What is EMPIRE STATE REALTY TRUST, INC.'s earnings per share (EPS)?

EMPIRE STATE REALTY TRUST, 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 STATE REALTY TRUST, INC. (ESRT) Financials

ESRT

Trailing 12 months to June 30, 2026

Revenue $784.2M +2.0% YoY

Net Income $9.3M -86.5% YoY

EPS (Diluted) $0.02 -91.3% YoY

Operating Cash Flow $227.6M -13.3% YoY

Market Cap $801.6M as of Oct 10, 2026

Price / Sales 1.0x on $784.2M revenue, trailing 12 months to June 30, 2026

Price / Earnings 86.6x on $9.3M net income, trailing 12 months to June 30, 2026

Price / Book 0.8x on $1.0B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

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 ESRT SEC filings page.

EMPIRE STATE REALTY TRUST, INC. (ESRT) 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 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 2026-10-03

The trust’s asset-heavy model converts operating earnings into cash, while leverage and investment spending shape reported results.

In FY2025, operating cash flow of $249M was more than three times net income of $73M, showing that substantial noncash depreciation makes accounting profit understate cash produced by the existing asset base. Depreciation and amortization of $195M helps explain that gap rather than indicating a comparable cash expense.

The balance sheet carried $2.65B of liabilities against $1.06B of equity in FY2025, so financing claims are a major part of the operating structure. The debt-to-equity ratio of 2.5x was broadly similar to FY2021, indicating leverage has remained structural rather than temporarily elevated.

Revenue was essentially unchanged at about $768M in FY2025, but operating margin narrowed from 20.7% in FY2024 to 17.7%, pointing to weaker operating efficiency rather than a growth-driven margin gain. Meanwhile, investing cash flow of -$550M exceeded the year’s operating cash generation, showing that reported cash production does not by itself describe the trust’s reinvestment demands.

Financial Health Signals

Financial Health Score 48/100

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 STATE REALTY TRUST, 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

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. EMPIRE STATE REALTY TRUST, INC. scores 54/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. EMPIRE STATE REALTY TRUST, INC. scores 31/100 on it among other REITs.

Leverage

Not available for EMPIRE STATE REALTY TRUST, INC., and counted as zero in the overall score.

Interest Cov.

EMPIRE STATE REALTY TRUST, INC.'s operating income of $135.6M covered its interest expense of $103.1M 1.32 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and EMPIRE STATE REALTY TRUST, INC. scores 49/100 among other REITs.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. EMPIRE STATE REALTY TRUST, INC. scores 54/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. EMPIRE STATE REALTY TRUST, INC. scores 97/100 on it among other REITs.

Piotroski F-Score Partial

4/5

EMPIRE STATE REALTY TRUST, 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 STATE REALTY TRUST, 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 STATE REALTY TRUST, 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

$196.9M

YoY+3.0%

QoQ+3.5%

5Y CAGR+5.1%

10Y CAGR+1.7%

EMPIRE STATE REALTY TRUST, INC. 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%.

EBITDA

-$88.3M

YoY-206.5%

QoQ-210.9%

EMPIRE STATE REALTY TRUST, INC.'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%.

Net Income

-$39.6M

YoY-447.4%

QoQ-1420.7%

EMPIRE STATE REALTY TRUST, INC. reported -$39.6M in net income in Q2 2026. This represents a decrease of 447.4% from the same quarter a year earlier. Against the prior quarter it is down 1420.7%.

EPS (Diluted)

-$0.15

YoY-475.0%

QoQ-1600.0%

EMPIRE STATE REALTY TRUST, INC. 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

Cash & Debt

$85.6M

YoY-9.5%

QoQ+24.4%

5Y CAGR-30.8%

10Y CAGR+9.2%

EMPIRE STATE REALTY TRUST, INC. held $85.6M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.04

YoY0.0%

QoQ0.0%

5Y CAGR0.0%

10Y CAGR-10.4%

EMPIRE STATE REALTY TRUST, INC. 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.

Shares Outstanding

Diluted avg 269M

EMPIRE STATE REALTY TRUST, INC. had a weighted average of 269M diluted shares in Q2 2026; the shares outstanding count is not reported for that period.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Operating Margin

-70.5%

YoY-88.8pp

QoQ-85.9pp

5Y change-87.7pp

10Y change-97.1pp

EMPIRE STATE REALTY TRUST, INC.'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.

