Saul Centers, Inc. (BFS) Income Statement
BFS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBFS revenue and net income
Where BFS's revenue goes
2025Each bar shows an amount and its share of revenue. BFS kept 12.9% of revenue as net income.
BFS profit margins
BFS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.5% | +5.8% | +5.3% | +3.4% |
| Gross profit | −54.5% | −21.0% | −11.7% | −5.6% |
| Operating income | −1.3% | +22.3% | +18.9% | +8.5% |
| Net income | −25.9% | −9.3% | −1.5% | −1.2% |
| EPS (diluted) | −8.0% | −3.3% | +3.6% | −1.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BFS quarterly EPS vs estimates
Saul Centers beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 5, 2026 (estimate $0.15).
BFS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $291.6M | $268.8M | $257.2M | $245.9M | $239.2M | $225.2M | $231.5M | $227.9M | $227.3M | $217.1M |
| Cost of revenue | $202.0M | $72.1M | $67.1M | $64.5M | $61.6M | $58.4M | $57.9M | $55.6M | $54.7M | $52.2M |
| Gross profit | $89.5M | $196.8M | $190.1M | $181.3M | $177.6M | $166.8M | $173.6M | $172.3M | $172.6M | $164.9M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $26.9M | $25.1M | $23.5M | $22.4M | $20.3M | $19.1M | $20.8M | $18.5M | $18.2M | $17.5M |
| Total operating expenses | −$30.1M | $75.6M | $23.5M | $115.9M | $20.3M | $116.5M | $20.8M | $18.9M | $19.1M | $19.0M |
| Operating income | $119.6M | $121.2M | $166.6M | $65.4M | $107.1M | $50.3M | $152.8M | $62.6M | $60.6M | $55.7M |
| Interest income | $159,000 | $159,000 | $318,000 | $76,000 | $7,000 | $140,000 | $248,000 | $3,000 | $70,000 | $6,000 |
| Interest expense | $70.5M | $53.7M | $47.2M | $43.9M | $45.4M | $45.1M | $41.8M | $45.0M | $47.2M | $45.7M |
| Income before taxes | $49.2M | $67.7M | $69.0M | $65.4M | $61.6M | $50.3M | $64.2M | $63.1M | $60.7M | $56.7M |
| Income taxes | — | — | $16.3M | −$28.7M | $58.7M | $55.0M | $8.0M | −$33.9M | −$33.4M | −$33.9M |
| Net income | $37.5M | $50.6M | $52.7M | $50.2M | $3.0M | $40.4M | $51.7M | $50.6M | $48.3M | $45.3M |
| EBITDA | $178.6M | $171.9M | $166.6M | $156.4M | $157.3M | $146.5M | $152.8M | $152.3M | $152.2M | $145.5M |
| EPS (diluted) | $1.49 | $1.62 | $1.73 | $1.65 | $1.58 | $1.25 | $1.57 | $1.60 | $1.63 | $2.29 |
| Gross margin | 30.7% | 73.2% | 73.9% | 73.8% | 74.2% | 74.1% | 75.0% | 75.6% | 75.9% | 75.9% |
| Operating margin | 41.0% | 45.1% | 64.8% | 26.6% | 44.8% | 22.3% | 66.0% | 27.4% | 26.7% | 25.7% |
| Net margin | 12.9% | 18.8% | 20.5% | 20.4% | 1.2% | 17.9% | 22.3% | 22.2% | 21.2% | 20.9% |
| 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 | $76.8M | $78.3M | $75.1M | $72.0M | $70.8M | $71.9M | $67.9M | $67.3M | $66.9M | $66.7M | $67.1M | $63.8M |
| Cost of revenue | $22.4M | $24.2M | $23.1M | $8.2M | $19.4M | $21.7M | $18.9M | $17.7M | $17.3M | $18.2M | $29.3M | $17.4M |
| Gross profit | $54.4M | $54.1M | $52.0M | $63.9M | $51.4M | $50.1M | $49.0M | $49.6M | $49.7M | $48.5M | $37.8M | $46.4M |
| Sales, general & admin | $6.8M | $6.4M | $7.8M | $6.7M | $6.4M | $6.0M | $7.5M | $5.7M | $6.1M | $5.8M | $7.3M | $5.2M |
