Federal Realty Investment Trust (FRT) Income Statement
FRT 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFRT revenue and net income
Where FRT's revenue goes
2025Each bar shows an amount and its share of revenue. FRT kept 32.1% of revenue as net income.
FRT profit margins
FRT growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.3% | +6.0% | +8.9% | +5.6% |
| Gross profit | −84.7% | −44.2% | −25.6% | −13.2% |
| Operating income | −2.7% | −4.4% | +9.7% | +4.4% |
| Net income | +39.2% | +2.2% | +24.8% | +6.9% |
| EPS (diluted) | +70.9% | +21.5% | +27.7% | +5.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FRT quarterly EPS vs estimates
Federal Realty beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 30, 2026 (estimate $1.85).
FRT income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $1.20B | $1.13B | $1.07B | $951.2M | $835.5M | $935.8M | $915.4M | $857.3M | $801.6M |
| Cost of revenue | $1.15B | $391.8M | $363.1M | $356.8M | $316.6M | $290.2M | $298.8M | $287.9M | $272.7M | $253.6M |
| Gross profit | $124.4M | $810.7M | $769.1M | $717.6M | $634.6M | $545.3M | $637.0M | $627.6M | $584.6M | $548.0M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $46.9M | $49.7M | $58.7M | $60.5M | $57.3M | $48.1M | $50.2M | $41.5M | $45.3M | $41.9M |
| Total operating expenses | −$335.1M | $338.3M | $362.6M | $191.2M | $239.9M | $296.7M | $166.1M | $265.9M | $174.4M | $227.0M |
| Operating income | $459.5M | $472.4M | $406.5M | $526.4M | $394.7M | $289.5M | $470.9M | $361.6M | $410.2M | $321.0M |
| Interest income | $3.1M | $4.3M | $4.7M | $1.1M | $809,000 | $1.9M | $1.3M | $942,000 | $475,000 | $374,000 |
| Interest expense | $181.1M | $175.5M | $167.8M | $137.0M | $127.7M | $136.3M | $109.6M | $110.2M | $100.1M | $95.0M |
| Income before taxes | $423.6M | $304.3M | $247.2M | $395.7M | $269.1M | $135.9M | $360.5M | $249.0M | $297.9M | $226.4M |
| Income taxes | — | −$9.1M | $181.9M | $140.9M | $136.5M | $132.4M | $114.3M | −$4.8M | −$70.0M | −$23.5M |
| Net income | $411.1M | $295.2M | $237.0M | $385.5M | $261.5M | $135.9M | $353.9M | $241.9M | $289.9M | $249.9M |
| EBITDA | $972.6M | $822.4M | $736.8M | $835.1M | $676.8M | $544.6M | $709.9M | $603.4M | $614.0M | $515.0M |
| EPS (diluted) | $4.75 | $2.78 | $2.69 | $2.65 | $2.09 | $1.40 | $3.46 | $3.18 | $4.14 | $3.04 |
| Gross margin | 9.7% | 67.4% | 67.9% | 66.8% | 66.7% | 65.3% | 68.1% | 68.6% | 68.2% | 68.4% |
| Operating margin | 35.9% | 39.3% | 35.9% | 49.0% | 41.5% | 34.7% | 50.3% | 39.5% | 47.8% | 40.0% |
| Net margin | 32.1% | 24.6% | 20.9% | 35.9% | 27.5% | 16.3% | 37.8% | 26.4% | 33.8% | 31.2% |
| 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 | $335.7M | $341.1M | $336.0M | $322.9M | $311.5M | $309.2M | $311.4M | $303.6M | $296.1M | $291.3M | $291.8M | $286.6M |
| Cost of revenue | $103.6M | $99.2M | $305.3M | $105.7M | $98.3M | $104.4M | $101.9M | $100.0M | $94.2M | $95.7M | $95.7M | $91.6M |
| Gross profit | $232.1M | $241.9M | $30.7M | $217.2M | $213.2M | $204.8M | $209.5M | $203.7M | $201.9M | $195.6M | $196.1M | $195.0M |
| Sales, general & admin | $13.5M | $11.9M | $12.5M | $11.6M | $11.9M | $10.9M | $14.8M | $10.8M | $12.1M | $12.0M | $21.1M | $13.1M |
