Essential Properties Realty Trust, Inc. (EPRT) Income Statement
EPRT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEPRT revenue and net income
Where EPRT's revenue goes
2025Each bar shows an amount and its share of revenue. EPRT kept 45.0% of revenue as net income.
EPRT profit margins
EPRT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +25.0% | +25.2% | +27.9% | — |
| Gross profit | +6.2% | +18.6% | +24.1% | — |
| Operating income | +30.3% | +27.4% | +37.8% | — |
| Net income | +24.6% | +23.6% | +43.0% | — |
| EPS (diluted) | +6.7% | +10.4% | +24.4% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EPRT quarterly EPS vs estimates
Essential Properties Realty beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 21, 2026 (estimate $0.50).
EPRT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $561.9M | $449.6M | $359.6M | $286.5M | $230.2M | $164.0M | $139.4M | $96.2M | $54.5M | $15.5M |
| Cost of revenue | $89.6M | $5.0M | $4.7M | $3.5M | $5.8M | $3.9M | $3.1M | $2.0M | $1.5M | $6.0M |
| Gross profit | $472.3M | $444.6M | $354.9M | $283.1M | $224.5M | $160.1M | $136.3M | $94.2M | $53.0M | $9.6M |
| Research & development | — | — | $1 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $40.9M | $35.2M | $30.7M | $29.5M | $24.3M | $24.4M | $21.7M | $13.8M | $8.9M | $5.6M |
| Total operating expenses | $109.8M | $166.4M | $112.2M | $107.6M | $90.1M | $87.3M | $56.5M | $45.1M | $28.5M | $13.6M |
| Operating income | $362.5M | $278.2M | $242.8M | $175.4M | $134.4M | $72.8M | $79.8M | $19.9M | $24.5M | $5.2M |
| Interest income | $2.5M | $3.1M | $2.0M | $2.8M | $94,000 | $485,000 | $794,000 | $930,000 | $22.6M | $987,000 |
| Interest expense | $115.3M | $78.5M | $52.6M | $40.4M | $33.6M | $29.7M | $27.0M | $30.2M | $22.6M | $0 |
| Income before taxes | $254.4M | $204.3M | $192.1M | $135.7M | $96.4M | $42.7M | $48.3M | $20.8M | $6.5M | $3.8M |
| Income taxes | $643,000 | $628,000 | $636,000 | $998,000 | $227,000 | $212,000 | $303,000 | $195,000 | $161,000 | $5.2M |
| Net income | $253.0M | $203.0M | $190.7M | $134.1M | $95.7M | $42.3M | $41.8M | $15.6M | $6.3M | $3.8M |
| EBITDA | $519.0M | $405.0M | $352.1M | $253.3M | $200.3M | $131.8M | $118.6M | $82.7M | $49.1M | $10.6M |
| EPS (diluted) | $1.28 | $1.20 | $1.12 | $0.95 | $0.79 | $0.43 | $0.47 | $0.35 | $0.02 | — |
| Gross margin | 84.0% | 98.9% | 98.7% | 98.8% | 97.5% | 97.6% | 97.8% | 97.9% | 97.2% | 61.6% |
| Operating margin | 64.5% | 61.9% | 67.5% | 61.2% | 58.4% | 44.4% | 57.3% | 20.6% | 45.0% | 33.2% |
| Net margin | 45.0% | 45.2% | 53.0% | 46.8% | 41.6% | 25.8% | 30.0% | 16.2% | 11.6% | 24.1% |
| 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 | $208.0M | $160.6M | $150.5M | $144.9M | $137.1M | $129.4M | $119.7M | $117.1M | $109.3M | $103.5M | $97.7M | $91.7M |
| Cost of revenue | $46.6M | $88.6M | $84.0M | $1.9M | $1.5M | $2.3M | $1.3M | $1.5M | $1.2M | $993,000 | $1.3M | $53.9M |
| Gross profit | $161.5M | $72.0M | $66.5M | $143.1M | $135.6M | $127.1M | $118.4M | $115.6M | $108.1M | $102.5M | $96.4M | $37.8M |
| Sales, general & admin | $10.9M | $12.3M | $8.4M | $10.2M | $10.7M | $11.5M | $8.5M | $8.6M | $8.7M | $9.4M | $7.3M | $7.2M |
| Total operating expenses | $57.0M | −$30.6M | −$34.8M | $49.3M | $47.8M | $47.5M | $39.3M | $45.7M | $41.3M | $40.1M | $31.8M | −$26.6M |
