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Brandywine Rlty Tr Financials

BDN
FY2025 annual
Revenue $484.5M -4.2% YoY
Net Income -$178.2M +9.0% YoY
EPS (Diluted) -$1.03 +9.6% YoY
Free Cash Flow Not reported for FY2025
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

Brandywine Rlty Tr (BDN) reported $484.5M in revenue for fiscal year 2025, down 4.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI BDN FY2025

BDN’s cash-generating assets are being outweighed by noncash earnings drag and a shrinking equity cushion over time.

From FY2022 to FY2025, debt-to-equity rose from 1.2x to 3.2x. Over the same stretch, equity fell to $793M even though FY2025 operating cash flow was still $116.7M, meaning cash generation has not been strong enough to rebuild the balance-sheet cushion that recurring losses have been eroding.

The profit-and-cash split is persistent: FY2025 net loss was -$178.2M even as operating cash flow stayed positive at $116.7M. With depreciation and amortization also running at $176.4M, reported losses are being driven much more by noncash charges than by an immediate collapse in cash receipts, which changes how the business should be read.

Gross margin held near 62% across FY2021-FY2025, showing the direct economics of the asset base were fairly steady. But operating margin fell from 23.7% in FY2022 to 5.5% in FY2025, so the squeeze is happening after direct costs, where overhead, write-downs, or similar operating burdens can overwhelm otherwise stable gross profitability.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Brandywine Rlty Tr does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
3/8

Brandywine Rlty Tr passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Mixed
N/A

Brandywine Rlty Tr reported a net loss of $178.2M while generating $116.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

Revenue
$484.5M
YoY-4.2%
5Y CAGR-2.0%
10Y CAGR-2.2%

Brandywine Rlty Tr generated $484.5M in revenue in fiscal year 2025. This represents a decrease of 4.2% from the prior year.

EBITDA
$203.1M
YoY-12.9%
5Y CAGR-19.2%
10Y CAGR-2.2%

Brandywine Rlty Tr's EBITDA was $203.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 12.9% from the prior year.

Net Income
-$178.2M
YoY+9.0%

Brandywine Rlty Tr reported -$178.2M in net income in fiscal year 2025. This represents an increase of 9.0% from the prior year.

EPS (Diluted)
-$1.03
YoY+9.6%

Brandywine Rlty Tr earned -$1.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 9.6% from the prior year.

Cash & Balance Sheet

Cash & Debt
$32.3M
YoY-64.2%
5Y CAGR-7.0%
10Y CAGR-5.5%

Brandywine Rlty Tr held $32.3M in cash against $2.6B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.53
YoY-11.7%
5Y CAGR-7.0%
10Y CAGR-1.2%

Brandywine Rlty Tr paid $0.53 per share in dividends in fiscal year 2025. This represents a decrease of 11.7% from the prior year.

Shares Outstanding
174M
YoY+0.6%
5Y CAGR+0.4%
10Y CAGR-0.1%

Brandywine Rlty Tr had 174M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Gross Margin
61.8%
YoY-1.2pp
5Y CAGR+0.2pp
10Y CAGR+1.3pp

Brandywine Rlty Tr's gross margin was 61.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.2 percentage points from the prior year.

Operating Margin
5.5%
YoY-5.4pp
5Y CAGR-69.4pp
10Y CAGR-0.1pp

Brandywine Rlty Tr's operating margin was 5.5% in fiscal year 2025, reflecting core business profitability. This is down 5.4 percentage points from the prior year.

Net Margin
-36.8%
YoY+2.0pp
5Y CAGR-93.9pp
10Y CAGR-31.8pp

Brandywine Rlty Tr's net profit margin was -36.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.0 percentage points from the prior year.

