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Office Properties Income Trust (OPI) Financials

OPI
FY2025 annual
Revenue $442.6M -11.8% YoY
Net Income -$272.4M -100.1% YoY
EPS (Diluted) -$3.79 -44.1% YoY
Operating Cash Flow -$6.6M -109.8% YoY
Market Cap $389.2M as of Sep 5, 2026
Price / Sales 0.9x on $442.6M revenue, FY2025
Price / Earnings n/m net loss, so no earnings multiple, FY2025
Price / Book 0.8x on $511.5M 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 Sep 5, 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 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 OPI SEC filings page.

Office Properties Income Trust (OPI) reported $442.6M in revenue for fiscal year 2025, down 11.8% from the prior fiscal year. 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 OPI FY2025

Shrinking revenue and collapsing cash conversion are exposing a progressively more leveraged property balance sheet rather than supporting growth-led expansion.

FY2025 paired a -61.6% net margin with operating cash flow of -$7M, showing that reported losses were no longer cushioned by noncash depreciation. That is a marked deterioration from FY2024's positive $67M operating cash flow, while debt-to-equity rose to 2.7x.

Leverage rose from 2.2x in FY2024 to 2.7x in FY2025 despite long-term debt falling. Equity fell to $881M while interest expense reached $203M, leaving less room for debt reduction to improve the capital structure and making the operating model more dependent on balance-sheet actions than internally generated cash.

Revenue fell from $502M in FY2024 to $443M in FY2025, making the simultaneous margin deterioration more consequential for a business carrying substantial fixed financing costs. The reported liquidity comparison was 53.9 months of the latest annual operating outflow; that is a historical balance-to-outflow comparison, not a forecast, and it does not change the fact that FY2025 operations produced little cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score not available

Office Properties Income Trust does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial
1/7

Office Properties Income Trust passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality No Cash Backing
N/A

Office Properties Income Trust reported a net loss of $272.4M while operations used $6.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

None of these metrics is reported for Q2 2026.

Cash & Balance Sheet

Cash & Debt
$50.8M
YoY-35.1%
QoQ+92.9%
5Y CAGR+22.1%
10Y CAGR+18.9%

Office Properties Income Trust held $50.8M in cash against $1.7B in long-term debt as of Q2 2026.

Shares Outstanding
22M
5Y CAGR-14.6%
10Y CAGR-11.1%

Office Properties Income Trust had 22M shares outstanding in Q2 2026.

Free Cash Flow

Not reported for Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

None of these metrics is reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

OPI 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.

OPI quarterly income statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
RevenueN/A$108.9M-4.2%$105.3M-10.9%$109.1M-9.5%$114.5M-7.4%$113.6M-18.5%$118.2M$120.6M
SG&A ExpensesN/A$4.3M-15.0%$4.6M-12.8%$5.0M+0.8%$4.8M-9.0%$5.1M-10.4%$5.3M$4.9M-13.9%
Interest ExpenseN/A$42.2M-20.9%$44.3M-6.4%$53.3M+25.1%$52.5M+36.9%$53.4M+50.5%$47.3M$42.6M+47.7%
Income TaxN/A-$146K-206.6%$146K+508.3%-$261K-213.5%$94K+187.9%$137K+144.6%$24K$230K+142.1%
Net IncomeN/A-$93.0M-102.8%-$119.0M+20.0%-$66.3M-13.6%-$41.2M-154.1%-$45.9M-784.8%-$148.7M-$58.4M-198.1%
EPS (Basic)N/A-$1.26-90.9%-$1.64+43.1%-$0.90+21.1%-$0.58-137.2%-$0.66-500.0%-$2.88-274.0%-$1.14-178.0%
EPS (Diluted)N/A-$1.26-90.9%-$1.64+43.1%-$0.90+21.1%-$0.58-137.2%-$0.66-500.0%-$2.88-274.0%-$1.14-178.0%
Diluted Shares (Avg)N/A74M+6.2%N/A73M+43.5%71M+46.5%69M+42.9%N/A51M+5.8%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

OPI 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.

OPI quarterly balance sheet
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Total Assets$2.4B-33.3%$3.5B-2.9%$3.5B-8.7%$3.5B-6.0%$3.6B-6.3%$3.6B-9.8%$3.8B-4.2%$3.7B-7.9%
Cash & Equivalents$50.8M-35.1%$26.3M-58.7%$29.5M-88.7%$44.6M+99.5%$78.2M+479.2%$63.7M+171.1%$261.3M+2021.9%$22.4M-8.2%
Short-Term Investments$0$0$0$0$0$0$0$0
Accounts ReceivableN/AN/AN/A$162.6M+10.9%N/AN/A$155.7M+16.8%$146.6M+18.2%
Long-Term Investments$0$0$0$0$0$0$0$0
Total Liabilities$1.9B-25.3%$2.7B+8.8%$2.6B-2.3%$2.5B+2.2%$2.5B+1.0%$2.5B-9.0%$2.7B-2.4%$2.4B-10.7%
Long-Term Debt$1.7BN/A$2.4B-5.0%N/AN/AN/A$2.5B-1.5%N/A
Total Equity$511.5M-52.0%$788.1M-28.8%$881.0M-23.6%$999.8M-21.8%$1.1B-19.8%$1.1B-11.5%$1.2B-8.2%$1.3B-2.0%
Retained Earnings-$3.1M+97.5%-$401.3M-390.6%-$308.3M-758.0%-$189.3M-267.9%-$123.0M-171.9%-$81.8M-186.1%-$35.9M-135.9%$112.7M-17.9%

Not reported in any period shown, so not listed: Current Assets, Inventory, Goodwill, Current Liabilities, Non-Current Liabilities.

