Granite Real Estate Investment Trust (GRTUF) Income Statement
GRTUF 2025 at a glance
Fiscal year ended December 31, 2025 · Canadian dollarsGRTUF revenue and net income
Where GRTUF's revenue goes
2025Each bar shows an amount and its share of revenue. GRTUF kept 55.3% of revenue as net income.
GRTUF profit margins
GRTUF growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.7% | +10.7% | — | — |
| Gross profit | +7.9% | +10.2% | — | — |
| Operating income | +6.2% | +9.8% | — | — |
| Net income | −5.1% | +30.0% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GRTUF income statement in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | C$618.7M | C$569.1M | C$521.2M | C$455.6M | C$393.5M |
| Cost of revenue | C$109.2M | C$97.2M | C$86.0M | C$75.2M | C$60.8M |
| Gross profit | C$509.5M | C$472.0M | C$435.2M | C$380.4M | C$332.7M |
| Sales, general & admin | C$45.5M | C$36.3M | C$40.3M | C$28.6M | C$37.8M |
| Total operating expenses | C$156.3M | C$133.9M | C$128.6M | C$106.3M | C$100.5M |
| Operating income | C$462.4M | C$435.3M | C$392.7M | C$349.3M | C$293.0M |
| Interest income | C$3.1M | C$7.1M | C$7.7M | C$1.6M | C$3.1M |
| Interest expense | C$90.7M | C$86.4M | C$72.9M | C$45.2M | C$39.4M |
| Income before taxes | C$361.3M | C$392.8M | C$129.0M | C$92.2M | C$1.55B |
| Net income | C$342.3M | C$360.6M | C$136.7M | C$155.8M | C$1.31B |
| EBITDA | C$453.2M | C$480.5M | C$203.1M | C$138.9M | — |
| Gross margin | 82.3% | 82.9% | 83.5% | 83.5% | 84.5% |
| Operating margin | 74.7% | 76.5% | 75.3% | 76.7% | 74.5% |
| Net margin | 55.3% | 63.4% | 26.2% | 34.2% | 332.9% |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$165.1M | C$165.8M | C$161.8M | C$149.3M | C$154.7M | C$148.0M | C$141.9M | C$140.3M |
| Cost of revenue | C$29.7M | C$31.6M | C$28.5M | C$25.9M | C$29.0M | C$26.9M | C$22.3M | C$23.5M |
| Gross profit | C$135.4M | C$134.3M | C$133.3M | C$123.4M | C$125.6M | C$121.1M | C$119.6M | C$116.8M |
| Sales, general & admin | C$16.4M | C$11.6M | C$13.1M | C$9.9M | C$8.4M | C$7.2M | C$12.5M | C$7.5M |
| Total operating expenses | C$48.2M | C$43.5M | C$42.0M | C$36.2M | C$37.8M | C$33.8M | C$35.2M | C$30.7M |
| Operating income | C$116.9M | C$122.3M | C$119.7M | C$113.1M | C$116.9M | C$114.2M | C$106.7M | C$109.6M |
| Interest income | C$541,000 | C$663,000 | C$735,000 | C$703,000 | C$1.0M | C$3.4M | C$1.2M | C$1.2M |
| Interest expense | C$22.4M | C$22.0M | C$22.8M | C$22.5M | C$22.7M | C$23.0M | C$21.4M | C$21.3M |
| Income before taxes | C$79.5M | C$104.4M | C$155.5M | C$106.2M | C$46.1M | C$89.3M | C$123.8M | C$84.4M |
| Net income | C$70.0M | C$91.2M | C$135.5M | C$95.0M | C$43.9M | C$83.8M | C$111.6M | C$76.2M |
| EBITDA | C$102.1M | C$126.6M | C$178.5M | C$129.1M | C$69.1M | — | — | — |
| Gross margin | 82.0% | 81.0% | 82.4% | 82.7% | 81.2% | 81.8% | 84.3% | 83.3% |
| Operating margin | 70.8% | 73.7% | 74.0% | 75.7% | 75.6% | 77.2% | 75.2% | 78.1% |
| Net margin | 42.4% | 55.0% | 83.8% | 63.6% | 28.4% | 56.6% | 78.6% | 54.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported in GRTUF's financial statements (latest annual report filed —); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GRTUF financial results
In fiscal year 2025 (ended December 31, 2025), Granite Real Estate Investment reported revenue of C$618.7 million, up 8.7% from the year before. It had net income of C$342.3 million (down 5.1%), a net profit margin of 55.3%. Figures are in Canadian dollars, the currency of its financial statements.
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GRTUF income statement FAQ
What is Granite Real Estate Investment's annual revenue?
Granite Real Estate Investment reported total revenue of C$618.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 8.7% from C$569.1 million the previous year.
Is Granite Real Estate Investment profitable?
Yes. Granite Real Estate Investment reported net income of C$342.3 million in fiscal 2025, a net profit margin of 55.3%; its operating margin was 74.7%.
What is Granite Real Estate Investment's gross margin?
Granite Real Estate Investment's gross margin was 82.3% in fiscal 2025: for every $100 of revenue, Granite Real Estate Investment kept $82 after the direct cost of its products and services.
When does Granite Real Estate Investment's fiscal year end?
Granite Real Estate Investment's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025.