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.

Terreno Realty Financials

TRNO

Trailing 12 months to June 30, 2026

Revenue $502.9M +18.0% YoY

Net Income $388.6M +52.9% YoY

EPS (Diluted) $3.73 +48.0% YoY

Free Cash Flow Not reported for the trailing 12 months

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Terreno Realty (TRNO) reported $502.9M in revenue over the twelve months to Jun 30, 2026, up 18.0% 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 TRNO FY2025 2026-08-05

Terreno’s asset expansion model grows the balance sheet quickly while most operating cash is still committed to dividends.

FY2025 net income hit $403M while operating cash flow was $272M. In FY2024, operating cash flow of $233M had exceeded net income of $184M, so the reversal says the latest profit surge was less cash-convertible and more influenced by non-cash or transaction-driven items than by a plain increase in recurring cash earnings.

Over FY2023-FY2025, revenue grew about 47.2% while SG&A grew about 24.6%, showing that new scale is being absorbed more by the asset base than by corporate overhead. That expansion also lifted total assets to $5.4B while debt to equity held near 0.2x, a sign of overhead discipline paired with measured leverage rather than growth purchased through aggressive borrowing.

Cash ended FY2025 at only $25M against $1.24B of liabilities, so liquidity appears to come more from assets throwing off cash and from financing access than from a large cash buffer. Because dividends already absorb about 75.0% of OCF, internally retained cash is modest relative to the company’s investment program.

Financial Health Signals

Financial Health Score 51/100

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 Terreno Realty'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 Growth

Leverage

Not available for Terreno Realty, and counted as zero in the overall score.

Interest Cov.

Not available for Terreno Realty, and counted as zero in the overall score.

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

4/7

Terreno Realty passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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.

Key Financial Metrics

Export CSV

Earnings & Revenue

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.

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.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

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.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

TRNO Income Statement

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

TRNO quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	$502.9M	$476.4M+24.5%	$382.6M+18.2%	$323.6M+17.2%	$276.2M+24.5%	$221.9M+18.8%	$186.9M+9.3%	$171.0M+12.8%	$151.7M+14.5%	$132.5M+22.2%	$108.4M	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$49.5M	$47.3M+11.0%	$42.6M+12.3%	$37.9M+21.6%	$31.2M+15.7%	$27.0M+14.8%	$23.5M-1.8%	$23.9M+11.3%	$21.5M+9.3%	$19.7M+1.9%	$19.3M+30.1%	$14.8M+56.3%	$9.5M+12.7%	$8.4M+31.5%	$6.4M+18.4%	$5.4M
Interest Expense	$35.2M	$32.9M+57.1%	$20.9M-15.6%	$24.8M+4.0%	$23.9M+32.1%	$18.1M+12.9%	$16.0M-2.1%	$16.3M-10.3%	$18.2M+8.5%	$16.8M+28.5%	$13.1M+35.4%	$9.6M+46.2%	$6.6M+6.1%	$6.2M+13.6%	$5.5M+109.5%	$2.6M
Net Income	$388.6M	$403.0M+118.4%	$184.5M+21.8%	$151.5M-23.5%	$198.0M+126.9%	$87.3M+9.3%	$79.8M+43.7%	$55.5M-12.3%	$63.3M+19.2%	$53.1M+251.2%	$15.1M+3.5%	$14.6M+36.2%	$10.7M+61.4%	$6.6M+169.8%	$2.5M+166.0%	-$3.7M
EPS (Diluted)	$3.73	$3.91+103.6%	$1.92+6.1%	$1.81-30.7%	$2.61+112.2%	$1.23+6.0%	$1.16+36.5%	$0.85-22.0%	$1.09+14.7%	$0.95	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$124.7M+0.2%	$124.4M-9.5%	$137.5M+18.3%	$116.2M+3.6%	$112.2M+1.6%	$110.4M+6.5%	$103.7M+4.1%	$99.6M
SG&A Expenses	$13.8M+11.3%	$12.4M+7.1%	$11.6M+0.2%	$11.6M-6.2%	$12.3M+5.2%	$11.7M+9.1%	$10.8M-0.1%	$10.8M
Interest Expense	$8.3M-7.2%	$9.0M-5.7%	$9.5M+13.9%	$8.4M+18.9%	$7.0M-11.2%	$7.9M+50.7%	$5.3M+7.4%	$4.9M
Net Income	$57.6M-17.1%	$69.4M-56.1%	$158.2M+53.1%	$103.4M+10.8%	$93.3M+93.8%	$48.1M-36.8%	$76.1M+107.7%	$36.6M
EPS (Diluted)	$0.54-18.2%	$0.66-56.9%	$1.53+53.0%	$1.00+11.1%	$0.90+91.5%	$0.47-39.7%	$0.78+110.8%	$0.37

