GLADSTONE COMMERCIAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data GLADSTONE COMMERCIAL CORP 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	86.4	94.8	107	114	133	138	149	148	149	161
General and administrative	2.39	2.37	2.36	3.24	3.26	3.22	3.71	4.36	3.88	4.04
Operating expenses	55.6	68.3	71.1	80.2	99.9	102	116	116	103	101
Interest expense	25.9	24.6	26.2	28.3	26.8	26.9	32.5	37.3	37.4	41.9
Other non-operating income	-26.8	-20.5	-23.3	-24.6	-18.3	-25.2	-22	-26.6	-22.5	-40.7
Net income to minority interests	0	0	0	-0.09	0.05	-0.04	-0.02	-0.06	0.04	0.01
Net income	3.96	5.94	12.3	9.63	14.9	10.9	10.8	4.99	24	19.3
EPS, basic	-0.12	-0.14	0.02	-0.12	0.07	-0.09	-0.04	-0.19	0.27	0.14
EPS, diluted	-0.12	-0.14	0.02	-0.12	0.07	-0.09	-0.04	-0.19	0.27	0.14
Shares, basic (weighted)	30.9	35.1	38.2	40.9	45.4	36.5	39	39.9	41.8	46.5
Shares, diluted (weighted)	30.9	35.1	38.2	40.9	45.4	36.5	39	39.9	41.8	46.5
Dividend per share	1.13	1.13	1.13	1.13	1.13	1.50	1.50	1.20	1.20	1.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	4.66	6.68	6.59	6.85	11	7.96	11.7	12	11	10.8
Lease right-of-use assets			0	5.79	5.58	5.36	5.13	4.89	3.96	3.71
Intangible assets	106	119	111	115	117	114	112	101	95.1	116
Total assets	852	928	939	1,040	1,098	1,143	1,203	1,133	1,094	1,247
Long-term debt								0	74	158
Total liabilities	541	578	599	676	723	771	827	809	753	905
Total debt	509	543	566	627	669	708	749	739	693	843
Paid-in capital	463	535	560	571	627	671	721	730	784	842
Other comprehensive income	0	0.04	-0.15	-2.13	-4.35	-1.35	11.6	7.76	10.6	3.31
Shareholders' equity	240	267	250	208	213	201	204	153	171	172
Minority interests		0	4.68	2.9	2.85	1.26	1.79	0.99	0.13	0.12
Total equity	240	267	254	211	214	202	206	154	171	172
Total liabilities and equity	852	928	939	1,040	1,098	1,143	1,203	1,133	1,094	1,247
Shares outstanding	33.2	37.8	39	43.5	47.1	37.5	39.7	40	44	48.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.96	5.94	12.3	9.54	15	10.9	10.8	4.92	24	19.3
Depreciation and amortization	37.5	42.8	47.6	52	55.4	59.1	60.2	57.9	55.8	58.2
Change in payables	0.93	-0.52	0.52	1.54	-1.68	2.83	1.6	-0.01	-0.04	0.8
Cash from operations	41.2	46.8	55.6	60.2	65.5	70.1	69.2	60.4	57	88.2
Cash from investing	-59.8	-99.9	-34.4	-132	-100	-94.8	-82.5	1.14	-1.73	-221
Debt issued	0	50	0	47.3	37.7	65	150	0	75	85
Stock issued	118	86.3	18.6	135	63.6	145	49.7	10.2	55.4	62.2
Share buybacks	-0.18	-0.02	-0.03	0	0		0	-1	0	0
Dividends paid	-42.5	-50.4	-54.6	-58.9	-63.8	-67.6	-71.1	-60.6	-62.8	-68.2
Cash from financing	17	54.4	-21.2	74.2	39.4	21.8	16.2	-61.4	-56.3	135
Net change in cash	-1.67	1.39	0	2.41	4.59	-2.9	2.81	0.14	-1.06	1.52
Interest paid	25.3	22.4	25	25.7	26.1	23.4	27.8	33.1	35.7	38.7

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 $21.88 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	14.5%	Net income / revenue.
Operating cash flow margin	41.2%	Cash from operations / revenue.
Return on equity (ROE)	15.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
D&A / revenue	35.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-19.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	21.3%	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	5.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-48.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	15.7%	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	54.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.4%	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	6.1%	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	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-7.3%	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	1.3%	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	0.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.6%	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	-4.2%	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	13.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.2%	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	2.6%	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	11.4%	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	6.1%	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	0.5%	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	5.41x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	68.5%	Total debt / total assets.
Liabilities / assets	73.6%	Total liabilities / total assets.
Net debt	$841.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	9.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$44.2M	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	$0.51	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	$3.52	Revenue / diluted weighted shares.
Operating cash flow per share	$1.45	Cash from operations / diluted weighted shares.
Book value per share	$3.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.91	Tangible book value / shares outstanding.
Cash per share	$0.21	(Cash + short-term investments) / shares outstanding.
Payout ratio	282.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.06B	Share price x shares outstanding.
Enterprise value	$1.90B	Market cap + total debt - cash - short-term investments.
P/E	42.8x	Market cap / net income. Only when net income is positive.
P/S	6.22x	Market cap / revenue.
P/B	6.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	24.0x	Market cap / tangible book value, when positive.
P/OCF	15.1x	Market cap / cash from operations, when positive.
EV/Sales	11.2x	Enterprise value / revenue.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
Dividend yield	6.6%	Dividends paid over the period / market cap.
Shareholder yield	6.6%	(Dividends paid + share buybacks) / market cap.

What was GLADSTONE COMMERCIAL CORP's revenue in fiscal 2025?

GLADSTONE COMMERCIAL CORP reported revenue of $161.3M for fiscal 2025, 8% higher than the year before.

Was GLADSTONE COMMERCIAL CORP profitable in fiscal 2025?

Yes. Net income was $19.3M, a net margin of 12%.

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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