| Total operating expenses | $114.1M | $125.6M | −$84.9M | $106.5M | $10.5M | $96.7M | $100.2M | $97.8M | $44.9M | $95.4M | $87.3M | $94.9M |
| Operating income | $118.0M | $116.3M | $115.6M | $110.7M | $202.7M | $108.1M | $109.3M | $105.8M | $157.0M | $100.2M | $108.8M | $100.1M |
| Interest income | $563,000 | $1.0M | $650,000 | $845,000 | $905,000 | $743,000 | $782,000 | $978,000 | $1.1M | $1.5M | $912,000 | $721,000 |
| Interest expense | $49.4M | $49.8M | $48.1M | $46.9M | $44.6M | $42.5M | $43.2M | $44.2M | $44.3M | $43.7M | $43.0M | $42.7M |
| Income before taxes | $88.6M | $161.1M | $132.6M | $64.5M | $160.0M | $66.6M | $68.2M | $63.5M | $114.7M | $58.0M | $67.1M | $59.4M |
| Income taxes | — | — | — | — | — | — | −$2.7M | $4.4M | $3.1M | $3.3M | $46.3M | $46.4M |
| Net income | $85.7M | $159.1M | $129.7M | $61.6M | $155.9M | $63.8M | $65.5M | $61.0M | $112.0M | $56.7M | $64.1M | $57.0M |
| EBITDA | $239.2M | $310.1M | $278.1M | $205.5M | $293.8M | $196.0M | $198.6M | $194.7M | $244.0M | $185.1M | $192.5M | $183.8M |
| EPS (diluted) | $1.88 | $1.81 | $1.56 | $0.69 | $1.78 | $0.72 | $0.73 | $0.70 | $0.69 | $0.66 | $0.66 | $0.67 |
| Gross margin | 69.1% | 70.9% | 9.1% | 67.3% | 68.4% | 66.2% | 67.3% | 67.1% | 68.2% | 67.1% | 67.2% | 68.0% |
| Operating margin | 35.2% | 34.1% | 34.4% | 34.3% | 65.1% | 35.0% | 35.1% | 34.9% | 53.0% | 34.4% | 37.3% | 34.9% |
| Net margin | 25.5% | 46.6% | 38.6% | 19.1% | 50.0% | 20.6% | 21.0% | 20.1% | 37.8% | 19.5% | 22.0% | 19.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FRT's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FRT financial results
In fiscal year 2025 (ended December 31, 2025), Federal Realty reported revenue of $1.3 billion, up 6.3% from the year before. It had net income of $411.1 million (up 39.2%), a net profit margin of 32.1%. Diluted earnings per share came to $4.75. Over five years revenue grew at an average rate of 8.9% a year.
See the FRT stock overview for the latest quote and news, or the FRT chart for price history and technical indicators.
FRT income statement FAQ
What is Federal Realty's annual revenue?
Federal Realty reported total revenue of $1.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.3% from $1.2 billion the previous year.
Is Federal Realty profitable?
Yes. Federal Realty reported net income of $411.1 million in fiscal 2025, a net profit margin of 32.1%; its operating margin was 35.9%.
What is Federal Realty's gross margin?
Federal Realty's gross margin was 9.7% in fiscal 2025: for every $100 of revenue, Federal Realty kept $10 after the direct cost of its products and services.
How fast is Federal Realty growing?
Revenue grew 8.9% a year on average over the last five fiscal years, from $835.5 million to $1.3 billion.
What are Federal Realty's earnings per share?
Federal Realty earned $4.75 per diluted share in fiscal 2025, compared with $2.78 a year earlier.
When will Federal Realty report its next earnings?
Federal Realty is expected to report results for the quarter ending September 30, 2026 on October 30, 2026 before the market opens.
When does Federal Realty's fiscal year end?
Federal Realty's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.