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Alexander & Baldwin (ALEX) Financials

Annual Income Statements for Alexander & Baldwin

This table shows Alexander & Baldwin's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	30	-10	228	-72	-37	5.60	35	-51	30	61	129
Consolidated Net Income / (Loss)	31	-8.40	231	-70	-38	5.20	36	-50	33	61	65
Net Income / (Loss) Continuing Operations	61	33	228	-69	-37	19	75	37	41	64	65
Total Pre-Tax Income	99	35	9.90	-53	-39	19	75	19	41	64	65
Total Operating Income	94	54	29	173	13	42	85	116	65	80	80
Total Gross Profit	226	119	124	262	72	64	119	98	102	108	96
Total Revenue	473	388	426	644	435	190	254	231	209	237	207
Operating Revenue	473	388	426	644	161	190	254	231	209	237	207
Total Cost of Revenue	247	269	302	382	89	126	135	133	107	129	111
Operating Cost of Revenue	247	269	302	382	89	126	135	133	107	129	111
Total Operating Expenses	132	65	95	89	59	22	34	-18	38	28	24
Selling, General & Admin Expense	52	52	66	61	59	31	37	36	34	30	28
Other Operating Expenses / (Income)	80	1.40	5.90	-51	-	-0.50	-2.80	0.00	0.00	-0.05	7.10
Impairment Charge	0.00	12	22	79	-	-	0.00	0.00	4.77	0.26	0.00
Other Special Charges / (Income)	-	-	-	-	0.00	-8.90	-0.10	-54	-1.11	-2.15	-12
Total Other Income / (Expense), net	4.90	-19	-19	-226	-74	-24	-10	-97	-24	-16	-8.05
Interest Expense	29	28	26	35	33	30	26	22	23	23	23
Interest & Investment Income	34	9.40	6.70	-193	5.30	6.80	18	1.59	1.87	4.56	7.88
Other Income / (Expense), net	-	-	-	2.30	-47	-0.10	-1.70	-77	-2.69	3.02	7.45
Income Tax Expense	37	2.60	-218	16	-2.00	-0.40	0.00	-18	0.04	0.17	-0.07
Net Income / (Loss) Discontinued Operations	-30	-41	2.40	-0.60	-1.50	-14	-40	-87	-7.85	-3.47	0.09
Net Income / (Loss) Attributable to Noncontrolling Interest	1.50	1.80	2.20	2.20	-2.00	-0.40	0.40	1.08	3.15	0.00	0.00
Basic Earnings per Share	$0.54	($0.18)	$4.68	($1.02)	($1.00)	$0.08	$0.48	($0.70)	$0.41	$0.83	$0.89
Weighted Average Basic Shares Outstanding	48.90M	49M	49.20M	70.60M	72.20M	72.30M	72.50M	72.64M	72.56M	72.61M	72.72M
Diluted Earnings per Share	$0.54	($0.18)	$4.34	($1.02)	($1.00)	$0.08	$0.48	($0.70)	$0.41	$0.83	$0.89
Weighted Average Diluted Shares Outstanding	49.30M	49.40M	53M	70.60M	72.20M	72.40M	72.60M	72.79M	72.78M	72.75M	73.05M
Weighted Average Basic & Diluted Shares Outstanding	48.95M	49.08M	71.95M	72.09M	72.31M	72.47M	72.68M	72.59M	72.59M	72.71M	72.88M
Cash Dividends to Common per Share	$0.21	$0.25	$16.13	$11.65	$0.69	$0.34	$0.67	$0.83	$0.88	$0.89	$1.03

This table shows Alexander & Baldwin's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	13	15	-3.51	20	9.10	19	12	21	25	14	68
Consolidated Net Income / (Loss)	15	16	-3.24	20	9.11	19	12	21	25	14	3.78
Net Income / (Loss) Continuing Operations	11	12	8.51	20	12	19	13	21	25	14	3.76
Total Pre-Tax Income	11	12	8.54	20	12	19	13	21	25	14	3.72
Total Operating Income	16	17	17	24	16	22	18	24	28	19	8.72
Total Gross Profit	26	25	29	31	21	29	26	27	24	23	23
Total Revenue	53	52	53	61	51	62	62	54	52	50	51
Operating Revenue	53	52	53	61	51	62	62	54	52	50	51
Total Cost of Revenue	27	27	24	30	30	32	37	27	28	28	28
Operating Cost of Revenue	27	27	24	30	30	32	37	27	28	28	28
Total Operating Expenses	9.91	8.21	12	7.22	5.13	7.44	8.10	2.69	-4.55	3.52	22
Selling, General & Admin Expense	9.91	7.56	7.83	7.24	7.25	7.44	7.90	6.99	7.01	6.08	8.04
Other Operating Expenses / (Income)	-	-	-	0.00	0.00	0.00	-	-4.10	0.00	-2.56	14
Other Special Charges / (Income)	0.00	0.00	0.00	-0.02	-2.13	0.00	-	-0.19	-12	-0.01	0.08
Total Other Income / (Expense), net	-5.38	-4.98	-8.69	-3.55	-4.40	-2.68	-4.96	-2.73	-3.05	-4.73	2.45
Interest Expense	5.86	6.08	5.99	4.24	5.40	4.83	6.05	5.75	5.64	5.91	6.09
Interest & Investment Income	0.54	0.95	-0.01	0.70	1.00	2.14	0.72	3.03	2.59	1.19	1.08
Income Tax Expense	0.00	0.00	0.03	0.00	0.10	0.08	-	-0.04	-0.06	0.08	-0.05
Net Income / (Loss) Discontinued Operations	4.21	3.89	-12	-0.26	-2.63	-0.30	-0.29	0.14	-0.02	-0.04	0.01
Basic Earnings per Share	$0.18	$0.20	($0.04)	$0.28	$0.13	$0.26	$0.16	$0.29	$0.35	$0.20	$0.05
Weighted Average Basic Shares Outstanding	72.62M	72.62M	72.56M	72.55M	72.62M	72.63M	72.61M	72.68M	72.74M	72.76M	72.72M
Diluted Earnings per Share	$0.18	$0.20	($0.04)	$0.28	$0.13	$0.26	$0.16	$0.29	$0.35	$0.20	$0.05
Weighted Average Diluted Shares Outstanding	72.83M	72.84M	72.78M	72.67M	72.69M	72.82M	72.75M	72.82M	72.87M	72.95M	73.05M
Weighted Average Basic & Diluted Shares Outstanding	72.63M	72.54M	72.59M	72.59M	72.62M	72.63M	72.71M	72.71M	72.75M	72.76M	72.88M

