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Essential Properties Realty Trust (EPRT) Financials

Essential Properties Realty Trust logo
$31.25 -0.15 (-0.48%)
As of 01:42 PM Eastern
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Annual Income Statements for Essential Properties Realty Trust

Annual Income Statements for Essential Properties Realty Trust

This table shows Essential Properties Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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		 6.30 16 42 42 96 134 191 203 253
Consolidated Net Income / (Loss)		 6.30 21 48 43 96 135 191 204 254
Net Income / (Loss) Continuing Operations		 6.30 21 48 43 96 135 191 204 254
Total Pre-Tax Income 		6.46 21 48 43 96 136 192 204 254
Total Revenue		 32 67 108 140 192 247 309 376 456
Net Interest Income / (Expense)		 -23 -29 -26 -29 -34 -38 -51 -75 -106
Total Interest Income		 0.05 0.93 0.79 0.49 0.09 2.83 2.01 3.07 2.54
Other Interest Income		 0.05 0.93 0.79 0.49 0.09 2.83 2.01 3.07 2.54
Total Interest Expense		 23 30 27 30 34 40 53 79 108
Long-Term Debt Interest Expense		 23 30 27 30 34 40 53 79 108
Total Non-Interest Income		 54 96 134 169 226 284 359 451 561
Other Service Charges		 0.78 0.62 0.66 0.08 1.20 1.18 1.57 2.00 2.06
Net Realized & Unrealized Capital Gains on Investments		 - - -5.24 4.90 -4.46 -2.14 -0.12 0.00 0.00
Other Non-Interest Income		 54 96 139 164 229 285 358 449 559
Total Non-Interest Expense		 25 46 60 97 96 111 117 171 201
Net Occupancy & Equipment Expense		 1.55 1.98 3.07 3.88 5.76 3.45 4.66 5.00 7.58
Other Operating Expenses		 8.78 14 22 25 24 30 31 35 41
Depreciation Expense		 20 31 43 59 69 89 102 122 154
Impairment Charge		 2.38 4.50 2.92 8.40 6.12 20 3.55 15 12
Other Special Charges		 -6.75 -5.45 -11 - -9.34 -31 -24 -5.98 -13
Income Tax Expense		 0.16 0.20 0.30 0.21 0.23 1.00 0.64 0.63 0.64
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 5.00 6.18 0.26 0.49 0.61 0.71 0.63 0.72
Basic Earnings per Share		 $0.00 $0.00 $0.65 $0.44 $0.82 $0.99 $1.25 $1.16 $1.29
Weighted Average Basic Shares Outstanding		 0.00 0.00 64.10M 95.31M 116.36M 134.94M 152.14M 173.86M 196.05M
Diluted Earnings per Share		 $0.00 $0.00 $0.63 $0.44 $0.82 $0.99 $1.24 $1.15 $1.28
Weighted Average Diluted Shares Outstanding		 0.00 0.00 75.31M 96.20M 117.47M 135.86M 153.52M 177.12M 198.05M
Weighted Average Basic & Diluted Shares Outstanding		 - 43.80M 91.95M 213.87M 125.61M 144.35M 166.10M 187.69M 209.88M
Cash Dividends to Common per Share		 - - $0.88 $0.93 - $1.08 $1.12 $1.16 $1.21

