Brandywine Realty Trust (BDN) Income Statement
BDN 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBDN revenue and net income
Where BDN's revenue goes
2025Each bar shows an amount and its share of revenue. BDN kept −37.0% of revenue as net income.
BDN profit margins
BDN growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.2% | −1.4% | −2.0% | −2.2% |
| Gross profit | −116.8% | — | — | — |
| Operating income | +47.2% | −12.3% | −27.4% | −3.6% |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BDN quarterly EPS vs estimates
Brandywine Realty beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: October 21, 2026 (estimate $0.14).
BDN income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $484.5M | $505.5M | $514.7M | $506.1M | $486.8M | $534.9M | $580.4M | $544.3M | $520.5M | $525.5M |
| Cost of revenue | $538.0M | $187.3M | $189.9M | $194.4M | $188.3M | $205.5M | $225.8M | $218.0M | $206.0M | $209.4M |
| Gross profit | −$53.6M | $318.2M | $324.7M | $311.7M | $298.5M | $329.4M | $354.6M | $326.3M | $314.5M | $316.0M |
| Research & development | — | — | $0 | $0 | $0 | $1 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $42.0M | $42.8M | $34.9M | $35.0M | $30.2M | $30.3M | $32.2M | $27.8M | $28.5M | $26.6M |
| Total operating expenses | −$134.4M | $263.3M | $346.3M | $192.0M | $205.2M | −$71.1M | $239.8M | $202.1M | $207.9M | $216.3M |
| Operating income | $80.8M | $54.9M | −$21.6M | $119.7M | $93.3M | $400.5M | $114.8M | $56.7M | $135.5M | $59.2M |
| Interest income | $193.4M | $3.8M | $1.8M | $92.0M | $8.3M | $1.9M | $2.3M | $4.7M | $1.1M | $1.2M |
| Interest expense | $140.1M | $121.3M | $99.8M | $71.9M | $65.5M | $76.8M | $84.3M | $80.7M | $84.3M | $88.1M |
| Income before taxes | −$178.8M | −$196.5M | −$197.3M | $54.0M | $12.4M | $307.1M | $34.5M | $135.9M | $121.2M | $40.5M |
| Income taxes | $112,000 | $14,000 | $72,000 | $55,000 | $47,000 | −$224,000 | $12,000 | $423,000 | −$628,000 | $96.9M |
| Net income | −$179.5M | −$195.9M | −$196.8M | $53.8M | $12.3M | $305.5M | $34.3M | $134.5M | $115.3M | $40.2M |
| EBITDA | $137.7M | $103.0M | $91.3M | $303.9M | $256.0M | $572.2M | $328.8M | $392.6M | $385.2M | $318.3M |
| EPS (diluted) | −$0.67 | −$0.44 | −$1.15 | $0.31 | $0.06 | $0.08 | $0.12 | $0.47 | $0.26 | $0.12 |
| Gross margin | −11.1% | 62.9% | 63.1% | 61.6% | 61.3% | 61.6% | 61.1% | 59.9% | 60.4% | 60.1% |
| Operating margin | 16.7% | 10.9% | −4.2% | 23.7% | 19.2% | 74.9% | 19.8% | 10.4% | 26.0% | 11.3% |
| Net margin | −37.0% | −38.8% | −38.2% | 10.6% | 2.5% | 57.1% | 5.9% | 24.7% | 22.2% | 7.6% |
| 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 | $128.9M | $127.0M | $121.0M | $121.4M | $120.6M | $121.5M | $121.9M | $131.8M | $125.3M | $126.5M | $130.2M | $129.4M |
| Cost of revenue | $148.0M | $150.5M | $44.1M | $45.4M | $45.4M | $47.6M | $47.3M | $46.3M | $46.3M | $47.4M | $46.7M | $46.4M |
| Gross profit | −$19.1M | −$23.5M | $76.9M | $76.0M | $75.2M | $73.9M | $74.6M | $85.5M | $79.0M | $79.1M | $83.5M | $83.0M |
| Sales, general & admin | — | $12.3M | $7.6M | $7.8M | $9.3M | $17.5M | $10.1M | $12.7M | $8.9M | $11.1M | $8.0M | $8.1M |
| Total operating expenses | −$38.5M | −$36.9M | $68.0M | $50.8M | $116.5M | $58.8M | $52.6M | $95.0M | $59.6M | $56.1M | $162.4M | $68.7M |
