American Assets Trust (AAT) financial statements
American Assets Trust reported revenue of $436M in fiscal 2025, up 4.4% a year over 9 years.
Net income was $56M and the operating margin 33.5%, against 33.2% in 2016.
Free cash flow was $95M, and the company returned $105M in dividends.
The diluted share count rose 21% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Assets Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $295M | $315M | $331M | $367M | $345M | $376M | $423M | $441M | $458M | $436M |
| Gross profit | $187M | $198M | $209M | $235M | $223M | $246M | $270M | $277M | $290M | $267M |
| Selling, general and admin | $20M | $23M | $25M | $27M | $29M | $32M | $35M | $39M | $39M | $40M |
| Operating income | $98M | $94M | $80M | $114M | $89M | $100M | $115M | $122M | $129M | $146M |
| Interest expense | $52M | $54M | $52M | $54M | $53M | $59M | — | — | — | — |
| Income tax | $566,000 | $214,000 | $327,000 | $819,000 | -$9,000 | $738,000 | $850,000 | $1M | $886,000 | $770,000 |
| Net income | $33M | $29M | $20M | $46M | $28M | $28M | $44M | $50M | $57M | $56M |
| EPS (diluted) | $0.72 | $0.62 | $0.42 | $0.84 | $0.46 | $0.47 | $0.72 | $0.84 | $0.94 | $0.92 |
| Diluted shares | 63M | 64M | 64M | 71M | 76M | 76M | 76M | 76M | 77M | 77M |
| Gross margin | 63.4% | 63.0% | 63.3% | 64.0% | 64.8% | 65.5% | 63.9% | 62.8% | 63.4% | 61.1% |
| Operating margin | 33.2% | 29.7% | 24.0% | 31.0% | 25.7% | 26.6% | 27.1% | 27.6% | 28.2% | 33.5% |
| Net margin | 11.0% | 9.2% | 5.9% | 12.5% | 8.0% | 7.6% | 10.3% | 11.4% | 12.4% | 12.8% |
Balance sheet
Fiscal years, from American Assets Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $45M | $83M | $48M | $99M | $137M | $140M | $50M | $83M | $426M | $129M |
| Total assets | $2.0B | $2.3B | $2.2B | $2.8B | $2.8B | $3.0B | $3.0B | $3.0B | $3.3B | $2.9B |
| Total liabilities | $1.1B | $1.4B | $1.4B | $1.5B | $1.6B | $1.8B | $1.8B | $1.8B | $2.1B | $1.8B |
| Shareholders' equity | $810M | $834M | $803M | $1.3B | $1.3B | $1.2B | $1.2B | $1.2B | $1.2B | $1.2B |
| Net debt | -$45M | -$83M | -$48M | -$99M | -$137M | -$140M | -$50M | -$83M | -$426M | -$129M |
Cash flow
Fiscal years, from American Assets Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $121M | $146M | $137M | $154M | $127M | $168M | $179M | $189M | $207M | $167M |
| Capital spending | $60M | $47M | $54M | $88M | $63M | $105M | $114M | $83M | $70M | $72M |
| Free cash flow | $61M | $98M | $82M | $65M | $63M | $64M | $65M | $106M | $137M | $95M |
| Stock-based compensation | $2M | $5M | $3M | $4M | $6M | $8M | $9M | $9M | $7M | $7M |
| Dividends paid | $64M | $68M | $70M | $81M | $77M | $89M | $98M | $102M | $103M | $105M |
| Free cash flow margin | 20.7% | 31.2% | 24.8% | 17.9% | 18.4% | 17.0% | 15.4% | 24.0% | 29.9% | 21.7% |
| Dividends per share | $1.01 | $1.05 | $1.09 | $1.14 | $1.01 | $1.17 | $1.29 | $1.33 | $1.35 | $1.37 |
Questions
What was American Assets Trust's revenue in 2025?
$436M in fiscal 2025, from its 10-K filing.
How much free cash flow does American Assets Trust generate?
$95M in fiscal 2025 (operating cash flow minus capital spending).
From American Assets Trust's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.