Empire State Realty OP, L.P. Series ES (ESBA) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ESBA SEC filings page.
Empire State Realty OP, L.P. Series ES (ESBA) reported $784.2M in revenue over the twelve months to Jun 30, 2026, up 2.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).
Stable revenue is masking weaker operating earnings and heavier reinvestment, leaving less cash after capital spending in FY2025.
The FY2025 squeeze is a reinvestment-and-cost problem, not a revenue collapse: revenue was flat while operating margin fell3.0 percentage points . Capital expenditures rose14.8% and free cash flow fell42.5% , showing that spending demands—not sales volume—drove the cash deterioration.
With revenue effectively flat in FY2025, operating margin fell
Capital spending consumed
Financial Health Signals
We do not publish a peer-relative financial health score for Empire State Realty OP, L.P. Series ES, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
Empire State Realty OP, L.P. Series ES passes 4 of 6 computable financial strength tests (3 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), the one computable operating efficiency signal (asset turnover improving) passes.
For every $1 of reported earnings, Empire State Realty OP, L.P. Series ES generates $3.41 in operating cash flow ($249.1M OCF vs $73.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Empire State Realty OP, L.P. Series ES earns $1.32 in operating income for every $1 of interest expense ($135.6M vs $103.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Empire State Realty OP, L.P. Series ES generated $196.9M in revenue in Q2 2026. This represents an increase of 3.0% from the same quarter a year earlier. Against the prior quarter it is up 3.5%.
Empire State Realty OP, L.P. Series ES's EBITDA was -$88.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 206.5% from the same quarter a year earlier. Against the prior quarter it is down 210.9%.
Empire State Realty OP, L.P. Series ES reported a net loss of $40.6M in Q2 2026. This represents a decrease of 456.7% from the same quarter a year earlier. Against the prior quarter it is down 2187.7%.
Empire State Realty OP, L.P. Series ES earned -$0.15 per diluted share (EPS) in Q2 2026. This represents a decrease of 475.0% from the same quarter a year earlier. Against the prior quarter it is down 1600.0%.
Cash & Balance Sheet
Empire State Realty OP, L.P. Series ES recorded an outflow of $11.4M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is down 122.6%.
Empire State Realty OP, L.P. Series ES held $85.6M in cash against $337.1M in long-term debt as of Q2 2026.
Empire State Realty OP, L.P. Series ES paid $0.04 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Empire State Realty OP, L.P. Series ES's operating margin was -70.5% in Q2 2026, reflecting core business profitability. This is down 88.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 85.9 percentage points.
Empire State Realty OP, L.P. Series ES's net profit margin was -20.6% in Q2 2026, showing the share of revenue converted to profit. This is down 26.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 21.6 percentage points.
Empire State Realty OP, L.P. Series ES's quarterly ROE was -2.3% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
Empire State Realty OP, L.P. Series ES invested $31.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 62.1% from the same quarter a year earlier. Against the prior quarter it is up 70.4%.
Not reported for Q2 2026.
Not reported for Q2 2026.
ESBA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $196.9M+3.0% | $190.3M+5.7% | $199.2M+0.8% | $197.7M-0.9% | $191.3M+0.9% | $180.1M-0.6% | $197.6M+2.4% | $199.6M+4.2% |
