JBG SMITH Properties financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data JBG SMITH Properties 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

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	479	543	644	648	603	634	606	604	547	499
Operating expenses	366	595	618	625
Operating income	113	-52.2
Interest expense	51.8	58.1	74.4	52.7	62.3	68	75.9	109	134	142
Other non-operating income	-49.7	-36.8	19.6	50.5	-34.1	-75.1	84.1	-131	-179	-164
Pre-tax income	63.1	-89	45.9	72.8	-71.5	-86.2	100	-92	-177	-172
Income tax	1.08	-9.91	-0.74	-1.3	-4.27	3.54	1.26	-0.3	0.76	-3.83
Net income	62	-71.8	39.9	65.6	-62.3	-79.3	85.4	-80	-144	-139
EBITDA	248	112
EPS, basic	0.62	-0.70	0.31	0.48	-0.49	-0.63	0.70	-0.78	-1.65	-2.09
EPS, diluted	0.62	-0.70	0.31	0.48	-0.49	-0.63	0.70	-0.78	-1.65	-2.09
Shares, basic (weighted)	101	105	119	131	133	131	119	105	88.3	67.4
Shares, diluted (weighted)	101	105	119	131	133	131	119	105	88.3	67.4
Dividend per share	0.00	0.45	1.00	0.90	0.90	0.90	0.90	0.68	0.88	0.70

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29	317	261	126	226	264	241	165	146	75.3
Lease right-of-use assets			0	19.9	3.54	1.66	1.38	60.3	44	41.5
Intangible assets	3.06	126	89.9	55.2	41.5	202	68.2	56.6	47	30.3
Total assets	3,661	6,072	5,997	5,986	6,080	6,386	5,903	5,519	5,021	4,388
Total liabilities	1,539	2,488	2,452	1,987	2,343	2,925	2,708	2,826	2,788	2,719
Total debt	1,165
Paid-in capital	0	3,064	3,155	3,633	3,658	3,540	3,264	2,979	2,790	2,339
Retained earnings	0	-95.8	-176	-231	-413	-609	-629	-777	-997	-1,180
Other comprehensive income		1.61	6.7	-16.7	-40	-16	45.6	20	15.1	-1.61
Shareholders' equity	2,122	2,971	2,987	3,386	3,206	2,916	2,682	2,223	1,809	1,158
Minority interests	0.3	4.21	0.2	0.2	0.17	22.5	32.2	29
Total equity	2,122	2,975	2,987	3,387	3,206	2,938	2,714	2,252	1,809	1,158
Total liabilities and equity	3,661	6,072	5,997	5,986	6,080	6,386	5,903	5,519	5,021	4,388
Shares outstanding		118	121	134	132	127	114	94.3	84.5

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	62	-79.1	46.6	74.1	-67.3	-89.7	99	-91.7	-178	-168
Depreciation and amortization	135	165	216	196	226	240	218	216	215	197
Stock-based compensation	4.5	33.7	52.7	65.3	66.1	51.6	41.3	32.1	29.5	24.9
Deferred income tax	0	-10.4	-0.72	-1.34	-3.03	2.83	-0.44	-1.58	0.59	-3.92
Change in payables	7.67	16.2	-5.98	-7.68	0.59	8.7	-1.28	-11.3	0.61	-4.79
Cash from operations	160	74.2	188	174	169	218	178	183	129	73.3
Acquisitions			-28
Cash from investing	-259	-7.68	66.3	-241	-168	-369	524	-98.2	144	357
Stock issued		0	0	473
Share buybacks					-105	-158	-361	-335	-171	-444
Dividends paid	0	-26.5	-107	-130	-120	-118	-108	-94	-62	-48.4
Cash from financing	51.1	240	-194	-190	119	190	-730	-159	-291	-510
Net change in cash	-48.2	306	61	-257	121	38.8	-28	-73.6	-17.2	-79.9
Interest paid	45.4	52.4	64.6	49.4	57	61.9	71.9	88.8	116	128
Income taxes paid	1.17	3.4	1.97	0.28	-1.19	0.82	1.21	1.92	0.12	0.06

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 $10.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	-37.4%	Pre-tax income / revenue.
Net margin	-29.9%	Net income / revenue.
Operating cash flow margin	11.9%	Cash from operations / revenue.
Return on equity (ROE)	-14.2%	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.
Stock-based pay / revenue	5.3%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	37.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-3.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-43.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-25.6%	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	-15.4%	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	-20.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-8.0%	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	-4.9%	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	-36.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-24.4%	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	-18.4%	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	-12.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.4%	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	-6.3%	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	-23.7%	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	-17.3%	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	-12.8%	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	63.1%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.05B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.12x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$2.61	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	$8.72	Revenue / diluted weighted shares.
Operating cash flow per share	$1.04	Cash from operations / diluted weighted shares.
Book value per share	$18.30	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.10	Tangible book value / shares outstanding.
Cash per share	$1.28	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$785.7M	Share price x shares outstanding.
Enterprise value	$710.9M	Market cap + total debt - cash - short-term investments.
P/S	1.55x	Market cap / revenue.
P/B	0.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.74x	Market cap / tangible book value, when positive.
P/OCF	12.9x	Market cap / cash from operations, when positive.
EV/Sales	1.40x	Enterprise value / revenue.
Earnings yield	-19.3%	Net income / market cap (the inverse of P/E).
Dividend yield	5.3%	Dividends paid over the period / market cap.
Shareholder yield	18.0%	(Dividends paid + share buybacks) / market cap.

What was JBG SMITH Properties's revenue in fiscal 2025?

JBG SMITH Properties reported revenue of $498.6M for fiscal 2025, 8.9% lower than the year before.

Was JBG SMITH Properties profitable in fiscal 2025?

No. It reported a net loss of $139.1M.

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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