Brandywine Realty Trust (BDN) financial statements
Brandywine Realty Trust reported revenue of $484M in fiscal 2025, down 0.9% a year over 9 years.
Net income was -$178M and the operating margin 5.5%, against 35.3% in 2016.
Free cash flow was $111M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Brandywine Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $525M | $520M | $544M | $580M | $535M | $487M | $506M | $515M | $506M | $484M |
| Cost of revenue | $209M | $206M | $218M | $226M | $205M | $188M | $194M | — | — | — |
| Gross profit | $316M | $314M | $326M | $355M | $329M | $299M | $312M | $325M | $318M | $299M |
| Selling, general and admin | $27M | $29M | $28M | $32M | $30M | $30M | $35M | $35M | $43M | $42M |
| Operating income | $185M | $135M | $57M | $115M | $400M | $93M | $120M | -$22M | $55M | $27M |
| Interest expense | $85M | $82M | $78M | $82M | — | — | — | — | — | — |
| Pre-tax income | $41M | $121M | $136M | $35M | $307M | $12M | $54M | -$197M | -$196M | -$179M |
| Income tax | $0 | -$628,000 | $423,000 | $12,000 | -$224,000 | $47,000 | $55,000 | $72,000 | $14,000 | $112,000 |
| Net income | $40M | $120M | $135M | $34M | $306M | $12M | $54M | -$197M | -$196M | -$178M |
| EPS (diluted) | $0.19 | $0.65 | $0.75 | $0.19 | $1.77 | $0.07 | $0.31 | -$1.15 | -$1.14 | -$1.03 |
| Diluted shares | 176M | 177M | 180M | 177M | 172M | 172M | 172M | 172M | 173M | 173M |
| Gross margin | 60.1% | 60.4% | 59.9% | 61.1% | 61.6% | 61.3% | 61.6% | 63.1% | 62.9% | 61.8% |
| Operating margin | 35.3% | 26.0% | 10.4% | 19.8% | 74.9% | 19.2% | 23.7% | -4.2% | 10.9% | 5.5% |
| Net margin | 7.6% | 23.1% | 24.7% | 5.9% | 57.1% | 2.5% | 10.6% | -38.2% | -38.8% | -36.8% |
Balance sheet
Fiscal years, from Brandywine Realty 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 | $194M | $202M | $23M | $90M | $46M | $27M | $18M | $58M | $90M | $32M |
| Total assets | $4.1B | $4.0B | $4.1B | $4.1B | $3.9B | $3.8B | $3.9B | $3.7B | $3.5B | $3.6B |
| Total liabilities | $2.2B | $2.1B | $2.3B | $2.4B | $2.1B | $2.1B | $2.2B | $2.4B | $2.4B | $2.8B |
| Shareholders' equity | $1.9B | $1.8B | $1.8B | $1.7B | $1.8B | $1.7B | $1.6B | $1.3B | $1.0B | $793M |
| Net debt | -$194M | -$202M | -$23M | -$90M | -$46M | -$27M | -$18M | -$58M | -$90M | -$32M |
Cash flow
Fiscal years, from Brandywine Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $174M | $183M | $227M | $234M | $226M | $191M | $209M | $177M | $181M | $117M |
| Capital spending | $12M | $35M | $48M | $54M | $22M | $48M | $87M | $60M | $18M | $6M |
| Free cash flow | $162M | $148M | $179M | $180M | $204M | $143M | $122M | $117M | $163M | $111M |
| Stock-based compensation | $4M | $5M | $6M | $7M | $7M | $7M | $9M | $10M | $17M | $18M |
| Dividends paid | $116M | $116M | $129M | $134M | — | — | — | — | — | — |
| Share buybacks (net) | $0 | $0 | -$22M | -$17M | -$60M | $0 | $0 | — | — | — |
| Free cash flow margin | 30.8% | 28.4% | 32.9% | 31.1% | 38.2% | 29.3% | 24.1% | 22.8% | 32.2% | 22.8% |
| Dividends per share | $0.66 | $0.66 | $0.72 | $0.76 | — | — | — | — | — | — |
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Open BDN in InvestinglyQuestions
What was Brandywine Realty Trust's revenue in 2025?
$484M in fiscal 2025, from its 10-K filing.
How much free cash flow does Brandywine Realty Trust generate?
$111M in fiscal 2025 (operating cash flow minus capital spending).
From Brandywine Realty Trust's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.