Sun Communities (SUI) financial statements
Sun Communities reported revenue of $2.3B in fiscal 2025, up 15.7% a year over 9 years.
Net income was $1.4B and the operating margin -9.9%, against 75.2% in 2016.
Free cash flow was $407M, and the company returned $539M in net buybacks.
The diluted share count rose 88% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Sun Communities's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $621M | $742M | $817M | $1.0B | $1.1B | $1.6B | $1.9B | $2.3B | $2.3B | $2.3B |
| Cost of revenue | $80M | $95M | $123M | $149M | $147M | $206M | $311M | — | — | — |
| Gross profit | $540M | $647M | $693M | $856M | $983M | $1.4B | $1.6B | — | — | — |
| Selling, general and admin | $73M | $96M | $97M | $107M | $125M | $181M | $257M | $214M | $230M | $237M |
| Operating income | $467M | $551M | -$180M | -$119M | -$133M | -$390M | -$759M | -$193M | -$153M | -$228M |
| Interest expense | $119M | $128M | $131M | $133M | $129M | $159M | $230M | $326M | $350M | $221M |
| Pre-tax income | $36M | $73M | $130M | $140M | $136M | $285M | — | -$54M | -$123M | -$257M |
| Income tax | $283,000 | -$136,000 | $88,000 | $873,000 | -$800,000 | $1M | $6M | -$9M | -$36M | -$49M |
| Net income | $26M | $72M | $107M | $162M | $132M | $380M | $242M | -$213M | $89M | $1.4B |
| EPS (diluted) | $0.26 | $0.85 | $1.29 | $1.80 | $1.34 | $3.36 | $2.00 | -$1.72 | $0.71 | $10.84 |
| Diluted shares | 66M | 77M | 82M | 89M | 98M | 115M | 123M | 124M | 127M | 125M |
| Gross margin | 87.0% | 87.2% | 84.9% | 85.2% | 87.0% | 87.1% | 83.6% | — | — | — |
| Operating margin | 75.2% | 74.2% | -22.1% | -11.9% | -11.7% | -24.4% | -39.9% | -8.5% | -6.8% | -9.9% |
| Net margin | 4.2% | 9.7% | 13.1% | 16.1% | 11.6% | 23.8% | 12.7% | -9.3% | 3.9% | 59.0% |
Balance sheet
Fiscal years, from Sun Communities's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $8M | $10M | $50M | $22M | $77M | $66M | $73M | $29M | $48M | $570M |
| Goodwill | — | — | — | $0 | $429M | $495M | $1.0B | $733M | $10M | $10M |
| Total assets | $5.9B | $6.1B | $6.7B | $7.8B | $11.2B | $13.5B | $17.1B | $16.9B | $16.5B | $12.5B |
| Total liabilities | $3.4B | $3.4B | $3.5B | $3.8B | $5.3B | $6.5B | $9.0B | $9.5B | $9.1B | $5.2B |
| Shareholders' equity | $2.3B | $2.6B | $3.1B | $3.8B | $5.5B | $6.6B | $7.8B | $7.1B | $7.1B | $7.0B |
| Net debt | -$8M | -$10M | -$50M | -$22M | -$77M | -$66M | -$73M | -$29M | -$48M | -$570M |
Cash flow
Fiscal years, from Sun Communities's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $241M | $258M | $363M | $477M | $543M | $754M | $735M | $790M | $861M | $864M |
| Capital spending | $223M | $289M | $389M | $569M | $538M | $673M | $921M | $7M | $30M | $457M |
| Free cash flow | $18M | -$31M | -$26M | -$93M | $5M | $81M | -$186M | $783M | $831M | $407M |
| Stock-based compensation | $10M | $13M | $15M | $17M | $23M | $28M | $38M | $35M | $33M | $37M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | $0 | -$539M |
| Net borrowing | $733M | $61M | -$49M | $371M | $261M | $1.1B | $427M | -$174M | -$269M | -$2.1B |
| Free cash flow margin | 2.9% | -4.1% | -3.2% | -9.2% | 0.4% | 5.1% | -9.8% | 34.3% | 36.8% | 17.7% |
Questions
What was Sun Communities's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Sun Communities generate?
$407M in fiscal 2025 (operating cash flow minus capital spending).
From Sun Communities's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.