CBL & Associates Properties, Inc. (CBL) Income Statement
CBL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCBL revenue and net income
Where CBL's revenue goes
2025Each bar shows an amount and its share of revenue. CBL kept 23.5% of revenue as net income.
CBL profit margins
CBL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +12.2% | +0.9% | +0.1% | −5.8% |
| Gross profit | −26.2% | — | — | −12.9% |
| Operating income | +5.6% | +43.9% | +7.9% | −10.2% |
| Net income | +130.6% | — | — | −2.0% |
| EPS (diluted) | +316.3% | — | — | +29.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CBL quarterly EPS vs estimates
CBL & Associates Properties beat the analyst EPS estimate in 4 of the last 5 quarters. Next report: November 5, 2026.
CBL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $578.4M | $515.6M | $535.3M | $563.0M | $576.9M | $575.9M | $768.7M | $858.6M | $927.3M | $1.03B |
| Cost of revenue | $534.7M | $456.3M | $568.1M | $704.4M | $604.6M | $617.9M | $746.1M | $823.4M | $858.7M | $866.8M |
| Gross profit | $43.7M | $59.2M | −$32.9M | −$141.3M | −$27.7M | −$42.1M | $22.6M | $35.1M | $68.5M | $161.4M |
| Research & development | — | — | $0 | $0 | $1 | $1 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $69.0M | $67.3M | $64.1M | $67.2M | $52.3M | $53.4M | $64.2M | $61.5M | $58.5M | $63.3M |
| Total operating expenses | −$96.1M | −$73.1M | −$126.2M | −$188.3M | −$155.0M | −$137.7M | −$193.6M | −$223.1M | −$240.6M | −$209.0M |
| Operating income | $139.8M | $132.3M | $93.4M | $46.9M | $127.3M | $95.6M | $216.1M | $258.3M | $309.1M | $370.4M |
| Interest income | $109.4M | $15.7M | $13.0M | $4.9M | $275.4M | $209.1M | $198.6M | $203.5M | $194.0M | $97.3M |
| Interest expense | $176.0M | $154.5M | $172.9M | $217.3M | $267.9M | $200.7M | $206.3M | $220.0M | $218.7M | $216.3M |
| Income before taxes | $135.0M | $58.2M | $4.1M | −$96.4M | −$644.0M | −$346.8M | −$128.5M | −$100.8M | $162.2M | $193.0M |
| Income taxes | $475,000 | $1.1M | $894,000 | $3.1M | −$4.8M | $16.8M | $3.2M | −$1.6M | −$1.9M | −$2.1M |
| Net income | $136.0M | $59.0M | $6.5M | −$93.5M | −$622.2M | −$404.1M | −$108.7M | −$78.6M | $126.1M | $172.4M |
| EBITDA | $491.1M | $353.8M | $389.3M | $398.0M | −$168.0M | $67.2M | $333.0M | $404.7M | $680.0M | $702.0M |
| EPS (diluted) | $4.33 | $1.04 | $1.55 | −$3.23 | −$32.37 | −$2.13 | −$0.48 | −$0.72 | $0.38 | $0.75 |
| Gross margin | 7.6% | 11.5% | −6.1% | −25.1% | −4.8% | −7.3% | 2.9% | 4.1% | 7.4% | 15.7% |
| Operating margin | 24.2% | 25.7% | 17.4% | 8.3% | 22.1% | 16.6% | 28.1% | 30.1% | 33.3% | 36.0% |
| Net margin | 23.5% | 11.4% | 1.2% | −16.6% | −107.9% | −70.2% | −14.1% | −9.2% | 13.6% | 16.8% |
| 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 | $146.5M | $146.0M | $156.4M | $139.3M | $140.9M | $141.8M | $131.7M | $125.1M | $129.7M | $129.1M | $139.7M | $129.4M |
| Cost of revenue | $50.7M | $130.8M | $130.4M | $129.7M | $128.4M | $146.2M | $106.8M | $110.1M | $120.3M | $119.1M | $130.1M | $135.1M |
| Gross profit | $95.8M | $15.1M | $26.0M | $9.5M | $12.5M | −$4.4M | $24.9M | $14.9M | $9.4M | $10.0M | $9.6M | −$5.8M |
| Sales, general & admin | $14.8M | $18.6M | $15.4M | $17.8M | $15.2M | $20.7M | $16.6M | $15.4M | $14.8M | $20.4M | $14.3M | $14.4M |
| Total operating expenses | $14.8M | −$19.5M | −$24.7M | −$22.1M | −$24.5M | −$24.8M | −$14.9M | −$16.9M | −$23.7M | −$17.6M | −$28.1M | −$30.7M |