Net Margin

-20.1%

YoY-26.0pp

QoQ-21.7pp

5Y change-23.0pp

10Y change-26.8pp

EMPIRE STATE REALTY TRUST, INC.'s net profit margin was -20.1% in Q2 2026, showing the share of revenue converted to profit. This is down 26.0 percentage points from the same quarter a year earlier. Against the prior quarter it is down 21.7 percentage points.

Return on Equity

-3.8%

YoY-4.9pp

QoQ-4.1pp

5Y change-4.2pp

10Y change-5.9pp

EMPIRE STATE REALTY TRUST, INC.'s ROE was -3.8% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 4.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.1 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

ESRT 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.

ESRT quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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%	$39.0M	N/A	$21.0M	N/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%	$141.3M	N/A	$88.7M	N/A
EBITDA	N/A	$330.4M-3.8%	$343.5M+2.1%	$336.6M-2.1%	$343.9M+22.4%	$280.9M+12.5%	$249.7M-25.8%	$336.3M-6.4%	$359.4M+1.6%	$353.6M+4.3%	$339.1M+5.0%	$322.8M+12.6%	$286.8M	N/A	$131.4M	N/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%	$66.5M	N/A	$54.4M	N/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%	$4.7M	N/A	N/A	N/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 (Basic)	N/A	$0.26-10.3%	$0.29-3.3%	$0.30+36.4%	$0.22+466.7%	-$0.06+40.0%	-$0.10-135.7%	$0.28-28.2%	$0.39-2.5%	$0.40+5.3%	$0.38+26.7%	$0.30+11.1%	$0.27	N/A	N/A	N/A
EPS (Diluted)	$0.02	$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%	$0.27	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	270M+0.4%	269M+1.3%	266M-1.6%	270M-2.7%	277M-2.3%	284M-4.7%	298M+0.2%	297M-0.3%	298M+7.4%	278M+4.1%	267M+4.8%	255M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	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%	-$1.1M-71.6%	$1.1M-8.4%	$1.6M+14.1%	$478K-36.3%	-$619K+5.5%	$1.2M-35.8%	$1.4M+2.3%
Net Income	-$39.6M-447.4%	$3.0M-81.0%	$32.2M+71.2%	$13.6M-40.1%	$11.4M-60.1%	$15.8M+54.5%	$18.8M+18.7%	$22.8M+14.4%
EPS (Basic)	-$0.15-475.0%	$0.01-83.3%	$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%	$0.01-80.0%	$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-0.1%	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.

ESRT Balance Sheet

ESRT quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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%	$975.7M	N/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%	$60.7M	N/A	N/A
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0-100.0%	$400.0M	$0	$0	$0	$0	$0	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/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%	$491.5M	N/A	N/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%	$986.5M	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$608.6M-15.1%	$717.2M-5.5%	$759.0M+1.5%	$747.7M-16.8%	$899.0M+1.8%	$883.1M	N/A	N/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%	$67.6M	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	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%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
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%
Total Equity	$1.0B+0.1%	$1.1B+3.1%	$1.1B+2.8%	$1.0B+2.8%	$1.0B+2.7%	$1.0B+3.6%	$1.0B+4.6%	$1.0B+2.8%
Retained Earnings	-$76.3M-38.5%	-$44.4M+20.0%	-$39.6M+32.7%	-$53.1M+17.4%	-$55.1M+23.4%	-$55.5M+33.2%	-$58.9M+29.1%	-$64.2M+25.8%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

