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W.P. Carey Inc. Financials

WPC
Trailing 12 months to June 30, 2026
Revenue $1.8B +9.0% YoY
Net Income $651.0M +93.9% YoY
EPS (Diluted) $2.93 +92.8% 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 Currency USD FYE December

W.P. Carey Inc. (WPC) reported $1.8B in revenue over the twelve months to Jun 30, 2026, up 9.0% 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 WPC FY2025

Recurring operating cash flow funds a capital-heavy balance sheet, so this business reads better through cash than accounting profit alone.

In FY2024, operating cash flow was $1.83B against net income of $461M, showing that reported earnings captured only part of the economic output of the asset base in that year. FY2025 still showed the same gap, and depreciation above $500M suggests non-cash asset charges, not weak underlying cash generation alone, are a major reason earnings understate cash.

Debt to equity rose from 1.0x to 1.1x between FY2024 and FY2025, crossing above parity as equity kept shrinking. With return on assets still near 2.6%, the company relied more on financing structure than on better asset productivity to support shareholder returns.

Despite healthy cash generation, cash on hand fell from $640M to $155M in FY2025, which says surplus cash was not being stockpiled. Paired with $790M of dividends and almost $960M of investing outflow, the operating model appears built to recycle cash back into assets and distributions rather than preserve a large liquidity cushion.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

FFO Margin FFOGrowth Leverage Interest Cov. AFFOMargin DividendCov. 37 / 100
Financial Health Score 37/100
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 W.P. Carey 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
83
FFO Growth
22
Leverage
0

Not available for W.P. Carey Inc., and counted as zero in the overall score.

Interest Cov.
0

Not available for W.P. Carey Inc., and counted as zero in the overall score.

AFFO Margin
84
Dividend Cov.
30
Piotroski F-Score Partial
4/7

W.P. Carey Inc. 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 Cash-Backed
2.75x

For every $1 of reported earnings, W.P. Carey Inc. generates $2.75 in operating cash flow ($1.3B OCF vs $466.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.7B
YoY+8.4%
5Y CAGR+7.3%
10Y CAGR+6.2%

W.P. Carey Inc. generated $1.7B in revenue in fiscal year 2025. This represents an increase of 8.4% from the prior year.

Net Income
$466.4M
YoY+1.2%
5Y CAGR+0.5%
10Y CAGR+10.5%

W.P. Carey Inc. reported $466.4M in net income in fiscal year 2025. This represents an increase of 1.2% from the prior year.

EPS (Diluted)
$2.11
YoY+1.0%
5Y CAGR-4.1%
10Y CAGR+2.7%

W.P. Carey Inc. earned $2.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.0% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt
$155.3M
YoY-75.7%
5Y CAGR-9.0%
10Y CAGR-0.1%

W.P. Carey Inc. held $155.3M in cash against $8.7B in long-term debt as of fiscal year 2025.

Dividends Per Share
$3.62
YoY+3.7%
5Y CAGR-2.8%
10Y CAGR-0.6%

W.P. Carey Inc. paid $3.62 per share in dividends in fiscal year 2025. This represents an increase of 3.7% from the prior year.

Shares Outstanding
219M
YoY+0.1%
5Y CAGR+4.6%
10Y CAGR+7.7%

W.P. Carey Inc. had 219M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Margins & Returns

Net Margin
27.2%
YoY-1.9pp
5Y CAGR-10.5pp
10Y CAGR+8.8pp

W.P. Carey Inc.'s net profit margin was 27.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.9 percentage points from the prior year.

Return on Equity
5.7%
YoY+0.3pp
5Y CAGR-0.9pp
10Y CAGR+0.7pp

W.P. Carey Inc.'s ROE was 5.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

WPC Income Statement

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

WPC quarterly income statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Revenue$461.1M+1.4%$454.5M+2.2%$444.5M+3.1%$431.3M+0.1%$430.8M+5.1%$409.9M+0.9%$406.2M+2.2%$397.4M
SG&A Expenses$25.9M-5.2%$27.3M+5.6%$25.9M+9.5%$23.7M-2.0%$24.1M-10.4%$27.0M+11.2%$24.3M+6.9%$22.7M
Interest Expense$79.0M+0.7%$78.5M+51.8%$51.7M-31.3%$75.2M+4.8%$71.8M+4.3%$68.8M+37.3%$50.1M-30.9%$72.5M
Income Tax$13.1M-10.5%$14.6M+1217.1%-$1.3M-115.4%$8.5M-35.1%$13.1M+12.5%$11.6M+49.7%$7.8M-14.1%$9.0M
Net Income$185.4M+5.2%$176.3M+18.9%$148.3M+5.2%$141.0M+175.3%$51.2M-59.3%$125.8M+167.6%$47.0M-57.9%$111.7M
EPS (Diluted)$0.82+2.5%$0.80+19.4%$0.67+4.7%$0.64+178.3%$0.23-59.6%$0.57+171.4%$0.21-58.8%$0.51

