Empire State Realty Trust, Inc. (ESRT) Income Statement
ESRT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsESRT revenue and net income
Where ESRT's revenue goes
2025Each bar shows an amount and its share of revenue. ESRT kept 6.2% of revenue as net income.
ESRT profit margins
ESRT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +0.7% | +2.8% | +4.7% | +1.6% |
| Gross profit | −96.6% | −67.1% | −46.7% | −27.9% |
| Operating income | −14.5% | +2.2% | +18.3% | −1.1% |
| Net income | −7.8% | +5.4% | — | +3.2% |
| EPS (diluted) | −36.0% | −10.1% | +9.9% | −5.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ESRT quarterly EPS vs estimates
Empire State Realty beat the analyst EPS estimate in 4 of the last 4 quarters. Next report: November 2, 2026.
ESRT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $768.3M | $763.2M | $739.6M | $707.0M | $607.9M | $609.2M | $731.3M | $731.5M | $712.5M | $678.0M |
| Cost of revenue | $754.5M | $354.2M | $528.9M | $321.4M | $279.5M | $291.1M | $334.0M | $319.5M | $305.6M | $289.1M |
| Gross profit | $13.7M | $409.0M | $210.6M | $385.7M | $328.4M | $318.1M | $397.4M | $412.0M | $406.9M | $388.9M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $72.8M | $70.2M | $63.9M | $61.8M | $55.9M | $62.2M | $61.1M | $52.7M | $50.3M | $49.1M |
| Total operating expenses | −$121.9M | $250.3M | $63.9M | $258.6M | $249.2M | $259.5M | $242.7M | $221.2M | $211.0M | $204.3M |
| Operating income | $135.6M | $158.7M | $146.7M | $127.0M | $79.1M | $58.7M | $154.7M | $190.9M | $195.8M | $184.5M |
| Interest income | $8.7M | $21.3M | $15.1M | $4.9M | $704,000 | $2.6M | $11.3M | $10.7M | $65.8M | $69.9M |
| Interest expense | $103.8M | $109.7M | $109.3M | $101.2M | $94.4M | $89.9M | $79.2M | $79.6M | $68.5M | $71.1M |
| Income before taxes | $75.5M | $83.0M | $87.1M | $64.8M | −$14.8M | −$29.9M | $86.7M | $121.9M | $124.9M | $113.4M |
| Income taxes | $2.6M | $2.7M | $2.7M | $1.5M | −$1.7M | −$7.0M | $2.4M | $4.6M | $6.7M | $6.1M |
| Net income | $47.6M | $51.6M | $53.2M | $40.6M | −$6.5M | −$12.5M | $51.2M | $66.5M | $63.6M | $52.4M |
| EBITDA | $374.1M | $377.6M | $336.6M | $382.9M | $281.4M | $251.1M | $355.4M | $370.0M | $353.6M | $339.1M |
| EPS (diluted) | $0.16 | $0.25 | $0.31 | $0.22 | −$0.03 | $0.10 | $0.27 | $0.39 | $0.39 | $0.69 |
| Gross margin | 1.8% | 53.6% | 28.5% | 54.5% | 54.0% | 52.2% | 54.3% | 56.3% | 57.1% | 57.4% |
| Operating margin | 17.7% | 20.8% | 19.8% | 18.0% | 13.0% | 9.6% | 21.2% | 26.1% | 27.5% | 27.2% |
| Net margin | 6.2% | 6.8% | 7.2% | 5.7% | −1.1% | −2.1% | 7.0% | 9.1% | 8.9% | 7.7% |
| 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 | $196.9M | $190.3M | $199.2M | $197.7M | $190.8M | $180.1M | $197.6M | $199.6M | $189.5M | $181.2M | $192.9M | $191.5M |
| Cost of revenue | $194.8M | $193.0M | $543.1M | $33.2M | $89.6M | $88.6M | $91.4M | $90.0M | $84.7M | $88.1M | $86.4M | $86.6M |
| Gross profit | $2.1M | −$2.7M | −$343.4M | $164.5M | $101.1M | $91.5M | $106.2M | $109.6M | $104.9M | $93.1M | $106.5M | $104.9M |
| Sales, general & admin | $25.1M | $18.1M | $18.5M | $18.7M | $18.7M | $16.9M | $17.9M | $18.4M | $18.0M | $16.0M | $16.1M | $16.0M |