| Operating income | $81.0M | $34.7M | $50.7M | $31.6M | $37.0M | $20.4M | $39.8M | $31.8M | $33.1M | $27.6M | $37.7M | $24.9M |
| Interest income | $3.1M | $3.4M | $1.4M | $3.2M | $3.2M | $3.5M | $3.6M | $4.0M | $4.1M | $4.0M | $3.9M | $36.0M |
| Interest expense | $42.7M | $39.9M | $43.0M | $44.8M | $44.0M | $44.2M | $36.4M | $38.8M | $39.4M | $39.8M | $42.3M | $42.9M |
| Income before taxes | $44.7M | $45.2M | $49.5M | $75.1M | $2.5M | $7.9M | $37.7M | $16.1M | $4.9M | −$632,000 | $12.0M | $14.1M |
| Income taxes | −$642,000 | −$1.2M | $529,000 | $48,000 | $369,000 | −$471,000 | $199,000 | $364,000 | $650,000 | −$158,000 | −$487,000 | $1.3M |
| Net income | $45.5M | $46.5M | $49.0M | $75.4M | $2.8M | $8.8M | $38.0M | $16.2M | $4.7M | $50,000 | $11.8M | $13.3M |
| EBITDA | $162.2M | $123.2M | $136.6M | $164.0M | $86.3M | $97.8M | $105.8M | $87.5M | $83.2M | $77.4M | $96.8M | $103.4M |
| EPS (diluted) | $1.89 | $1.73 | $1.55 | $2.38 | $0.13 | $0.27 | $0.39 | $0.52 | $0.14 | −$0.01 | $0.25 | $0.41 |
| Gross margin | 65.4% | 10.4% | 16.7% | 6.8% | 8.9% | −3.1% | 18.9% | 11.9% | 7.2% | 7.7% | 6.9% | −4.5% |
| Operating margin | 55.3% | 23.8% | 32.4% | 22.7% | 26.3% | 14.4% | 30.2% | 25.5% | 25.5% | 21.4% | 27.0% | 19.3% |
| Net margin | 31.0% | 31.8% | 31.3% | 54.2% | 2.0% | 6.2% | 28.8% | 12.9% | 3.7% | 0.0% | 8.5% | 10.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CBL's financial statements (latest annual report filed March 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CBL financial results
In fiscal year 2025 (ended December 31, 2025), CBL & Associates Properties reported revenue of $578.4 million, up 12.2% from the year before. It had net income of $136.0 million (up 130.6%), a net profit margin of 23.5%. Diluted earnings per share came to $4.33. Over five years revenue grew at an average rate of 0.1% a year.
See the CBL stock overview for the latest quote and news, or the CBL chart for price history and technical indicators.
CBL income statement FAQ
What is CBL & Associates Properties's annual revenue?
CBL & Associates Properties reported total revenue of $578.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 12.2% from $515.6 million the previous year.
Is CBL & Associates Properties profitable?
Yes. CBL & Associates Properties reported net income of $136.0 million in fiscal 2025, a net profit margin of 23.5%; its operating margin was 24.2%.
What is CBL & Associates Properties's gross margin?
CBL & Associates Properties's gross margin was 7.6% in fiscal 2025: for every $100 of revenue, CBL & Associates Properties kept $8 after the direct cost of its products and services.
How fast is CBL & Associates Properties growing?
Revenue grew 0.1% a year on average over the last five fiscal years, from $575.9 million to $578.4 million.
What are CBL & Associates Properties's earnings per share?
CBL & Associates Properties earned $4.33 per diluted share in fiscal 2025, compared with $1.04 a year earlier.
When will CBL & Associates Properties report its next earnings?
CBL & Associates Properties is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does CBL & Associates Properties's fiscal year end?
CBL & Associates Properties's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 3, 2026.