This table details how cash moves in and out of Alexander & Baldwin's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	16	-6.70	91	132	-220	42	14	-37	-21	20	-22
Net Cash From Operating Activities	129	111	-1.30	310	158	63	124	34	67	98	80
Net Cash From Continuing Operating Activities	129	111	-1.30	310	158	55	118	67	75	102	80
Net Income / (Loss) Continuing Operations	31	-8.40	231	-70	-38	19	75	37	41	64	65
Consolidated Net Income / (Loss)	31	-8.40	231	-70	-38	5.20	36	-50	33	61	65
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-14	-40	-87	-7.85	-3.47	0.09
Depreciation Expense	56	120	41	43	51	43	40	38	37	36	38
Non-Cash Adjustments To Reconcile Net Income	-42	-21	24	232	51	-9.10	-6.00	32	11	-2.63	-17
Changes in Operating Assets and Liabilities, net	84	22	-297	105	94	2.30	9.10	-40	-13	4.43	-6.25
Net Cash From Discontinued Operating Activities	-	-	-	-	-	8.10	6.10	-33	-8.40	-4.12	-0.10
Net Cash From Investing Activities	18	-33	-3.90	-105	-240	12	97	45	7.10	-16	-46
Net Cash From Continuing Investing Activities	18	-33	-3.90	-105	-240	12	104	51	-28	-31	-46
Purchase of Property, Plant & Equipment	-45	-34	-32	-54	-37	-21	-30	-22	-22	-21	-52
Acquisitions	-	-130	-10	-242	-218	0.00	-17	0.00	-9.46	-30	0.00
Purchase of Investments	-29	-	-42	-23	-3.30	-1.00	-1.20	-0.52	-0.34	-0.31	-0.21
Sale of Property, Plant & Equipment	48	89	47	172	4.40	23	3.00	73	3.44	19	3.41
Sale and/or Maturity of Investments	-	-	33	42	14	11	150	0.07	0.45	1.01	3.52
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-0.30	-7.60	-6.40	35	15	0.00
Net Cash From Financing Activities	-132	-85	96	-74	-137	-33	-207	-115	-95	-62	-56
Net Cash From Continuing Financing Activities	-132	-85	96	-74	-137	-32	-206	-126	-80	-62	-56
Repayment of Debt	-251	-344	-181	-468	-204	-190	-289	-61	-10	-54	-183
Repurchase of Common Equity	-1.10	0.00	-7.20	-1.50	-1.00	-0.60	-1.30	-7.26	-5.40	-2.98	-5.75
Payment of Dividends	-11	-14	-11	-157	-50	-14	-47	-58	-64	-65	-66
Issuance of Debt	132	272	295	553	126	173	131	0.00	0.00	60	198
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-1.30	-1.40	11	-15	0.00	0.00
Cash Interest Paid	27	26	25	34	33	29	25	21	23	22	22
Cash Income Taxes Paid	6.40	0.00	4.00	-2.60	-26	-0.50	-	-1.01	0.02	-0.03	0.07

This table details how cash moves in and out of Alexander & Baldwin's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-2.75	5.40	-1.70	2.17	14	-12	16	-16	-7.46	8.25	-6.81
Net Cash From Operating Activities	3.71	34	23	16	22	35	24	26	16	24	13
Net Cash From Continuing Operating Activities	25	18	20	16	23	36	27	26	17	25	13
Net Income / (Loss) Continuing Operations	11	12	8.51	20	12	19	13	21	25	14	3.76
Consolidated Net Income / (Loss)	15	16	-3.24	20	9.11	19	12	21	25	14	3.78
Net Income / (Loss) Discontinued Operations	4.21	3.89	-12	-0.26	-2.63	-0.30	-0.29	0.14	-0.02	-0.04	0.01
Depreciation Expense	9.15	9.24	9.22	9.03	8.95	9.00	9.33	9.21	10	9.64	9.43
Non-Cash Adjustments To Reconcile Net Income	1.95	0.94	7.67	-2.52	-1.85	-1.49	3.86	-3.95	-13	-0.41	0.06
Changes in Operating Assets and Liabilities, net	3.36	-4.33	-5.67	-10	4.31	8.97	1.43	-0.69	-5.82	0.90	-0.64
Net Cash From Discontinued Operating Activities	-22	17	3.76	-0.40	-0.84	-0.47	-2.40	0.12	-0.12	-0.09	-0.01
Net Cash From Investing Activities	-13	-6.89	26	11	-4.42	-33	9.73	-0.79	-4.84	-25	-15
Net Cash From Continuing Investing Activities	-12	-6.20	-7.60	-3.68	-4.42	-33	9.73	-0.79	-4.84	-25	-15
Purchase of Property, Plant & Equipment	-4.15	-6.43	-8.09	-3.75	-4.27	-3.87	-9.07	-4.17	-4.71	-28	-15
Purchase of Investments	-0.04	-0.12	-0.11	-0.11	-0.01	-0.03	-0.15	-0.09	-0.06	-0.01	-0.05
Sale of Property, Plant & Equipment	1.31	0.34	0.15	0.18	-0.14	-	19	3.47	-0.06	0.01	-0.00
Sale and/or Maturity of Investments	-	0.00	0.45	-	-	0.97	0.04	-	-	3.38	0.14
Net Cash From Financing Activities	6.72	-22	-52	-25	-4.05	-14	-19	-41	-19	8.59	-4.29
Net Cash From Continuing Financing Activities	11	-17	-47	-25	-4.05	-14	-19	-41	-19	8.59	-4.29
Repayment of Debt	-1.34	-14	-1.41	-15	-39	2.52	-115	-17	-9.56	-7.81	-149
Repurchase of Common Equity	-	-1.18	-1.83	-2.33	-	-0.49	-0.17	-1.24	-0.14	-0.21	-4.16
Payment of Dividends	-16	-16	-0.02	-16	-16	-16	-16	-17	-16	-16	-16
Issuance of Debt	29	15	-44	9.00	51	-	113	-7.00	7.00	33	165
Cash Interest Paid	6.74	4.99	6.01	4.47	5.98	3.57	8.11	3.03	8.10	2.88	8.14
Cash Income Taxes Paid	-	-	0.06	0.00	-	0.02	-0.06	-0.01	-0.02	-0.04	0.13

This table presents Alexander & Baldwin's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,242	2,156	2,231	2,225	2,084	2,036	1,880	1,787	1,646	1,670	1,660
Total Current Assets	153	138	275	238	222	229	155	131	136	85	72
Cash & Equivalents	1.30	2.20	69	11	15	57	65	33	14	33	11
Short-Term Investments	-	-	-	-	-	-	-	-	-	0.00	24
Accounts Receivable	55	49	34	106	79	58	12	6.10	24	20	12
Prepaid Expenses	15	20	11	94	107	96	78	92	99	31	25
Plant, Property, & Equipment, net	1,453	1,411	1,299	1,187	1,413	1,667	1,408	-202	1,440	1,415	1,406
Plant, Property & Equipment, gross	-	-	-	1,294	1,540	-	1,588	-	1,667	1,671	1,688
Accumulated Depreciation	-	-	-	107	128	154	181	202	227	256	282
Total Noncurrent Assets	637	607	658	801	449	1,962	317	1,859	71	170	182
Long-Term Investments	416	391	402	141	133	134	8.80	7.50	6.85	39	37
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	2.20	6.90	4.53	45	45
Goodwill	102	102	102	65	15	11	8.70	8.70	8.73	8.73	8.73
Intangible Assets	54	54	47	60	75	62	-	44	-	31	26
Other Noncurrent Operating Assets	64	60	91	535	226	1,755	297	1,792	51	47	65
Total Liabilities & Shareholders' Equity	2,242	2,156	2,231	2,225	2,084	2,036	1,880	1,787	1,646	1,670	1,660
Total Liabilities	1,004	932	1,572	1,009	949	933	806	744	643	667	672
Total Current Liabilities	185	165	927	116	129	126	99	188	99	97	87
Accounts Payable	36	35	43	34	18	9.80	3.40	4.50	5.85	4.53	12
Accrued Expenses	-	-	-	82	111	117	95	102	93	75	48
Dividends Payable	-	0.00	783	-	-	-	-	-	-	17	27
Total Noncurrent Liabilities	819	767	645	893	821	807	708	556	544	570	585
Long-Term Debt	497	473	585	778	705	687	531	472	464	475	492
Noncurrent Deferred Revenue	-	-	2.50	63	68	67	68	69	70	72	12
Noncurrent Employee Benefit Liabilities	60	65	23	29	27	35	56	10	9.97	7.58	7.76
Other Noncurrent Operating Liabilities	61	48	35	22	22	18	6.50	4.90	-	15	74
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,227	1,213	651	1,208	1,129	1,096	1,067	1,036	1,003	1,004	987
Total Preferred & Common Equity	1,224	1,209	646	1,203	1,125	1,096	1,067	1,036	1,003	1,004	987
Total Common Equity	1,224	1,209	646	1,203	1,125	1,096	1,067	1,036	1,003	1,004	987
Common Stock	1,152	1,157	1,162	1,793	1,800	1,806	1,811	1,808	1,809	1,812	1,813
Retained Earnings	117	95	-473	-539	-626	-649	-663	-775	-809	-814	-825
Accumulated Other Comprehensive Income / (Loss)	-45	-43	-42	-52	-49	-60	-81	1.80	3.25	6.13	0.02