Return on Equity
-22.5%
YoY-3.6pp
5Y CAGR-39.5pp
10Y CAGR-20.9pp

Brandywine Rlty Tr's ROE was -22.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.6 percentage points from the prior year.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

BDN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BDN annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Revenue$489.9M$484.5M-4.2%$505.5M-1.8%$514.7M+1.7%$506.1M+4.0%$486.8M-9.0%$534.9M-7.9%$580.4M+6.6%$544.3M+4.6%$520.5M-0.9%$525.5M-12.8%$602.6M+0.9%$597.0M+6.2%$562.2M+5.0%$535.7M-0.5%$538.6M
Cost of RevenueN/AN/AN/AN/A$194.4M+3.2%$188.3M-8.3%$205.5M-9.0%$225.8M+3.6%$218.1M+5.8%$206.1M-1.6%$209.4M-12.0%$238.1M+0.9%$236.0M+6.4%$221.8M+5.2%$210.8M-2.7%$216.8M
Gross Profit$300.3M$299.3M-5.9%$318.2M-2.0%$324.7M+4.2%$311.7M+4.4%$298.5M-9.4%$329.4M-7.1%$354.6M+8.7%$326.2M+3.8%$314.4M-0.5%$316.0M-13.3%$364.5M+1.0%$361.0M+6.0%$340.4M+4.8%$324.8M+0.9%$321.8M
SG&A Expenses$36.9M$42.0M-1.8%$42.8M+22.7%$34.9M-0.4%$35.0M+16.1%$30.2M-0.4%$30.3M-5.8%$32.2M+15.7%$27.8M-2.6%$28.5M+7.3%$26.6M-9.6%$29.4M+9.8%$26.8M-3.1%$27.6M+8.7%$25.4M+3.3%$24.6M
Operating Income$13.0M$26.7M-51.4%$54.9M+354.3%-$21.6M-118.0%$119.7M+28.3%$93.3M-76.7%$400.5M+248.9%$114.8M+102.4%$56.7M-58.1%$135.5M-26.9%$185.4M+447.0%$33.9M-72.6%$123.9M+7.0%$115.8M+4.3%$111.0M+17.8%$94.2M
Interest ExpenseN/AN/AN/AN/AN/AN/AN/A$81.5M+4.2%$78.2M-4.5%$81.9M-3.3%$84.7M-23.5%$110.7M-10.9%$124.3M+2.0%$121.9M-8.3%$132.9M+1.2%$131.4M
Income Tax$114K$112K+700.0%$14K-80.6%$72K+30.9%$55K+17.0%$47K+121.0%-$224K-1966.7%$12K-97.2%$423K+167.4%-$628K$0$0N/AN/AN/AN/A
Net Income-$199.9M-$178.2M+9.0%-$195.9M+0.4%-$196.8M-465.6%$53.8M+338.0%$12.3M-96.0%$305.5M+791.6%$34.3M-74.5%$134.5M+11.9%$120.2M+199.0%$40.2M+232.2%-$30.4M-535.9%$7.0M-83.7%$42.8M+548.6%$6.6M+246.6%-$4.5M
EPS (Diluted)-$1.03+9.6%-$1.14+0.9%-$1.15-471.0%$0.31+342.9%$0.07-96.0%$1.77+831.6%$0.19-74.7%$0.75+15.4%$0.65+242.1%$0.19+190.5%-$0.21$0.00-100.0%$0.23+483.3%-$0.06+40.0%-$0.10

Not reported in any period shown, so not listed: R&D Expenses.

TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

BDN Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BDN annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Total Assets$3.6B+2.7%$3.5B-6.4%$3.7B-3.7%$3.9B+0.7%$3.8B-1.4%$3.9B-4.3%$4.1B0.0%$4.1B+2.0%$4.0B-2.5%$4.1B-10.0%$4.6B-5.8%$4.8B+1.5%$4.8B+5.7%$4.5B-1.1%$4.6B
Cash & Equivalents$32.3M-64.2%$90.2M+54.7%$58.3M+232.3%$17.6M-36.1%$27.5M-40.7%$46.3M-48.8%$90.5M+296.2%$22.8M-88.7%$202.2M+4.3%$193.9M+242.0%$56.7M-78.0%$257.5M-2.2%$263.2M+16892.1%$1.5M+277.8%$410K
Accounts Receivable$22.2M+74.4%$12.7M+6.1%$12.0M+8.9%$11.0M-7.3%$11.9M-12.3%$13.5M-17.3%$16.4M-0.2%$16.4M-8.6%$17.9M+44.1%$12.4M-27.3%$17.1M-8.7%$18.8M+7.9%$17.4M+31.4%$13.2M-10.1%$14.7M
Total Liabilities$2.8B+13.9%$2.4B+1.6%$2.4B+7.5%$2.2B+4.5%$2.1B+2.4%$2.1B-12.2%$2.4B+5.4%$2.3B+5.4%$2.1B-3.0%$2.2B-14.9%$2.6B-2.7%$2.7B-5.9%$2.8B+4.0%$2.7B+2.4%$2.7B
Long-Term Debt$2.6B+15.5%$2.2B+3.5%$2.1B+8.8%$2.0BN/A$1.8B-14.6%$2.1B+5.7%$2.0B+5.0%$1.9B-4.1%$2.0B-15.6%$2.4B-1.8%$2.4B-6.5%$2.6B+5.3%$2.5B+3.0%$2.4B
Total Equity$792.7M-23.7%$1.0B-21.2%$1.3B-19.0%$1.6B-3.8%$1.7B-5.8%$1.8B+6.9%$1.7B-6.7%$1.8B-1.7%$1.8B-2.0%$1.9B-3.5%$1.9B-9.7%$2.1B+12.7%$1.9B+8.4%$1.8B-5.6%$1.9B
Retained EarningsN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A$499.1M-5.7%$529.5M+1.3%$522.5M+8.9%$479.7M+0.5%$477.3M

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities.

BDN Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

BDN annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Cash Flow$120.6M$116.7M-35.6%$181.1M+2.2%$177.3M-15.3%$209.3M+9.7%$190.9M-15.5%$225.8M-3.6%$234.2M+3.0%$227.3M+24.5%$182.6M+5.1%$173.8M-11.8%$197.2M+4.3%$189.0M+3.0%$183.5M+15.3%$159.1M-10.2%$177.2M
Investing Cash Flow-$215.9M-$206.3M-71.6%-$120.2M+31.3%-$174.9M+8.2%-$190.6M-90.0%-$100.3M-648.5%$18.3M+114.0%-$130.7M+39.1%-$214.5M-368.8%$79.8M-84.1%$500.9M+400.9%-$166.5M+38.5%-$270.8M-358.6%$104.7M+239.9%-$74.9M-62.2%-$46.2M
Financing Cash Flow$130.1M$55.7M+272.5%-$32.3M-169.0%$46.8M+263.4%-$28.6M+73.8%-$109.3M+62.1%-$288.2M-709.2%-$35.6M+81.6%-$193.1M+23.9%-$253.6M+52.8%-$536.8M-131.9%-$231.5M-404.3%$76.1M+386.7%-$26.5M+68.1%-$83.1M+43.6%-$147.2M
Dividends PaidN/AN/AN/AN/AN/AN/AN/A$134.1M+4.1%$128.9M+10.8%$116.3M+0.5%$115.7M+1.2%$114.3M+9.2%$104.7M+7.6%$97.4M+1.4%$96.0M+7.2%$89.6M
Share BuybacksN/AN/AN/AN/A$0$0-100.0%$60.0M+247.2%$17.3M-20.9%$21.8M$0$0-100.0%$67.3M$0$0N/AN/A