Quarterly Income Statements for Essential Properties Realty Trust

This table shows Essential Properties Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 46 49 47 52 49 55 56 63 66 68 60
Consolidated Net Income / (Loss)		 46 49 47 52 49 56 56 63 66 68 60
Net Income / (Loss) Continuing Operations		 46 49 47 52 49 56 56 63 66 68 60
Total Pre-Tax Income 		46 49 47 52 49 56 56 64 66 68 60
Total Revenue		 79 70 90 94 96 95 111 113 119 118 135
Net Interest Income / (Expense)		 -12 -15 -15 -17 -20 -23 -23 -24 -28 -30 -30
Total Interest Income		 0.33 0.60 0.49 0.85 1.17 0.56 0.61 0.71 0.58 0.63 0.41
Other Interest Income		 0.33 0.60 0.49 0.85 1.17 0.56 0.61 0.71 0.58 0.63 0.41
Total Interest Expense		 13 16 16 17 22 24 24 25 28 31 30
Long-Term Debt Interest Expense		 13 16 16 17 22 24 24 25 28 31 30
Total Non-Interest Income		 92 85 105 111 117 118 134 137 146 149 164
Other Service Charges		 0.12 0.22 0.25 1.59 0.14 0.02 0.04 0.38 0.26 1.38 0.78
Net Realized & Unrealized Capital Gains on Investments		 -0.12 - 1.51 0.13 -0.24 -1.65 4.98 - 1.36 - 5.31
Other Non-Interest Income		 92 98 103 109 117 120 129 137 145 148 158
Total Non-Interest Expense		 33 21 43 43 47 39 55 49 53 50 74
Net Occupancy & Equipment Expense		 1.36 1.32 0.99 1.16 1.54 1.31 2.26 1.50 1.85 1.97 1.50
Other Operating Expenses		 7.11 7.29 9.36 8.71 8.87 8.45 12 11 10 8.47 13
Depreciation Expense		 26 27 29 30 31 33 35 39 39 41 43
Impairment Charge		 0.17 1.90 3.75 2.81 5.70 2.59 5.88 0.61 1.44 4.06 17
Income Tax Expense		 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.17 0.16 0.16
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.17 0.18 0.15 0.16 0.15 0.17 0.17 0.16 0.18 0.21 0.16
Basic Earnings per Share		 $0.29 $0.31 $0.28 $0.29 $0.28 $0.31 $0.30 $0.32 $0.33 $0.34 $0.28
Weighted Average Basic Shares Outstanding		 155.92M 152.14M 167.29M 175.32M 175.33M 173.86M 188.46M 197.55M 198.14M 196.05M 210.18M
Diluted Earnings per Share		 $0.29 $0.31 $0.28 $0.29 $0.27 $0.31 $0.29 $0.32 $0.33 $0.34 $0.28
Weighted Average Diluted Shares Outstanding		 157.18M 153.52M 168.85M 177.58M 179.61M 177.12M 190.96M 199.63M 199.88M 198.05M 212.06M
Weighted Average Basic & Diluted Shares Outstanding		 156.02M 166.10M 175.31M 175.33M 175.33M 187.69M 197.51M 198.14M 198.14M 209.88M 216.25M
Cash Dividends to Common per Share		 $0.28 - $0.29 $0.29 $0.29 - $0.30 $0.30 $0.30 - $0.31

Annual Cash Flow Statements for Essential Properties Realty Trust

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

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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		 7.51 -3.19 5.08 12 27 12 -23 -3.99 25
Net Cash From Operating Activities		 22 46 89 99 167 211 255 308 381
Net Cash From Continuing Operating Activities		 22 46 91 99 167 211 255 308 381
Net Income / (Loss) Continuing Operations		 6.30 21 48 43 96 135 191 204 254
Consolidated Net Income / (Loss)		 6.30 21 48 43 96 135 191 204 254
Provision For Loan Losses		 - 0.00 0.00 0.83 -0.20 0.09 -0.10 0.23 0.11
Depreciation Expense		 20 31 43 59 69 89 102 122 154
Amortization Expense		 2.55 3.29 3.63 6.39 6.56 6.36 5.37 7.18 9.21
Non-Cash Adjustments to Reconcile Net Income		 -7.71 -6.93 -5.36 -1.95 -21 -19 -39 -19 -36
Changes in Operating Assets and Liabilities, net		 1.82 -2.41 2.43 -7.82 17 0.56 -5.19 -6.17 0.85
Net Cash From Investing Activities		 -464 -462 -608 -546 -830 -706 -857 -1,123 -1,154
Net Cash From Continuing Investing Activities		 -464 -462 -603 -546 -830 -706 -857 -1,123 -1,154
Purchase of Property, Leasehold Improvements and Equipment		 -7.74 -15 -18 -14 -9.35 -52 -105 -263 -100
Acquisitions		 -0.25 -1.71 0.53 0.48 -0.59 -0.03 0.19 -3.88 -6.35
Purchase of Investment Securities		 -510 -505 -665 -602 -976 -844 -908 -962 -1,196
Sale and/or Maturity of Investments		 54 61 81 83 159 197 157 107 157
Other Investing Activities, net		 -0.28 -0.52 -2.13 -13 -2.20 -7.49 -1.10 -0.99 -8.59
Net Cash From Financing Activities		 449 413 524 458 689 507 580 811 798
Net Cash From Continuing Financing Activities		 449 413 762 458 689 507 580 811 798
Issuance of Debt		 791 188 911 267 790 697 318 665 1,246
Issuance of Common Equity		 0.00 589 412 461 458 404 507 570 658
Repayment of Debt		 -319 -392 -732 -181 -445 -448 -72 -220 -864
Payment of Dividends		 -101 -14 -64 -86 -112 -142 -168 -200 -234
Other Financing Activities, Net		 78 41 236 -2.81 -1.57 -3.46 -4.62 -4.34 -7.16
Cash Interest Paid		 20 28 29 27 24 37 50 74 99
Cash Income Taxes Paid		 0.01 0.06 0.06 0.55 0.64 1.21 1.49 0.90 0.24