| Total operating expenses | −$25.3M | −$32.1M | −$378.8M | $125.2M | $66.0M | $65.7M | $63.2M | $64.3M | $54.7M | $62.1M | $65.7M | $62.6M |
| Operating income | $27.4M | $29.5M | $35.4M | $39.3M | $35.1M | $25.8M | $42.9M | $45.3M | $39.4M | $31.1M | $40.8M | $42.3M |
| Interest income | $1.6M | $613,000 | $1.9M | $1.1M | $1.9M | $3.8M | $5.1M | $7.0M | $5.1M | $4.2M | $4.7M | $4.5M |
| Interest expense | $27.8M | $28.1M | $25.9M | $25.2M | $25.1M | $27.6M | $29.3M | $29.3M | $26.0M | $25.1M | $25.4M | $25.4M |
| Income before taxes | −$40.3M | $1.9M | $33.2M | $15.3M | $11.9M | $15.2M | $19.9M | $24.2M | $29.3M | $9.6M | $17.6M | $21.3M |
| Income taxes | −$767,000 | −$1.1M | $1.1M | $1.6M | $478,000 | −$619,000 | $1.2M | $1.4M | $750,000 | −$655,000 | $1.8M | $1.4M |
| Net income | −$24.8M | $2.3M | $20.7M | $9.0M | $7.6M | $10.3M | $12.2M | $14.6M | $17.1M | $6.7M | $10.2M | $12.6M |
| EBITDA | $37.9M | $80.3M | $109.7M | $91.7M | $85.9M | $74.6M | $94.6M | $99.5M | $81.1M | $82.2M | $92.6M | $96.7M |
| EPS (diluted) | $0.21 | $0.00 | $0.07 | $0.03 | $0.02 | $0.03 | $0.04 | $0.08 | $0.10 | $0.03 | $0.06 | $0.07 |
| Gross margin | 1.1% | −1.4% | −172.4% | 83.2% | 53.0% | 50.8% | 53.7% | 54.9% | 55.3% | 51.4% | 55.2% | 54.8% |
| Operating margin | 13.9% | 15.5% | 17.8% | 19.9% | 18.4% | 14.3% | 21.7% | 22.7% | 20.8% | 17.1% | 21.1% | 22.1% |
| Net margin | −12.6% | 1.2% | 10.4% | 4.6% | 4.0% | 5.7% | 6.2% | 7.3% | 9.0% | 3.7% | 5.3% | 6.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ESRT's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ESRT financial results
In fiscal year 2025 (ended December 31, 2025), Empire State Realty reported revenue of $768.3 million, up 0.7% from the year before. It had net income of $47.6 million (down 7.8%), a net profit margin of 6.2%. Diluted earnings per share came to $0.16. Over five years revenue grew at an average rate of 4.7% a year.
See the ESRT stock overview for the latest quote and news, or the ESRT chart for price history and technical indicators.
ESRT income statement FAQ
What is Empire State Realty's annual revenue?
Empire State Realty reported total revenue of $768.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 0.7% from $763.2 million the previous year.
Is Empire State Realty profitable?
Yes. Empire State Realty reported net income of $47.6 million in fiscal 2025, a net profit margin of 6.2%; its operating margin was 17.7%.
What is Empire State Realty's gross margin?
Empire State Realty's gross margin was 1.8% in fiscal 2025: for every $100 of revenue, Empire State Realty kept $2 after the direct cost of its products and services.
How fast is Empire State Realty growing?
Revenue grew 4.7% a year on average over the last five fiscal years, from $609.2 million to $768.3 million.
What are Empire State Realty's earnings per share?
Empire State Realty earned $0.16 per diluted share in fiscal 2025, compared with $0.25 a year earlier.
When will Empire State Realty report its next earnings?
Empire State Realty is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Empire State Realty's fiscal year end?
Empire State Realty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.