |
| Operating income | $25.0M | $106.8M | −$1.61B | $127.2M | $137.6M | $144.0M | $160.0M | $204.5M | $202.6M | $202.6M | $175.4M | $174.5M |
| Interest income | — | — | $134.1M | $36.1M | $86.3M | $119.5M | $128.8M | $40.8M | — | — | — | $88.4M |
| Interest expense | $64.3M | $64.6M | $65.7M | $54.9M | $55.3M | $50.9M | $55.7M | $43.5M | $45.8M | $40.8M | $32.0M | $11.4M |
| Income before taxes | $55.1M | $171.3M | −$995.4M | −$197.8M | −$62.2M | $38.7M | −$16.1M | $213.6M | $94.0M | $219.2M | −$42.7M | $68.3M |
| Income taxes | $9.0M | — | — | — | — | −$50.3M | — | $115.6M | $51.1M | $95.6M | −$261.6M | −$2.4M |
| Net income | $12.2M | $398.4M | −$1.08B | −$232.8M | −$107.0M | −$8.9M | −$62.2M | $167.9M | $46.7M | $170.5M | −$88.4M | $24.3M |
| EBITDA | $359.2M | $476.8M | −$607.6M | $197.2M | $343.0M | $431.6M | $354.2M | $533.8M | $408.0M | $517.2M | $250.9M | $325.8M |
| EPS (diluted) | $1.73 | $2.10 | −$6.35 | $0.50 | $0.48 | $0.51 | $0.69 | $0.87 | $0.88 | $0.89 | $0.82 | $0.87 |
| Gross margin | 74.0% | 66.6% | 69.2% | 67.5% | 69.6% | 69.5% | 68.5% | 69.9% | 71.2% | 71.1% | 70.0% | 69.2% |
| Operating margin | 3.1% | 15.9% | −213.6% | 17.3% | 18.7% | 19.4% | 21.0% | 26.4% | 26.8% | 26.8% | 23.6% | 24.7% |
| Net margin | 1.5% | 59.4% | −143.4% | −31.6% | −14.5% | −1.2% | −8.2% | 21.6% | 6.2% | 22.6% | −11.9% | 3.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ARE's financial statements (latest annual report filed January 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ARE financial results
In fiscal year 2025 (ended December 31, 2025), Alexandria Real Estate reported revenue of $3.0 billion, down 2.6% from the year before. It had a net loss of $1.4 billion, a net profit margin of −48.2%. Diluted earnings per share came to −$4.86. Over five years revenue grew at an average rate of 9.5% a year.
See the ARE stock overview for the latest quote and news, or the ARE chart for price history and technical indicators.
ARE income statement FAQ
What is Alexandria Real Estate's annual revenue?
Alexandria Real Estate reported total revenue of $3.0 billion for fiscal year 2025, which ended on December 31, 2025. That was down 2.6% from $3.0 billion the previous year.
Is Alexandria Real Estate profitable?
No. Alexandria Real Estate reported a net loss of $1.4 billion in fiscal 2025, a net profit margin of −48.2%; its operating margin was −40.5%.
What is Alexandria Real Estate's gross margin?
Alexandria Real Estate's gross margin was 68.9% in fiscal 2025: for every $100 of revenue, Alexandria Real Estate kept $69 after the direct cost of its products and services.
How fast is Alexandria Real Estate growing?
Revenue grew 9.5% a year on average over the last five fiscal years, from $1.9 billion to $3.0 billion.
What are Alexandria Real Estate's earnings per share?
Alexandria Real Estate earned $-4.86 per diluted share in fiscal 2025, compared with $3.33 a year earlier.
When will Alexandria Real Estate report its next earnings?
Alexandria Real Estate is expected to report results for the quarter ending September 30, 2026 on October 26, 2026 after the market closes.
When does Alexandria Real Estate's fiscal year end?
Alexandria Real Estate's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on January 26, 2026.