Quarterly Cash Flow Statements for Essential Properties Realty Trust

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
Net Change in Cash & Equivalents		 28 6.95 30 -55 14 6.27 2.03 -26 2.77 47 -54
Net Cash From Operating Activities		 63 73 67 81 74 87 77 100 99 105 100
Net Cash From Continuing Operating Activities		 63 73 67 81 74 87 77 100 99 105 100
Net Income / (Loss) Continuing Operations		 46 49 47 52 49 56 56 63 66 68 60
Consolidated Net Income / (Loss)		 46 49 47 52 49 56 56 63 66 68 60
Provision For Loan Losses		 -0.06 -0.01 0.00 0.00 0.25 -0.02 0.04 -0.04 0.08 0.03 0.62
Depreciation Expense		 26 27 29 30 31 33 35 39 39 41 43
Amortization Expense		 2.33 -0.36 1.38 1.42 1.77 2.61 1.98 2.06 2.77 2.40 2.34
Non-Cash Adjustments to Reconcile Net Income		 -5.23 -8.89 -4.79 -5.30 -1.98 -6.48 -5.70 -9.88 -10 -11 0.76
Changes in Operating Assets and Liabilities, net		 -6.44 5.14 -5.48 3.41 -6.67 2.57 -10 5.67 1.68 3.93 -7.10
Net Cash From Investing Activities		 -181 -287 -231 -330 -288 -275 -284 -287 -346 -237 -373
Net Cash From Continuing Investing Activities		 -181 -287 -231 -330 -288 -275 -284 -287 -346 -237 -373
Purchase of Property, Leasehold Improvements and Equipment		 -29 -43 -38 -63 -93 -69 -37 -22 -26 -15 -25
Acquisitions		 -0.03 0.79 -0.68 -0.66 -1.34 -1.20 -2.35 -0.46 -4.50 0.96 -0.05
Purchase of Investment Securities		 -184 -269 -211 -272 -211 -267 -269 -313 -330 -284 -363
Sale and/or Maturity of Investments		 32 26 19 5.71 19 63 25 50 15 66 16
Other Investing Activities, net		 - -1.10 -0.03 -0.03 -0.94 - -1.01 -1.35 -0.50 -5.73 0.00
Net Cash From Financing Activities		 146 221 194 194 228 194 209 161 250 179 219
Net Cash From Continuing Financing Activities		 146 221 194 194 228 194 209 161 250 179 219
Issuance of Debt		 193 75 0.00 - 280 130 155 200 701 190 290
Issuance of Common Equity		 20 191 245 - - 326 279 20 - 359 193
Repayment of Debt		 -22 -0.13 0.00 - -0.07 -210 -163 - -391 -310 -190
Payment of Dividends		 -44 -44 -47 -50 -51 -51 -56 -59 -60 -60 -65
Other Financing Activities, Net		 -0.71 -0.27 -3.38 -0.39 -0.10 -0.46 -6.54 -0.37 -0.18 -0.07 -8.33
Cash Interest Paid		 21 12 17 13 24 19 25 20 27 27 26
Cash Income Taxes Paid		 0.15 0.12 0.18 0.58 0.10 0.05 0.17 0.83 0.11 -0.86 0.04