OPI 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.

OPI quarterly cash flow statement
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Operating Cash FlowN/A-$52.9M-85.2%$1.8M-93.0%-$12.2M+28.6%$32.4M+1.7%-$28.6M-207.3%$25.7M-21.1%-$17.1M-181.6%
Depreciation & AmortizationN/A$44.1M+0.8%$44.6M-7.1%$42.8M-7.0%$43.8M-13.0%$43.7M-13.1%$48.0M-10.7%$46.0M-11.9%
Investing Cash FlowN/A-$15.0M-200.0%$9.7M-87.8%-$12.0M-249.7%-$10.5M+37.8%$15.0M+444.7%$79.9M+310.8%$8.0M+129.8%
Financing Cash FlowN/A$75.0M+140.5%$10.0M-92.5%-$8.6M-178.8%-$6.6M+73.4%-$185.0M-3691.7%$133.3M+1847.6%$10.9M-45.1%
Dividends PaidN/A$0-100.0%$0-100.0%$0-100.0%$709K+45.3%$698K+43.3%$556K-95.4%$502K-95.9%
Share BuybacksN/AN/A$0-100.0%$27K-84.1%$5K-66.7%$0-100.0%$1K-66.7%$170K-27.4%

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow.

OPI 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.

OPI quarterly financial ratios
MetricQ2'2610-QQ1'2610-QQ4'2510-QQ3'2510-QQ2'2510-QQ1'2510-QQ4'2410-KQ3'2410-Q
Net MarginN/A-85.4%-45.1pp-113.0%-60.8%-12.4pp-36.0%-97.5pp-40.4%-36.6pp-125.8%-48.4%
Return on EquityN/A-11.8%-7.7pp-13.5%-0.6pp-6.6%-2.1pp-3.9%-9.6pp-4.1%-3.7pp-12.9%-4.6%-3.1pp
Return on AssetsN/A-2.7%-1.4pp-3.4%+0.5pp-1.9%-0.3pp-1.2%-3.2pp-1.3%-1.1pp-3.9%-1.6%-1.1pp
Debt-to-Equity3.29+1.0x3.40+1.2x2.73+0.5x2.50+0.6x2.34+0.5x2.23+0.1x2.20+0.1x1.91-0.2x
Asset TurnoverN/A0.030.0x0.030.0x0.030.0x0.030.0x0.030.0x0.030.03

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

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.

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
Office Properties Income Trust OPI FY2025 $442.6M -$272.4M -61.6% $389.2M
Creative Media & CMCT FY2025 $116.7M -$39.0M -33.4% $9.7M 7/100
Orion Properties Inc ONL FY2025 $147.6M -$139.3M -94.3% $154.6M 24/100
Franklin St Prop FSP FY2025 $107.2M -$45.0M -42.0% $41.7M 25/100
City Office Reit Inc CIO FY2024 $171.1M -$17.7M -10.3% $282.1M 46/100
Medalist Diversified, Inc MDRR FY2025 $10.4M -$2.4M -23.0% $19.7M 35/100

Frequently Asked Questions

What is Office Properties Income Trust's annual revenue?

Office Properties Income Trust (OPI) reported $442.6M in total revenue for fiscal year 2025. This represents a -11.8% 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 Office Properties Income Trust's revenue growing?

Office Properties Income Trust (OPI) revenue declined by 11.8% year-over-year, from $502.0M to $442.6M in fiscal year 2025.

Is Office Properties Income Trust profitable?

No, Office Properties Income Trust (OPI) reported a net income of -$272.4M in fiscal year 2025, with a net profit margin of -61.6%.

Office Properties Income Trust (OPI) reported diluted earnings per share of -$3.79 for fiscal year 2025. This represents a -44.1% 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.

As of fiscal year 2025, Office Properties Income Trust (OPI) had $29.5M in cash and equivalents against $2.4B in long-term debt.

Office Properties Income Trust (OPI) had a net profit margin of -61.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Office Properties Income Trust (OPI) paid $0.02 per share in dividends during fiscal year 2025.

Office Properties Income Trust (OPI) has a return on equity of -30.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Office Properties Income Trust (OPI) recorded an outflow of $6.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

Office Properties Income Trust (OPI) had $3.5B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Office Properties Income Trust (OPI) spent $32K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Office Properties Income Trust (OPI) had 74M shares outstanding as of fiscal year 2025.

Office Properties Income Trust (OPI) had a debt-to-equity ratio of 2.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Office Properties Income Trust (OPI) had a return on assets of -7.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Office Properties Income Trust (OPI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $389.2M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

Office Properties Income Trust (OPI) trades at 0.9x sales, its market capitalization divided by revenue of $442.6M revenue, FY2025. The market capitalization is $389.2M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

At the end of fiscal year 2025, Office Properties Income Trust (OPI) held $29.5M in cash, cash equivalents and investments, and reported an operating cash outflow of $6.6M over that year. Dividing the one by the other, the reported balance equals about 54 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

Office Properties Income Trust (OPI) has a Piotroski F-Score of 1 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.

Office Properties Income Trust (OPI) reported a net loss of $272.4M while operations used $6.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.

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