Terreno Realty Financials

TRNO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

4/9

Terreno Realty passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

0.67x

For every $1 of reported earnings, Terreno Realty generates $0.67 in operating cash flow ($271.9M OCF vs $403.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

This page shows Terreno Realty (TRNO) financial statements, including the 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).

Export CSV

Key Financial Metrics

Revenue

$476.4M

YoY+24.5%

5Y CAGR+20.6%

Terreno Realty generated $476.4M in revenue in fiscal year 2025. This represents an increase of 24.5% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$403.0M

YoY+118.4%

5Y CAGR+38.2%

10Y CAGR+39.3%

Terreno Realty reported $403.0M in net income in fiscal year 2025. This represents an increase of 118.4% from the prior year.

EPS (Diluted)

$3.91

YoY+103.6%

5Y CAGR+27.5%

Terreno Realty earned $3.91 per diluted share (EPS) in fiscal year 2025. This represents an increase of 103.6% from the prior year.

Cash & Debt

$25.0M

YoY+38.5%

5Y CAGR-25.2%

10Y CAGR+1.1%

Terreno Realty held $25.0M in cash against $943.3M in long-term debt as of fiscal year 2025.

Dividends Per Share

$2.02

YoY+7.4%

5Y CAGR+12.5%

Terreno Realty paid $2.02 per share in dividends in fiscal year 2025. This represents an increase of 7.4% from the prior year.

Shares Outstanding

104M

YoY+4.4%

5Y CAGR+8.7%

10Y CAGR+9.2%

Terreno Realty had 104M shares outstanding in fiscal year 2025. This represents an increase of 4.4% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

84.6%

YoY+36.4pp

5Y CAGR+41.9pp

Terreno Realty's net profit margin was 84.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 36.4 percentage points from the prior year.

Return on Equity

9.7%

YoY+4.7pp

5Y CAGR+4.7pp

10Y CAGR+7.7pp

Terreno Realty's ROE was 9.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.7 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$3.3M

YoY-1.7%

5Y CAGR-19.7%

10Y CAGR+20.4%

Terreno Realty spent $3.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 1.7% from the prior year.

Capital Expenditures

N/A

TRNO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$476.4M+24.5%	$382.6M+18.2%	$323.6M+17.2%	$276.2M+24.5%	$221.9M+18.8%	$186.9M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$47.3M+11.0%	$42.6M+12.3%	$37.9M+21.6%	$31.2M+15.7%	$27.0M+14.8%	$23.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$32.9M+57.1%	$20.9M-15.6%	$24.8M+4.0%	$23.9M+32.1%	$18.1M+12.9%	$16.0M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$403.0M+118.4%	$184.5M+21.8%	$151.5M-23.5%	$198.0M+126.9%	$87.3M+9.3%	$79.8M
EPS (Diluted)	$3.91+103.6%	$1.92+6.1%	$1.81-30.7%	$2.61+112.2%	$1.23+6.0%	$1.16

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$137.5M+18.3%	$116.2M+3.6%	$112.2M+1.6%	$110.4M+6.5%	$103.7M+4.1%	$99.6M+5.7%	$94.2M+10.8%	$85.0M
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	$11.6M+0.2%	$11.6M-6.2%	$12.3M+5.2%	$11.7M+9.1%	$10.8M-0.1%	$10.8M+2.2%	$10.5M+0.3%	$10.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$9.5M+13.9%	$8.4M+18.9%	$7.0M-11.2%	$7.9M+50.7%	$5.3M+7.4%	$4.9M-11.2%	$5.5M+5.3%	$5.2M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$158.2M+53.1%	$103.4M+10.8%	$93.3M+93.8%	$48.1M-36.8%	$76.1M+107.7%	$36.6M+2.6%	$35.7M-1.0%	$36.1M
EPS (Diluted)	$1.54+54.0%	$1.00+11.1%	$0.90+91.5%	$0.47-39.7%	$0.78+110.8%	$0.370.0%	$0.37-7.5%	$0.40