Annual Balance Sheets for Essential Properties Realty Trust

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

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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		 942 1,381 1,975 2,489 3,299 4,000 4,768 5,799 6,863
Cash and Due from Banks		 7.25 4.24 8.30 27 60 62 40 41 60
Restricted Cash		 12 12 13 6.39 0.00 9.16 9.16 4.27 10
Trading Account Securities		 - - - - 0.00 48 31 28 7.86
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 863 1,307 1,813 2,261 3,040 3,669 4,480 5,402 6,590
Intangible Assets		 38 15 -11 -56 -112 -188 -278 -383 -513
Other Assets		 22 44 152 222 311 399 486 707 708
Total Liabilities & Shareholders' Equity		 942 1,381 1,975 2,489 3,299 4,000 4,768 5,799 6,863
Total Liabilities		 761 570 773 907 1,255 1,503 1,781 2,227 2,655
Short-Term Debt		 0.00 34 46 18 144 0.00 0.00 0.00 0.00
Other Short-Term Payables		 - 13 19 26 - 39 47 56 65
Long-Term Debt		 742 506 681 797 1,022 1,421 1,669 2,118 2,512
Other Long-Term Liabilities		 19 17 27 66 89 43 65 53 78
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 181 811 1,202 1,582 2,044 2,497 2,987 3,572 4,208
Total Preferred & Common Equity		 181 562 1,194 1,575 2,037 2,488 2,979 3,564 4,200
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 181 562 1,194 1,575 2,037 2,488 2,979 3,564 4,200
Common Stock		 0.00 570 1,224 1,690 2,152 2,565 3,080 3,660 4,330
Retained Earnings		 0.00 -7.66 -27 -78 -101 -117 -106 -113 -109
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 -1.95 -37 -15 41 4.02 17 -21
Noncontrolling Interest		 181 249 7.66 7.19 7.24 8.51 8.42 8.45 7.90

Quarterly Balance Sheets for Essential Properties Realty Trust

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

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 3/31/2026
Total Assets		 3,854 4,136 4,313 4,512 5,013 5,267 5,532 6,057 6,290 6,610 7,153
Cash and Due from Banks		 136 71 14 36 79 24 33 47 21 24 15
Restricted Cash		 7.93 0.00 0.00 5.91 0.00 0.94 6.06 0.00 0.29 0.00 0.99
Trading Account Securities		 51 37 48 54 37 36 18 18 13 11 7.16
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 3,469 3,829 4,055 4,230 4,681 4,892 5,101 5,746 6,021 6,367 6,865
Intangible Assets		 -170 -210 -231 -256 -305 -334 -356 -412 -441 -476 -540
Other Assets		 347 410 427 442 521 648 730 658 675 685 805
Total Liabilities & Shareholders' Equity		 3,854 4,136 4,313 4,512 5,013 5,267 5,532 6,057 6,290 6,610 7,153
Total Liabilities		 1,350 1,506 1,506 1,674 1,766 2,015 2,330 2,234 2,452 2,766 2,756
Short-Term Debt		 0.00 0.00 0.00 0.00 0.00 245 80 0.00 200 120 100
Other Short-Term Payables		 39 41 44 44 50 51 51 59 60 60 68
Long-Term Debt		 1,270 1,421 1,422 1,593 1,669 1,670 2,116 2,119 2,120 2,510 2,513
Other Long-Term Liabilities		 41 43 40 38 46 49 83 56 72 75 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		 2,504 2,631 2,807 2,838 3,248 3,252 3,202 3,823 3,838 3,844 4,397
Total Preferred & Common Equity		 2,496 2,622 2,799 2,829 3,239 3,244 3,193 3,815 3,830 3,837 4,389
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,496 2,622 2,799 2,829 3,239 3,244 3,193 3,815 3,830 3,837 4,389
Common Stock		 2,563 2,714 2,865 2,887 3,327 3,330 3,332 3,942 3,966 3,969 4,527
Retained Earnings		 -113 -118 -109 -108 -112 -111 -113 -122 -118 -112 -125
Accumulated Other Comprehensive Income / (Loss)		 47 26 43 49 24 25 -26 -5.41 -18 -21 -12
Noncontrolling Interest		 7.56 8.43 8.53 8.58 8.47 8.47 8.31 8.27 8.10 7.98 7.63

Annual Metrics And Ratios for Essential Properties Realty Trust

This table displays calculated financial ratios and metrics derived from Essential Properties Realty Trust's official financial filings.