| Total operating expenses | $22.8M | $42.0M | $23.9M | $6.7M | $20.5M | $20.5M | $21.9M | $30.0M | $18.1M | $17.8M | $7.7M | $29.7M |
| Operating income | $31.6M | $12.0M | $28.1M | $57.2M | $30.9M | $29.6M | $27.1M | $19.6M | $31.6M | $30.7M | $30.1M | $16.7M |
| Interest income | $77,000 | $80,000 | $37,000 | $42,000 | $34,000 | $46,000 | $46,000 | $43,000 | $38,000 | $32,000 | $42,000 | $63,000 |
| Interest expense | $20.1M | $19.6M | $19.9M | $17.1M | $16.2M | $16.7M | $16.8M | $12.2M | $11.7M | $13.0M | $13.1M | $12.4M |
| Income before taxes | $11.5M | $12.0M | $8.2M | $10.5M | $14.2M | $12.8M | $10.4M | $19.6M | $19.5M | $18.3M | $17.5M | $16.7M |
| Income taxes | — | — | — | — | — | — | $2.3M | $14.5M | $5.0M | −$23.1M | $4.3M | $2.8M |
| Net income | $8.8M | $9.1M | $6.5M | $10.5M | $10.7M | $9.8M | $8.1M | $14.5M | $14.4M | $13.6M | $13.2M | $12.8M |
| EBITDA | $47.7M | $47.6M | $43.3M | $41.7M | $44.5M | $43.5M | $40.9M | $43.3M | $43.2M | $30.3M | $29.7M | $40.7M |
| EPS (diluted) | $0.69 | $0.26 | $0.15 | $0.32 | $0.73 | $0.29 | $0.22 | $0.48 | $0.47 | $0.45 | $0.43 | $0.42 |
| Gross margin | 70.9% | 69.1% | 69.2% | 88.7% | 72.6% | 69.8% | 72.2% | 73.6% | 74.2% | 72.8% | 56.4% | 72.8% |
| Operating margin | 41.1% | 15.4% | 37.4% | 79.4% | 43.6% | 41.2% | 39.9% | 29.1% | 47.2% | 46.0% | 44.9% | 26.2% |
| Net margin | 11.4% | 11.7% | 8.7% | 14.6% | 15.1% | 13.6% | 11.9% | 21.5% | 21.6% | 20.4% | 19.7% | 20.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BFS's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BFS financial results
In fiscal year 2025 (ended December 31, 2025), Saul Centers reported revenue of $291.6 million, up 8.5% from the year before. It had net income of $37.5 million (down 25.9%), a net profit margin of 12.9%. Diluted earnings per share came to $1.49. Over five years revenue grew at an average rate of 5.3% a year.
See the BFS stock overview for the latest quote and news, or the BFS chart for price history and technical indicators.
BFS income statement FAQ
What is Saul Centers's annual revenue?
Saul Centers reported total revenue of $291.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.5% from $268.8 million the previous year.
Is Saul Centers profitable?
Yes. Saul Centers reported net income of $37.5 million in fiscal 2025, a net profit margin of 12.9%; its operating margin was 41.0%.
What is Saul Centers's gross margin?
Saul Centers's gross margin was 30.7% in fiscal 2025: for every $100 of revenue, Saul Centers kept $31 after the direct cost of its products and services.
How fast is Saul Centers growing?
Revenue grew 5.3% a year on average over the last five fiscal years, from $225.2 million to $291.6 million.
What are Saul Centers's earnings per share?
Saul Centers earned $1.49 per diluted share in fiscal 2025, compared with $1.62 a year earlier.
When will Saul Centers report its next earnings?
Saul Centers is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Saul Centers's fiscal year end?
Saul Centers's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.