ESRT Cash Flow Statement

ESRT quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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%	$138.6M	N/A	N/A	N/A
Depreciation & Amortization	N/A	$194.8M+5.4%	$184.8M-2.7%	$189.9M-12.4%	$216.9M+7.5%	$201.8M+5.7%	$191.0M+5.2%	$181.6M+7.8%	$168.5M+4.9%	$160.7M+3.5%	$155.2M-9.5%	$171.5M+17.9%	$145.4M	N/A	$42.7M	N/A
Stock-Based Compensation	N/A	$25.2M+16.0%	$21.7M+8.3%	$20.0M-4.7%	$21.0M+3.7%	$20.3M-20.5%	$25.5M+22.2%	$20.9M+11.0%	$18.8M+33.2%	$14.1M+44.9%	$9.7M+77.4%	$5.5M+47.4%	$3.7M	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/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%	$497.7M	N/A	$87.7M	N/A
Free Cash Flow	N/A	N/A	N/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%	-$359.2M	N/A	N/A	N/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%	-$299.1M	N/A	N/A	N/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%	$145.5M	N/A	N/A	N/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%	$7.6M	N/A	N/A
Share Buybacks	N/A	$8.1M	$0-100.0%	$13.1M-85.5%	$90.2M+93.1%	$46.7M-67.5%	$143.7M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$168.0M+198.7%
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$65.1M-292.1%
Investing Cash Flow	-$69.6M+38.7%	-$64.7M-53.7%	-$361.9M-360.1%	-$32.5M+83.0%	-$113.5M-101.3%	-$42.1M+41.0%	-$78.7M-107.2%	-$190.8M-266.1%
Financing Cash Flow	$72.2M+619.4%	-$64.6M+72.3%	$296.8M+2573.7%	-$11.7M+37.0%	-$13.9M-106.6%	-$233.0M-993.7%	-$12.0M+3.9%	-$18.6M-44.7%
Dividends Paid	$6.0M+2.1%	$6.0M+2.4%	$6.0M+2.3%	$5.9M+2.1%	$5.9M+2.3%	$5.9M+2.0%	$5.8M+2.5%	$5.8M+2.5%
Share Buybacks	N/A	N/A	$6.0M	$0	N/A	N/A	$0	$0

ESRT 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.

ESRT quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	17.7%-3.0pp	20.7%+0.8pp	19.8%+2.4pp	17.5%+4.8pp	12.7%+3.0pp	9.6%-11.5pp	21.1%-4.9pp	26.1%-1.1pp	27.2%0.0pp	27.2%+4.1pp	23.0%+0.8pp	22.2%	N/A	34.1%	N/A
Net Margin	9.5%-1.0pp	10.5%-0.9pp	11.4%+2.7pp	8.7%+10.8pp	-2.1%+1.7pp	-3.8%-15.3pp	11.5%-4.5pp	16.0%-0.6pp	16.7%+0.8pp	15.8%+3.7pp	12.2%+1.1pp	11.1%+29.1pp	-18.1%-36.8pp	18.7%-0.8pp	19.5%
Return on Equity	6.9%-0.9pp	7.8%-0.8pp	8.6%+1.9pp	6.6%+7.9pp	-1.3%+0.9pp	-2.2%-9.0pp	6.9%-2.6pp	9.5%-0.6pp	10.1%+0.8pp	9.3%-5.9pp	15.2%+0.3pp	15.0%+24.6pp	-9.7%	N/A	4435.6%
Return on Assets	1.6%-0.2pp	1.8%-0.2pp	2.0%+0.5pp	1.5%+1.8pp	-0.3%+0.2pp	-0.5%-2.7pp	2.1%-0.7pp	2.8%-0.2pp	3.0%+0.2pp	2.8%+0.3pp	2.4%+0.3pp	2.1%+3.6pp	-1.5%-6.5pp	5.0%	N/A
Debt-to-Equity	2.50-0.2x	2.65+0.1x	2.52-0.1x	2.600.0x	2.60+0.3x	2.29+0.7x	1.61+1.1x	0.49-0.1x	0.610.0x	0.66-0.8x	1.42-0.5x	1.92-0.4x	2.29	N/A	N/A
Asset Turnover	0.170.0x	0.170.0x	0.180.0x	0.170.0x	0.150.0x	0.150.0x	0.190.0x	0.170.0x	0.180.0x	0.170.0x	0.200.0x	0.19+0.1x	0.08-0.2x	0.27	N/A
FCF Margin	N/A	N/A	8.6%-8.7pp	17.2%+47.0pp	-29.8%-42.6pp	12.8%+16.0pp	-3.2%-6.3pp	3.1%+7.9pp	-4.8%-7.3pp	2.5%-4.5pp	7.1%+63.6pp	-56.5%	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	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	-20.1%-26.0pp	1.6%-7.2pp	16.2%+6.6pp	6.9%-4.5pp	5.9%-9.1pp	8.8%+3.1pp	9.5%+1.3pp	11.4%+1.0pp
Return on Equity	-3.8%-4.9pp	0.3%-1.3pp	3.0%+1.2pp	1.3%-0.9pp	1.1%-1.7pp	1.5%+0.5pp	1.8%+0.2pp	2.3%+0.2pp
Return on Assets	-0.9%-1.2pp	0.1%-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	2.39+0.2x	2.43+0.2x	2.50-0.2x	2.21-0.4x	2.21-0.4x	2.26-0.2x	2.65+0.1x	2.64+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	0.040.0x
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-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.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
EMPIRE STATE REALTY TRUST, INC. ESRT	FY2025	$768.3M	$73.0M	9.5%	$801.6M	48/100
Broadstone Net Lease, Inc. BNL	FY2025	$454.1M	$96.5M	21.3%	$3.5B	44/100
Global Net Lease, Inc. GNL	FY2025	$495.3M	-$225.5M	-45.5%	$1.8B	13/100
AMERICAN ASSETS TRUST, INC. AAT	FY2025	$436.2M	$71.4M	16.4%	$1.3B	51/100
Safehold Inc. SAFE	FY2025	$385.6M	$114.5M	29.7%	$856.9M	45/100
Armada Hoffler Properties, Inc. AHH	FY2026	$209.9M	$3.9M	1.9%	$501.0M	48/100