Metric 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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
Growth Metrics		 - - - - - - - - -
Profitability Metrics		 - - - - - - - - -
Valuation Ratios		 - - - - - - - - -
Leverage & Solvency		 - - - - - - - - -
Liquidity Ratios		 - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - -
Efficiency Ratios		 - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - -
Earnings Adjustments		 - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.65 $0.44 $0.82 $0.99 $1.25 $1.16 $1.29
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 64.10M 95.31M 116.36M 134.94M 152.14M 173.86M 196.05M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.63 $0.44 $0.82 $0.99 $1.24 $1.15 $1.28
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 75.31M 96.20M 117.47M 135.86M 153.52M 177.12M 198.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 43.80M 91.95M 213.87M 125.61M 144.35M 166.10M 187.69M 209.88M
Debt Service Ratios		 - - - - - - - - -
Payout Ratios		 - - - - - - - - -

Quarterly Metrics And Ratios for Essential Properties Realty Trust

This table displays calculated financial ratios and metrics derived from Essential Properties Realty Trust's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 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 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 209,879,818.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 209,879,818.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.29
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 28.79% 9.12% 24.54% 8.00% 22.00% 35.19% 18.09% 19.42% 22.92% - 21.06%
EBITDA Growth		 17.95% 29.51% 12.10% 4.64% 9.77% 19.08% 21.02% 25.25% 31.20% - 13.09%
EBIT Growth		 25.74% 38.88% 9.42% -2.50% 6.92% 12.61% 19.37% 22.56% 33.40% - 6.50%
NOPAT Growth		 25.95% 38.71% 9.45% -2.50% 6.95% 12.74% 19.43% 22.63% 33.49% - 6.52%
Net Income Growth		 25.95% 38.71% 9.45% -2.50% 6.95% 12.74% 19.43% 22.63% 33.49% - 6.52%
EPS Growth		 11.54% 24.00% -3.45% -17.14% -6.90% 0.00% 3.57% 10.34% 22.22% - -3.45%
Operating Cash Flow Growth		 19.60% 28.61% 24.34% 24.06% 16.90% 19.94% 15.60% 22.97% 34.64% - 29.29%
Free Cash Flow Firm Growth		 20.89% -2.42% -33.01% -33.02% -50.39% -42.06% -18.43% -4.54% -10.11% - -4.09%
Invested Capital Growth		 17.40% 18.84% 21.35% 22.19% 21.83% 22.21% 20.85% 19.17% 19.95% - 17.98%
Revenue Q/Q Growth		 -9.38% -11.63% 28.40% 5.04% 2.37% -2.08% 12.16% 6.22% 5.10% - 13.86%
EBITDA Q/Q Growth		 -5.90% 2.34% 0.88% 7.77% -1.29% 11.02% 2.49% 11.53% 3.40% - -5.58%
EBIT Q/Q Growth		 -13.00% 6.95% -4.35% 9.63% -4.59% 12.64% 1.32% 12.56% 3.85% - -12.17%
NOPAT Q/Q Growth		 -13.04% 6.91% -4.36% 9.66% -4.61% 12.69% 1.32% 12.60% 3.83% - -12.20%
Net Income Q/Q Growth		 -13.04% 6.91% -4.36% 9.66% -4.61% 12.69% 1.32% 12.60% 3.83% - -12.20%
