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Empire St Rlty Tr Inc Financials

ESRT
FY2025 annual
Revenue $768.3M 0.0% YoY
Net Income $73.0M -9.2% YoY
EPS (Diluted) $0.25 -10.7% YoY
Free Cash Flow Not reported for FY2025
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Empire St Rlty Tr Inc (ESRT) reported $768.3M in revenue for fiscal year 2025. 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 ESRT FY2025

Cash earnings stayed resilient while investment spending drained liquidity, leaving a leveraged balance sheet with a much smaller near-term cash cushion.

FY2025’s cash squeeze was investment-driven, not an earnings collapse: operating cash flow stayed near $249M even as year-end cash fell to $133M. The missing piece is investing outflows of $550M, and they explain why liquidity tightened despite still-profitable operations.

Profit quality looks better than net income alone suggests: FY2025 earnings were $73M, yet operating cash flow was $249M, with depreciation continuing to create a wide gap between accounting profit and cash generation. In practice, that means reported profit understates the cash the asset base can produce before reinvestment, debt service, and dividends.

FY2025 margin pressure came from costs, not from sales: revenue was essentially flat, but operating margin slipped to 17.7% from 20.7% as overhead rose. Debt-to-equity also edged down from 2.6x to 2.5x, so the thinner cash buffer reflects spending pace more than a new borrowing surge.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 44 / 100
Financial Health Score 44/100
Scored as: REITs peer group

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 Empire St Rlty Tr Inc'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.

FFO Margin
48
FFO Growth
28
Leverage
0

Not available for Empire St Rlty Tr Inc, and counted as zero in the overall score.

Interest Cov.
43
AFFO Margin
48
Dividend Cov.
97
Piotroski F-Score Partial
4/5

Empire St Rlty Tr Inc passes 4 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 3 of 4 profitability signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
3.41x

For every $1 of reported earnings, Empire St Rlty Tr Inc 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.

Interest Coverage At Risk
1.32x

Empire St Rlty Tr Inc 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

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Earnings & Revenue

Revenue
$768.3M
YoY0.0%
5Y CAGR+4.7%
10Y CAGR+1.6%

Empire St Rlty Tr Inc generated $768.3M in revenue in fiscal year 2025. That is unchanged from the prior year.

EBITDA
$330.4M
YoY-3.8%
5Y CAGR+5.8%
10Y CAGR+0.2%

Empire St Rlty Tr Inc's EBITDA was $330.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.8% from the prior year.

Net Income
$73.0M
YoY-9.2%
10Y CAGR-0.9%

Empire St Rlty Tr Inc reported $73.0M in net income in fiscal year 2025. This represents a decrease of 9.2% from the prior year.

EPS (Diluted)
$0.25
YoY-10.7%
10Y CAGR-1.5%

Empire St Rlty Tr Inc earned $0.25 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 10.7% from the prior year.

Cash & Balance Sheet

Cash & Debt
$132.7M
YoY-65.6%
5Y CAGR-24.1%
10Y CAGR+11.0%

Empire St Rlty Tr Inc held $132.7M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share
$0.14
YoY0.0%
5Y CAGR-7.8%
10Y CAGR-8.5%

Empire St Rlty Tr Inc paid $0.14 per share in dividends in fiscal year 2025. That is unchanged from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin
17.7%
YoY-3.0pp
5Y CAGR+8.0pp
10Y CAGR-5.4pp

Empire St Rlty Tr Inc's operating margin was 17.7% in fiscal year 2025, reflecting core business profitability. This is down 3.0 percentage points from the prior year.

Net Margin
9.5%
YoY-1.0pp
5Y CAGR+13.3pp
10Y CAGR-2.6pp

Empire St Rlty Tr Inc's net profit margin was 9.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.

Return on Equity
6.9%
YoY-0.9pp
5Y CAGR+9.0pp
10Y CAGR-8.3pp

Empire St Rlty Tr Inc's ROE was 6.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.9 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$8.1M
5Y CAGR-43.7%

Empire St Rlty Tr Inc spent $8.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

