Essential Properties Realty Trust Financials
Essential Properties Realty Trust (EPRT) reported $561.2M in revenue for fiscal year 2025, up 24.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).
Externally funded asset growth is the dominant mechanic, while cash-backed dividends show the portfolio throws off real operating cash.
Operating cash flow climbed from$254.6M in FY2023 to$381.1M in FY2025, so the dividend looks supported by cash generation rather than only accounting income. But FY2025 investing outflows of$1.15B were about 3.0x operating cash flow, meaning self-funded distributions coexist with externally funded expansion.
The balance sheet is being scaled rather than stretched: total assets reached
Net income was
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Essential Properties Realty Trust'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.
Essential Properties Realty Trust passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Essential Properties Realty Trust generates $1.51 in operating cash flow ($381.1M OCF vs $253.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Essential Properties Realty Trust earns $3.33 in operating income for every $1 of interest expense ($359.9M vs $108.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Essential Properties Realty Trust generated $561.2M in revenue in fiscal year 2025. This represents an increase of 24.8% from the prior year.
Essential Properties Realty Trust's EBITDA was $507.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.0% from the prior year.
Essential Properties Realty Trust reported $253.0M in net income in fiscal year 2025. This represents an increase of 24.6% from the prior year.
Essential Properties Realty Trust earned $1.28 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.3% from the prior year.
Cash & Balance Sheet
Essential Properties Realty Trust held $60.2M in cash against $2.5B in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Essential Properties Realty Trust's operating margin was 64.1% in fiscal year 2025, reflecting core business profitability. This is up 2.3 percentage points from the prior year.
Essential Properties Realty Trust's net profit margin was 45.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.1 percentage points from the prior year.
Essential Properties Realty Trust's ROE was 6.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
EPRT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $615.5M | $561.2M+24.8% | $449.6M+25.0% | $359.6M+25.5% | $286.5M+24.4% | $230.2M+40.4% | $164.0M+17.7% | $139.4M+44.8% | $96.2M+76.7% | $54.4M |
| SG&A Expenses | $41.9M | $40.9M+16.2% | $35.2M+14.6% | $30.7M+4.1% | $29.5M+21.1% | $24.3M-0.5% | $24.4M+12.4% | $21.7M+58.0% | $13.8M+56.8% | $8.8M |
| Operating Income | $386.6M | $359.9M+29.4% | $278.2M+14.6% | $242.8M+38.4% | $175.4M+30.5% | $134.4M+84.6% | $72.8M-8.7% | $79.8M+59.4% | $50.1M+681.4% | $6.4M |
| Interest Expense | $119.5M | $108.1M+37.6% | $78.5M+49.3% | $52.6M+30.3% | $40.4M+20.1% | $33.6M+13.4% | $29.7M+9.7% | $27.0M-10.4% | $30.2M+33.7% | $22.6M |
| Income Tax | $1.1M | $644K+2.5% | $628K-1.3% | $636K-36.3% | $998K+339.6% | $227K+7.1% | $212K-30.0% | $303K+55.4% | $195K+21.1% | $161K |
| Net Income | $267.8M | $253.0M+24.6% | $203.0M+6.4% | $190.7M+42.2% | $134.1M+40.1% | $95.7M+126.4% | $42.3M+1.0% | $41.8M+168.0% | $15.6M+148.0% | $6.3M |
| EPS (Diluted) | — | $1.28+11.3% | $1.15-7.3% | $1.24+25.3% | $0.99+20.7% | $0.82+86.4% | $0.44-30.2% | $0.63 | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 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.
EPRT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.9B+18.4% | $5.8B+21.6% | $4.8B+19.2% | $4.0B+21.3% | $3.3B+32.5% | $2.5B+26.0% | $2.0B+43.1% | $1.4B+46.6% | $942.2M |
| Cash & Equivalents | $60.2M+47.8% | $40.7M+2.3% | $39.8M-36.2% | $62.3M+4.3% | $59.8M+124.6% | $26.6M+220.4% | $8.3M+96.0% | $4.2M-41.6% | $7.3M |
| Total Liabilities | $2.7B+19.2% | $2.2B+25.0% | $1.8B+18.5% | $1.5B+19.8% | $1.3B+38.4% | $906.9M+17.3% | $773.3M+35.7% | $569.9M-25.1% | $760.8M |
| Long-Term Debt | $2.5B+18.8% | $2.1B+26.8% | $1.7B+17.5% | $1.4B+21.8% | $1.2B+43.0% | $821.2M+243.4% | $239.1M-53.6% | $515.1M | N/A |
| Total Equity | $4.2B+17.9% | $3.6B+19.6% | $3.0B+19.7% | $2.5B+22.2% | $2.0B+29.3% | $1.6B+31.8% | $1.2B+112.5% | $562.2M+209.9% | $181.4M |
| Retained Earnings | -$109.3M+3.6% | -$113.3M-7.3% | -$105.5M+9.9% | -$117.2M-16.0% | -$101.0M-30.0% | -$77.7M-182.6% | -$27.5M-258.8% | -$7.7M | $0 |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities.