EPS Q/Q Growth		 -17.14% 6.90% -9.68% 3.57% -6.90% 14.81% -6.45% 10.34% 3.13% - -17.65%
Operating Cash Flow Q/Q Growth		 -3.83% 15.42% -8.05% 21.55% -9.38% 18.42% -11.38% 29.31% -0.78% - -5.12%
Free Cash Flow Firm Q/Q Growth		 8.43% -12.83% -18.75% -8.42% -3.53% -6.57% 1.00% 4.30% -9.06% - -4.85%
Invested Capital Q/Q Growth		 4.77% 5.08% 5.61% 5.09% 4.46% 5.40% 4.43% 3.63% 5.15% - 4.32%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 94.39% 109.31% 85.84% 88.08% 84.92% 96.28% 87.98% 92.38% 90.88% - 78.50%
EBIT Margin		 58.37% 70.64% 52.59% 54.88% 51.15% 58.84% 53.16% 56.33% 55.66% - 44.67%
Profit (Net Income) Margin		 58.16% 70.36% 52.41% 54.72% 50.99% 58.68% 53.01% 56.19% 55.51% - 44.55%
Tax Burden Percent		 99.65% 99.67% 99.67% 99.70% 99.68% 99.72% 99.72% 99.75% 99.74% - 99.73%
Interest Burden Percent		 100.00% 99.94% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.35% 0.33% 0.33% 0.30% 0.32% 0.28% 0.28% 0.25% 0.26% - 0.27%
Return on Invested Capital (ROIC)		 4.30% 5.07% 3.82% 3.89% 3.64% 4.26% 3.83% 4.07% 4.04% - 3.30%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.30% 5.07% 3.82% 3.89% 3.64% 4.26% 3.83% 4.07% 4.04% - 3.30%
Return on Net Nonoperating Assets (RNNOA)		 2.30% 2.86% 2.01% 2.14% 2.29% 2.46% 2.05% 2.43% 2.77% - 1.90%
Return on Equity (ROE)		 6.60% 7.93% 5.82% 6.03% 5.93% 6.72% 5.88% 6.50% 6.81% - 5.19%
Cash Return on Invested Capital (CROIC)		 -11.67% -12.75% -14.93% -15.84% -15.67% -16.05% -14.96% -13.53% -14.08% - -12.52%
Operating Return on Assets (OROA)		 4.23% 4.98% 3.75% 3.82% 3.58% 4.18% 3.76% 4.00% 3.96% - 3.24%
Return on Assets (ROA)		 4.21% 4.96% 3.74% 3.81% 3.56% 4.17% 3.75% 3.99% 3.95% - 3.23%
Return on Common Equity (ROCE)		 6.58% 7.90% 5.81% 6.01% 5.91% 6.70% 5.86% 6.49% 6.80% - 5.18%
Return on Equity Simple (ROE_SIMPLE)		 6.28% 0.00% 6.04% 5.99% 6.18% 0.00% 5.58% 5.86% 6.28% - 5.86%
Net Operating Profit after Tax (NOPAT)		 46 49 47 52 49 56 56 63 66 - 60
NOPAT Margin		 58.16% 70.36% 52.41% 54.72% 50.99% 58.68% 53.01% 56.19% 55.51% - 44.55%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 1.72% 1.88% 1.10% 1.22% 1.59% 1.39% 2.13% 1.33% 1.56% - 1.11%
Operating Expenses to Revenue		 41.63% 29.36% 47.41% 45.12% 48.85% 41.16% 46.84% 43.67% 44.34% - 55.33%
Earnings before Interest and Taxes (EBIT)		 46 49 47 52 49 56 56 64 66 - 60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 75 77 77 83 82 91 93 104 108 - 106
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.14 1.29 1.27 1.50 1.88 1.54 1.61 1.65 1.54 - 1.45
Price to Tangible Book Value (P/TBV)		 1.05 1.18 1.16 1.36 1.69 1.39 1.45 1.48 1.37 - 1.29
Price to Revenue (P/Rev)		 10.69 12.41 12.60 14.56 17.06 14.60 15.63 15.36 13.64 - 13.30
Price to Earnings (P/E)		 18.30 20.10 21.13 25.10 30.44 27.02 28.88 28.16 24.54 - 24.82
Dividend Yield		 5.35% 4.56% 4.28% 4.11% 3.37% 3.71% 3.58% 3.70% 4.00% - 4.02%