This table presents Alexander & Baldwin's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	1,854	1,848	1,756	1,785	1,786	1,636	1,642	1,650	1,649	1,642	1,657
Total Current Assets	185	171	111	106	122	135	144	135	144	145	79
Cash & Equivalents	33	7.30	11	8.20	12	16	30	18	17	8.58	17
Short-Term Investments	-	-	-	-	-	-	-	-	9.22	9.42	24
Accounts Receivable	5.80	-	8.00	6.30	7.30	15	14	13	11	13	11
Prepaid Expenses	122	134	93	91	103	104	101	105	107	114	28
Plant, Property, & Equipment, net	1,463	1,401	1,451	1,458	1,397	1,378	1,369	1,450	1,413	-271	-276
Accumulated Depreciation	191	198	209	217	223	235	242	249	263	271	276
Total Noncurrent Assets	206	276	194	221	267	68	68	65	92	1,768	1,854
Long-Term Investments	8.80	8.20	7.40	7.40	7.40	6.83	6.77	5.91	5.91	5.91	36
Noncurrent Note & Lease Receivables	35	42	4.20	5.20	3.60	3.72	4.58	3.50	-	-	45
Goodwill	8.70	8.70	8.70	8.70	8.70	8.73	8.73	8.73	8.73	8.73	8.73
Intangible Assets	-	-	-	-	-	-	-	-	-	28	27
Other Noncurrent Operating Assets	154	217	173	200	248	49	48	47	77	1,725	1,737
Total Liabilities & Shareholders' Equity	1,854	1,848	1,756	1,785	1,786	1,636	1,642	1,650	1,649	1,642	1,657
Total Liabilities	710	713	729	752	747	630	640	652	643	629	646
Total Current Liabilities	118	124	87	86	85	92	91	99	108	116	76
Accounts Payable	15	19	4.90	5.20	6.10	4.35	5.24	4.91	4.49	6.60	8.94
Accrued Expenses	103	106	82	80	78	87	86	94	104	109	50
Dividends Payable	-	-	-	-	-	-	-	-	-	-	17
Total Noncurrent Liabilities	592	588	642	667	663	538	549	553	535	513	570
Long-Term Debt	476	470	479	507	508	458	470	472	453	450	475
Noncurrent Deferred Revenue	69	71	72	72	72	72	71	72	75	10	13
Noncurrent Employee Benefit Liabilities	11	10	10	10	10	8.28	8.22	8.17	7.54	7.48	7.44
Other Noncurrent Operating Liabilities	37	37	2.90	2.00	2.00	-	-	-	-	45	75
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,136	1,127	1,020	1,024	1,029	1,006	1,002	998	1,005	1,013	1,012
Total Preferred & Common Equity	1,136	1,127	1,020	1,024	1,029	1,006	1,002	998	1,005	1,013	1,012
Total Common Equity	1,136	1,127	1,020	1,024	1,029	1,006	1,002	998	1,005	1,013	1,012
Common Stock	1,811	1,809	1,808	1,810	1,810	1,808	1,809	1,810	1,812	1,813	1,814
Retained Earnings	-677	-687	-785	-788	-790	-806	-813	-810	-809	-801	-803
Accumulated Other Comprehensive Income / (Loss)	1.90	4.50	-2.20	1.50	8.60	3.98	5.21	-2.06	2.51	0.50	-0.10

