Empire State Realty Trust (ESRT) financial statements
Empire State Realty Trust reported revenue of $768M in fiscal 2025, up 1.4% a year over 9 years.
Net income was $43M and the operating margin 17.7%, against 27.1% in 2016.
Free cash flow was $51M, and the company returned $24M in dividends and $8M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Empire State Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $677M | $710M | $732M | $731M | $609M | $624M | $727M | $740M | $768M | $768M |
| Selling, general and admin | $49M | $50M | $53M | $61M | $62M | $56M | $62M | $64M | $70M | $73M |
| Operating income | $184M | $193M | $191M | $155M | $59M | $79M | $127M | $147M | $159M | $136M |
| Interest expense | $71M | $68M | $80M | $79M | $90M | $94M | $101M | $101M | $105M | $103M |
| Pre-tax income | $113M | $125M | $122M | $87M | -$30M | -$15M | $65M | $87M | $83M | $76M |
| Income tax | $6M | $7M | $5M | $2M | -$7M | -$2M | $2M | $3M | $3M | $3M |
| Net income | $51M | $63M | $66M | $49M | -$17M | -$11M | $36M | $49M | $47M | $43M |
| EPS (diluted) | $0.38 | $0.39 | $0.39 | $0.28 | -$0.10 | -$0.06 | $0.22 | $0.30 | $0.28 | $0.25 |
| Diluted shares | 278M | 298M | 297M | 298M | 284M | 277M | 270M | 266M | 269M | 270M |
| Operating margin | 27.1% | 27.2% | 26.1% | 21.2% | 9.6% | 12.7% | 17.5% | 19.8% | 20.7% | 17.7% |
| Net margin | 7.6% | 8.8% | 9.0% | 6.8% | -2.7% | -1.7% | 5.0% | 6.6% | 6.2% | 5.6% |
Balance sheet
Fiscal years, from Empire State 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 | $554M | $464M | $605M | $234M | $527M | $424M | $264M | $347M | $385M | $133M |
| Goodwill | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M | $491M |
| Total assets | $3.9B | $3.9B | $4.2B | $3.9B | $4.2B | $4.3B | $4.2B | $4.2B | $4.5B | $4.5B |
| Total liabilities | $1.9B | $2.0B | $2.2B | $2.0B | $2.4B | $2.6B | $2.5B | $2.5B | $2.7B | $2.6B |
| Shareholders' equity | $1.2B | $1.2B | $1.2B | $1.2B | $1.1B | $998M | $954M | $986M | $1.0B | $1.1B |
| Net debt | -$554M | -$464M | -$205M | -$234M | -$527M | -$424M | -$264M | -$347M | -$385M | -$133M |
Cash flow
Fiscal years, from Empire State Realty Trust's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $215M | $194M | $279M | $233M | $182M | $212M | $211M | $232M | $261M | $249M |
| Capital spending | $182M | $223M | $243M | $250M | $143M | $95M | $126M | $139M | $173M | $198M |
| Free cash flow | $33M | -$29M | $36M | -$18M | $39M | $117M | $85M | $93M | $88M | $51M |
| Stock-based compensation | $10M | $14M | $19M | $21M | $25M | $20M | $21M | $20M | $22M | $25M |
| Dividends paid | $56M | $67M | $71M | $75M | $37M | $18M | $23M | $23M | $23M | $24M |
| Share buybacks (net) | — | — | $0 | $0 | -$144M | -$47M | -$90M | -$13M | $0 | -$8M |
| Net borrowing | $18M | -$32M | -$107M | — | — | — | — | — | — | — |
| Free cash flow margin | 4.8% | -4.1% | 4.9% | -2.4% | 6.4% | 18.8% | 11.7% | 12.6% | 11.5% | 6.6% |
| Dividends per share | $0.20 | $0.22 | $0.24 | $0.25 | $0.13 | $0.07 | $0.09 | $0.09 | $0.09 | $0.09 |
Questions
What was Empire State Realty Trust's revenue in 2025?
$768M in fiscal 2025, from its 10-K filing.
How much free cash flow does Empire State Realty Trust generate?
$51M in fiscal 2025 (operating cash flow minus capital spending).
From Empire State Realty Trust's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.