Wheeler Real Estate Investment Trust, Inc. (WHLR) Income Statement
WHLR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWHLR revenue and net income
Where WHLR's revenue goes
2025Each bar shows an amount and its share of revenue. WHLR kept 8.8% of revenue as net income.
WHLR profit margins
WHLR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.9% | +9.1% | +10.3% | +14.2% |
| Gross profit | −4.4% | +9.3% | +9.6% | +50.1% |
| Operating income | −15.4% | +8.9% | +11.5% | — |
| Net income | — | — | +104.5% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WHLR quarterly EPS vs estimates
Wheeler Real Estate Investment beat the analyst EPS estimate in 0 of the last 1 quarters. Next report: November 5, 2026.
WHLR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $99.4M | $104.6M | $102.3M | $76.6M | $61.3M | $60.8M | $63.0M | $65.8M | $58.5M | $44.2M |
| Cost of revenue | $33.0M | $35.1M | $34.9M | $25.7M | $19.6M | $18.9M | $19.1M | $45.6M | $41.6M | $32.5M |
| Gross profit | $66.4M | $69.5M | $67.5M | $50.9M | $41.7M | $41.9M | $43.9M | $20.2M | $16.9M | $11.6M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $11.7M | $11.0M | $11.8M | $8.9M | $7.1M | $5.8M | $6.7M | $8.0M | $6.3M | $11.3M |
| Total operating expenses | $34.7M | $31.9M | $38.0M | $26.3M | $22.2M | $23.5M | $33.1M | $6.1M | $14.3M | $6.6M |
| Operating income | $31.7M | $37.5M | $29.4M | $24.6M | $19.5M | $18.4M | $10.9M | $14.2M | $2.6M | $5.0M |
| Interest income | $964,000 | $460,000 | $359,000 | $65,000 | $34,000 | $1,000 | $2,000 | $4,000 | $1.4M | $691,937 |
| Interest expense | $31.1M | $29.6M | $27.7M | $21.4M | $33.0M | $17.1M | $19.0M | $20.2M | $17.2M | $13.4M |
| Income before taxes | $14.9M | $768,000 | $6.1M | −$8.5M | −$9.3M | $287,000 | −$8.1M | −$17.8M | −$14.2M | −$13.0M |
| Income taxes | $26,000 | $1,000 | $48,000 | $13.0M | $2,000 | $16.1M | $15,000 | $40,000 | $137,000 | $107,464 |
| Net income | $8.8M | −$9.6M | −$4.7M | −$12.5M | −$9.4M | $245,000 | −$8.0M | −$16.5M | −$13.6M | −$11.9M |
| EBITDA | $68.9M | $55.6M | $62.3M | $32.5M | $38.5M | $36.3M | $37.4M | $41.2M | $28.8M | $25.6M |
| EPS (diluted) | — | −$42.27 | −$31.77 | −$2.20 | −$1.36 | −$1.39 | −$19.35 | −$2.84 | −$4000000.00 | −$3000000.72 |
| Gross margin | 66.8% | 66.4% | 65.9% | 66.4% | 68.0% | 69.0% | 69.7% | 30.7% | 28.9% | 26.3% |
| Operating margin | 31.9% | 35.9% | 28.7% | 32.1% | 31.8% | 30.3% | 17.2% | 21.5% | 4.4% | 11.3% |
| Net margin | 8.8% | −9.2% | −4.6% | −16.2% | −15.4% | 0.4% | −12.8% | −25.1% | −23.2% | −26.9% |
| 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 | $22.7M | $24.3M | $25.2M | $23.8M | $26.1M | $24.4M | $27.6M | $24.8M | $26.3M | $25.9M | $26.2M | $25.2M |
| Cost of revenue | $17.0M | $18.9M | $8.5M | $7.8M | $7.7M | $8.9M | $8.9M | $8.4M | $8.7M | $9.1M | $8.8M | $8.8M |
| Gross profit | $5.7M | $5.4M | $16.6M | $16.0M | $18.4M | $15.4M | $18.7M | $16.3M | $17.7M | $16.8M | $17.4M | $16.4M |
| Sales, general & admin | $3.3M | $2.7M | $3.8M | $2.4M | $2.8M | $2.7M | $3.5M | $2.1M | $2.6M | $2.7M | $3.4M | $2.5M |
| Total operating expenses | −$9.1M | $1.2M | $9.1M | $8.0M | $3.4M | $3.3M | $14.0M | $2.5M | $6.1M | $9.3M | $10.2M | $7.1M |