This table displays calculated financial ratios and metrics derived from Alexander & Baldwin's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	72,758,460.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	72,758,460.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.78
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.62%	-18.04%	9.81%	51.45%	-32.46%	-56.27%	33.47%	-9.23%	-9.42%	13.31%	-12.66%
EBITDA Growth	8.64%	15.83%	-59.52%	210.40%	-92.34%	407.78%	45.40%	-37.36%	27.83%	20.64%	5.63%
EBIT Growth	13.53%	-42.66%	-46.57%	507.99%	-119.30%	225.15%	97.87%	-53.15%	57.96%	33.67%	5.66%
NOPAT Growth	-14.75%	-15.13%	1,228.99%	-81.77%	-92.65%	387.03%	97.24%	166.97%	-71.68%	23.19%	0.70%
Net Income Growth	-51.78%	-127.01%	2,844.05%	-130.28%	44.99%	113.54%	588.46%	-238.49%	166.48%	83.65%	6.83%
EPS Growth	-51.78%	-127.01%	2,511.11%	-123.50%	1.96%	108.00%	500.00%	-245.83%	158.57%	102.44%	7.23%
Operating Cash Flow Growth	219.55%	-13.87%	-101.17%	23,938.46%	-49.14%	-59.96%	96.83%	-72.66%	97.59%	46.05%	-18.86%
Free Cash Flow Firm Growth	43.94%	-26.19%	272.21%	-128.61%	235.14%	-1,154.82%	214.46%	-87.16%	-29.75%	-49.95%	-32.65%
Invested Capital Growth	-6.09%	-4.32%	18.51%	14.92%	-8.19%	102.24%	-53.92%	-1.26%	-7.04%	-0.52%	0.74%
Revenue Q/Q Growth	-7.38%	29.17%	2.78%	37.84%	-30.61%	-54.46%	88.71%	44.91%	-7.92%	4.20%	-5.26%
EBITDA Q/Q Growth	61.84%	143.20%	-39.74%	80.98%	-85.35%	26.00%	25.94%	-17.31%	-7.01%	3.17%	-1.11%
EBIT Q/Q Growth	1.62%	-24.40%	-41.34%	122.21%	-151.06%	227.91%	43.81%	-37.46%	-10.76%	4.49%	-1.70%
NOPAT Q/Q Growth	10.75%	-7.49%	1,627.42%	-70.04%	-79.91%	-36.91%	44.50%	62.62%	-6.55%	0.62%	-10.01%
Net Income Q/Q Growth	-39.14%	59.81%	1,113.16%	-125.10%	78.57%	-42.86%	17.38%	-252.09%	183.45%	34.85%	-11.82%
EPS Q/Q Growth	-39.14%	59.81%	1,256.25%	-126.56%	59.35%	-93.39%	-15.79%	-433.33%	177.36%	31.75%	-11.00%
Operating Cash Flow Q/Q Growth	-15.29%	78.78%	-107.39%	279.78%	-58.11%	-30.51%	33.40%	-48.55%	-2.22%	0.85%	-12.89%
Free Cash Flow Firm Q/Q Growth	-15.31%	24.23%	4,322.81%	-214.06%	140.50%	-1,127.58%	1,876.77%	73.40%	188.20%	-62.24%	-35.90%
Invested Capital Q/Q Growth	-1.53%	-3.40%	10.67%	5.35%	-2.03%	109.71%	-1.02%	-2.10%	-9.49%	-0.52%	0.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.80%	30.71%	29.02%	40.66%	16.45%	33.68%	46.89%	42.35%	48.99%	45.49%	46.50%
EBITDA Margin	31.66%	44.75%	16.50%	33.81%	3.84%	44.56%	48.54%	33.50%	47.27%	50.33%	60.87%
Operating Margin	19.88%	13.91%	6.77%	26.82%	2.92%	22.28%	33.62%	50.19%	30.95%	33.71%	38.72%
EBIT Margin	19.88%	13.91%	6.77%	27.17%	-7.77%	22.23%	32.95%	17.01%	29.66%	34.99%	42.32%
Profit (Net Income) Margin	6.58%	-2.17%	54.17%	-10.83%	-8.82%	2.73%	14.09%	-21.50%	15.78%	25.58%	31.29%
Tax Burden Percent	31.45%	-23.80%	2,328.28%	131.95%	98.71%	27.51%	47.48%	-263.56%	80.70%	94.33%	100.24%
Interest Burden Percent	105.21%	65.49%	34.38%	-30.21%	115.09%	44.68%	90.08%	47.98%	65.95%	77.52%	73.76%
Effective Tax Rate	37.41%	7.37%	-2,204.04%	0.00%	0.00%	-2.12%	0.00%	-97.02%	0.09%	0.27%	-0.11%
Return on Invested Capital (ROIC)	4.03%	3.61%	44.91%	7.02%	0.50%	1.69%	3.42%	14.56%	4.30%	5.51%	5.61%
ROIC Less NNEP Spread (ROIC-NNEP)	-7.89%	-34.87%	-35.89%	-17.29%	-7.50%	-0.96%	-0.10%	-40.15%	-2.31%	1.19%	2.04%
Return on Net Nonoperating Assets (RNNOA)	-1.50%	-4.29%	-20.43%	-14.47%	-3.77%	-1.23%	-0.13%	-19.24%	-1.08%	0.52%	0.89%
Return on Equity (ROE)	2.54%	-0.68%	24.48%	-7.44%	-3.27%	0.46%	3.29%	-4.68%	3.22%	6.03%	6.50%
Cash Return on Invested Capital (CROIC)	10.31%	8.03%	27.97%	-6.87%	9.05%	-65.96%	77.24%	15.82%	11.59%	6.04%	4.87%
Operating Return on Assets (OROA)	4.12%	2.45%	1.31%	7.86%	-1.57%	2.05%	4.28%	2.14%	3.61%	4.99%	5.25%
Return on Assets (ROA)	1.36%	-0.38%	10.51%	-3.13%	-1.78%	0.25%	1.83%	-2.70%	1.92%	3.65%	3.88%
Return on Common Equity (ROCE)	2.51%	-0.67%	24.12%	-7.34%	-3.23%	0.46%	3.27%	-4.65%	3.21%	6.03%	6.50%
Return on Equity Simple (ROE_SIMPLE)	2.54%	-0.69%	35.66%	-5.80%	-3.41%	0.47%	3.36%	-4.79%	3.29%	6.03%	0.00%
Net Operating Profit after Tax (NOPAT)	59	50	664	121	8.89	43	85	228	65	80	80
NOPAT Margin	12.44%	12.89%	155.95%	18.77%	2.04%	22.75%	33.62%	98.89%	30.92%	33.62%	38.76%
Net Nonoperating Expense Percent (NNEP)	11.93%	38.48%	80.80%	24.31%	8.00%	2.65%	3.52%	54.71%	6.61%	4.33%	3.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	15.12%	4.40%	5.38%	5.42%
Cost of Revenue to Revenue	52.20%	69.29%	70.98%	59.34%	20.45%	66.32%	53.11%	57.65%	51.01%	54.51%	53.50%
SG&A Expenses to Revenue	10.91%	13.42%	15.61%	9.50%	13.53%	16.34%	14.41%	15.56%	16.29%	12.60%	13.61%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.92%	16.80%	22.26%	13.84%	13.53%	11.40%	13.27%	-7.84%	18.04%	11.78%	11.39%
Earnings before Interest and Taxes (EBIT)	94	54	29	175	-34	42	84	39	62	83	87
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	150	173	70	218	17	85	123	77	99	119	126
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.74	0.96	0.71	0.90	1.13	0.98	1.52	1.19	1.31	1.28	1.52
Price to Tangible Book Value (P/TBV)	0.85	1.10	0.93	1.00	1.23	1.04	1.53	1.25	1.32	1.30	1.58
Price to Revenue (P/Rev)	1.91	2.99	1.08	1.68	2.93	5.62	6.36	5.33	6.28	5.45	7.27
Price to Earnings (P/E)	30.47	0.00	2.02	0.00	0.00	190.84	45.65	0.00	43.98	21.28	11.61
Dividend Yield	1.14%	1.06%	72.40%	0.00%	3.91%	2.30%	3.01%	4.90%	4.88%	5.03%	4.97%
Earnings Yield	3.28%	0.00%	49.56%	0.00%	0.00%	0.52%	2.19%	0.00%	2.27%	4.70%	8.61%
Enterprise Value to Invested Capital (EV/IC)	0.77	0.96	0.40	0.94	1.09	0.46	1.32	1.07	1.21	1.20	1.34
Enterprise Value to Revenue (EV/Rev)	2.30	3.34	1.49	2.67	4.23	8.26	8.19	7.24	8.40	7.29	9.30
Enterprise Value to EBITDA (EV/EBITDA)	7.26	7.46	9.03	7.90	110.32	18.53	16.87	21.61	17.77	14.48	15.27
Enterprise Value to EBIT (EV/EBIT)	11.56	24.01	22.01	9.84	0.00	37.14	24.84	42.57	28.33	20.82	21.96
Enterprise Value to NOPAT (EV/NOPAT)	18.46	25.92	0.96	14.24	207.24	36.28	24.35	7.32	27.17	21.67	23.99
Enterprise Value to Operating Cash Flow (EV/OCF)	8.41	11.64	0.00	5.56	11.69	24.90	16.74	49.15	26.15	17.59	24.16
Enterprise Value to Free Cash Flow (EV/FCFF)	7.22	11.66	1.53	0.00	11.53	0.00	1.08	6.74	10.08	19.79	27.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	0.42	0.96	0.64	0.62	0.62	0.49	0.45	0.46	0.47	0.50
Long-Term Debt to Equity	0.40	0.39	0.89	0.64	0.62	0.62	0.49	0.45	0.46	0.47	0.50
