ESSENTIAL PROPERTIES REALTY TRUST, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data ESSENTIAL PROPERTIES REALTY TRUST, 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

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	54.4	96.4	139	164	230	287	360	450	561
General and administrative	8.78	13.8	21.7	24.4	24.3	29.5	30.7	35.2	40.9
Operating income	6.41	50.1	79.8	72.8	134	175	243	278	360
Interest expense	22.6	30.2	27	29.7	33.6	40.4	52.6	78.5	108
Interest income	0.05	0.93	0.79	0.49	0.09	2.83	2.01	3.07	2.54
Pre-tax income	6.46	20.8	48.3	42.7	96.4	136	192	204	254
Income tax	0.16	0.2	0.3	0.21	0.23	1	0.64	0.63	0.64
Net income to minority interests		5	6.18	0.26	0.49	0.61	0.71	0.63	0.72
Net income	6.3	15.6	41.8	42.3	95.7	134	191	203	253
EBITDA	25.9	74.9	116	125	196	256	338	394	508
EPS, basic			0.65	0.44	0.82	0.99	1.25	1.16	1.29
EPS, diluted			0.63	0.44	0.82	0.99	1.24	1.15	1.28
Shares, basic (weighted)			64.1	95.3	116	135	152	174	196
Shares, diluted (weighted)			75.3	96.2	117	136	154	177	198
Dividend per share		0.43	0.88

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	7.25	4.24	8.3	26.6	59.8	62.3	39.8	40.7	60.2
Lease right-of-use assets			4.8	6.4	7.4	7.3	8.9	8.8	8.7
Intangible assets	53	52.8	60.5	57.4	59	53.2	47.9	47.6	48.1
Total assets	942	1,381	1,975	2,489	3,299	4,000	4,768	5,799	6,863
Total liabilities	761	570	773	907	1,255	1,503	1,781	2,227	2,655
Total debt		515	239	821	1,174	1,430	1,680	2,130	2,530
Paid-in capital	0	569	1,223	1,689	2,151	2,563	3,078	3,658	4,328
Retained earnings	0	-7.66	-27.5	-77.7	-101	-117	-106	-113	-109
Other comprehensive income		0	-1.95	-37.2	-14.8	40.7	4.02	16.9	-21
Shareholders' equity		562	1,194	1,575	2,037	2,488	2,979	3,564	4,200
Minority interests	0	249	7.66	7.19	7.24	8.51	8.42	8.45	7.9
Total equity	181	811	1,202	1,582	2,044	2,497	2,987	3,572	4,208
Total liabilities and equity	942	1,381	1,975	2,489	3,299	4,000	4,768	5,799	6,863
Shares outstanding		43.7	83.8	106	125	142	165	188	210

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	6.3	20.6	48	42.5	96.2	135	191	204	254
Depreciation and amortization	19.5	24.8	36.4	51.7	61.2	80.6	95.5	115	148
Stock-based compensation		2.44	6.24	6.09	5.68	9.49	9.01	10.8	13.2
Cash from operations	22.5	45.9	88.6	99.4	167	211	255	308	381
Capital expenditures	-0.05	-1.69
Cash from investing	-464	-462	-608	-546	-830	-706	-857	-1,123	-1,154
Debt issued			450
Stock issued		464	412	461	458	404	507	570	658
Dividends paid		-14.1	-63.9	-86.5	-112	-142	-168	-200	-234
Cash from financing	449	413	524	458	689	507	580	811	798
Net change in cash	7.51	-3.19	5.08	11.7	26.8	11.7	-22.5	-3.99	25.4
Free cash flow	22.4	44.2
Interest paid	20.4	27.9	29.5	27.1	24.2	36.8	49.6	73.7	99.1
Income taxes paid	0.01	0.06	0.06	0.55	0.64	1.21	1.49	0.9	0.24

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 $26.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	62.8%	Operating income / revenue.
EBITDA margin	89.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	43.8%	Pre-tax income / revenue.
Net margin	43.5%	Net income / revenue.
Operating cash flow margin	67.3%	Cash from operations / revenue.
Effective tax rate	0.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.6%	Net income / average total assets.
Return on invested capital (ROIC)	5.3%	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	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	26.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	24.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	25.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	27.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	29.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	27.1%	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	37.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	29.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	25.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	32.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	24.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.6%	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	43.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	11.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	23.8%	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	23.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.8%	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	30.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	17.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	19.1%	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	21.7%	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	18.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	19.7%	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	22.5%	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	11.8%	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	13.4%	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	15.5%	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	0.66x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.1%	Total debt / total assets.
Liabilities / assets	40.6%	Total liabilities / total assets.
Net debt	$2.80B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.12x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.23x	Operating income / interest expense.
Goodwill and intangibles / assets	0.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.34B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.23	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	$1.90	Cash from operations / diluted weighted shares.
Book value per share	$20.38	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$20.08	Tangible book value / shares outstanding.
Cash per share	$0.58	(Cash + short-term investments) / shares outstanding.
Payout ratio	94.3%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.74B	Share price x shares outstanding.
Enterprise value	$8.54B	Market cap + total debt - cash - short-term investments.
P/E	21.4x	Market cap / net income. Only when net income is positive.
P/S	9.32x	Market cap / revenue.
P/B	1.30x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.32x	Market cap / tangible book value, when positive.
P/OCF	13.9x	Market cap / cash from operations, when positive.
EV/Sales	13.9x	Enterprise value / revenue.
EV/EBIT	22.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.7%	Net income / market cap (the inverse of P/E).
Dividend yield	4.4%	Dividends paid over the period / market cap.
Shareholder yield	4.4%	(Dividends paid + share buybacks) / market cap.
PEG	2.40x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue in fiscal 2025?

ESSENTIAL PROPERTIES REALTY TRUST, INC. reported revenue of $561.2M for fiscal 2025, 24.8% higher than the year before.

Was ESSENTIAL PROPERTIES REALTY TRUST, INC. profitable in fiscal 2025?

Yes. Net income was $253.0M, a net margin of 45.1%.

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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