Brandywine Rlty Tr Financials

BDN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Brandywine Rlty Tr (BDN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Brandywine Rlty Tr passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Mixed

-0.92x

For every $1 of reported earnings, Brandywine Rlty Tr generates $-0.92 in operating cash flow ($181.1M OCF vs -$195.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Revenue

$505.5M

YoY-1.8%

5Y CAGR-2.7%

10Y CAGR-1.6%

Brandywine Rlty Tr generated $505.5M in revenue in fiscal year 2024. This represents a decrease of 1.8% from the prior year.

EBITDA

$233.0M

YoY+39.4%

5Y CAGR-6.4%

10Y CAGR-3.5%

Brandywine Rlty Tr's EBITDA was $233.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 39.4% from the prior year.

Free Cash Flow

N/A

Net Income

-$195.9M

YoY+0.4%

Brandywine Rlty Tr reported -$195.9M in net income in fiscal year 2024. This represents an increase of 0.4% from the prior year.

EPS (Diluted)

$-1.14

YoY+0.9%

Brandywine Rlty Tr earned $-1.14 per diluted share (EPS) in fiscal year 2024. This represents an increase of 0.9% from the prior year.

Cash & Debt

$90.2M

YoY+54.7%

5Y CAGR-0.1%

10Y CAGR-10.0%

Brandywine Rlty Tr held $90.2M in cash against $2.2B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.60

YoY-11.8%

5Y CAGR-4.6%

10Y CAGR+0.0%

Brandywine Rlty Tr paid $0.60 per share in dividends in fiscal year 2024. This represents a decrease of 11.8% from the prior year.

Shares Outstanding

173M

YoY+0.3%

5Y CAGR-0.4%

10Y CAGR-0.4%

Brandywine Rlty Tr had 173M shares outstanding in fiscal year 2024. This represents an increase of 0.3% from the prior year.

Gross Margin

62.9%

YoY-0.2pp

5Y CAGR+1.8pp

10Y CAGR+2.5pp

Brandywine Rlty Tr's gross margin was 62.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.2 percentage points from the prior year.

Operating Margin

10.9%

YoY+15.0pp

5Y CAGR-8.9pp

10Y CAGR-9.9pp

Brandywine Rlty Tr's operating margin was 10.9% in fiscal year 2024, reflecting core business profitability. This is up 15.0 percentage points from the prior year.

Net Margin

-38.8%

YoY-0.5pp

5Y CAGR-44.6pp

10Y CAGR-39.9pp

Brandywine Rlty Tr's net profit margin was -38.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.5 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

BDN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$505.5M-1.8%	$514.7M+1.7%	$506.1M+4.0%	$486.8M-9.0%	$534.9M-7.9%	$580.4M
Cost of Revenue	N/A	N/A	$194.4M+3.2%	$188.3M-8.3%	$205.5M-9.0%	$225.8M
Gross Profit	$318.2M-2.0%	$324.7M+4.2%	$311.7M+4.4%	$298.5M-9.4%	$329.4M-7.1%	$354.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$42.8M+22.7%	$34.9M-0.4%	$35.0M+16.1%	$30.2M-0.4%	$30.3M-5.8%	$32.2M
Operating Income	$54.9M+354.3%	-$21.6M-118.0%	$119.7M+28.3%	$93.3M-76.7%	$400.5M+248.9%	$114.8M
Interest Expense	N/A	N/A	N/A	N/A	N/A	$81.5M
Income Tax	$14K-80.6%	$72K+30.9%	$55K+17.0%	$47K+121.0%	-$224K-1966.7%	$12K
Net Income	-$195.9M+0.4%	-$196.8M-465.6%	$53.8M+338.0%	$12.3M-96.0%	$305.5M+791.6%	$34.3M
EPS (Diluted)	$-1.14+0.9%	$-1.15-471.0%	$0.31+342.9%	$0.07-96.0%	$1.77+831.6%	$0.19