ESRT Income Statement

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

ESRT annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Revenue$784.2M$768.3M0.0%$767.9M+3.8%$739.6M+1.7%$727.0M+16.5%$624.1M+2.4%$609.2M-16.7%$731.3M0.0%$731.5M+3.1%$709.5M+4.7%$677.4M+3.0%$657.6M+3.5%$635.3M+208.3%$206.1M-20.8%$260.3M-11.7%$294.8M
SG&A Expenses$80.4M$72.8M+3.7%$70.2M+9.8%$63.9M+3.5%$61.8M+10.4%$55.9M-10.1%$62.2M+1.9%$61.1M+15.9%$52.7M+4.7%$50.3M+2.5%$49.1M+28.9%$38.1M-2.5%$39.0MN/A$21.0MN/A
Operating Income-$34.5M$135.6M-14.5%$158.7M+8.2%$146.7M+15.5%$127.0M+60.5%$79.1M+34.9%$58.7M-62.1%$154.7M-18.9%$190.9M-1.1%$192.9M+4.9%$183.9M+21.5%$151.4M+7.1%$141.3MN/A$88.7MN/A
Interest Expense$107.0M$103.1M-2.0%$105.2M+3.7%$101.5M+0.3%$101.2M+7.2%$94.4M+5.0%$89.9M+13.5%$79.2M-0.5%$79.6M+16.3%$68.5M-3.0%$70.6M+7.4%$65.7M-1.1%$66.5MN/A$54.4MN/A
Income Tax$870K$2.6M-4.8%$2.7M-1.0%$2.7M+75.6%$1.5M+189.2%-$1.7M+75.1%-$7.0M-387.0%$2.4M-47.7%$4.6M-30.4%$6.7M+8.6%$6.1M+55.6%$3.9M-15.2%$4.7MN/AN/AN/A
Net Income$9.3M$73.0M-9.2%$80.4M-4.8%$84.4M+33.5%$63.2M+584.9%-$13.0M+43.0%-$22.9M-127.2%$84.3M-28.1%$117.3M-0.8%$118.3M+10.3%$107.3M+34.2%$79.9M+13.8%$70.2M+288.6%-$37.2M-176.5%$48.6M-15.3%$57.4M
EPS (Diluted)$0.25-10.7%$0.28-6.7%$0.30+36.4%$0.22+466.7%-$0.06+40.0%-$0.10-135.7%$0.28-28.2%$0.390.0%$0.39+2.6%$0.38+31.0%$0.29+7.4%$0.27N/AN/AN/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.

ESRT Balance Sheet

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

ESRT annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Total Assets$4.5B-0.9%$4.5B+6.9%$4.2B+1.3%$4.2B-2.8%$4.3B+3.2%$4.2B+5.6%$3.9B-6.3%$4.2B+6.7%$3.9B+1.0%$3.9B+17.9%$3.3B+0.5%$3.3B+33.5%$2.5B+152.1%$975.7MN/A
Cash & Equivalents$132.7M-65.6%$385.5M+11.2%$346.6M+31.1%$264.4M-37.6%$423.7M-19.6%$526.7M+125.1%$233.9M+14.1%$205.0M-55.9%$464.3M-16.2%$554.4M+1087.5%$46.7M+2.1%$45.7M-24.7%$60.7MN/AN/A
Goodwill$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5M0.0%$491.5MN/AN/A
Total Liabilities$2.6B-3.0%$2.7B+9.6%$2.5B+0.3%$2.5B-4.5%$2.6B+7.4%$2.4B+21.9%$2.0B-10.0%$2.2B-20.2%$2.8B+1.0%$2.7B-1.4%$2.8B-1.4%$2.8B+35.7%$2.1B+110.3%$986.5MN/A
Long-Term DebtN/AN/AN/AN/AN/AN/AN/A$608.6M-15.1%$717.2M-5.5%$759.0M+1.5%$747.7M-16.8%$899.0M+1.8%$883.1MN/AN/A
Total Equity$1.1B+2.8%$1.0B+4.6%$985.5M+3.3%$954.4M-4.4%$998.1M-5.4%$1.1B-14.1%$1.2B-0.8%$1.2B+6.0%$1.2B+1.2%$1.2B+119.9%$524.7M+12.0%$468.6M+21.7%$385.2M+3646.9%-$10.9M-939.2%$1.3M
Retained Earnings-$39.6M+32.7%-$58.9M+29.1%-$83.1M+24.1%-$109.5M+18.1%-$133.6M-103.4%-$65.7M-516.6%$15.8M-62.0%$41.5M-11.2%$46.8M-8.1%$50.9M-7.9%$55.3M-9.0%$60.7M-10.2%$67.6MN/AN/A

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

ESRT Cash Flow Statement

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

ESRT annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Cash Flow$227.6M$249.1M-4.5%$260.9M+12.2%$232.5M+10.1%$211.2M-0.6%$212.5M+16.6%$182.3M-21.6%$232.6M-16.6%$279.0M+43.7%$194.2M-9.6%$214.8M+5.7%$203.2M+46.6%$138.6MN/AN/AN/A
Capital ExpendituresN/AN/AN/A$169.2M+96.8%$86.0M-78.4%$398.4M+282.8%$104.1M-59.3%$255.9M-0.2%$256.5M+12.4%$228.2M+15.4%$197.7M+26.1%$156.8M-68.5%$497.7MN/A$87.7MN/A
Free Cash FlowN/AN/AN/A$63.3M-49.4%$125.2M+167.4%-$185.9M-337.6%$78.2M+435.3%-$23.3M-203.6%$22.5M+166.3%-$34.0M-298.9%$17.1M-63.2%$46.4M+112.9%-$359.2MN/AN/AN/A
Investing Cash Flow-$528.7M-$550.0M-38.5%-$397.1M-413.5%-$77.3M+66.5%-$230.9M-8.5%-$212.7M-48.6%-$143.1M-195.6%$149.7M+123.3%-$643.0M-188.3%-$223.0M-22.3%-$182.4M-28.1%-$142.3M+52.4%-$299.1MN/AN/AN/A
Financing Cash Flow$292.6M$38.2M-75.9%$158.6M+352.2%-$62.9M+55.2%-$140.2M-50.7%-$93.0M-136.2%$257.2M+167.4%-$381.6M-464.7%$104.6M+283.9%-$56.9M-112.1%$470.9M+886.0%-$59.9M-141.2%$145.5MN/AN/AN/A
Dividends Paid$24.0M$23.7M+2.2%$23.2M+2.4%$22.7M-1.8%$23.1M+27.6%$18.1M-51.3%$37.2M-50.6%$75.2M+6.1%$70.9M+6.1%$66.8M+19.7%$55.8M+42.4%$39.2M+16.6%$33.6M+342.1%$7.6MN/AN/A
Share BuybacksN/A$8.1M$0-100.0%$13.1M-85.5%$90.2M+93.1%$46.7M-67.5%$143.7M$0$0N/AN/AN/AN/AN/AN/AN/A

