COPT Defense Properties (CDP) financial statements
COPT Defense Properties reported revenue of $42M in fiscal 2025, down 1.5% a year over 9 years.
Net income was $160M and the operating margin -1168.1%, against 108.4% in 2016.
Free cash flow was $289M, and the company returned $137M in dividends.
The diluted share count rose 20% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from COPT Defense Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48M | $103M | $61M | $114M | $71M | $108M | $155M | $60M | $76M | $42M |
| Cost of revenue | $45M | $100M | $58M | $110M | $68M | $104M | — | — | — | — |
| Gross profit | $3M | $3M | $3M | $4M | — | — | — | — | — | — |
| Selling, general and admin | $37M | $31M | $29M | $35M | $33M | $41M | $39M | $43M | $47M | $48M |
| Operating income | $52M | $136M | -$373M | -$347M | -$353M | -$388M | -$403M | -$689M | -$464M | -$491M |
| Interest expense | $83M | $77M | $75M | $71M | $68M | $65M | $61M | $71M | $82M | $87M |
| Pre-tax income | $33M | $75M | $76M | $194M | $99M | $77M | $148M | -$73M | $144M | $158M |
| Income tax | $244,000 | $1M | -$363,000 | -$217,000 | $353,000 | $145,000 | $447,000 | $588,000 | $288,000 | $947,000 |
| Net income | $29M | $69M | $72M | $192M | $97M | $82M | $179M | -$74M | $144M | $160M |
| EPS (diluted) | $0.15 | $0.56 | $0.69 | $1.71 | $0.87 | $0.68 | $1.53 | -$0.67 | $1.23 | $1.34 |
| Diluted shares | 95M | 99M | 104M | 112M | 112M | 112M | 113M | 112M | 113M | 113M |
| Gross margin | 6.0% | 3.1% | 4.2% | 3.3% | — | — | — | — | — | — |
| Operating margin | 108.4% | 132.1% | -612.4% | -304.7% | -500.1% | -359.6% | -260.6% | -1145.1% | -614.7% | -1168.1% |
| Net margin | 59.7% | 66.8% | 118.8% | 168.5% | 137.8% | 75.6% | 115.6% | -123.5% | 190.5% | 379.2% |
Balance sheet
Fiscal years, from COPT Defense Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $210M | $12M | $8M | $15M | $18M | $13M | $12M | $168M | $38M | $275M |
| Property, plant and equipment | $5M | $5M | — | — | $10M | $10M | $8M | — | — | — |
| Total assets | $3.8B | $3.6B | $3.7B | $3.9B | $4.1B | $4.3B | $4.3B | $4.2B | $4.3B | $4.7B |
| Total liabilities | $2.2B | $2.1B | $2.0B | $2.1B | $2.4B | $2.6B | $2.5B | $2.7B | $2.7B | $3.1B |
| Shareholders' equity | $1.5B | $1.4B | $1.6B | $1.7B | $1.7B | $1.6B | $1.7B | $1.5B | $1.5B | $1.5B |
| Net debt | -$210M | -$12M | -$8M | -$15M | -$18M | -$13M | -$12M | -$168M | -$38M | -$275M |
Cash flow
Fiscal years, from COPT Defense Properties's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $234M | $230M | $180M | $229M | $238M | $249M | $266M | $276M | $331M | $310M |
| Capital spending | $26M | $23M | $24M | $25M | $33M | $30M | $36M | $20M | $31M | $21M |
| Free cash flow | $208M | $207M | $156M | $204M | $206M | $219M | $229M | $256M | $300M | $289M |
| Stock-based compensation | $7M | $6M | $6M | $7M | $7M | $8M | $9M | $9M | $10M | $12M |
| Dividends paid | $104M | $109M | $114M | $123M | $123M | $124M | $124M | $127M | $132M | $137M |
| Share buybacks (net) | -$2M | -$2M | -$2M | -$2M | — | — | — | — | — | — |
| Free cash flow margin | 429.9% | 201.5% | 256.8% | 179.2% | 291.1% | 203.1% | 148.4% | 425.0% | 396.6% | 686.6% |
| Dividends per share | $1.10 | $1.10 | $1.10 | $1.10 | $1.10 | $1.10 | $1.10 | $1.13 | $1.17 | $1.21 |
Questions
What was COPT Defense Properties's revenue in 2025?
$42M in fiscal 2025, from its 10-K filing.
How much free cash flow does COPT Defense Properties generate?
$289M in fiscal 2025 (operating cash flow minus capital spending).
From COPT Defense Properties's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.