| SG&A Expenses | $25.1M+34.5% | $18.1M+6.8% | $18.5M+3.4% | $18.7M+2.0% | $18.7M+3.7% | $16.9M+6.1% | $17.9M+10.7% | $18.4M+14.7% |
| Operating Income | -$138.7M-494.9% | $29.5M+14.2% | $35.4M-17.5% | $39.3M-13.3% | $35.1M-10.8% | $25.8M-17.0% | $42.9M+5.3% | $45.3M+7.3% |
| EBITDA | -$88.3M-206.5% | $79.7M+6.9% | $86.0M-2.6% | $86.9M-4.7% | $82.9M-4.5% | $74.6M-3.3% | $88.3M-2.3% | $91.2M+2.7% |
| Interest Expense | $27.8M+10.7% | $28.1M+4.5% | $25.9M-5.5% | $25.2M-8.1% | $25.1M-0.8% | $26.9M+7.2% | $27.4M+7.8% | $27.4M+8.0% |
| Income Tax | -$767K-260.5% | -$1.1Mn/m | $1.1M-8.4% | $1.6M+14.1% | $478K-36.3% | -$619Kn/m | $1.2M-35.8% | $1.4M+2.3% |
| Net Income | -$40.6M-456.7% | $1.9M-87.7% | $32.2M+71.2% | $13.6M-40.1% | $11.4M-60.1% | $15.8M+54.5% | $18.8M+18.7% | $22.8M+15.0% |
| EPS (Basic) | -$0.15-475.0% | $0.01 | $0.12+71.4% | $0.05-37.5% | $0.04-60.0% | $0.06+100.0% | $0.07+40.0% | $0.08+14.3% |
| EPS (Diluted) | -$0.15-475.0% | $0.01 | $0.11+83.3% | $0.05-37.5% | $0.04-60.0% | $0.05+66.7% | $0.06+20.0% | $0.08+14.3% |
| Diluted Shares (Avg) | 269M-0.4% | 269M | N/A | 270M+0.3% | 270M+0.5% | 270M+0.8% | N/A | 270M+1.3% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
ESBA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.3B+4.8% | $4.4B+7.1% | $4.5B-0.9% | $4.1B-7.5% | $4.1B-8.0% | $4.1B-1.8% | $4.5B+6.9% | $4.4B+5.2% |
| Cash & Equivalents | $85.6M-9.5% | $68.8M-63.4% | $132.7M-65.6% | $154.1M-63.5% | $94.6M-82.3% | $187.8M-43.7% | $385.5M+11.2% | $421.9M+19.2% |
| Goodwill | $325.4M-33.8% | $491.5M0.0% | $491.5M0.0% | $491.5M0.0% | $491.5M0.0% | $491.5M0.0% | $491.5M0.0% | $491.5M0.0% |
| Total Liabilities | $2.5B+8.5% | $2.6B+10.9% | $2.6B-3.0% | $2.3B-13.9% | $2.3B-14.6% | $2.3B-5.6% | $2.7B+9.6% | $2.7B+7.9% |
| Long-Term Debt | $337.1M+25.4% | $337.0M+25.4% | $336.8M+25.3% | $269.0M+0.1% | $268.9M+0.1% | $268.8M+0.1% | $268.7M-31.0% | $268.7M-31.0% |
| Total Equity | $1.8B0.0% | $1.8B+2.1% | $1.8B+2.3% | $1.8B+2.3% | $1.8B+2.2% | $1.8B+3.5% | $1.8B+2.9% | $1.8B+1.4% |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Retained Earnings.
ESBA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $19.5M-26.9% | $68.9M-17.1% | $33.9M-32.2% | $105.3M+2.4% | $26.7M-28.0% | $83.1M+17.2% | $50.0M+37.3% | $102.8M+14.1% |
| Depreciation & Amortization | $50.4M+5.4% | $50.2M+3.0% | $50.6M+11.5% | $47.6M+3.7% | $47.8M+0.7% | $48.8M+5.9% | $45.4M-8.5% | $45.9M-1.6% |
| Stock-Based Compensation | N/A | $5.9M+17.9% | N/A | N/A | N/A | $5.0M+44.4% | N/A | N/A |
| Capital Expenditures | $31.0M-62.1% | $18.2M-56.8% | $42.1M+45.1% | $32.5M-80.6% | $81.8M+364.0% | $42.1M-11.8% | $29.0M-36.1% | $168.0M+198.7% |
| Free Cash Flow | -$11.4Mn/m | $50.7M+23.5% | -$8.2M-139.0% | $72.8Mn/m | -$55.1M-382.6% | $41.1M+76.8% | $21.0Mn/m | -$65.1M-292.1% |
| Investing Cash Flow | -$69.6Mn/m | -$64.7Mn/m | -$361.9Mn/m | -$32.5Mn/m | -$113.5Mn/m | -$42.1Mn/m | -$78.7Mn/m | -$190.8Mn/m |
| Financing Cash Flow | $72.2Mn/m | -$64.6Mn/m | $296.8Mn/m | -$11.7Mn/m | -$13.9M-106.6% | -$233.0Mn/m | -$12.0Mn/m | -$18.6Mn/m |
| Dividends Paid | $10.0M+3.0% | $9.7M-0.8% | $9.7M+1.5% | $9.8M+1.6% | $9.8M+1.7% | $9.7M+2.4% | $9.6M+51.6% | $9.6M-8.9% |
| Share Buybacks | N/A | N/A | $6.0Mn/m | $0n/m | N/A | N/A | $0n/m | $0n/m |
ESBA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -70.5%-88.8pp | 15.5%+1.2pp | 17.8%-4.0pp | 19.9%-2.8pp | 18.4%-2.4pp | 14.3%-2.8pp | 21.7%+0.6pp | 22.7%+0.7pp |
| Net Margin | -20.6%-26.6pp | 1.0%-7.7pp | 16.2%+6.6pp | 6.9%-4.5pp | 5.9%-9.1pp | 8.8%+3.1pp | 9.5%+1.3pp | 11.4%+1.1pp |
| Return on Equity | -2.3%-2.9pp | 0.1%-0.8pp | 1.8%+0.7pp | 0.8%-0.5pp | 0.6%-1.0pp | 0.9%+0.3pp | 1.1%+0.1pp | 1.3%+0.2pp |