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

TRNO Balance Sheet

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

TRNO quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$5.4B+13.0%	$4.8B+22.2%	$3.9B+23.4%	$3.2B+8.2%	$2.9B+36.7%	$2.1B+1.5%	$2.1B+17.4%	$1.8B+14.6%	$1.6B+22.6%	$1.3B+11.0%	$1.2B+7.2%	$1.1B+66.5%	$645.3M+44.9%	$445.3M+66.8%	$267.0M
Cash & Equivalents	$25.0M+38.5%	$18.1M-89.1%	$165.4M+526.7%	$26.4M-87.1%	$204.4M+90.7%	$107.2M-2.6%	$110.1M+255.1%	$31.0M-13.2%	$35.7M+151.3%	$14.2M-36.7%	$22.4M-88.2%	$190.6M+2627.2%	$7.0M+17.9%	$5.9M+82.5%	$3.2M
Total Liabilities	$1.2B+12.1%	$1.1B+11.9%	$990.0M+5.9%	$934.6M+7.9%	$866.3M+57.0%	$551.6M-6.7%	$591.3M+7.8%	$548.7M+1.5%	$540.4M+15.7%	$467.2M+11.5%	$419.1M+27.9%	$327.7M+58.7%	$206.5M+8.7%	$190.0M+75.9%	$108.0M
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-6.6%	$491.6M+6.4%	$462.1M+0.1%	$461.7M+11.2%	$415.3M+8.1%	$384.0M+26.1%	$304.5M+60.8%	$189.3M+6.9%	$177.0M	N/A
Total Equity	$4.1B+13.2%	$3.7B+25.7%	$2.9B+30.7%	$2.2B+8.4%	$2.1B+29.6%	$1.6B+4.7%	$1.5B+21.6%	$1.2B+21.4%	$1.0B+26.6%	$811.8M+10.7%	$733.1M-1.9%	$747.0M+70.2%	$438.8M+71.9%	$255.3M+60.5%	$159.0M
Retained Earnings	$289.1M+203.4%	$95.3M-0.3%	$95.6M+8.3%	$88.3M+3048.1%	$2.8M-52.7%	$5.9M+126.1%	$2.6M-81.5%	$14.2M+195.3%	$4.8M	N/A	N/A	N/A	N/A	-$5.1M+44.6%	-$9.1M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$5.7B+2.9%	$5.6B+3.0%	$5.4B+1.1%	$5.3B+7.0%	$5.0B+1.5%	$4.9B+2.9%	$4.8B+4.4%	$4.6B
Cash & Equivalents	$51.2M-41.7%	$87.9M+251.2%	$25.0M-4.3%	$26.2M-79.6%	$128.4M-18.0%	$156.5M+766.1%	$18.1M-92.6%	$243.7M
Total Liabilities	$1.3B+1.9%	$1.3B+1.2%	$1.2B-6.9%	$1.3B+28.3%	$1.0B+2.8%	$1.0B-8.7%	$1.1B+17.9%	$939.6M
Long-Term Debt	$942.5M0.0%	$942.0M-0.1%	$943.3M-7.8%	$1.0B+37.8%	$742.4M+0.1%	$741.9M-9.9%	$823.4M+22.5%	$672.2M
Total Equity	$4.4B+3.2%	$4.3B+3.6%	$4.1B+3.8%	$4.0B+1.3%	$3.9B+1.2%	$3.9B+6.4%	$3.7B+0.9%	$3.6B
Retained Earnings	$304.5M+0.4%	$303.3M+4.9%	$289.1M+56.2%	$185.0M+36.6%	$135.4M+46.0%	$92.8M-2.6%	$95.3M+40.0%	$68.1M