TRNO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.4B+13.0%	$4.8B+22.2%	$3.9B+23.4%	$3.2B+8.2%	$2.9B+36.7%	$2.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$25.0M+38.5%	$18.1M-89.1%	$165.4M+526.7%	$26.4M-87.1%	$204.4M+90.7%	$107.2M
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.2B+12.1%	$1.1B+11.9%	$990.0M+5.9%	$934.6M+7.9%	$866.3M+57.0%	$551.6M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$943.3M+14.6%	$823.4M+6.7%	$771.6M+0.1%	$770.8M+7.0%	$720.7M+57.0%	$459.1M
Total Equity	$4.1B+13.2%	$3.7B+25.7%	$2.9B+30.7%	$2.2B+8.4%	$2.1B+29.6%	$1.6B
Retained Earnings	$289.1M+203.4%	$95.3M-0.3%	$95.6M+8.3%	$88.3M+3048.1%	$2.8M-52.7%	$5.9M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$5.4B+1.1%	$5.3B+7.0%	$5.0B+1.5%	$4.9B+2.9%	$4.8B+4.4%	$4.6B+2.3%	$4.5B+0.6%	$4.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$25.0M-4.3%	$26.2M-79.6%	$128.4M-18.0%	$156.5M+766.1%	$18.1M-92.6%	$243.7M+33.9%	$182.0M-72.0%	$649.6M
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	$1.2B-6.9%	$1.3B+28.3%	$1.0B+2.8%	$1.0B-8.7%	$1.1B+17.9%	$939.6M-8.4%	$1.0B+3.2%	$994.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$943.3M-7.8%	$1.0B+37.8%	$742.4M+0.1%	$741.9M-9.9%	$823.4M+22.5%	$672.2M-12.9%	$772.0M0.0%	$771.8M
Total Equity	$4.1B+3.8%	$4.0B+1.3%	$3.9B+1.2%	$3.9B+6.4%	$3.7B+0.9%	$3.6B+5.5%	$3.4B-0.1%	$3.4B
Retained Earnings	$289.1M+56.2%	$185.0M+36.6%	$135.4M+46.0%	$92.8M-2.6%	$95.3M+40.0%	$68.1M-15.2%	$80.3M-8.9%	$88.1M

TRNO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$271.9M+16.8%	$232.7M+29.5%	$179.7M+25.5%	$143.2M+8.3%	$132.2M+30.8%	$101.0M
Capital Expenditures	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
Investing Cash Flow	-$452.4M+50.6%	-$915.5M-60.5%	-$570.4M-68.9%	-$337.7M+49.3%	-$666.4M-1179.4%	-$52.1M
Financing Cash Flow	$187.8M-64.9%	$534.9M+1.1%	$528.9M+2882.2%	$17.7M-97.2%	$631.2M+1271.8%	-$53.9M
Dividends Paid	$203.9M+16.5%	$175.0M+28.8%	$135.9M+26.5%	$107.4M+26.9%	$84.6M+13.2%	$74.8M
Share Buybacks	$3.3M-1.7%	$3.3M+121.0%	$1.5M+44.8%	$1.0M+79.6%	$582K-94.1%	$9.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$70.3M-11.6%	$79.5M+31.2%	$60.6M-1.3%	$61.4M+19.7%	$51.3M-26.7%	$70.0M+8.8%	$64.3M+36.8%	$47.0M
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	$19.4M+104.7%	-$409.7M-971.1%	-$38.2M-60.5%	-$23.8M+92.3%	-$310.0M-431.6%	-$58.3M+88.3%	-$498.5M-926.2%	-$48.6M
Financing Cash Flow	-$90.8M-139.8%	$228.1M+550.1%	-$50.7M-150.1%	$101.2M+205.4%	$33.1M-33.5%	$49.8M+213.7%	-$43.8M-108.8%	$495.8M
Dividends Paid	$53.8M+6.2%	$50.6M0.0%	$50.6M+3.6%	$48.9M0.0%	$48.9M+12.3%	$43.5M0.0%	$43.5M+11.4%	$39.1M
Share Buybacks	$0-100.0%	$1.3M+2435.3%	$51K-97.4%	$1.9M	$0-100.0%	$2.3M+4092.7%	$55K-94.4%	$983K

