Douglas Emmett Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Douglas Emmett Inc 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	743	812	881	937	892	918	994	1,020	986	1,004
Gross profit					586	615	660	659	636	636
General and administrative	35	36.2	38.6	38.1	39.6	42.6	45.4	49.2	45.4	46.7
Operating expenses	522	571	629
Operating income	221	241	252	243
Interest expense	146	145	133	143	143	147	150	209	229	267
Other non-operating income	8.76	9.71	11.4	11.7	16.3	2.47	4.59	19.6
Net income to minority interests	10.7	9.98	12.5	55	-11.9	-9.14	-0.61	-33.1	-15.9	-27.7
Net income	85.4	94.4	116	364	50.4	65.3	97.1	-42.7	23.5	16.3
EBITDA	470	518	562	600
EPS, basic	0.57	0.58	0.68	2.09	0.28	0.37	0.55	-0.26	0.13	0.09
EPS, diluted	0.55	0.58	0.68	2.09	0.28	0.37	0.55	-0.26	0.13	0.09
Shares, basic (weighted)	149	161	170	173	175	175	176	170	167	167
Shares, diluted (weighted)	153	161	170	173	175	175	176	170	167	167
Dividend per share	0.89	0.94	1.01	1.06	1.12	1.12	1.03	0.76	0.76	0.76

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	113	177	146	154	172	336	269	523	445	341
Property, plant and equipment	1.09	1.16	1.1	2.37	2.36	2.5	7.14	7.01	6.83	6.98
Lease right-of-use assets				7.48	7.47	7.46	7.46	7.45	7.44	7.43
Intangible assets	5.15	4.29	3.25	6.41	5.14	4.17	3.54	2.97	2.49	4.73
Total assets	7,614	8,293	8,262	9,349	9,251	9,354	9,747	9,644	9,404	9,288
Total liabilities	4,600	4,391	4,413	4,978	5,255	5,367	5,472	5,799	5,745	5,813
Total debt	4,370	4,117	4,134	4,619	4,745	5,012	5,192	5,543	5,498	5,549
Paid-in capital	2,725	3,273	3,282	3,486	3,488	3,489	3,493	3,393	3,396	3,397
Retained earnings	-821	-880	-936	-759	-905	-1,036	-1,120	-1,291	-1,394	-1,505
Other comprehensive income	15.2	43.1	53.9	-17.5	-148	-38.8	187	116	54.9	11.5
Shareholders' equity	1,921	2,438	2,402	2,712	2,437	2,416	2,562	2,220	2,059	1,905
Minority interests	1,093	1,465	1,446	1,659	1,559	1,570	1,713	1,626	1,600	1,570
Total equity	3,014	3,902	3,848	4,371	3,996	3,987	4,276	3,845	3,658	3,475
Total liabilities and equity	7,614	8,293	8,262	9,349	9,251	9,354	9,747	9,644	9,404	9,288
Shares outstanding	152	170	170	175	175	176	176	167	167	167

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	96.1	104	129	419	38.6	56.1	96.5	-75.8	7.59	-11.4
Depreciation and amortization	249	277	310	358	385	371	373	460	384	399
Stock-based compensation	17.4	18.5	22.3	18.4	21.4	20.9	21	19.8	21	21.2
Change in payables	10.7	24.9	1.38	-6.84	5.56	-2.84	-1.4	6.25	-0	11.4
Cash from operations	339	403	433	470	420	447	497	427	409	387
Capital expenditures	-91.8	-108	-179	-176	-143	-108	-162	-189	-167	-192
Cash from investing	-1,366	-670	-250	-650	-265	-289	-561	-234	-241	-265
Stock issued	49.4	593	0	201	0	0
Share buybacks						0	0	-109	0	0
Dividends paid	-131	-146	-170	-180	-196	-197	-197	-130	-127	-127
Cash from financing	1,038	331	-214	188	-136	5.25	-3	60.9	-246	-225
Net change in cash	11.1	63.7	-30.4	7.46	18.7	163	-67.1	254	-78.5	-104
Free cash flow	248	294	254	293	277	338	335	238	241	194
Interest paid	138	136	124	128	137	137	141	196	220	237

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	63.2%	Gross profit / revenue.
Net margin	-2.3%	Net income / revenue.
FCF margin	17.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.3%	Cash from operations / revenue.
Return on equity (ROE)	-1.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.2%	Net income / average total assets.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	20.5%	Capital expenditures / revenue.
D&A / revenue	39.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.2%	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	1.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-30.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-44.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-20.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-30.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-45.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-20.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.0%	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	-1.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-19.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-16.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-9.6%	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	-7.5%	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	-7.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.4%	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	-4.8%	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	-1.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	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	0.1%	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	0.0%	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	-1.6%	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	-0.9%	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	3.11x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	59.9%	Total debt / total assets.
Liabilities / assets	63.2%	Total liabilities / total assets.
Net debt	$5.37B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.83B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.11x	Revenue / average total assets.
Fixed asset turnover	139x	Revenue / average property, plant and equipment.
Capex / operating cash flow	53.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.14	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	$6.02	Revenue / diluted weighted shares.
FCF per share	$1.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.30	Cash from operations / diluted weighted shares.
Book value per share	$10.98	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.92	Tangible book value / shares outstanding.
Cash per share	$2.12	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	71.1%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.64B	Share price x shares outstanding.
Enterprise value	$7.01B	Market cap + total debt - cash - short-term investments.
P/S	1.63x	Market cap / revenue.
P/B	0.89x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.90x	Market cap / tangible book value, when positive.
P/FCF	9.18x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.26x	Market cap / cash from operations, when positive.
EV/Sales	6.96x	Enterprise value / revenue.
EV/FCF	39.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.9%	Free cash flow / market cap.
Earnings yield	-1.4%	Net income / market cap (the inverse of P/E).
Dividend yield	7.7%	Dividends paid over the period / market cap.
Shareholder yield	7.7%	(Dividends paid + share buybacks) / market cap.

What was Douglas Emmett Inc's revenue in fiscal 2025?

Douglas Emmett Inc reported revenue of $1.00B for fiscal 2025, 1.8% higher than the year before.

Was Douglas Emmett Inc profitable in fiscal 2025?

Yes. Net income was $16.3M, a net margin of 1.6%.

How much free cash flow did Douglas Emmett Inc generate in fiscal 2025?

Cash from operations of $386.9M minus capital expenditures of $192.4M left free cash flow of $194.5M.

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.

Open interactive statements, quarterly figures and charts

Back to Douglas Emmett Inc