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

TRNO Cash Flow Statement

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

TRNO quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	$286.6M	$271.9M+16.8%	$232.7M+29.5%	$179.7M+25.5%	$143.2M+8.3%	$132.2M+30.8%	$101.0M+6.7%	$94.7M+22.0%	$77.6M+11.7%	$69.5M+41.1%	$49.2M+17.1%	$42.1M+43.5%	$29.3M+117.3%	$13.5M+38.4%	$9.7M+353.7%	$2.1M
Investing Cash Flow	-$650.3M	-$452.4M+50.6%	-$915.5M-60.5%	-$570.4M-68.9%	-$337.7M+49.3%	-$666.4M-1179.4%	-$52.1M+79.3%	-$251.5M-7.0%	-$235.0M+5.7%	-$249.1M-66.5%	-$149.6M+41.4%	-$255.4M-2.2%	-$249.9M-23.8%	-$201.9M-26.0%	-$160.2M-51.3%	-$105.9M
Financing Cash Flow	$287.0M	$187.8M-64.9%	$534.9M+1.1%	$528.9M+2882.2%	$17.7M-97.2%	$631.2M+1271.8%	-$53.9M-122.9%	$235.1M+57.7%	$149.0M-26.9%	$203.9M+117.5%	$93.8M+107.7%	$45.1M-88.8%	$404.2M+113.4%	$189.4M+23.7%	$153.1M+207.9%	$49.7M
Dividends Paid	$213.8M	$203.9M+16.5%	$175.0M+28.8%	$135.9M+26.5%	$107.4M+26.9%	$84.6M+13.2%	$74.8M+17.6%	$63.6M+23.6%	$51.4M+22.9%	$41.9M+26.2%	$33.2M+20.5%	$27.5M+74.7%	$15.8M+63.1%	$9.7M+75.9%	$5.5M+97.0%	$2.8M
Share Buybacks	$3.7M	$3.3M-1.7%	$3.3M+121.0%	$1.5M+44.8%	$1.0M+79.6%	$582K-94.1%	$9.8M+148.5%	$4.0M+2.3%	$3.9M+12.6%	$3.4M+121.5%	$1.6M+202.9%	$512K+80.3%	$284K+77.5%	$160K+102.5%	$79K	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$74.9M+21.0%	$61.9M-11.9%	$70.3M-11.6%	$79.5M+31.2%	$60.6M-1.3%	$61.4M+19.7%	$51.3M-26.7%	$70.0M
Investing Cash Flow	-$186.4M-153.0%	-$73.7M-480.3%	$19.4M+104.7%	-$409.7M-971.1%	-$38.2M-60.5%	-$23.8M+92.3%	-$310.0M-431.6%	-$58.3M
Financing Cash Flow	$75.0M+0.5%	$74.7M+182.3%	-$90.8M-139.8%	$228.1M+550.1%	-$50.7M-150.1%	$101.2M+205.4%	$33.1M-33.5%	$49.8M
Dividends Paid	$55.3M+2.1%	$54.1M+0.7%	$53.8M+6.2%	$50.6M0.0%	$50.6M+3.6%	$48.9M0.0%	$48.9M+12.3%	$43.5M
Share Buybacks	$34K-98.5%	$2.3M	$0-100.0%	$1.3M+2435.3%	$51K-97.4%	$1.9M	$0-100.0%	$2.3M

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

TRNO Financial Ratios

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

TRNO quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Net Margin	84.6%+36.4pp	48.2%+1.4pp	46.8%-24.9pp	71.7%+32.4pp	39.3%-3.4pp	42.7%+10.2pp	32.5%-9.3pp	41.7%+1.7pp	40.1%+26.1pp	13.9%	N/A	N/A	N/A	N/A	N/A
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%+1.4pp	3.7%-1.4pp	5.1%-0.1pp	5.2%+3.3pp	1.9%-0.1pp	2.0%+0.6pp	1.4%-0.1pp	1.5%+0.6pp	1.0%+3.3pp	-2.4%
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%+1.1pp	2.6%-0.9pp	3.5%+0.1pp	3.4%+2.2pp	1.2%-0.1pp	1.3%+0.3pp	1.0%0.0pp	1.0%+0.5pp	0.5%+1.9pp	-1.4%
Debt-to-Equity	0.230.0x	0.220.0x	0.26-0.1x	0.350.0x	0.35+0.1x	0.290.0x	0.320.0x	0.37-0.1x	0.45-0.1x	0.510.0x	0.52+0.1x	0.410.0x	0.43-0.3x	0.690.0x	0.68

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Net Margin	46.2%-9.6pp	55.8%	115.1%	88.9%+5.8pp	83.1%+39.5pp	43.6%-29.8pp	73.4%+36.6pp	36.8%
Return on Equity	1.3%-0.3pp	1.6%-2.2pp	3.8%+1.2pp	2.6%+0.2pp	2.4%+1.1pp	1.2%-0.8pp	2.1%+1.1pp	1.0%
Return on Assets	1.0%-0.2pp	1.3%-1.7pp	2.9%+1.0pp	1.9%+0.1pp	1.9%+0.9pp	1.0%-0.6pp	1.6%+0.8pp	0.8%
Debt-to-Equity	0.210.0x	0.220.0x	0.230.0x	0.26+0.1x	0.190.0x	0.190.0x	0.220.0x	0.19

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

Stag Indl Inc STAG

$7.2B

First Indl Rlty Tr Inc FR

$8.3B

National Storage Affiliates Tr NSA

$3.4B

Eastgroup Pptys Inc EGP

$10.8B

Lxp Industrial Trust LXP

$3.6B

Where Terreno Realty Ranks

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%.

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 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.

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.

How financially healthy is Terreno Realty?

Terreno Realty (TRNO) scores 51 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.