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

WPC Balance Sheet

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

WPC quarterly balance sheet
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Total Assets$18.6B+2.4%$18.2B+1.2%$18.0B0.0%$18.0B-0.1%$18.0B+4.0%$17.3B-1.3%$17.5B-0.5%$17.6B
Cash & Equivalents$163.5M-31.7%$239.3M+54.0%$155.3M-37.6%$249.0M+1.7%$244.8M+30.4%$187.8M-70.7%$640.4M-21.7%$818.2M
Goodwill$982.6M-0.1%$984.0M-0.3%$987.1M0.0%$987.0M+0.1%$986.5M+1.2%$974.5M+0.7%$967.8M-1.2%$979.3M
Total Liabilities$9.9B+1.1%$9.8B-0.2%$9.9B+0.4%$9.8B+0.4%$9.8B+9.3%$8.9B-1.8%$9.1B+0.6%$9.0B
Long-Term Debt$8.9B+1.1%$8.8B+0.4%$8.7B+0.4%$8.7B+0.6%$8.6B+9.8%$7.9B-2.1%$8.0B+0.8%$8.0B
Total Equity$8.7B+3.9%$8.3B+2.8%$8.1B-0.5%$8.2B-0.7%$8.2B-1.8%$8.4B-0.8%$8.4B-1.7%$8.6B

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

WPC Cash Flow Statement

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

WPC quarterly cash flow statement
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Operating Cash Flow$333.1M+17.6%$283.2M-7.0%$304.6M+1.4%$300.5M-25.6%$404.0M+47.9%$273.2M-7.8%$296.3M+5.8%$280.2M
Investing Cash Flow-$609.9M-31.8%-$462.8M-127.8%-$203.2M+5.6%-$215.1M+41.5%-$368.0M-111.6%-$173.9M+75.1%-$697.9M-1328.4%-$48.9M
Financing Cash Flow$187.2M-11.3%$211.0M+217.6%-$179.4M-10.7%-$162.1M-200.7%$160.9M+127.7%-$581.2M-357.1%$226.0M+137.9%-$596.5M
Dividends Paid$216.2M+5.3%$205.3M+2.4%$200.6M-0.3%$201.1M+1.2%$198.8M+1.9%$195.1M+1.2%$192.7M-0.2%$193.2M

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

WPC Financial Ratios

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

WPC quarterly financial ratios
MetricQ2'26Q1'26Q4'25Q3'25Q2'25Q1'25Q4'24Q3'24
Net Margin40.2%+1.4pp38.8%+5.4pp33.4%+0.7pp32.7%+20.8pp11.9%-18.8pp30.7%+19.1pp11.6%-16.5pp28.1%
Return on Equity2.1%0.0pp2.1%+0.3pp1.8%+0.1pp1.7%+1.1pp0.6%-0.9pp1.5%+0.9pp0.6%-0.7pp1.3%
Return on Assets1.0%0.0pp1.0%+0.1pp0.8%0.0pp0.8%+0.5pp0.3%-0.5pp0.7%+0.5pp0.3%-0.4pp0.6%
Debt-to-Equity1.020.0x1.050.0x1.070.0x1.060.0x1.05+0.1x0.940.0x0.950.0x0.93

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

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Frequently Asked Questions

What is W.P. Carey Inc.'s annual revenue?

W.P. Carey Inc. (WPC) reported $1.7B in total revenue for fiscal year 2025. This represents a 8.4% 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 W.P. Carey Inc.'s revenue growing?

W.P. Carey Inc. (WPC) revenue grew by 8.4% year-over-year, from $1.6B to $1.7B in fiscal year 2025.

Is W.P. Carey Inc. profitable?

Yes, W.P. Carey Inc. (WPC) reported a net income of $466.4M in fiscal year 2025, with a net profit margin of 27.2%.

W.P. Carey Inc. (WPC) reported diluted earnings per share of $2.11 for fiscal year 2025. This represents a 1.0% 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, W.P. Carey Inc. (WPC) had $155.3M in cash and equivalents against $8.7B in long-term debt.

W.P. Carey Inc. (WPC) had a net profit margin of 27.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, W.P. Carey Inc. (WPC) paid $3.62 per share in dividends during fiscal year 2025.

W.P. Carey Inc. (WPC) has a return on equity of 5.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

W.P. Carey Inc. (WPC) generated $1.3B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

W.P. Carey Inc. (WPC) had $18.0B in total assets as of fiscal year 2025, including both current and long-term assets.

W.P. Carey Inc. (WPC) had 219M shares outstanding as of fiscal year 2025.

W.P. Carey Inc. (WPC) had a debt-to-equity ratio of 1.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

W.P. Carey Inc. (WPC) had a return on assets of 2.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

W.P. Carey Inc. (WPC) 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.

W.P. Carey Inc. (WPC) has an earnings quality ratio of 2.75x, 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.

W.P. Carey Inc. (WPC) scores 37 out of 100 on our Financial Health Score, indicating weak 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.

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