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.

ESRT Financial Ratios

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

ESRT annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15FY14FY13FY12FY11
Operating Margin17.7%-3.0pp20.7%+0.8pp19.8%+2.4pp17.5%+4.8pp12.7%+3.0pp9.6%-11.5pp21.1%-4.9pp26.1%-1.1pp27.2%0.0pp27.2%+4.1pp23.0%+0.8pp22.2%N/A34.1%N/A
Net Margin9.5%-1.0pp10.5%-0.9pp11.4%+2.7pp8.7%+10.8pp-2.1%+1.7pp-3.8%-15.3pp11.5%-4.5pp16.0%-0.6pp16.7%+0.8pp15.8%+3.7pp12.2%+1.1pp11.1%+29.1pp-18.1%-36.8pp18.7%-0.8pp19.5%
Return on Equity6.9%-0.9pp7.8%-0.8pp8.6%+1.9pp6.6%+7.9pp-1.3%+0.9pp-2.2%-9.0pp6.9%-2.6pp9.5%-0.6pp10.1%+0.8pp9.3%-5.9pp15.2%+0.3pp15.0%+24.6pp-9.7%N/A4435.6%
Return on Assets1.6%-0.2pp1.8%-0.2pp2.0%+0.5pp1.5%+1.8pp-0.3%+0.2pp-0.5%-2.7pp2.1%-0.7pp2.8%-0.2pp3.0%+0.2pp2.8%+0.3pp2.4%+0.3pp2.1%+3.6pp-1.5%-6.5pp5.0%N/A
Debt-to-Equity2.50-0.2x2.65+0.1x2.52-0.1x2.600.0x2.60+0.3x2.29+0.7x1.61+1.1x0.49-0.1x0.610.0x0.66-0.8x1.42-0.5x1.92-0.4x2.29N/AN/A
FCF MarginN/AN/A8.6%-8.7pp17.2%+47.0pp-29.8%-42.6pp12.8%+16.0pp-3.2%-6.3pp3.1%+7.9pp-4.8%-7.3pp2.5%-4.5pp7.1%+63.6pp-56.5%N/AN/AN/A

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

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Frequently Asked Questions

What is Empire St Rlty Tr Inc's annual revenue?

Empire St Rlty Tr Inc (ESRT) 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.

How fast is Empire St Rlty Tr Inc's revenue growing?

Empire St Rlty Tr Inc (ESRT) revenue was essentially unchanged year-over-year, at $768.3M in fiscal year 2025 against $767.9M the year before.

Is Empire St Rlty Tr Inc profitable?

Yes, Empire St Rlty Tr Inc (ESRT) reported a net income of $73.0M in fiscal year 2025, with a net profit margin of 9.5%.

Empire St Rlty Tr Inc (ESRT) reported diluted earnings per share of $0.25 for fiscal year 2025. This represents a -10.7% 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.

Empire St Rlty Tr Inc (ESRT) had EBITDA of $330.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Empire St Rlty Tr Inc (ESRT) had an operating margin of 17.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Empire St Rlty Tr Inc (ESRT) had a net profit margin of 9.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Empire St Rlty Tr Inc (ESRT) paid $0.14 per share in dividends during fiscal year 2025.

Empire St Rlty Tr Inc (ESRT) has a return on equity of 6.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Empire St Rlty Tr Inc (ESRT) generated $249.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Empire St Rlty Tr Inc (ESRT) had $4.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Empire St Rlty Tr Inc (ESRT) spent $8.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Empire St Rlty Tr Inc (ESRT) had a debt-to-equity ratio of 2.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Empire St Rlty Tr Inc (ESRT) had a return on assets of 1.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Empire St Rlty Tr Inc (ESRT) has a Piotroski F-Score of 4 out of 5 computable signals; 4 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 St Rlty Tr Inc (ESRT) 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 St Rlty Tr Inc (ESRT) 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.

Empire St Rlty Tr Inc (ESRT) scores 44 out of 100 on our Financial Health Score, indicating moderate 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.

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