BRANDYWINE REALTY TRUST financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BRANDYWINE REALTY TRUST files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	525	520	544	580	535	487	506	515	506	484
Cost of revenue	209	206	218	226	205	188	194
Gross profit	316	314	326	355	329	299	312	325	318	299
General and administrative	26.6	28.5	27.8	32.2	30.3	30.2	35	34.9	42.8	42
Operating expenses						188	194	190	187	185
Operating income	185	135	56.7	115	400	93.3	120	-21.6	54.9	26.7
Interest expense	84.7	81.9	78.2	81.5
Interest income	1.24	1.11	4.7	2.32	1.94	8.3	1.91
Pre-tax income	40.5	121	136	34.5	307	12.4	54	-197	-196	-179
Income tax	0	-0.63	0.42	0.01	-0.22	0.05	0.06	0.07	0.01	0.11
Income from continuing operations	40.2
Net income to minority interests	0.31	1	0.95	0.26	1.8	0.08	0.17	-0.61	-0.58	-0.62
Net income	40.2	120	135	34.3	306	12.3	53.8	-197	-196	-178
EBITDA	375	316	233	325	589	271	298	167	233	203
EPS, basic	0.19	0.65	0.75	0.19	1.77	0.07	0.31	-1.15	-1.14	-1.03
EPS, diluted	0.19	0.65	0.75	0.19	1.77	0.07	0.31	-1.15	-1.14	-1.03
Shares, basic (weighted)	175	175	179	176	172	171	171	172	173	173
Shares, diluted (weighted)	176	177	180	177	172	172	172	172	173	173
Dividend per share	0.63	0.66	0.73	0.76	0.76	0.76	0.76	0.68	0.60	0.53

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	194	202	22.8	90.5	46.3	27.5	17.6	58.3	90.2	32.3
Lease right-of-use assets		0	0	21.7	21	20.3	19.7	19	18.4	17.8
Intangible assets	72.5	65	131	84.9	48.6	28.6	18.5	7.69	5.51	22.4
Total assets	4,099	3,995	4,077	4,076	3,900	3,846	3,875	3,732	3,492	3,586
Total liabilities	2,216	2,149	2,266	2,388	2,095	2,145	2,241	2,408	2,448	2,788
Total debt	2,013	1,931	2,028	2,144	1,831		1,965	2,139	2,213	2,557
Paid-in capital	3,259	3,219	3,200	3,192	3,138	3,147	3,153	3,164	3,183	3,200
Other comprehensive income	-1.75	2.4	5.03	-2.37	-7.56	-2.02	3.9	-0.67	2.52	-1.44
Shareholders' equity	1,866	1,829	1,799	1,678	1,794	1,690	1,626	1,317	1,039	793
Minority interests	17.1	17.4	12.2	10.4	10.5	11	7.7	6.77	5.95	5.12
Total equity	1,864	1,827	1,811	1,688	1,805	1,701	1,633	1,324	1,045	798
Total liabilities and equity	4,099	3,995	4,077	4,076	3,900	3,846	3,875	3,732	3,492	3,586
Shares outstanding	175	178	177	176	171	171	172	172	173	174

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	40.5	121	135	34.5	307	12.4	54	-197	-196	-179
Depreciation and amortization	190	180	176	210	188	178	178	189	178	176
Stock-based compensation	4.31	4.88	5.72	6.88	6.63	7.13	8.94	9.85	16.9	17.6
Deferred income tax	0	-0.6	0.3	0.1	0	0	0	0	0	0
Change in receivables	2.37	-6.27	3.52	-0.25	-2.03	2.51	1.33	0.24	-0.01	-8.81
Change in payables	-8	4	12.6	-5.6	14.4	2.97	5.41	-12.9	0.95	2.71
Cash from operations	174	183	227	234	226	191	209	177	181	117
Purchases of investments	-3.38	0	-175	0
Cash from investing	501	79.8	-215	-131	18.3	-100	-191	-175	-120	-206
Stock issued	0	51.2	0.42	0	0
Share buybacks	0	0	-21.8	-17.3	-60	0	0
Dividends paid	-116	-116	-129	-134
Cash from financing	-537	-254	-193	-35.6	-288	-109	-28.6	46.8	-32.3	55.7
Net change in cash	137	8.26	-180	68	-44.1	-18.8	-9.91	49.1	28.6	-33.9
Interest paid	97.8	83.1	76.9	66.5	79.5	72.4	85.8	108	132	132
Income taxes paid	0	0.23	0.41	1.39	0.69	0.79	0.9	0.55	0.57	0.11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $2.86 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	61.3%	Gross profit / revenue.
Operating margin	2.7%	Operating income / revenue.
EBITDA margin	39.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-40.9%	Pre-tax income / revenue.
Net margin	-40.8%	Net income / revenue.
Operating cash flow margin	24.6%	Cash from operations / revenue.
Return on equity (ROE)	-27.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.6%	Net income / average total assets.
Return on invested capital (ROIC)	0.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	2.4%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	37.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-51.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-39.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-41.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-12.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-12.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-19.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-35.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-17.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-12.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-11.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-11.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-7.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-23.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-21.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-15.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	3.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	73.1%	Total debt / total assets.
Liabilities / assets	79.4%	Total liabilities / total assets.
Net debt	$2.59B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	13.3x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Goodwill and intangibles / assets	0.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$713.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.14x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.15	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.82	Revenue / diluted weighted shares.
Operating cash flow per share	$0.69	Cash from operations / diluted weighted shares.
Book value per share	$4.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.11	Tangible book value / shares outstanding.
Cash per share	$0.21	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$499.3M	Share price x shares outstanding.
Enterprise value	$3.09B	Market cap + total debt - cash - short-term investments.
P/S	1.02x	Market cap / revenue.
P/B	0.68x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.70x	Market cap / tangible book value, when positive.
P/OCF	4.14x	Market cap / cash from operations, when positive.
EV/Sales	6.30x	Enterprise value / revenue.
EV/EBIT	237x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.9x	Enterprise value / EBITDA, when both are positive.
Earnings yield	-40.0%	Net income / market cap (the inverse of P/E).

What was BRANDYWINE REALTY TRUST's revenue in fiscal 2025?

BRANDYWINE REALTY TRUST reported revenue of $484.5M for fiscal 2025, 4.2% lower than the year before.

Was BRANDYWINE REALTY TRUST profitable in fiscal 2025?

No. It reported a net loss of $178.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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