Financial Leverage	0.19	0.12	0.57	0.84	0.50	1.28	1.30	0.48	0.47	0.44	0.43
Leverage Ratio	1.86	1.79	2.33	2.38	1.83	1.84	1.80	1.73	1.68	1.65	1.67
Compound Leverage Factor	1.96	1.17	0.80	-0.72	2.11	0.82	1.62	0.83	1.11	1.28	1.23
Debt to Total Capital	32.15%	29.62%	48.92%	39.02%	38.30%	38.39%	33.09%	31.15%	31.63%	32.12%	33.24%
Short-Term Debt to Total Capital	4.95%	2.44%	3.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	27.20%	27.18%	45.35%	39.02%	38.30%	38.39%	33.09%	31.15%	31.63%	32.12%	33.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.83%	0.85%	0.98%	0.68%	0.54%	0.36%	0.43%	0.53%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.02%	69.54%	50.10%	60.30%	61.16%	61.24%	66.48%	68.32%	68.37%	67.88%	66.76%
Debt to EBITDA	3.92	2.97	8.99	3.57	42.19	8.10	4.30	6.11	4.70	3.99	3.91
Net Debt to EBITDA	1.13	0.70	2.29	2.87	33.29	5.85	3.70	5.59	4.49	3.66	3.34
Long-Term Debt to EBITDA	3.32	2.73	8.34	3.57	42.19	8.10	4.30	6.11	4.70	3.99	3.91
Debt to NOPAT	9.98	10.32	0.95	6.43	79.26	15.87	6.22	2.07	7.19	5.97	6.14
Net Debt to NOPAT	2.88	2.45	0.24	5.17	62.54	11.45	5.35	1.89	6.87	5.47	5.24
Long-Term Debt to NOPAT	8.44	9.47	0.88	6.43	79.26	15.87	6.22	2.07	7.19	5.97	6.14
Altman Z-Score	0.94	1.05	-0.24	0.92	0.60	0.46	1.03	0.55	0.81	0.82	0.93
Noncontrolling Interest Sharing Ratio	1.06%	1.21%	1.46%	1.40%	1.00%	0.73%	0.62%	0.70%	0.39%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.83	0.84	0.30	2.05	1.73	1.81	1.57	0.70	1.37	1.42	0.83
Quick Ratio	0.37	0.39	0.11	1.01	0.74	0.91	0.78	0.21	0.38	0.45	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	150	111	413	-118	160	-1,686	1,929	248	174	87	70
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	487.93%	0.00%	454.95%	0.00%	367.69%	4,909.37%	162.87%
Free Cash Flow to Firm to Interest Expense	5.13	3.97	16.14	-3.35	4.83	-55.81	73.64	11.27	7.58	3.76	2.97
Operating Cash Flow to Interest Expense	4.41	3.97	-0.05	8.78	4.76	2.09	4.74	1.54	2.92	4.23	3.40
Operating Cash Flow Less CapEx to Interest Expense	4.52	5.94	0.53	12.10	3.79	2.17	3.70	3.88	2.13	4.14	1.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.18	0.19	0.29	0.20	0.09	0.13	0.13	0.12	0.14	0.12
Accounts Receivable Turnover	9.10	7.50	10.30	9.17	4.68	2.78	7.33	26.05	14.06	11.74	12.93
Inventory Turnover	3.52	5.36	4.21	6.08	3.77	6.46	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.32	0.27	0.31	0.52	0.33	0.12	0.17	0.00	0.00	0.16	0.15
Accounts Payable Turnover	6.75	7.60	7.69	9.87	3.42	9.14	20.44	33.65	20.60	24.87	13.05
Days Sales Outstanding (DSO)	40.11	48.70	35.43	39.79	77.91	131.48	49.79	14.01	25.95	31.08	28.23
Days Inventory Outstanding (DIO)	103.75	68.11	86.78	60.04	96.79	56.54	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	54.05	48.05	47.44	36.99	106.63	39.91	17.86	10.85	17.72	14.68	27.97
Cash Conversion Cycle (CCC)	89.80	68.75	74.77	62.84	68.07	148.11	31.93	3.16	8.23	16.40	0.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,414	1,352	1,603	1,842	1,691	3,420	1,576	1,556	1,447	1,439	1,434
Invested Capital Turnover	0.32	0.28	0.29	0.37	0.25	0.07	0.10	0.15	0.14	0.16	0.14
Increase / (Decrease) in Invested Capital	-92	-61	250	239	-151	1,729	-1,844	-20	-109	-7.57	11
Enterprise Value (EV)	1,086	1,294	634	1,722	1,842	1,571	2,080	1,669	1,755	1,724	1,921
Market Capitalization	902	1,157	461	1,083	1,276	1,069	1,616	1,230	1,311	1,289	1,502
Book Value per Share	$25.04	$24.67	$13.14	$16.70	$15.57	$15.15	$14.71	$14.28	$13.83	$13.82	$13.57
Tangible Book Value per Share	$21.83	$21.49	$10.11	$14.96	$14.32	$14.15	$14.59	$13.56	$13.71	$13.70	$13.10
Total Capital	1,826	1,739	1,290	1,994	1,840	1,790	1,604	1,516	1,467	1,478	1,479
Total Debt	587	515	631	778	705	687	531	472	464	475	492
Total Long-Term Debt	497	473	585	778	705	687	531	472	464	475	492
Net Debt	169	122	161	626	556	496	457	431	444	435	420
Capital Expenditures (CapEx)	-3.40	-55	-15	-117	32	-2.30	27	-51	18	2.00	49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	57	13	-675	110	79	45	-8.80	-90	23	14	-50
Debt-free Net Working Capital (DFNWC)	58	16	-606	122	94	103	57	-57	37	47	-15
Net Working Capital (NWC)	-32	-27	-652	122	94	103	57	-57	37	47	-15
Net Nonoperating Expense (NNE)	28	58	433	191	47	38	50	278	32	19	15
Net Nonoperating Obligations (NNO)	175	128	944	626	556	2,317	502	512	444	435	446
Total Depreciation and Amortization (D&A)	56	120	41	43	51	43	40	38	37	36	38
Debt-free, Cash-free Net Working Capital to Revenue	12.03%	3.46%	-158.61%	17.12%	18.04%	23.86%	-3.46%	-39.04%	11.16%	5.74%	-24.41%
Debt-free Net Working Capital to Revenue	12.31%	4.03%	-142.42%	18.89%	21.53%	53.91%	22.28%	-24.59%	17.63%	19.87%	-7.37%
Net Working Capital to Revenue	-6.81%	-6.92%	-153.23%	18.89%	21.53%	53.91%	22.28%	-24.59%	17.63%	19.87%	-7.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.31	($0.44)	$4.68	($1.02)	($0.51)	$0.08	$0.98	($0.70)	$0.41	$0.83	$0.89
Adjusted Weighted Average Basic Shares Outstanding	20.19M	20.23M	49.20M	70.60M	72.20M	72.30M	72.50M	72.60M	72.60M	72.61M	72.72M
Adjusted Diluted Earnings per Share	$1.31	($0.44)	$4.34	($1.02)	($0.51)	$0.08	$0.98	($0.70)	$0.41	$0.83	$0.89
Adjusted Weighted Average Diluted Shares Outstanding	20.35M	20.39M	53M	70.60M	72.20M	72.40M	72.60M	72.80M	72.80M	72.75M	73.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	20.21M	20.26M	71.95M	72.09M	72.31M	72.47M	72.68M	72.59M	72.59M	72.71M	72.88M
Normalized Net Operating Profit after Tax (NOPAT)	59	61	36	177	8.89	23	60	43	68	78	48
Normalized NOPAT Margin	12.44%	15.68%	8.42%	27.40%	2.04%	12.32%	23.51%	18.75%	32.67%	32.82%	23.14%
Pre Tax Income Margin	20.92%	9.11%	2.33%	-8.21%	-8.94%	9.93%	29.69%	8.16%	19.56%	27.12%	31.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.21	1.93	1.13	4.96	-1.02	1.40	3.19	1.78	2.70	3.57	3.74
NOPAT to Interest Expense	2.01	1.78	25.92	3.43	0.27	1.43	3.26	10.37	2.81	3.43	3.43
EBIT Less CapEx to Interest Expense	3.32	3.89	1.70	8.28	-2.00	1.48	2.15	4.12	1.90	3.49	1.65
NOPAT Less CapEx to Interest Expense	2.12	3.75	26.50	6.75	-0.71	1.51	2.22	12.71	2.02	3.35	1.34
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.66%	-163.10%	4.69%	-225.36%	-130.99%	265.38%	130.17%	-116.43%	194.96%	107.34%	101.60%
Augmented Payout Ratio	40.19%	-163.10%	7.81%	-227.51%	-133.59%	276.92%	133.80%	-131.08%	211.35%	112.27%	110.49%

