Empire State Realty OP, L.P. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Empire State Realty OP, L.P. 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	677	710	732	731	609	624	727	740	768	768
Selling, general and administrative	49.1	50.3	52.7	61.1	62.2	55.9	61.8	63.9
General and administrative							61.8	63.9	70.2	72.8
Operating expenses	493	517	541	577	551	545	600	593	609	633
Operating income	184	193	191	155	58.7	79.1	127	147	159	136
Interest expense	70.6	68.5	79.6	79.2	89.9	94.4	101	101	105	103
Pre-tax income	113	125	122	86.7	-29.9	-14.8	64.8	87.1	83	75.5
Income tax	6.15	6.67	4.64	2.43	-6.97	-1.73	1.55	2.72	2.69	2.56
Net income to minority interests						0	-0.24	0.07	0	0
Net income	106	117	116	82.5	-27.1	-17.2	59.3	80.1	76.2	68.8
EBITDA	339	354	359	336	250	281	344	337	344	330
EPS, basic	0.38	0.39	0.39	0.27	-0.10	-0.06	0.22	0.30	0.29	0.26
EPS, diluted	0.38	0.39	0.39	0.27	-0.10	-0.06	0.22	0.30	0.28	0.25
Shares, basic (weighted)	277	296	297	298	284	277	268	263	265	267
Shares, diluted (weighted)	278	298	297	298	284	277	270	266	269	270

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	554	464	205	234	527	424	264	347	385	133
Short-term investments		0	400	0
Lease right-of-use assets				29.3	29.1	28.9	28.7	28.4	28.2	334
Goodwill	491	491	491	491	491	491	491	491	491	491
Total assets	3,891	3,931	4,196	3,932	4,151	4,282	4,164	4,219	4,510	4,469
Total liabilities	1,908	1,954	2,205	1,984	2,419	2,598	2,481	2,488	2,728	2,647
Total debt	759	717	609
Total liabilities and equity	3,891	3,931	4,196	3,932	4,151	4,282	4,164	4,219	4,510	4,469

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	107	118	117	84.3	-22.9	-13	63.2	84.4	80.4	73
Depreciation and amortization	155	161	169	182	191	202	217	190	185	195
Stock-based compensation	9.73	14.1	18.8	20.9	25.5	20.3	21	20	21.7	25.2
Deferred income tax	0.46	0.45	0	0.48	0.66	-2.35	1	1.24	0.28	0.38
Change in receivables	-3.76	-5.79	-1.28	4.02	3.88	2.89	-5.31	-15.6	6.89	9.27
Cash from operations	215	194	279	233	182	212	211	232	261	249
Capital expenditures	-198	-228	-256	-256	-104	-398	-86	-169	-173	-198
Acquisitions	0
Purchases of investments	0	0	-400
Cash from investing	-182	-223	-643	150	-143	-213	-231	-77.3	-397	-550
Debt issued	50	315	160	0	175	0	0	0	225	175
Debt repaid	-32.3	-347	-267
Stock issued	611	0	4.75	0	0
Share buybacks			0	0	-144	-46.7	-90.2	-13.1	0	-8.12
Dividends paid	-114	-126	-126	-126	-60.9	-28.6	-38.6	-37.1	-38.3	-39
Cash from financing	471	-56.9	105	-382	257	-93	-140	-62.9	159	38.2
Net change in cash	503	-85.7	-259	0.78	296	-93.3	-160	92.3	22.3	-263
Free cash flow	17.1	-34	22.5	-23.3	78.2	-186	125	63.3	88	50.6
Interest paid	69.1	66.9	74.2	76.3	75.4	77.6	91	92	94.7	93.4
Income taxes paid	6.24	5.78	4.85	1.77	1.28	0.64	0.2	1.39	1.9	3.53

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 $4.00 on September 24, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	-4.4%	Operating income / revenue.
EBITDA margin	20.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.3%	Pre-tax income / revenue.
Net margin	0.6%	Net income / revenue.
FCF margin	13.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.0%	Cash from operations / revenue.
Effective tax rate	8.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	0.1%	Net income / average total assets.
Stock-based pay / revenue	3.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	15.8%	Capital expenditures / revenue.
D&A / revenue	25.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-14.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	2.2%	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	18.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-1.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	5.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-9.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-10.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.7%	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	6.4%	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	-42.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-26.1%	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	-8.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.4%	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	1.5%	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	0.4%	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	0.0%	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	-1.0%	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
Liabilities / assets	58.1%	Total liabilities / total assets.
Goodwill and intangibles / assets	7.6%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.18x	Revenue / average total assets.
FCF conversion	2,053.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	54.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.02	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	$2.92	Revenue / diluted weighted shares.
FCF per share	$0.39	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.85	Cash from operations / diluted weighted shares.
Cash per share	$0.32	(Cash + short-term investments) / shares outstanding.
Payout ratio	775.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	37.7%	Dividends paid / free cash flow, when free cash flow is positive.

What was Empire State Realty OP, L.P.'s revenue in fiscal 2025?

Empire State Realty OP, L.P. reported revenue of $768.3M for fiscal 2025, 0% higher than the year before.

Was Empire State Realty OP, L.P. profitable in fiscal 2025?

Yes. Net income was $68.8M, a net margin of 9%.

How much free cash flow did Empire State Realty OP, L.P. generate in fiscal 2025?

Cash from operations of $249.1M minus capital expenditures of $198.5M left free cash flow of $50.6M.

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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