TRNO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	84.6%+36.4pp	48.2%+1.4pp	46.8%-24.9pp	71.7%+32.4pp	39.3%-3.4pp	42.7%
Return on Equity	9.7%+4.7pp	5.0%-0.2pp	5.2%-3.7pp	8.9%+4.6pp	4.2%-0.8pp	5.0%
Return on Assets	7.5%+3.6pp	3.9%-0.0pp	3.9%-2.4pp	6.3%+3.3pp	3.0%-0.8pp	3.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.230.0	0.22-0.0	0.26-0.1	0.350.0	0.35+0.1	0.29
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	115.1%+26.2pp	88.9%+5.8pp	83.1%+39.5pp	43.6%-29.8pp	73.4%+36.6pp	36.8%-1.1pp	37.9%-4.5pp	42.4%
Return on Equity	3.8%+1.2pp	2.6%+0.2pp	2.4%+1.1pp	1.2%-0.8pp	2.1%+1.1pp	1.0%-0.0pp	1.0%-0.0pp	1.1%
Return on Assets	2.9%+1.0pp	1.9%+0.1pp	1.9%+0.9pp	1.0%-0.6pp	1.6%+0.8pp	0.8%0.0pp	0.8%0.0pp	0.8%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.23-0.0	0.26+0.1	0.190.0	0.19-0.0	0.22+0.0	0.19-0.0	0.220.0	0.22
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Stag Indl Inc STAG

$7.3B

First Indl Rlty Tr Inc FR

$7.8B

National Storage Affiliates Tr NSA

$2.6B

Eastgroup Pptys Inc EGP

$10.2B

Lxp Industrial Trust LXP

$2.8B

Frequently Asked Questions

What is Terreno Realty's annual revenue?

Terreno Realty (TRNO) reported $476.4M in total revenue for fiscal year 2025. This represents a 24.5% 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 Terreno Realty's revenue growing?

Terreno Realty (TRNO) revenue grew by 24.5% year-over-year, from $382.6M to $476.4M in fiscal year 2025.

Is Terreno Realty profitable?

Yes, Terreno Realty (TRNO) reported a net income of $403.0M in fiscal year 2025, with a net profit margin of 84.6%.

What is Terreno Realty's earnings per share (EPS)?

Terreno Realty (TRNO) reported diluted earnings per share of $3.91 for fiscal year 2025. This represents a 103.6% 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.

How much debt does Terreno Realty have?

As of fiscal year 2025, Terreno Realty (TRNO) had $25.0M in cash and equivalents against $943.3M in long-term debt.

What is Terreno Realty's net profit margin?

Terreno Realty (TRNO) had a net profit margin of 84.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Terreno Realty pay dividends?

Yes, Terreno Realty (TRNO) paid $2.02 per share in dividends during fiscal year 2025.

What is Terreno Realty's return on equity (ROE)?

Terreno Realty (TRNO) has a return on equity of 9.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Terreno Realty's operating cash flow?

Terreno Realty (TRNO) generated $271.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Terreno Realty's total assets?

Terreno Realty (TRNO) had $5.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Does Terreno Realty buy back shares?

Yes, Terreno Realty (TRNO) spent $3.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Terreno Realty have outstanding?

Terreno Realty (TRNO) had 104M shares outstanding as of fiscal year 2025.

What is Terreno Realty's debt-to-equity ratio?

Terreno Realty (TRNO) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Terreno Realty's return on assets (ROA)?

Terreno Realty (TRNO) had a return on assets of 7.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Terreno Realty's Piotroski F-Score?

Terreno Realty (TRNO) 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 Terreno Realty's earnings high quality?

Terreno Realty (TRNO) has an earnings quality ratio of 0.67x, considered mixed 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.