This table displays calculated financial ratios and metrics derived from Alexander & Baldwin's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	72,758,460.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	72,758,460.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.94
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.95%	6.27%	-25.42%	21.46%	-3.90%	18.00%	18.18%	-12.20%	1.28%	-18.88%	-18.36%
EBITDA Growth	835.52%	35.23%	-23.95%	40.57%	1.79%	21.04%	15.32%	1.13%	51.71%	-7.22%	-32.83%
EBIT Growth	326.85%	64.73%	-33.97%	67.91%	4.09%	33.77%	24.25%	0.83%	73.33%	-13.08%	-50.68%
NOPAT Growth	-65.12%	60.25%	-20.92%	67.06%	-0.41%	29.38%	2.98%	1.02%	75.21%	-13.20%	-50.08%
Net Income Growth	78.50%	133.81%	95.73%	276.45%	-39.26%	19.53%	484.28%	7.26%	175.89%	-24.56%	-69.65%
EPS Growth	260.00%	122.22%	95.92%	300.00%	-27.78%	30.00%	500.00%	3.57%	169.23%	-23.08%	-68.75%
Operating Cash Flow Growth	156.18%	314.39%	-5.92%	191.44%	501.51%	2.66%	3.57%	61.86%	-26.04%	-30.71%	-48.37%
Free Cash Flow Firm Growth	-115.84%	-37.69%	205.08%	3,803.84%	4,040.13%	1,995.36%	-80.06%	-107.89%	-115.30%	-77.82%	-104.26%
Invested Capital Growth	1.41%	0.55%	-7.04%	-11.53%	-14.11%	-9.49%	-0.52%	2.90%	4.74%	-1.34%	0.74%
Revenue Q/Q Growth	5.41%	-1.17%	0.66%	15.82%	-16.59%	21.35%	0.81%	-13.95%	-3.79%	-2.81%	1.47%
EBITDA Q/Q Growth	8.20%	4.40%	-9.92%	38.16%	-24.57%	24.14%	-14.18%	21.16%	15.10%	-24.55%	-37.03%
EBIT Q/Q Growth	13.71%	6.37%	-15.16%	63.64%	-33.07%	36.70%	-21.20%	32.80%	17.33%	-31.85%	-54.51%
NOPAT Q/Q Growth	13.54%	5.09%	1.10%	38.48%	-32.31%	36.52%	-19.52%	35.83%	17.40%	-32.36%	-53.72%
Net Income Q/Q Growth	182.48%	6.04%	-120.37%	717.11%	-54.42%	108.65%	-34.52%	72.25%	17.24%	-42.94%	-73.66%
EPS Q/Q Growth	157.14%	11.11%	-120.00%	800.00%	-53.57%	100.00%	-38.46%	81.25%	20.69%	-42.86%	-75.00%
Operating Cash Flow Q/Q Growth	-32.72%	827.56%	-31.74%	-31.59%	38.87%	58.31%	-31.13%	6.91%	-36.55%	48.31%	-48.68%
Free Cash Flow Firm Q/Q Growth	-217.18%	235.06%	1,428.50%	61.39%	18.27%	-28.18%	-85.45%	-163.84%	-129.36%	204.13%	-104.58%
Invested Capital Q/Q Growth	2.13%	-0.11%	-9.49%	-4.20%	-0.84%	5.26%	-0.52%	-0.91%	0.94%	-0.86%	0.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.09%	48.00%	55.22%	50.65%	41.85%	47.62%	41.29%	49.64%	45.62%	45.17%	45.40%
EBITDA Margin	47.55%	50.23%	44.95%	53.62%	50.37%	51.53%	43.86%	61.76%	73.88%	57.36%	35.60%
Operating Margin	30.44%	32.36%	32.61%	38.86%	31.80%	35.62%	28.32%	44.63%	54.42%	38.16%	17.11%
EBIT Margin	30.32%	32.64%	27.50%	38.86%	32.84%	37.00%	28.92%	44.63%	54.42%	38.16%	17.11%
Profit (Net Income) Margin	28.23%	30.29%	-6.13%	32.65%	17.84%	30.68%	19.93%	39.88%	48.60%	28.53%	7.41%
Tax Burden Percent	138.96%	132.44%	-37.92%	98.74%	76.98%	98.06%	97.76%	100.84%	100.15%	99.21%	101.53%
Interest Burden Percent	66.99%	70.07%	58.75%	85.09%	70.58%	84.56%	70.48%	88.63%	89.17%	75.36%	42.63%
Effective Tax Rate	0.02%	0.00%	0.33%	0.00%	0.84%	0.39%	0.00%	-0.18%	-0.24%	0.52%	-1.21%
Return on Invested Capital (ROIC)	4.28%	4.60%	4.52%	5.78%	4.62%	5.29%	4.65%	7.29%	8.91%	5.76%	2.51%
ROIC Less NNEP Spread (ROIC-NNEP)	4.05%	4.39%	0.25%	4.95%	3.13%	4.70%	3.45%	6.64%	8.14%	4.67%	1.34%
Return on Net Nonoperating Assets (RNNOA)	1.86%	2.05%	0.12%	2.24%	1.44%	2.33%	1.51%	2.64%	3.23%	2.01%	0.58%
Return on Equity (ROE)	6.15%	6.65%	4.64%	8.02%	6.06%	7.62%	6.16%	9.93%	12.14%	7.77%	3.09%
Cash Return on Invested Capital (CROIC)	2.54%	3.79%	11.59%	17.26%	20.16%	15.16%	6.04%	2.82%	1.90%	7.55%	4.87%
Operating Return on Assets (OROA)	3.73%	4.07%	3.35%	5.03%	4.17%	4.89%	4.13%	6.23%	7.62%	5.03%	2.12%
Return on Assets (ROA)	3.47%	3.78%	-0.75%	4.23%	2.27%	4.06%	2.84%	5.57%	6.80%	3.76%	0.92%
Return on Common Equity (ROCE)	6.10%	6.60%	4.62%	7.99%	6.03%	7.58%	6.16%	9.93%	12.14%	7.77%	3.09%
Return on Equity Simple (ROE_SIMPLE)	-4.75%	-3.84%	0.00%	4.73%	4.17%	4.50%	0.00%	6.17%	7.70%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	16	17	17	24	16	22	18	24	28	19	8.83
NOPAT Margin	30.43%	32.36%	32.50%	38.86%	31.54%	35.48%	28.32%	44.71%	54.55%	37.97%	17.32%
Net Nonoperating Expense Percent (NNEP)	0.23%	0.21%	4.27%	0.83%	1.49%	0.59%	1.19%	0.65%	0.77%	1.10%	1.17%
Return On Investment Capital (ROIC_SIMPLE)	-	-	1.17%	1.62%	-	-	1.20%	1.65%	1.93%	1.28%	0.60%
Cost of Revenue to Revenue	50.91%	52.00%	44.78%	49.35%	58.15%	52.38%	58.71%	50.36%	54.38%	54.83%	54.60%
SG&A Expenses to Revenue	18.66%	14.41%	14.81%	11.83%	14.21%	12.00%	12.64%	13.01%	13.57%	12.11%	15.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.66%	15.64%	22.61%	11.79%	10.04%	12.00%	12.97%	5.01%	-8.80%	7.01%	42.91%
Earnings before Interest and Taxes (EBIT)	16	17	15	24	17	23	18	24	28	19	8.72
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	25	26	24	33	26	32	27	33	38	29	18
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.25	1.12	1.31	1.13	1.23	1.40	1.28	1.25	1.28	1.31	1.52
Price to Tangible Book Value (P/TBV)	1.26	1.13	1.32	1.14	1.24	1.41	1.30	1.26	1.33	1.36	1.58
Price to Revenue (P/Rev)	5.73	5.10	6.28	5.18	5.66	6.14	5.45	5.47	5.64	6.07	7.27
Price to Earnings (P/E)	0.00	0.00	43.98	25.58	30.61	31.28	21.28	20.21	16.62	18.04	11.61
Dividend Yield	4.99%	5.53%	4.88%	5.65%	5.23%	4.64%	5.03%	5.19%	5.03%	6.17%	4.97%
Earnings Yield	0.00%	0.00%	2.27%	3.91%	3.27%	3.20%	4.70%	4.95%	6.02%	5.54%	8.61%
Enterprise Value to Invested Capital (EV/IC)	1.11	1.03	1.21	1.13	1.21	1.27	1.20	1.17	1.20	1.21	1.34
Enterprise Value to Revenue (EV/Rev)	7.96	7.29	8.40	7.16	7.65	8.11	7.29	7.30	7.50	7.89	9.30
Enterprise Value to EBITDA (EV/EBITDA)	17.94	15.58	17.77	14.19	15.15	15.96	14.48	14.37	13.31	13.53	15.27
Enterprise Value to EBIT (EV/EBIT)	28.42	23.83	28.33	21.20	22.67	23.26	20.82	20.93	18.75	19.35	21.96
Enterprise Value to NOPAT (EV/NOPAT)	28.40	23.93	27.17	21.21	22.47	23.31	21.67	20.97	18.75	19.34	23.99
Enterprise Value to Operating Cash Flow (EV/OCF)	41.89	24.10	26.15	20.25	17.30	18.97	17.59	15.51	16.87	18.86	24.16
Enterprise Value to Free Cash Flow (EV/FCFF)	44.08	27.38	10.08	6.17	5.55	7.99	19.79	42.21	64.51	15.88	27.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.49	0.46	0.45	0.47	0.47	0.47	0.45	0.44	0.47	0.50