Where EMPIRE STATE REALTY TRUST, INC. Ranks

Frequently Asked Questions

What is EMPIRE STATE REALTY TRUST, INC.'s annual revenue?

EMPIRE STATE REALTY TRUST, 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 STATE REALTY TRUST, INC.'s revenue growing?

EMPIRE STATE REALTY TRUST, INC. (ESRT) revenue was essentially unchanged year-over-year, at $768.3M in fiscal year 2025 against $767.9M the year before.

Is EMPIRE STATE REALTY TRUST, INC. profitable?

Yes, EMPIRE STATE REALTY TRUST, INC. (ESRT) reported a net income of $73.0M in fiscal year 2025, with a net profit margin of 9.5%.

What is EMPIRE STATE REALTY TRUST, INC.'s EBITDA?

EMPIRE STATE REALTY TRUST, INC. (ESRT) had EBITDA of $330.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is EMPIRE STATE REALTY TRUST, INC.'s operating margin?

EMPIRE STATE REALTY TRUST, INC. (ESRT) had an operating margin of 17.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is EMPIRE STATE REALTY TRUST, INC.'s net profit margin?

EMPIRE STATE REALTY TRUST, 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.

Does EMPIRE STATE REALTY TRUST, INC. pay dividends?

Yes, EMPIRE STATE REALTY TRUST, INC. (ESRT) paid $0.14 per share in dividends during fiscal year 2025.

What is EMPIRE STATE REALTY TRUST, INC.'s return on equity (ROE)?

EMPIRE STATE REALTY TRUST, INC. (ESRT) has a return on equity of 6.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is EMPIRE STATE REALTY TRUST, INC.'s operating cash flow?

EMPIRE STATE REALTY TRUST, INC. (ESRT) generated $249.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are EMPIRE STATE REALTY TRUST, INC.'s total assets?

EMPIRE STATE REALTY TRUST, INC. (ESRT) had $4.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Does EMPIRE STATE REALTY TRUST, INC. buy back shares?

Yes, EMPIRE STATE REALTY TRUST, INC. (ESRT) spent $8.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is EMPIRE STATE REALTY TRUST, INC.'s debt-to-equity ratio?

EMPIRE STATE REALTY TRUST, 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.

What is EMPIRE STATE REALTY TRUST, INC.'s return on assets (ROA)?

EMPIRE STATE REALTY TRUST, 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.

What is EMPIRE STATE REALTY TRUST, INC.'s P/E ratio?

EMPIRE STATE REALTY TRUST, INC. (ESRT) trades at 86.6x earnings, its market capitalization divided by net income of $9.3M net income, trailing 12 months to June 30, 2026. The market capitalization is $801.6M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is EMPIRE STATE REALTY TRUST, INC.'s price-to-sales ratio?

EMPIRE STATE REALTY TRUST, INC. (ESRT) trades at 1.0x sales, its market capitalization divided by revenue of $784.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $801.6M as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is EMPIRE STATE REALTY TRUST, INC.'s Piotroski F-Score?

EMPIRE STATE REALTY TRUST, 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.

Are EMPIRE STATE REALTY TRUST, INC.'s earnings high quality?

EMPIRE STATE REALTY TRUST, 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.

Can EMPIRE STATE REALTY TRUST, INC. cover its interest payments?

EMPIRE STATE REALTY TRUST, 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.

How financially healthy is EMPIRE STATE REALTY TRUST, INC.?

EMPIRE STATE REALTY TRUST, INC. (ESRT) scores 48 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.