Earnings Yield		 5.46% 4.98% 4.73% 3.98% 3.29% 3.70% 3.46% 3.55% 4.08% - 4.03%
Enterprise Value to Invested Capital (EV/IC)		 1.08 1.17 1.16 1.31 1.51 1.33 1.38 1.40 1.31 - 1.28
Enterprise Value to Revenue (EV/Rev)		 15.83 17.68 17.50 20.25 23.23 20.14 20.94 20.98 19.68 - 18.74
Enterprise Value to EBITDA (EV/EBITDA)		 17.00 18.23 18.56 21.68 25.57 22.68 23.46 23.22 21.47 - 20.90
Enterprise Value to EBIT (EV/EBIT)		 26.91 28.44 29.14 34.70 41.19 37.04 38.45 38.24 35.22 - 34.79
Enterprise Value to NOPAT (EV/NOPAT)		 27.01 28.53 29.23 34.80 41.31 37.15 38.56 38.35 35.32 - 34.87
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.12 21.45 21.35 23.84 27.73 24.52 25.73 25.51 23.45 - 22.24
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.56 0.56 0.51 0.59 0.69 0.59 0.55 0.60 0.68 - 0.59
Long-Term Debt to Equity		 0.56 0.56 0.51 0.51 0.66 0.59 0.55 0.55 0.65 - 0.57
Financial Leverage		 0.54 0.56 0.53 0.55 0.63 0.58 0.54 0.60 0.69 - 0.58
Leverage Ratio		 1.57 1.60 1.56 1.58 1.66 1.61 1.57 1.63 1.72 - 1.61
Compound Leverage Factor		 1.57 1.60 1.56 1.58 1.66 1.61 1.57 1.63 1.72 - 1.61
Debt to Total Capital		 35.95% 35.84% 33.95% 37.06% 40.69% 37.22% 35.66% 37.67% 40.62% - 37.28%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 4.74% 1.48% 0.00% 0.00% 3.25% 1.85% - 1.43%
Long-Term Debt to Total Capital		 35.95% 35.84% 33.95% 32.32% 39.21% 37.22% 35.66% 34.42% 38.77% - 35.85%
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%
Noncontrolling Interests to Total Capital		 0.19% 0.18% 0.17% 0.16% 0.15% 0.15% 0.14% 0.13% 0.12% - 0.11%
Common Equity to Total Capital		 63.86% 63.98% 65.88% 62.77% 59.16% 62.63% 64.20% 62.20% 59.25% - 62.62%
Debt to EBITDA		 5.64 5.57 5.42 6.15 6.89 6.35 6.06 6.26 6.63 - 6.09
Net Debt to EBITDA		 5.49 5.41 5.16 6.07 6.77 6.21 5.92 6.20 6.57 - 6.05
Long-Term Debt to EBITDA		 5.64 5.57 5.42 5.36 6.64 6.35 6.06 5.72 6.33 - 5.85
Debt to NOPAT		 8.97 8.72 8.54 9.86 11.13 10.40 9.96 10.33 10.91 - 10.15
Net Debt to NOPAT		 8.73 8.46 8.13 9.74 10.93 10.18 9.74 10.24 10.82 - 10.09
Long-Term Debt to NOPAT		 8.97 8.72 8.54 8.60 10.72 10.40 9.96 9.44 10.42 - 9.76
Noncontrolling Interest Sharing Ratio		 0.30% 0.31% 0.29% 0.28% 0.28% 0.26% 0.24% 0.23% 0.23% - 0.19%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -610 -689 -818 -887 -918 -978 -969 -927 -1,011 - -1,008
Operating Cash Flow to CapEx		 215.24% 167.65% 175.92% 128.71% 78.73% 126.44% 210.48% 444.81% 384.62% - 393.99%
Free Cash Flow to Firm to Interest Expense		 -48.32 -43.71 -52.44 -51.08 -42.45 -40.84 -40.71 -37.08 -35.66 - -33.67
Operating Cash Flow to Interest Expense		 4.98 4.61 4.28 4.67 3.40 3.63 3.24 3.99 3.49 - 3.33
Operating Cash Flow Less CapEx to Interest Expense		 2.67 1.86 1.85 1.04 -0.92 0.76 1.70 3.09 2.58 - 2.49
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 - 0.07
Fixed Asset Turnover		 0.08 0.08 0.08 0.07 0.08 0.08 0.08 0.08 0.08 - 0.08