| Operating income | $19.4M | $13.4M | $8.9M | $25.2M | −$41.3M | $15.2M | $21.9M | −$9.5M | $19.5M | $22.9M | −$78.9M | $14.3M |
| Interest income | — | $666,000 | $52.2M | $1.2M | $47.5M | $1.2M | $1.3M | $639,000 | $1.5M | $421,000 | $353,000 | $293,000 |
| Interest expense | $43.3M | $42.3M | $39.2M | $34.2M | $33.5M | $33.1M | $32.4M | $31.8M | $30.9M | $26.1M | $25.9M | $25.5M |
| Income before taxes | −$31.5M | −$48.8M | −$36.8M | −$26.0M | −$88.9M | −$27.1M | −$44.6M | −$165.7M | $30.3M | −$16.4M | −$157.7M | −$21.6M |
| Income taxes | $22,000 | $2,000 | $27,000 | — | $85,000 | $348,000 | $3,000 | −$224,000 | $9,000 | $2,000 | $37,000 | −$3,000 |
| Net income | −$31.4M | −$48.6M | −$37.0M | −$25.9M | −$88.9M | −$27.0M | −$44.5M | −$165.5M | $30.3M | −$16.4M | −$157.3M | −$21.6M |
| EBITDA | $59.5M | $42.7M | $47.7M | $51.3M | −$11.5M | $50.4M | $32.5M | −$89.6M | $105.4M | $54.8M | −$84.7M | $52.8M |
| EPS (diluted) | $0.13 | −$0.28 | −$0.21 | −$0.15 | −$0.15 | −$0.16 | −$0.28 | −$0.23 | $0.17 | −$0.10 | −$0.91 | −$0.13 |
| Gross margin | −14.8% | −18.5% | 63.6% | 62.6% | 62.4% | 60.8% | 61.2% | 64.9% | 63.1% | 62.5% | 64.1% | 64.1% |
| Operating margin | 15.0% | 10.6% | 7.3% | 20.8% | −34.3% | 12.5% | 18.0% | −7.2% | 15.5% | 18.1% | −60.6% | 11.0% |
| Net margin | −24.4% | −38.3% | −30.6% | −21.3% | −73.8% | −22.2% | −36.5% | −125.6% | 24.1% | −12.9% | −120.8% | −16.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BDN's financial statements (latest annual report filed February 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BDN financial results
In fiscal year 2025 (ended December 31, 2025), Brandywine Realty reported revenue of $484.5 million, down 4.2% from the year before. It had a net loss of $179.5 million, a net profit margin of −37.0%. Diluted earnings per share came to −$0.67. Over five years revenue grew at an average rate of −2.0% a year.
See the BDN stock overview for the latest quote and news, or the BDN chart for price history and technical indicators.
BDN income statement FAQ
What is Brandywine Realty's annual revenue?
Brandywine Realty reported total revenue of $484.5 million for fiscal year 2025, which ended on December 31, 2025. That was down 4.2% from $505.5 million the previous year.
Is Brandywine Realty profitable?
No. Brandywine Realty reported a net loss of $179.5 million in fiscal 2025, a net profit margin of −37.0%; its operating margin was 16.7%.
What is Brandywine Realty's gross margin?
Brandywine Realty's gross margin was −11.1% in fiscal 2025: for every $100 of revenue, Brandywine Realty kept $-11 after the direct cost of its products and services.
How fast is Brandywine Realty growing?
Revenue grew −2.0% a year on average over the last five fiscal years, from $534.9 million to $484.5 million.
What are Brandywine Realty's earnings per share?
Brandywine Realty earned $-0.67 per diluted share in fiscal 2025, compared with $-0.44 a year earlier.
When will Brandywine Realty report its next earnings?
Brandywine Realty is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 after the market closes.
When does Brandywine Realty's fiscal year end?
Brandywine Realty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 23, 2026.