ESRT · Empire State Realty Trust, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $768.27M | $767.92M | $739.57M | $727.04M | $624.09M | $609.23M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $72.84M | $70.23M | $63.94M | $61.77M | $55.95M | $62.24M |
| Total Operating Expenses | $632.62M | $609.21M | $592.87M | $600.01M | $544.96M | $550.57M |
| D&A | $194.76M | $184.82M | $189.91M | $216.89M | $201.81M | $191.01M |
| Operating Income | $135.65M | $158.71M | $146.71M | $127.03M | $79.13M | $58.66M |
| Interest Expense | $103.13M | $105.24M | $101.48M | $101.21M | $94.39M | $89.91M |
| Income Tax | $2.56M | $2.69M | $2.71M | $1.55M | ($1.73M) | ($6.97M) |
| Net Income | $43.40M | $47.44M | $49.04M | $36.44M | ($10.71M) | ($16.71M) |
| EPS - Basic | $0.26 | $0.29 | $0.30 | $0.22 | ($0.06) | ($0.10) |
| EPS - Diluted | $0.25 | $0.28 | $0.30 | $0.22 | ($0.06) | ($0.10) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $132.66M | $385.46M | $346.62M | $264.43M | $423.69M | $526.71M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $4.47B | $4.51B | $4.22B | $4.16B | $4.28B | $4.15B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $2.65B | $2.73B | $2.49B | $2.48B | $2.60B | $2.42B |
| Stockholders' Equity | $1.06B | $1.03B | $985.52M | $954.38M | $998.13M | $1.06B |
| Retained Earnings | ($39.65M) | ($58.89M) | ($83.11M) | ($109.47M) | ($133.61M) | ($65.67M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $249.05M | $260.89M | $232.49M | $211.17M | $212.49M | $182.29M |
| Investing Cash Flow | ($550.01M) | ($397.12M) | ($77.34M) | ($230.89M) | ($212.74M) | ($143.12M) |
| Financing Cash Flow | $38.17M | $158.58M | ($62.87M) | ($140.24M) | ($93.05M) | $257.17M |
| CapEx | - | - | $169.16M | $85.96M | $398.37M | $104.06M |
| Free Cash Flow | - | - | $63.34M | $125.21M | ($185.89M) | $78.23M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 17.7% | 20.7% | 19.8% | 17.5% | 12.7% | 9.6% |
| EBITDA margin | 43.0% | 44.7% | 45.5% | 47.3% | 45.0% | 41.0% |
| Net margin | 5.6% | 6.2% | 6.6% | 5.0% | -1.7% | -2.7% |
| Free cash flow margin | - | - | 8.6% | 17.2% | -29.8% | 12.8% |
| FCF / Net income | - | - | 1.29 | 3.44 | 17.35 | -4.68 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 9.5% | 9.1% | 8.6% | 8.5% | 9.0% | 10.2% |
| Effective tax rate | 5.6% | 5.4% | 5.2% | 4.1% | - | - |
| Return on assets | 1.0% | 1.1% | 1.2% | 0.9% | -0.3% | -0.4% |
| Return on equity | 4.1% | 4.6% | 5.0% | 3.8% | -1.1% | -1.6% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | 1.3x | 1.5x | 1.4x | 1.3x | 0.8x | 0.7x |
| Equity multiplier | 4.22 | 4.38 | 4.28 | 4.36 | 4.29 | 3.93 |
| Liabilities / Assets | 0.59 | 0.60 | 0.59 | 0.60 | 0.61 | 0.58 |
| Efficiency | ||||||
| Asset turnover | 0.17 | 0.17 | 0.18 | 0.17 | 0.15 | 0.15 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 26.1x | 36.9x | 32.3x | 30.6x | - | - |
| P / B | 1.7x | 2.7x | 2.6x | 1.9x | 2.5x | 2.5x |
| P / S | 2.3x | 3.6x | 3.5x | 2.5x | 4.0x | 4.3x |
| EV / EBITDA | 4.9x | 7.0x | 6.6x | 4.5x | 7.3x | 8.5x |
| Growth | ||||||
| Revenue growth (YoY) | 0.0% | 3.8% | 1.7% | 16.5% | 2.4% | -16.7% |
| Revenue CAGR (3y) | 1.9% | 7.2% | 6.7% | -0.2% | -5.2% | -5.1% |
| Revenue CAGR (5y) | 4.7% | 1.0% | 0.2% | 0.4% | -1.6% | -1.5% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -14.5% | 8.2% | 15.5% | 60.5% | 34.9% | -62.1% |
| Net income growth (YoY) | -8.5% | -3.3% | 34.6% | - | 35.9% | - |
| EPS growth (YoY) | -10.7% | -6.7% | 36.4% | - | 40.0% | - |
| EPS CAGR (3y) | 4.4% | - | - | -7.7% | - | - |
| EPS CAGR (5y) | - | 0.0% | -5.1% | -10.8% | - | - |
| FCF growth (YoY) | - | - | -49.4% | - | - | - |
| FCF CAGR (5y) | - | - | 23.0% | - | - | 11.0% |
| Book value growth (YoY) | 2.8% | 4.6% | 3.3% | -4.4% | -5.4% | -14.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$766.79M totalReal Estate Segment$638.46M · 83.3%
Observatory Segment$128.33M · 16.7%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing Empire State Realty Trust against the 5 most active filers in the same SIC group.
Dividends
$0.14/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.0350 |
| Dec 15, 2025 | $0.0350 |
| Sep 15, 2025 | $0.0350 |
| Jun 13, 2025 | $0.0350 |
| Mar 14, 2025 | $0.0350 |
| Dec 16, 2024 | $0.0350 |
| Sep 16, 2024 | $0.0350 |
| Jun 14, 2024 | $0.0350 |
| Mar 14, 2024 | $0.0350 |
| Dec 15, 2023 | $0.0350 |
| Sep 14, 2023 | $0.0350 |
| Jun 14, 2023 | $0.0350 |
| Mar 14, 2023 | $0.0350 |
| Dec 16, 2022 | $0.0350 |
| Sep 14, 2022 | $0.0350 |
| Jun 14, 2022 | $0.0350 |
| Mar 14, 2022 | $0.0350 |
| Dec 17, 2021 | $0.0350 |
| Sep 14, 2021 | $0.0350 |
| Jun 14, 2021 | $0.0350 |
| Jun 18, 2020 | $0.1050 |
| Mar 13, 2020 | $0.1050 |
| Dec 20, 2019 | $0.1050 |
| Sep 13, 2019 | $0.1050 |