W. P. Carey Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data W. P. Carey 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	942	848	886	1,233	1,209	1,332	1,479	1,741	1,583	1,716
Cost of revenue	91.9	51.4	21.9	16.5	8.86	4.04	2.52	0.37
Gross profit	850	797	864	1,216	1,200	1,327	1,477	1,741
General and administrative	82.4	70.9	68.3	75.3	76	81.9	91.5	96.4	99	101
Interest expense	183	166	178	233	210	197	219	292	277	291
Other non-operating income	-41.7	-70.8	79.5	-169	-72.5	-166	14.1	29	-239	-295
Pre-tax income	278	288	439	333	445	439	626	752	492	505
Income tax	3.29	2.71	14.4	26.2	-20.8	28.5	27.7	44.1	31.7	31.9
Income from continuing operations	268
Net income to minority interests	7.06	7.79	12.8	1.3	10.6	0.13	-0.66	-0.07	-0.21	6.56
Net income	268	277	412	305	455	410	599	708	461	466
EPS, basic	2.50
EPS, diluted	2.49
Shares, basic (weighted)	107	108	117	171	175	182	200	215	220	221
Shares, diluted (weighted)	107	108	118	171	175	183	200	216	221	221
Dividend per share	3.93	4.01	4.09	4.14	4.17	4.21	4.24	4.07	3.49	3.62

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	155	162	218	196	249	165	168	634	640	155
Lease right-of-use assets				122	181	166
Goodwill	636	644	921	935	911	902	1,037	978	968	987
Total assets	8,454	8,231	14,183	14,061	14,708	15,481	18,102	17,977	17,535	17,990
Total liabilities	5,028	4,819	7,353	7,113	7,829	7,897	9,093	9,270	9,101	9,856
Total debt	4,441	4,265	6,379	6,054	6,696	6,792	7,878	8,144	8,039	8,723
Paid-in capital	4,400	4,434	8,187	8,718	8,925	9,978	11,707	11,784	11,805	11,831
Other comprehensive income	-254	-236	-255	-256	-240	-222	-284	-255	-250	-253
Shareholders' equity	3,302	3,192	6,824	6,942	6,877	7,582	8,994	8,700	8,430	8,118
Minority interests	123	219	5.78	6.24	1.66	1.67	15	6.56	4.43	15.9
Total equity	3,425	3,411	6,830	6,948	6,878	7,583	9,009	8,707	8,434	8,134
Total liabilities and equity	8,454	8,231	14,183	14,061	14,708	15,481	18,102	17,977	17,535	17,990
Shares outstanding	106	107	165	172	175	190	211	219	219	219

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	275	285	424	307	466	410	598	708	461	473
Depreciation and amortization	280	261	298	460	456	491	520	594	507	538
Stock-based compensation	21.2	18.9	18.3	18.8	15.9	24.9	32.8	34.5	40.9	39.9
Deferred income tax	-21.4	-20	-6.28	9.26	-49.1	-4.7	-8.07	-0.2	-4.25	-10.9
Cash from operations	547	521	509	812	802	926	1,004	1,073	1,833	1,282
Acquisitions	0	0	-1.69	0	0	0	-423	0	0
Purchases of investments	0		0	0	-95.5	0	0
Cash from investing	-285	214	-266	-523	-540	-1,567	-1,053	-906	-1,134	-960
Debt issued			1,184	871	495	1,385	335	0	1,726	396
Debt repaid								0	0	-90.2
Stock issued	84.1	22.8	288	523	0.16	340	218	0	0
Share buybacks	0	0	-1.18	0	0
Dividends paid	-417	-431	-440	-704	-727	-764	-835	-917	-765	-790
Cash from financing	-282	-745	-24.3	-458	-211	557	57.9	293	-688	-762
Exchange rate effect	-7.34	9.51	-4.36	-4.07	9.37	-10.6	-2.72	7.72	-12	21.2
Net change in cash	-27.3	-1.06	214	-173	60.3	-93.8	6.19	468	-1.27	-418
Interest paid	182	155
Income taxes paid	19.3	16.7	23.2	35.3	43.5	44.3	42.6	38.6	36.3	40.1

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 $66.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	38.7%	Pre-tax income / revenue.
Net margin	36.3%	Net income / revenue.
Operating cash flow margin	68.2%	Cash from operations / revenue.
Effective tax rate	5.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.5%	Net income / average total assets.
Stock-based pay / revenue	2.3%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	30.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-8.0%	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	0.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-30.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.5%	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	9.9%	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	3.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-5.1%	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	-2.8%	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	-3.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.4%	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	3.4%	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	2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.2%	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	4.1%	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	0.3%	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	3.3%	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	4.8%	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
Debt / equity	1.02x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	47.5%	Total debt / total assets.
Liabilities / assets	53.4%	Total liabilities / total assets.
Net debt	$8.69B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	5.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.69B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.10x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.87	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	$7.88	Revenue / diluted weighted shares.
Operating cash flow per share	$5.38	Cash from operations / diluted weighted shares.
Book value per share	$38.07	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$33.76	Tangible book value / shares outstanding.
Cash per share	$0.72	(Cash + short-term investments) / shares outstanding.
Payout ratio	124.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$15.06B	Share price x shares outstanding.
Enterprise value	$23.74B	Market cap + total debt - cash - short-term investments.
P/E	23.1x	Market cap / net income. Only when net income is positive.
P/S	8.40x	Market cap / revenue.
P/B	1.74x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.96x	Market cap / tangible book value, when positive.
P/OCF	12.3x	Market cap / cash from operations, when positive.
EV/Sales	13.3x	Enterprise value / revenue.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	5.4%	Dividends paid over the period / market cap.
Shareholder yield	5.4%	(Dividends paid + share buybacks) / market cap.

What was W. P. Carey Inc.'s revenue in fiscal 2025?

W. P. Carey Inc. reported revenue of $1.72B for fiscal 2025, 8.4% higher than the year before.

Was W. P. Carey Inc. profitable in fiscal 2025?

Yes. Net income was $466.4M, a net margin of 27.2%.

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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