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$121.4M+0.7%	$120.6M-0.8%	$121.5M-0.3%	$121.9M-2.7%	$125.3M-0.9%	$126.5M-2.8%	$130.2M+0.6%	$129.4M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$46.4M
Gross Profit	$76.0M+1.1%	$75.2M+1.7%	$73.9M-0.9%	$74.6M-5.6%	$79.0M0.0%	$79.1M-5.3%	$83.5M+0.6%	$83.0M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$7.8M-15.9%	$9.3M-46.6%	$17.5M+73.7%	$10.1M+12.5%	$8.9M-19.5%	$11.1M+39.7%	$8.0M-1.5%	$8.1M
Operating Income	$25.2M+161.0%	-$41.3M-372.6%	$15.2M-30.9%	$21.9M+12.6%	$19.5M-15.0%	$22.9M+129.1%	-$78.9M-652.8%	$14.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0-100.0%	$85K	$0-100.0%	$3K-66.7%	$9K+350.0%	$2K-94.6%	$37K+1333.3%	-$3K
Net Income	-$25.9M+70.8%	-$88.7M-228.7%	-$27.0M+39.4%	-$44.5M-247.5%	$30.2M+284.3%	-$16.4M+89.6%	-$157.3M-629.7%	-$21.6M
EPS (Diluted)	$-0.15+70.6%	$-0.51-218.8%	$-0.16+36.0%	$-0.25-247.1%	$0.17+270.0%	$-0.10+89.0%	$-0.91-600.0%	$-0.13

BDN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$3.5B-6.4%	$3.7B-3.7%	$3.9B+0.7%	$3.8B-1.4%	$3.9B-4.3%	$4.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$90.2M+54.7%	$58.3M+232.3%	$17.6M-36.1%	$27.5M-40.7%	$46.3M-48.8%	$90.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$12.7M+6.1%	$12.0M+8.9%	$11.0M-7.3%	$11.9M-12.3%	$13.5M-17.3%	$16.4M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.4B+1.6%	$2.4B+7.5%	$2.2B+4.5%	$2.1B+2.4%	$2.1B-12.2%	$2.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.2B+3.5%	$2.1B+8.8%	$2.0B	N/A	$1.8B-14.6%	$2.1B
Total Equity	$1.0B-21.2%	$1.3B-19.0%	$1.6B-3.8%	$1.7B-5.8%	$1.8B+6.9%	$1.7B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$3.3B-2.2%	$3.4B-0.9%	$3.4B-2.0%	$3.5B-7.0%	$3.8B+0.5%	$3.7B+0.1%	$3.7B-4.8%	$3.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$75.5M-38.5%	$122.6M+316.8%	$29.4M-67.4%	$90.2M+197.1%	$30.4M-29.7%	$43.2M-25.9%	$58.3M+21.8%	$47.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$15.5M-4.7%	$16.3M+19.8%	$13.6M+6.8%	$12.7M+16.9%	$10.9M-6.5%	$11.6M-2.9%	$12.0M-48.2%	$23.1M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$2.5B-1.5%	$2.5B+3.5%	$2.4B-0.9%	$2.4B-0.3%	$2.5B+0.4%	$2.4B+1.5%	$2.4B0.0%	$2.4B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.3B-1.9%	$2.3B+4.4%	$2.2B+0.1%	$2.2B-1.3%	$2.2B+2.8%	$2.2B+2.0%	$2.1B+0.2%	$2.1B
Total Equity	$841.5M-4.3%	$879.8M-11.5%	$993.6M-4.3%	$1.0B-19.7%	$1.3B+0.6%	$1.3B-2.4%	$1.3B-12.6%	$1.5B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BDN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$181.1M+2.2%	$177.3M-15.3%	$209.3M+9.7%	$190.9M-15.5%	$225.8M-3.6%	$234.2M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$120.2M+31.3%	-$174.9M+8.2%	-$190.6M-90.0%	-$100.3M-648.5%	$18.3M+114.0%	-$130.7M
Financing Cash Flow	-$32.3M-169.0%	$46.8M+263.4%	-$28.6M+73.8%	-$109.3M+62.1%	-$288.2M-709.2%	-$35.6M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$134.1M
Share Buybacks	N/A	N/A	$0	$0-100.0%	$60.0M+247.2%	$17.3M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$47.5M+38.0%	$34.4M+444.6%	$6.3M-88.9%	$56.9M+18.2%	$48.2M+102.3%	$23.8M-63.9%	$65.9M+31.5%	$50.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$24.6M-107.4%	-$11.9M+73.4%	-$44.6M-161.3%	$72.8M+173.7%	-$98.8M-78.6%	-$55.3M-56.0%	-$35.5M-2131.7%	-$1.6M
Financing Cash Flow	-$70.1M-200.5%	$69.8M+364.3%	-$26.4M+65.4%	-$76.3M-312.8%	$35.8M+134.9%	$15.3M+171.0%	-$21.5M+34.6%	-$32.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BDN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	62.9%-0.2pp	63.1%+1.5pp	61.6%+0.3pp	61.3%-0.3pp	61.6%+0.5pp	61.1%
Operating Margin	10.9%+15.0pp	-4.2%-27.9pp	23.7%+4.5pp	19.2%-55.7pp	74.9%+55.1pp	19.8%
Net Margin	-38.8%-0.5pp	-38.2%-48.9pp	10.6%+8.1pp	2.5%-54.6pp	57.1%+51.2pp	5.9%
Return on Equity	N/A	N/A	3.3%+2.6pp	0.7%-16.3pp	17.0%+15.0pp	2.0%
Return on Assets	-5.6%-0.3pp	-5.3%-6.7pp	1.4%+1.1pp	0.3%-7.5pp	7.8%+7.0pp	0.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.13+0.5	1.62+0.4	1.21-0.1	1.27+0.2	1.02-0.3	1.28
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	62.6%+0.2pp	62.4%+1.5pp	60.8%-0.3pp	61.2%-1.9pp	63.0%+0.5pp	62.5%-1.6pp	64.1%0.0pp	64.1%
Operating Margin	20.8%+55.0pp	-34.3%-46.8pp	12.5%-5.5pp	18.0%+2.5pp	15.5%-2.6pp	18.1%+78.7pp	-60.6%-71.6pp	11.0%
Net Margin	-21.3%+52.2pp	-73.5%-51.3pp	-22.2%+14.3pp	-36.5%-60.6pp	24.1%+37.0pp	-12.9%+107.9pp	-120.8%-104.2pp	-16.7%
Return on Equity	N/A	N/A	N/A	N/A	2.3%	N/A	N/A	N/A
Return on Assets	-0.8%+1.8pp	-2.6%-1.8pp	-0.8%+0.5pp	-1.3%-2.1pp	0.8%+1.2pp	-0.4%+3.8pp	-4.2%-3.7pp	-0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.70+0.1	2.63+0.4	2.23+0.1	2.13+0.4	1.73+0.0	1.70+0.1	1.62+0.2	1.42
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Brandywine Rlty Tr's annual revenue?