| Operating income | $14.8M | $4.3M | $7.5M | $8.0M | $15.0M | $12.1M | $4.6M | $13.9M | $11.5M | $7.5M | $7.2M | $9.3M |
| Interest income | $207,000 | $153,000 | $230,000 | $290,000 | $202,000 | $242,000 | $204,000 | $133,000 | $60,000 | $63,000 | $148,000 | $163,000 |
| Interest expense | $8.0M | $7.3M | $9.0M | $7.3M | $8.7M | $7.4M | $8.1M | $7.0M | $7.7M | $6.8M | $7.7M | $7.5M |
| Income before taxes | $9.7M | −$1.2M | $482,000 | $13.0M | −$1.0M | $5.4M | $39.8M | −$30.6M | −$2.4M | −$6.0M | $19.2M | −$11.4M |
| Income taxes | −$2,000 | $4.1M | −$4.07B | $4.1M | $4.0M | $26,000 | — | $5.0M | $1,000 | $2.7M | $2.7M | $2,000 |
| Net income | $8.6M | −$2.4M | −$819,000 | $11.5M | −$2.4M | $3.5M | $37.5M | −$33.3M | −$5.1M | −$8.7M | $16.4M | −$14.1M |
| EBITDA | $22.8M | $11.4M | $14.8M | $25.9M | $12.7M | $19.0M | $53.9M | −$17.3M | $11.7M | $7.4M | $32.7M | $14.0M |
| EPS (diluted) | $34.98 | $5.97 | — | −$0.83 | −$47.26 | −$22.41 | $63.63 | −$91.99 | −$13.74 | −$0.17 | $0.03 | −$30.61 |
| Gross margin | 24.9% | 22.4% | 66.0% | 67.2% | 70.3% | 63.3% | 67.6% | 65.9% | 67.1% | 65.0% | 66.4% | 65.2% |
| Operating margin | 65.2% | 17.5% | 30.0% | 33.5% | 57.3% | 49.9% | 16.8% | 56.0% | 43.8% | 28.9% | 27.3% | 36.8% |
| Net margin | 38.1% | −9.9% | −3.3% | 48.4% | −9.4% | 14.5% | 135.9% | −134.4% | −19.2% | −33.7% | 62.7% | −55.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WHLR's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WHLR financial results
In fiscal year 2025 (ended December 31, 2025), Wheeler Real Estate Investment reported revenue of $99.4 million, down 4.9% from the year before. It had net income of $8.8 million, a net profit margin of 8.8%. Over five years revenue grew at an average rate of 10.3% a year.
See the WHLR stock overview for the latest quote and news, or the WHLR chart for price history and technical indicators.
WHLR income statement FAQ
What is Wheeler Real Estate Investment's annual revenue?
Wheeler Real Estate Investment reported total revenue of $99.4 million for fiscal year 2025, which ended on December 31, 2025. That was down 4.9% from $104.6 million the previous year.
Is Wheeler Real Estate Investment profitable?
Yes. Wheeler Real Estate Investment reported net income of $8.8 million in fiscal 2025, a net profit margin of 8.8%; its operating margin was 31.9%.
What is Wheeler Real Estate Investment's gross margin?
Wheeler Real Estate Investment's gross margin was 66.8% in fiscal 2025: for every $100 of revenue, Wheeler Real Estate Investment kept $67 after the direct cost of its products and services.
How fast is Wheeler Real Estate Investment growing?
Revenue grew 10.3% a year on average over the last five fiscal years, from $60.8 million to $99.4 million.
When will Wheeler Real Estate Investment report its next earnings?
Wheeler Real Estate Investment is expected to report results for the quarter ending September 30, 2026 on November 5, 2026.
When does Wheeler Real Estate Investment's fiscal year end?
Wheeler Real Estate Investment's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.