Federal Realty Op Lp Financials
This page shows Federal Realty Op Lp (FRT) 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).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Federal Realty Op Lp has an operating margin of 47.1%, meaning the company retains $47 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 39.3% the prior year.
Federal Realty Op Lp's revenue grew 6.4% year-over-year to $1.3B, a solid pace of expansion. This earns a growth score of 47/100.
Federal Realty Op Lp has a moderate D/E ratio of 1.53. This balance of debt and equity financing earns a leverage score of 55/100.
Federal Realty Op Lp's ROE of 12.7% shows moderate profitability relative to equity, earning a score of 51/100. This is up from 9.3% the prior year.
Federal Realty Op Lp passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Federal Realty Op Lp generates $1.51 in operating cash flow ($622.4M OCF vs $411.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Federal Realty Op Lp earns $3.3 in operating income for every $1 of interest expense ($602.2M vs $183.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Federal Realty Op Lp generated $1.3B in revenue in fiscal year 2025. This represents an increase of 6.4% from the prior year.
Federal Realty Op Lp's EBITDA was $970.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.0% from the prior year.
Federal Realty Op Lp reported $411.1M in net income in fiscal year 2025. This represents an increase of 39.2% from the prior year.
Federal Realty Op Lp earned $4.68 per diluted share (EPS) in fiscal year 2025. This represents an increase of 36.8% from the prior year.
Federal Realty Op Lp held $107.4M in cash against $5.0B in long-term debt as of fiscal year 2025.
Federal Realty Op Lp paid $4.46 per share in dividends in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Federal Realty Op Lp had 86M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.
Federal Realty Op Lp's operating margin was 47.1% in fiscal year 2025, reflecting core business profitability. This is up 7.8 percentage points from the prior year.
Federal Realty Op Lp's net profit margin was 32.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.6 percentage points from the prior year.
Federal Realty Op Lp's ROE was 12.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.3 percentage points from the prior year.
FRT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $336.0M+4.3% | $322.3M+3.4% | $311.5M+0.8% | $309.2M-0.7% | $311.4M+6.7% | $291.8M+1.8% | $286.6M+2.1% | $280.7M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $12.5M+7.0% | $11.6M-2.3% | $11.9M+9.7% | $10.9M-26.6% | $14.8M+13.1% | $13.1M-0.4% | $13.1M+10.4% | $11.9M |
| Operating Income | $180.7M+63.2% | $110.7M-45.4% | $202.7M+87.5% | $108.1M-1.1% | $109.3M+0.5% | $108.8M+8.7% | $100.1M-1.7% | $101.8M |
| Interest Expense | $48.9M+2.7% | $47.6M+6.8% | $44.6M+5.0% | $42.5M-1.8% | $43.2M+0.6% | $43.0M+0.6% | $42.7M-0.4% | $42.9M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $129.7M+110.5% | $61.6M-60.5% | $155.9M+144.5% | $63.8M-2.7% | $65.5M+2.2% | $64.1M+12.4% | $57.0M-5.7% | $60.5M |
| EPS (Diluted) | $1.49+115.9% | $0.69-61.2% | $1.78+147.2% | $0.72-2.7% | $0.74-2.6% | $0.76+13.4% | $0.67-6.9% | $0.72 |
FRT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.1B+3.0% | $8.9B+2.8% | $8.6B0.0% | $8.6B+1.1% | $8.5B+1.0% | $8.4B+1.7% | $8.3B+0.2% | $8.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $107.4M-3.5% | $111.3M-37.1% | $177.0M+62.1% | $109.2M-11.5% | $123.4M-50.8% | $250.8M+155.4% | $98.2M+0.1% | $98.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $5.6B+4.3% | $5.4B+5.3% | $5.1B-1.0% | $5.2B+1.5% | $5.1B-2.1% | $5.2B+1.1% | $5.2B+0.7% | $5.1B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $5.0B | N/A | N/A | N/A | $4.5B-2.6% | $4.6B | N/A | N/A |
| Total Equity | $3.2B+1.1% | $3.2B-1.1% | $3.2B+1.8% | $3.2B+0.6% | $3.2B+7.0% | $3.0B+2.8% | $2.9B-0.6% | $2.9B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FRT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $144.8M-2.0% | $147.8M-1.9% | $150.7M-15.8% | $179.0M+49.7% | $119.6M+6.2% | $112.6M-25.4% | $150.9M+1.1% | $149.3M |