Brandywine Rlty Tr (BDN) reported $505.5M in total revenue for fiscal year 2024. This represents a -1.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Brandywine Rlty Tr's revenue growing?

Brandywine Rlty Tr (BDN) revenue declined by 1.8% year-over-year, from $514.7M to $505.5M in fiscal year 2024.

Is Brandywine Rlty Tr profitable?

No, Brandywine Rlty Tr (BDN) reported a net income of -$195.9M in fiscal year 2024, with a net profit margin of -38.8%.

What is Brandywine Rlty Tr's earnings per share (EPS)?

Brandywine Rlty Tr (BDN) reported diluted earnings per share of $-1.14 for fiscal year 2024. This represents a 0.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Brandywine Rlty Tr's EBITDA?

Brandywine Rlty Tr (BDN) had EBITDA of $233.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Brandywine Rlty Tr have?

As of fiscal year 2024, Brandywine Rlty Tr (BDN) had $90.2M in cash and equivalents against $2.2B in long-term debt.

What is Brandywine Rlty Tr's gross margin?

Brandywine Rlty Tr (BDN) had a gross margin of 62.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Brandywine Rlty Tr's operating margin?

Brandywine Rlty Tr (BDN) had an operating margin of 10.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Brandywine Rlty Tr's net profit margin?

Brandywine Rlty Tr (BDN) had a net profit margin of -38.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Brandywine Rlty Tr pay dividends?

Yes, Brandywine Rlty Tr (BDN) paid $0.60 per share in dividends during fiscal year 2024.

What is Brandywine Rlty Tr's operating cash flow?

Brandywine Rlty Tr (BDN) generated $181.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Brandywine Rlty Tr's total assets?

Brandywine Rlty Tr (BDN) had $3.5B in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Brandywine Rlty Tr have outstanding?

Brandywine Rlty Tr (BDN) had 173M shares outstanding as of fiscal year 2024.

What is Brandywine Rlty Tr's debt-to-equity ratio?

Brandywine Rlty Tr (BDN) had a debt-to-equity ratio of 2.13 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Brandywine Rlty Tr's return on assets (ROA)?

Brandywine Rlty Tr (BDN) had a return on assets of -5.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Brandywine Rlty Tr's Piotroski F-Score?

Brandywine Rlty Tr (BDN) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Brandywine Rlty Tr's earnings high quality?

Brandywine Rlty Tr (BDN) has an earnings quality ratio of -0.92x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.