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

BDN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

BDN annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Gross Margin61.8%-1.2pp62.9%-0.2pp63.1%+1.5pp61.6%+0.3pp61.3%-0.3pp61.6%+0.5pp61.1%+1.2pp59.9%-0.5pp60.4%+0.3pp60.1%-0.3pp60.5%0.0pp60.5%-0.1pp60.6%-0.1pp60.6%+0.9pp59.8%
Operating Margin5.5%-5.4pp10.9%+15.0pp-4.2%-27.9pp23.7%+4.5pp19.2%-55.7pp74.9%+55.1pp19.8%+9.4pp10.4%-15.6pp26.0%-9.3pp35.3%+29.7pp5.6%-15.1pp20.8%+0.2pp20.6%-0.1pp20.7%+3.2pp17.5%
Net Margin-36.8%+2.0pp-38.8%-0.5pp-38.2%-48.9pp10.6%+8.1pp2.5%-54.6pp57.1%+51.2pp5.9%-18.8pp24.7%+1.6pp23.1%+15.4pp7.6%+12.7pp-5.0%-6.2pp1.2%-6.4pp7.6%+6.4pp1.2%+2.1pp-0.8%
Return on Equity-22.5%-3.6pp-18.9%-3.9pp-14.9%-18.3pp3.3%+2.6pp0.7%-16.3pp17.0%+15.0pp2.0%-5.4pp7.5%+0.9pp6.6%+4.4pp2.1%+3.7pp-1.6%-1.9pp0.3%-1.9pp2.3%+1.9pp0.4%+0.6pp-0.2%
Return on Assets-5.0%+0.6pp-5.6%-0.3pp-5.3%-6.7pp1.4%+1.1pp0.3%-7.5pp7.8%+7.0pp0.8%-2.5pp3.3%+0.3pp3.0%+2.0pp1.0%+1.7pp-0.7%-0.8pp0.1%-0.8pp0.9%+0.8pp0.1%+0.3pp-0.1%
Debt-to-Equity3.23+1.1x2.13+0.5x1.62+0.4x1.21-0.1x1.27+0.2x1.02-0.3x1.28+0.2x1.13+0.1x1.060.0x1.08-0.2x1.23+0.1x1.13-0.2x1.370.0x1.41+0.1x1.29

Not reported in any period shown, so not listed: Current Ratio, FCF Margin.

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Frequently Asked Questions

What is Brandywine Rlty Tr's annual revenue?

Brandywine Rlty Tr (BDN) reported $484.5M in total revenue for fiscal year 2025. This represents a -4.2% 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 4.2% year-over-year, from $505.5M to $484.5M in fiscal year 2025.

Is Brandywine Rlty Tr profitable?

No, Brandywine Rlty Tr (BDN) reported a net income of -$178.2M in fiscal year 2025, with a net profit margin of -36.8%.

Brandywine Rlty Tr (BDN) reported diluted earnings per share of -$1.03 for fiscal year 2025. This represents a 9.6% 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.

Brandywine Rlty Tr (BDN) had EBITDA of $203.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Brandywine Rlty Tr (BDN) had $32.3M in cash and equivalents against $2.6B in long-term debt.

Brandywine Rlty Tr (BDN) had a gross margin of 61.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Brandywine Rlty Tr (BDN) had an operating margin of 5.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Brandywine Rlty Tr (BDN) had a net profit margin of -36.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Brandywine Rlty Tr (BDN) paid $0.53 per share in dividends during fiscal year 2025.

Brandywine Rlty Tr (BDN) has a return on equity of -22.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Brandywine Rlty Tr (BDN) generated $116.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Brandywine Rlty Tr (BDN) had $3.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Brandywine Rlty Tr (BDN) had 174M shares outstanding as of fiscal year 2025.

Brandywine Rlty Tr (BDN) had a debt-to-equity ratio of 3.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Brandywine Rlty Tr (BDN) had a return on assets of -5.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Brandywine Rlty Tr (BDN) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Brandywine Rlty Tr (BDN) reported a net loss of $178.2M while generating $116.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.

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