EPRT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $414.1M | $381.1M+23.5% | $308.5M+21.2% | $254.6M+20.6% | $211.0M+26.1% | $167.4M+68.4% | $99.4M+12.2% | $88.6M+92.9% | $45.9M+104.3% | $22.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1.7M+3418.8% | $48K |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $44.2M+97.2% | $22.4M |
| Investing Cash Flow | -$1.2B | -$1.2B-2.7% | -$1.1B-31.0% | -$857.1M-21.4% | -$706.1M+14.9% | -$829.7M-52.1% | -$545.5M+10.3% | -$607.8M-31.6% | -$461.9M+0.5% | -$464.4M |
| Financing Cash Flow | $868.4M | $798.4M-1.5% | $810.7M+39.8% | $580.0M+14.4% | $506.8M-26.5% | $689.1M+50.5% | $457.8M-12.7% | $524.4M+27.0% | $412.8M-8.2% | $449.4M |
| Dividends Paid | $252.6M | $233.9M+17.2% | $199.7M+18.7% | $168.2M+18.7% | $141.7M+26.1% | $112.3M+29.9% | $86.5M+35.3% | $63.9M+354.2% | $14.1M | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 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.
EPRT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 64.1%+2.3pp | 61.9%-5.6pp | 67.5%+6.3pp | 61.2%+2.8pp | 58.4%+14.0pp | 44.4%-12.9pp | 57.3%+5.2pp | 52.0%+40.3pp | 11.8% |
| Net Margin | 45.1%-0.1pp | 45.1%-7.9pp | 53.0%+6.2pp | 46.8%+5.2pp | 41.6%+15.8pp | 25.8%-4.3pp | 30.0%+13.8pp | 16.2%+4.7pp | 11.6% |
| Return on Equity | 6.0%+0.3pp | 5.7%-0.7pp | 6.4%+1.0pp | 5.4%+0.7pp | 4.7%+2.0pp | 2.7%-0.8pp | 3.5%+0.7pp | 2.8%-0.7pp | 3.5% |
| Return on Assets | 3.7%+0.2pp | 3.5%-0.5pp | 4.0%+0.6pp | 3.4%+0.5pp | 2.9%+1.2pp | 1.7%-0.4pp | 2.1%+1.0pp | 1.1%+0.5pp | 0.7% |
| Debt-to-Equity | 0.600.0x | 0.600.0x | 0.560.0x | 0.570.0x | 0.58+0.1x | 0.52+0.3x | 0.20-0.7x | 0.92-3.3x | 4.19 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 46.0%+4.8pp | 41.2% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
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Where Essential Properties Realty Trust Ranks
Frequently Asked Questions
What is Essential Properties Realty Trust's annual revenue?
Essential Properties Realty Trust (EPRT) reported $561.2M in total revenue for fiscal year 2025. This represents a 24.8% 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 Essential Properties Realty Trust's revenue growing?
Essential Properties Realty Trust (EPRT) revenue grew by 24.8% year-over-year, from $449.6M to $561.2M in fiscal year 2025.
Is Essential Properties Realty Trust profitable?
Yes, Essential Properties Realty Trust (EPRT) reported a net income of $253.0M in fiscal year 2025, with a net profit margin of 45.1%.
What is Essential Properties Realty Trust's EBITDA?
Essential Properties Realty Trust (EPRT) had EBITDA of $507.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Essential Properties Realty Trust have?
As of fiscal year 2025, Essential Properties Realty Trust (EPRT) had $60.2M in cash and equivalents against $2.5B in long-term debt.
What is Essential Properties Realty Trust's operating margin?
Essential Properties Realty Trust (EPRT) had an operating margin of 64.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Essential Properties Realty Trust's net profit margin?
Essential Properties Realty Trust (EPRT) had a net profit margin of 45.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Essential Properties Realty Trust's return on equity (ROE)?
Essential Properties Realty Trust (EPRT) has a return on equity of 6.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Essential Properties Realty Trust's operating cash flow?
Essential Properties Realty Trust (EPRT) generated $381.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Essential Properties Realty Trust's total assets?
Essential Properties Realty Trust (EPRT) had $6.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Essential Properties Realty Trust's debt-to-equity ratio?
Essential Properties Realty Trust (EPRT) had a debt-to-equity ratio of 0.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Essential Properties Realty Trust's return on assets (ROA)?
Essential Properties Realty Trust (EPRT) had a return on assets of 3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Essential Properties Realty Trust's Piotroski F-Score?
Essential Properties Realty Trust (EPRT) has a Piotroski F-Score of 5 out of 7 computable signals; 2 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.
Are Essential Properties Realty Trust's earnings high quality?
Essential Properties Realty Trust (EPRT) has an earnings quality ratio of 1.51x, considered cash-backed (high 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.
Can Essential Properties Realty Trust cover its interest payments?
Essential Properties Realty Trust (EPRT) has an interest coverage ratio of 3.33x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Essential Properties Realty Trust?
Essential Properties Realty Trust (EPRT) scores 77 out of 100 on our Financial Health Score, indicating strong standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.