| Operating income | $104.4M | $102.6M | $101.3M | $93.7M | $87.8M | $79.6M | $79.1M | $69.9M | $66.8M | $62.4M | $64.6M | $64.5M |
| Interest income | $580,000 | $410,000 | $630,000 | $582,000 | $711,000 | $614,000 | $559,000 | $1.2M | $847,000 | $493,000 | $595,000 | $330,000 |
| Interest expense | $30.3M | $31.3M | $33.8M | $32.6M | $25.0M | $23.8M | $24.0M | $21.6M | $17.4M | $15.6M | $15.8M | $12.6M |
| Income before taxes | $75.1M | $60.1M | $68.4M | $66.0M | $63.5M | $56.4M | $55.7M | $49.5M | $51.8M | $47.3M | $49.4M | $46.2M |
| Income taxes | $635,000 | $160,000 | $159,000 | $170,000 | $156,000 | $158,000 | $158,000 | $159,000 | $155,000 | $156,000 | $164,000 | $162,000 |
| Net income | $74.5M | $59.8M | $68.1M | $65.6M | $63.2M | $56.1M | $55.4M | $49.1M | $51.5M | $47.0M | $49.1M | $45.9M |
| EBITDA | $151.1M | $134.6M | $143.3M | $133.2M | $127.1M | $115.2M | $112.4M | $102.0M | $99.1M | $91.3M | $92.6M | $92.5M |
| EPS (diluted) | $0.50 | $0.34 | $0.34 | $0.33 | $0.31 | $0.30 | $0.29 | $0.31 | $0.31 | $0.29 | $0.31 | $0.28 |
| Gross margin | 77.6% | 44.8% | 44.2% | 98.7% | 98.9% | 98.3% | 98.9% | 98.7% | 98.9% | 99.0% | 98.7% | 41.3% |
| Operating margin | 50.2% | 63.9% | 67.3% | 64.7% | 64.1% | 61.6% | 66.1% | 59.7% | 61.1% | 60.3% | 66.1% | 70.3% |
| Net margin | 35.8% | 37.2% | 45.2% | 45.3% | 46.1% | 43.4% | 46.3% | 42.0% | 47.1% | 45.4% | 50.2% | 50.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EPRT's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EPRT financial results
In fiscal year 2025 (ended December 31, 2025), Essential Properties Realty reported revenue of $561.9 million, up 25.0% from the year before. It had net income of $253.0 million (up 24.6%), a net profit margin of 45.0%. Diluted earnings per share came to $1.28. Over five years revenue grew at an average rate of 27.9% a year.
See the EPRT stock overview for the latest quote and news, or the EPRT chart for price history and technical indicators.
EPRT income statement FAQ
What is Essential Properties Realty's annual revenue?
Essential Properties Realty reported total revenue of $561.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 25.0% from $449.6 million the previous year.
Is Essential Properties Realty profitable?
Yes. Essential Properties Realty reported net income of $253.0 million in fiscal 2025, a net profit margin of 45.0%; its operating margin was 64.5%.
What is Essential Properties Realty's gross margin?
Essential Properties Realty's gross margin was 84.0% in fiscal 2025: for every $100 of revenue, Essential Properties Realty kept $84 after the direct cost of its products and services.
How fast is Essential Properties Realty growing?
Revenue grew 27.9% a year on average over the last five fiscal years, from $164.0 million to $561.9 million.
What are Essential Properties Realty's earnings per share?
Essential Properties Realty earned $1.28 per diluted share in fiscal 2025, compared with $1.20 a year earlier.
When will Essential Properties Realty report its next earnings?
Essential Properties Realty is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 after the market closes.
When does Essential Properties Realty's fiscal year end?
Essential Properties Realty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.