Brandywine Rlty Tr Financials
This page shows Brandywine Rlty Tr (BDN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).
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
Gross margin held near
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Brandywine Rlty Tr's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Brandywine Rlty Tr has an operating margin of 5.5%, meaning the company retains $6 of operating profit per $100 of revenue. This results in a moderate score of 34/100, indicating healthy but not exceptional operating efficiency. This is down from 10.9% the prior year.
Brandywine Rlty Tr's revenue declined 4.2% year-over-year, from $505.5M to $484.5M. This contraction results in a growth score of 28/100.
Brandywine Rlty Tr has a moderate D/E ratio of 3.23. This balance of debt and equity financing earns a leverage score of 36/100.
Brandywine Rlty Tr generates a -22.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -18.9% the prior year.
Brandywine Rlty Tr passes 3 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Brandywine Rlty Tr generates $-0.65 in operating cash flow ($116.7M OCF vs -$178.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Brandywine Rlty Tr generated $484.5M in revenue in fiscal year 2025. This represents a decrease of 4.2% from the prior year.
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.
Brandywine Rlty Tr reported -$178.2M in net income in fiscal year 2025. This represents an increase of 9.0% from the prior year.
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
Brandywine Rlty Tr held $32.3M in cash against $2.6B in long-term debt as of fiscal year 2025.
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.
Brandywine Rlty Tr had 174M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.
Margins & Returns
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.
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.
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.
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
BDN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $127.0M+5.0% | $121.0M-0.4% | $121.4M+0.7% | $120.6M-0.8% | $121.5M-0.3% | $121.9M-7.5% | $131.8M+5.1% | $125.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $75.0M+1.2% | $74.1M-2.5% | $76.0M+1.1% | $75.2M+1.7% | $73.9M-0.9% | $74.6M-12.8% | $85.5M+8.2% | $79.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $12.3M+66.8% | $7.4M-5.7% | $7.8M-15.9% | $9.3M-46.6% | $17.5M+73.7% | $10.1M-20.7% | $12.7M+41.8% | $8.9M |
| Operating Income | $1.5M-94.5% | $27.6M+9.6% | $25.2M+161.0% | -$41.3M-372.6% | $15.2M-30.9% | $21.9M+331.9% | -$9.5M-148.6% | $19.5M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $2K-92.6% | $27K | $0-100.0% | $85K | $0-100.0% | $3K | $0-100.0% | $9K |
| Net Income | -$48.6M-32.5% | -$36.7M-41.5% | -$25.9M+70.8% | -$88.7M-228.7% | -$27.0M+39.4% | -$44.5M+73.1% | -$165.2M-647.6% | $30.2M |
| EPS (Diluted) | $-0.28 | N/A | $-0.15+70.6% | $-0.51-218.8% | $-0.16 | N/A | $-0.96-664.7% | $0.17 |
BDN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.6B0.0% | $3.6B+8.0% | $3.3B-2.2% | $3.4B-0.9% | $3.4B-2.0% | $3.5B-3.0% | $3.6B-4.1% | $3.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $36.2M+12.1% | $32.3M-57.2% | $75.5M-38.5% | $122.6M+316.8% | $29.4M-67.4% | $90.2M+147.2% | $36.5M+20.2% | $30.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $23.4M+5.5% | $22.2M+43.0% | $15.5M-4.7% | $16.3M+19.8% | $13.6M+6.8% | $12.7M+46.5% | $8.7M-20.2% | $10.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $2.8B+2.2% | $2.8B+12.8% | $2.5B-1.5% | $2.5B+3.5% | $2.4B-0.9% | $2.4B-1.9% | $2.5B+1.6% | $2.5B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $2.6B+2.6% | $2.6B+12.7% | $2.3B-1.9% | $2.3B+4.4% | $2.2B+0.1% | $2.2B-2.2% | $2.3B+0.9% | $2.2B |
| Total Equity | $734.3M-7.4% | $792.7M-5.8% | $841.5M-4.3% | $879.8M-11.5% | $993.6M-4.3% | $1.0B-5.5% | $1.1B-15.0% | $1.3B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BDN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $10.2M-64.2% | $28.5M-39.9% | $47.5M+38.0% | $34.4M+444.6% | $6.3M-88.9% | $56.9M+9.0% | $52.2M+8.5% | $48.2M |
| 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 | -$54.2M+56.7% | -$125.2M-409.3% | -$24.6M-107.4% | -$11.9M+73.4% | -$44.6M-161.3% | $72.8M+287.1% | -$38.9M+60.6% | -$98.8M |
| Financing Cash Flow | $48.0M-41.8% | $82.5M+217.6% | -$70.1M-200.5% | $69.8M+364.3% | -$26.4M+65.4% | -$76.3M-972.2% | -$7.1M-119.8% | $35.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $2.2M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
BDN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.0%-2.2pp | 61.3%-1.3pp | 62.6%+0.2pp | 62.4%+1.5pp | 60.8%-0.3pp | 61.2%-3.7pp | 64.9%+1.8pp | 63.0% |
| Operating Margin | 1.2%-21.6pp | 22.8%+2.1pp | 20.8%+55.0pp | -34.3%-46.8pp | 12.5%-5.5pp | 18.0%+25.2pp | -7.2%-22.7pp | 15.5% |
| Net Margin | -38.3%-7.9pp | -30.3%-9.0pp | -21.3%+52.2pp | -73.5%-51.3pp | -22.2%+14.3pp | -36.5%+88.9pp | -125.4%-149.4pp | 24.1% |
| Return on Equity | -6.6%-2.0pp | -4.6%-1.5pp | -3.1%+7.0pp | -10.1%-7.4pp | -2.7%+1.6pp | -4.3%+10.8pp | -15.0%-17.4pp | 2.3% |
| Return on Assets | -1.4%-0.3pp | -1.0%-0.2pp | -0.8%+1.8pp | -2.6%-1.8pp | -0.8%+0.5pp | -1.3%+3.3pp | -4.6%-5.4pp | 0.8% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 3.57+0.3 | 3.23+0.5 | 2.70+0.1 | 2.63+0.4 | 2.23+0.1 | 2.13+0.1 | 2.06+0.3 | 1.73 |
| 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 $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%.
What is Brandywine Rlty Tr's EBITDA?
Brandywine Rlty Tr (BDN) had EBITDA of $203.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Brandywine Rlty Tr have?
As of fiscal year 2025, Brandywine Rlty Tr (BDN) had $32.3M in cash and equivalents against $2.6B in long-term debt.
What is Brandywine Rlty Tr's gross margin?
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.
What is Brandywine Rlty Tr's operating margin?
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.
What is Brandywine Rlty Tr's net profit margin?
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.
Does Brandywine Rlty Tr pay dividends?
Yes, Brandywine Rlty Tr (BDN) paid $0.53 per share in dividends during fiscal year 2025.
What is Brandywine Rlty Tr's return on equity (ROE)?
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.
What is Brandywine Rlty Tr's operating cash flow?
Brandywine Rlty Tr (BDN) generated $116.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Brandywine Rlty Tr's total assets?
Brandywine Rlty Tr (BDN) had $3.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Brandywine Rlty Tr's debt-to-equity ratio?
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.
What is Brandywine Rlty Tr's return on assets (ROA)?
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.
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 to 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 -0.65x, 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.
How financially healthy is Brandywine Rlty Tr?
Brandywine Rlty Tr (BDN) scores 16 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.