| Return on Assets | -0.9%-1.2pp | 0.0%-0.3pp | 0.7%+0.3pp | 0.3%-0.2pp | 0.3%-0.4pp | 0.4%+0.1pp | 0.4%0.0pp | 0.5%0.0pp |
| Debt-to-Equity | 0.190.0x | 0.180.0x | 0.180.0x | 0.150.0x | 0.150.0x | 0.150.0x | 0.15-0.1x | 0.15-0.1x |
| Liabilities-to-Equity | 1.39+0.1x | 1.42+0.1x | 1.45-0.1x | 1.28-0.2x | 1.28-0.3x | 1.30-0.1x | 1.53+0.1x | 1.52+0.1x |
| Asset Turnover | 0.050.0x | 0.040.0x | 0.040.0x | 0.050.0x | 0.050.0x | 0.040.0x | 0.040.0x | 0.050.0x |
| FCF Margin | -5.8%+23.0pp | 26.7%+3.8pp | -4.1%-14.8pp | 36.8%+69.4pp | -28.8%-39.1pp | 22.8%+10.0pp | 10.6%+15.3pp | -32.6%-50.4pp |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Empire State Realty OP, L.P. Series ES ESBA | FY2025 | $768.3M | $73.0M | 9.5% | N/A | — |
| BXP, Inc. BXP | FY2025 | $3.5B | $276.8M | 8.0% | $10.4B | 58/100 |
| Alexandria Real Estate Equities, Inc. ARE | FY2025 | $3.0B | -$1.4B | -47.2% | $7.8B | 62/100 |
| Vornado Realty Trust VNO | FY2025 | $1.8B | $905.0M | 50.0% | $6.7B | 86/100 |
| Cousins Properties Inc. CUZ | FY2025 | $993.8M | $40.5M | 4.1% | $4.9B | 70/100 |
| Kilroy Realty Corp. KRC | FY2025 | $1.1B | $276.1M | 24.8% | $4.2B | 74/100 |
Where Empire State Realty OP, L.P. Series ES Ranks
Frequently Asked Questions
Empire State Realty OP, L.P. Series ES (ESBA) reported $768.3M in total revenue for fiscal year 2025. That is unchanged from the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Empire State Realty OP, L.P. Series ES (ESBA) revenue was essentially unchanged year-over-year, at $768.3M in fiscal year 2025 against $767.9M the year before.
Yes, Empire State Realty OP, L.P. Series ES (ESBA) reported a net income of $7.2M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $73.0M, with a net profit margin of 9.5%.
Empire State Realty OP, L.P. Series ES (ESBA) had EBITDA of $330.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, Empire State Realty OP, L.P. Series ES (ESBA) had $132.7M in cash and equivalents against $336.8M in long-term debt.
Empire State Realty OP, L.P. Series ES (ESBA) had an operating margin of 17.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
Empire State Realty OP, L.P. Series ES (ESBA) had a net profit margin of 9.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Empire State Realty OP, L.P. Series ES (ESBA) has a return on equity of 4.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
Empire State Realty OP, L.P. Series ES (ESBA) generated $50.6M in free cash flow during fiscal year 2025. This represents a -42.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
Empire State Realty OP, L.P. Series ES (ESBA) generated $249.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
Empire State Realty OP, L.P. Series ES (ESBA) had $4.5B in total assets as of fiscal year 2025, including both current and long-term assets.
Empire State Realty OP, L.P. Series ES (ESBA) invested $198.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Empire State Realty OP, L.P. Series ES (ESBA) had a debt-to-equity ratio of 0.18 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
Empire State Realty OP, L.P. Series ES (ESBA) had a liabilities-to-equity ratio of 1.45 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
Empire State Realty OP, L.P. Series ES (ESBA) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Empire State Realty OP, L.P. Series ES (ESBA) has a Piotroski F-Score of 4 out of 6 computable signals; 3 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.
Empire State Realty OP, L.P. Series ES (ESBA) has an earnings quality ratio of 3.41x, 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.
Empire State Realty OP, L.P. Series ES (ESBA) has an interest coverage ratio of 1.32x, meaning it can struggle to 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.