| 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 | -$269.6M+24.5% | -$357.2M-645.8% | $65.4M+136.0% | -$181.8M-154.7% | -$71.4M-2.4% | -$69.7M+17.5% | -$84.4M+18.3% | -$103.4M |
| Financing Cash Flow | $114.7M-14.0% | $133.5M+198.7% | -$135.2M-1249.8% | -$10.0M+45.5% | -$18.4M-116.1% | $114.3M+271.9% | -$66.5M-31.9% | -$50.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FRT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q4'23 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 53.8%+19.4pp | 34.3%-30.7pp | 65.1%+30.1pp | 35.0%-0.1pp | 35.1%-2.2pp | 37.3%+2.4pp | 34.9%-1.4pp | 36.3% |
| Net Margin | 38.6%+19.5pp | 19.1%-30.9pp | 50.0%+29.4pp | 20.6%-0.4pp | 21.0%-0.9pp | 22.0%+2.1pp | 19.9%-1.6pp | 21.6% |
| Return on Equity | 4.0%+2.1pp | 1.9%-2.9pp | 4.8%+2.8pp | 2.0%-0.1pp | 2.1%-0.1pp | 2.2%+0.2pp | 2.0%-0.1pp | 2.1% |
| Return on Assets | 1.4%+0.7pp | 0.7%-1.1pp | 1.8%+1.1pp | 0.7%-0.0pp | 0.8%+0.0pp | 0.8%+0.1pp | 0.7%-0.0pp | 0.7% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 1.53-0.2 | 1.68+0.1 | 1.58-0.0 | 1.62+0.2 | 1.42-0.1 | 1.56-0.2 | 1.79+0.0 | 1.77 |
| 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 Federal Realty Op Lp's annual revenue?
Federal Realty Op Lp (FRT) reported $1.3B in total revenue for fiscal year 2025. This represents a 6.4% 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 Federal Realty Op Lp's revenue growing?
Federal Realty Op Lp (FRT) revenue grew by 6.4% year-over-year, from $1.2B to $1.3B in fiscal year 2025.
Is Federal Realty Op Lp profitable?
Yes, Federal Realty Op Lp (FRT) reported a net income of $411.1M in fiscal year 2025, with a net profit margin of 32.1%.
What is Federal Realty Op Lp's earnings per share (EPS)?
Federal Realty Op Lp (FRT) reported diluted earnings per share of $4.68 for fiscal year 2025. This represents a 36.8% 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.
What is Federal Realty Op Lp's EBITDA?
Federal Realty Op Lp (FRT) had EBITDA of $970.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Federal Realty Op Lp have?
As of fiscal year 2025, Federal Realty Op Lp (FRT) had $107.4M in cash and equivalents against $5.0B in long-term debt.
What is Federal Realty Op Lp's operating margin?
Federal Realty Op Lp (FRT) had an operating margin of 47.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Federal Realty Op Lp's net profit margin?
Federal Realty Op Lp (FRT) had a net profit margin of 32.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Federal Realty Op Lp pay dividends?
Yes, Federal Realty Op Lp (FRT) paid $4.46 per share in dividends during fiscal year 2025.
What is Federal Realty Op Lp's return on equity (ROE)?
Federal Realty Op Lp (FRT) has a return on equity of 12.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Federal Realty Op Lp's operating cash flow?
Federal Realty Op Lp (FRT) generated $622.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Federal Realty Op Lp's total assets?
Federal Realty Op Lp (FRT) had $9.1B in total assets as of fiscal year 2025, including both current and long-term assets.
How many shares does Federal Realty Op Lp have outstanding?
Federal Realty Op Lp (FRT) had 86M shares outstanding as of fiscal year 2025.
What is Federal Realty Op Lp's debt-to-equity ratio?
Federal Realty Op Lp (FRT) had a debt-to-equity ratio of 1.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Federal Realty Op Lp's return on assets (ROA)?
Federal Realty Op Lp (FRT) had a return on assets of 4.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Federal Realty Op Lp's Piotroski F-Score?
Federal Realty Op Lp (FRT) has a Piotroski F-Score of 4 out of 9, indicating neutral 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Federal Realty Op Lp's earnings high quality?
Federal Realty Op Lp (FRT) 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 Federal Realty Op Lp cover its interest payments?
Federal Realty Op Lp (FRT) has an interest coverage ratio of 3.3x, 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 Federal Realty Op Lp?
Federal Realty Op Lp (FRT) scores 63 out of 100 on our Financial Profile, indicating moderate 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.