Long-Term Debt to Equity	0.49	0.49	0.46	0.45	0.47	0.47	0.47	0.45	0.44	0.47	0.50
Financial Leverage	0.46	0.47	0.47	0.45	0.46	0.49	0.44	0.40	0.40	0.43	0.43
Leverage Ratio	1.67	1.67	1.68	1.67	1.68	1.69	1.65	1.63	1.63	1.65	1.67
Compound Leverage Factor	1.12	1.17	0.99	1.42	1.19	1.43	1.17	1.45	1.45	1.24	0.71
Debt to Total Capital	32.92%	32.83%	31.63%	31.26%	31.93%	32.11%	32.12%	31.06%	30.77%	31.96%	33.24%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	32.92%	32.83%	31.63%	31.26%	31.93%	32.11%	32.12%	31.06%	30.77%	31.96%	33.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.60%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	66.48%	66.54%	68.37%	68.74%	68.07%	67.89%	67.88%	68.94%	69.23%	68.04%	66.76%
Debt to EBITDA	5.10	4.78	4.70	4.13	4.28	4.09	3.99	3.89	3.48	3.74	3.91
Net Debt to EBITDA	4.95	4.60	4.49	3.93	3.95	3.88	3.66	3.61	3.29	3.13	3.34
Long-Term Debt to EBITDA	5.10	4.78	4.70	4.13	4.28	4.09	3.99	3.89	3.48	3.74	3.91
Debt to NOPAT	8.08	7.35	7.19	6.17	6.34	5.97	5.97	5.67	4.90	5.34	6.14
Net Debt to NOPAT	7.83	7.07	6.87	5.87	5.85	5.67	5.47	5.27	4.64	4.48	5.24
Long-Term Debt to NOPAT	8.08	7.35	7.19	6.17	6.34	5.97	5.97	5.67	4.90	5.34	6.14
Altman Z-Score	0.57	0.49	0.72	0.61	0.67	0.81	0.69	0.69	0.77	0.72	0.77
Noncontrolling Interest Sharing Ratio	0.78%	0.82%	0.39%	0.37%	0.45%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.24	1.44	1.37	1.47	1.59	1.37	1.42	1.33	1.25	1.05	0.83
Quick Ratio	0.17	0.23	0.38	0.34	0.47	0.31	0.45	0.34	0.27	0.68	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-6.14	8.29	127	204	242	174	25	-16	-37	39	-1.76
Operating Cash Flow to CapEx	130.38%	565.32%	295.48%	450.90%	505.99%	913.09%	0.00%	3,708.56%	345.23%	86.82%	82.79%
Free Cash Flow to Firm to Interest Expense	-1.05	1.36	21.15	48.18	40.78	30.57	4.17	-2.80	-6.56	6.51	-0.29
Operating Cash Flow to Interest Expense	0.63	5.66	3.92	3.79	3.76	6.22	4.02	4.52	2.93	4.14	2.06
Operating Cash Flow Less CapEx to Interest Expense	0.15	4.66	2.59	2.95	3.02	5.54	5.65	4.40	2.08	-0.63	-0.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.12	0.12	0.12	0.13	0.13	0.13	0.14	0.14	0.14	0.13	0.12
Accounts Receivable Turnover	36.98	0.00	14.06	18.77	21.80	22.82	11.74	17.24	17.35	18.69	12.93
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.15	0.16	0.00	0.16	0.15	0.16	0.16	0.16	0.00	0.00	0.15
Accounts Payable Turnover	12.57	10.06	20.60	23.39	21.25	21.08	24.87	28.47	20.99	17.24	13.05
Days Sales Outstanding (DSO)	9.87	0.00	25.95	19.45	16.74	16.00	31.08	21.18	21.03	19.53	28.23
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	29.04	36.27	17.72	15.60	17.18	17.31	14.68	12.82	17.39	21.18	27.97
Cash Conversion Cycle (CCC)	-19.17	-36.27	8.23	3.85	-0.44	-1.31	16.40	8.36	3.65	-1.64	0.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,600	1,598	1,447	1,386	1,374	1,447	1,439	1,426	1,439	1,427	1,434
Invested Capital Turnover	0.14	0.14	0.14	0.15	0.15	0.15	0.16	0.16	0.16	0.15	0.14
Increase / (Decrease) in Invested Capital	22	8.70	-109	-181	-226	-152	-7.57	40	65	-19	11
Enterprise Value (EV)	1,781	1,654	1,755	1,572	1,665	1,843	1,724	1,674	1,723	1,722	1,921
Market Capitalization	1,281	1,156	1,311	1,137	1,231	1,394	1,289	1,253	1,296	1,323	1,502
Book Value per Share	$14.10	$14.17	$13.83	$13.86	$13.80	$13.74	$13.82	$13.82	$13.93	$13.90	$13.57
Tangible Book Value per Share	$13.98	$14.05	$13.71	$13.74	$13.68	$13.62	$13.70	$13.70	$13.42	$13.41	$13.10
Total Capital	1,540	1,546	1,467	1,464	1,471	1,470	1,478	1,458	1,463	1,487	1,479
Total Debt	507	508	464	458	470	472	475	453	450	475	492
Total Long-Term Debt	507	508	464	458	470	472	475	453	450	475	492
Net Debt	491	488	444	435	434	448	435	421	426	398	420
Capital Expenditures (CapEx)	2.84	6.08	7.95	3.56	4.41	3.87	-9.84	0.70	4.78	28	15
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	25	23	27	24	18	14	9.94	11	-37	-50
Debt-free Net Working Capital (DFNWC)	20	37	37	43	53	36	47	36	29	3.84	-15
Net Working Capital (NWC)	20	37	37	43	53	36	47	36	29	3.84	-15
Net Nonoperating Expense (NNE)	1.17	1.09	20	3.80	6.99	2.97	5.24	2.59	3.08	4.74	5.05
Net Nonoperating Obligations (NNO)	567	560	444	380	373	448	435	421	426	416	446
Total Depreciation and Amortization (D&A)	9.15	9.24	9.22	9.03	8.95	9.00	9.33	9.21	10	9.64	9.43
Debt-free, Cash-free Net Working Capital to Revenue	5.36%	11.20%	11.16%	12.50%	10.93%	8.12%	5.74%	4.34%	4.90%	-17.03%	-24.41%
Debt-free Net Working Capital to Revenue	9.03%	16.40%	17.63%	19.64%	24.50%	16.01%	19.87%	15.71%	12.73%	1.76%	-7.37%
Net Working Capital to Revenue	9.03%	16.40%	17.63%	19.64%	24.50%	16.01%	19.87%	15.71%	12.73%	1.76%	-7.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	$0.20	($0.04)	$0.28	$0.13	$0.26	$0.16	$0.29	$0.35	$0.20	$0.05
Adjusted Weighted Average Basic Shares Outstanding	72.60M	72.60M	72.56M	72.55M	72.62M	72.63M	72.61M	72.68M	72.74M	72.76M	72.72M
Adjusted Diluted Earnings per Share	$0.18	$0.20	($0.04)	$0.28	$0.13	$0.26	$0.16	$0.29	$0.35	$0.20	$0.05
Adjusted Weighted Average Diluted Shares Outstanding	72.80M	72.80M	72.78M	72.67M	72.69M	72.82M	72.75M	72.82M	72.87M	72.95M	73.05M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.63M	72.54M	72.59M	72.59M	72.62M	72.63M	72.71M	72.71M	72.75M	72.76M	72.88M
Normalized Net Operating Profit after Tax (NOPAT)	16	12	17	17	14	22	12	17	12	19	6.16
Normalized NOPAT Margin	30.43%	23.52%	32.51%	27.18%	27.41%	35.48%	19.83%	30.99%	22.44%	37.95%	12.08%
Pre Tax Income Margin	20.31%	22.87%	16.16%	33.07%	23.18%	31.28%	20.38%	39.55%	48.53%	28.76%	7.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.75	2.82	2.43	5.61	2.83	4.03	2.98	4.17	4.99	3.24	1.43
NOPAT to Interest Expense	2.76	2.80	2.87	5.61	2.72	3.87	2.92	4.18	5.00	3.23	1.45
EBIT Less CapEx to Interest Expense	2.26	1.82	1.10	4.77	2.08	3.35	4.61	4.05	4.14	-1.52	-1.06
NOPAT Less CapEx to Interest Expense	2.27	1.79	1.54	4.77	1.97	3.19	4.55	4.06	4.16	-1.54	-1.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-132.17%	-162.66%	194.96%	102.19%	116.54%	108.87%	107.34%	104.95%	83.70%	89.29%	101.60%
Augmented Payout Ratio	-146.77%	-177.54%	211.35%	113.41%	129.31%	119.21%	112.27%	108.00%	86.30%	91.68%	110.49%

Financials Breakdown Chart

Key Financial Trends

Alexander & Baldwin (NYSE: ALEX) has reported a mix of cash flow strength and balance sheet stability alongside ongoing top-line and earnings variability over the last four years. Here are the key takeaways for retail investors based on the quarterly statements provided.

Consistent positive operating cash flow: Cash flow from continuing operating activities remained positive across the period, with quarterly CFO frequently in the mid-to-high tens of millions (e.g., around $16–$26 million in 2025 quarters and similar levels in 2024).
Steady dividend per share: The company has maintained a per-share dividend of about $0.225 across 2025 quarters, signaling a stable income policy for equity holders.
Robust equity base: Total equity sits around the $1.0 billion level in 2025 (examples show ~1.01–1.02 billion), suggesting a solid capital base to support operations and growth initiatives.
Ongoing asset investment via capex: Consistent use of cash to fund property, plant and equipment (PPE) investments in 2025 (e.g., PPE purchases in the tens of millions each quarter), indicating continued asset modernization or expansion.
Top-line variability: Revenue trends are mixed year-to-year, with 2025 quarters generally softer than peak levels seen in 2022 and some 2024 periods, implying ongoing revenue volatility.
Earnings swing quarter-to-quarter: Net income and earnings per share show notable quarterly volatility, including periods of profitability and periods of loss, which can complicate near-term earnings expectations.
Liquidity coverage is modest: Current assets and current liabilities in recent quarters yield a current ratio near 1.0–1.1, indicating only modest liquidity cushions rather than a large liquidity buffer.
Debt burden rising modestly: Long-term debt sits in the mid-to-high $400 million range in 2025 (roughly $470–$475 million), reflecting a higher ongoing interest burden and a heavier leverage load than earlier years.
Top-line decline and margin pressure in 2025: Revenue softness in 2025, coupled with continuing operating costs and interest expense, points to margin pressure relative to the stronger periods in 2022–2023.
Persistent earnings quality concerns from volatility: The quarterly pattern of profit and loss, including sizable swings in net income attributable to common shareholders across years, suggests earnings quality can be inconsistent for investors assessing longer-term sustainability.

05/06/26 03:20 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Alexander & Baldwin's Financials

When does Alexander & Baldwin's financial year end?

According to the most recent income statement we have on file, Alexander & Baldwin's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Alexander & Baldwin's net income changed over the last 10 years?

Over the last 10 years, Alexander & Baldwin's net income changed from $31.10 million in 2015 to $64.67 million in 2025, a change of 108.0%. Find out what analysts predict for Alexander & Baldwin in the coming months.

What is Alexander & Baldwin's operating income?

Alexander & Baldwin's total operating income in 2025 was $80.02 million, based on the following breakdown:

Total Gross Profit: $96.11 million
Total Operating Expenses: $23.54 million

How has Alexander & Baldwin's revenue changed over the last 10 years?

Over the last 10 years, Alexander & Baldwin's total revenue changed from $472.80 million in 2015 to $206.67 million in 2025, a change of -56.3%.

How much debt does Alexander & Baldwin have?

Alexander & Baldwin's total liabilities were at $672.34 million at the end of 2025, a 0.8% increase from 2024, and a 33.0% decrease since 2015.

How much cash does Alexander & Baldwin have?

In the past 10 years, Alexander & Baldwin's cash and equivalents has ranged from $1.30 million in 2015 to $68.90 million in 2017, and is currently $11.30 million as of their latest financial filing in 2025.

How has Alexander & Baldwin's book value per share changed over the last 10 years?

Over the last 10 years, Alexander & Baldwin's book value per share changed from 25.04 in 2015 to 13.57 in 2025, a change of -45.8%.

Related Companies

Financial statements for NYSE:ALEX last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Alexander & Baldwin (ALEX) Financials

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Alexander & Baldwin (ALEX) Financials

Annual Income Statements for Alexander & Baldwin

Quarterly Income Statements for Alexander & Baldwin

Annual Cash Flow Statements for Alexander & Baldwin

Quarterly Cash Flow Statements for Alexander & Baldwin

Annual Balance Sheets for Alexander & Baldwin

Quarterly Balance Sheets for Alexander & Baldwin

Annual Metrics And Ratios for Alexander & Baldwin

Quarterly Metrics And Ratios for Alexander & Baldwin

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Key Financial Trends

Frequently Asked Questions About Alexander & Baldwin's Financials

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