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,431 4,656 4,917 5,167 5,398 5,690 5,942 6,158 6,475 - 7,010
Invested Capital Turnover		 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 0.07 - 0.07
Increase / (Decrease) in Invested Capital		 657 738 865 938 967 1,034 1,025 990 1,077 - 1,068
Enterprise Value (EV)		 4,798 5,461 5,715 6,757 8,154 7,565 8,206 8,609 8,511 - 8,977
Market Capitalization		 3,239 3,833 4,116 4,858 5,988 5,484 6,126 6,303 5,897 - 6,372
Book Value per Share		 $18.14 $19.09 $19.36 $18.50 $18.21 $20.33 $20.33 $19.39 $19.36 - $20.91
Tangible Book Value per Share		 $19.77 $20.87 $21.19 $20.41 $20.24 $22.51 $22.52 $21.63 $21.77 - $23.49
Total Capital		 4,431 4,656 4,917 5,167 5,398 5,690 5,942 6,158 6,475 - 7,010
Total Debt		 1,593 1,669 1,669 1,915 2,196 2,118 2,119 2,320 2,630 - 2,613
Total Long-Term Debt		 1,593 1,669 1,669 1,670 2,116 2,118 2,119 2,120 2,510 - 2,513
Net Debt		 1,551 1,620 1,590 1,891 2,158 2,073 2,072 2,299 2,607 - 2,597
Capital Expenditures (CapEx)		 29 43 38 63 93 69 37 22 26 - 25
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 1,593 1,669 1,669 1,915 2,196 2,118 2,119 2,320 2,630 - 2,613
Total Depreciation and Amortization (D&A)		 29 27 30 31 33 35 37 41 42 - 46
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.29 $0.31 $0.28 $0.29 $0.28 $0.31 $0.30 $0.32 $0.33 $0.34 $0.28
Adjusted Weighted Average Basic Shares Outstanding		 155.92M 152.14M 167.29M 175.32M 175.33M 173.86M 188.46M 197.55M 198.14M 196.05M 210.18M
Adjusted Diluted Earnings per Share		 $0.29 $0.31 $0.28 $0.29 $0.27 $0.31 $0.29 $0.32 $0.33 $0.34 $0.28
Adjusted Weighted Average Diluted Shares Outstanding		 157.18M 153.52M 168.85M 177.58M 179.61M 177.12M 190.96M 199.63M 199.88M 198.05M 212.06M
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		 156.02M 166.10M 175.31M 175.33M 175.33M 187.69M 197.51M 198.14M 198.14M 209.88M 216.25M
Normalized Net Operating Profit after Tax (NOPAT)		 44 51 51 54 55 58 57 62 67 - 77
Normalized NOPAT Margin		 56.03% 73.07% 56.57% 57.69% 57.11% 61.40% 53.85% 54.90% 56.72% - 57.02%
Pre Tax Income Margin		 58.37% 70.60% 52.59% 54.88% 51.15% 58.84% 53.16% 56.33% 55.66% - 44.67%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.66 3.14 3.03 2.99 2.29 2.32 2.37 2.54 2.33 - 2.01
NOPAT to Interest Expense		 3.65 3.13 3.02 2.98 2.28 2.32 2.37 2.54 2.32 - 2.00
EBIT Less CapEx to Interest Expense		 1.35 0.39 0.60 -0.65 -2.03 -0.55 0.83 1.64 1.42 - 1.16
NOPAT Less CapEx to Interest Expense		 1.34 0.38 0.59 -0.65 -2.04 -0.56 0.82 1.64 1.41 - 1.16
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 91.73% 87.89% 90.04% 95.32% 97.53% 98.05% 97.79% 96.44% 93.45% - 94.69%
Augmented Payout Ratio		 91.73% 87.89% 90.04% 95.32% 97.53% 98.05% 97.79% 96.44% 93.45% - 94.69%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Essential Properties Realty Trust (NYSE:EPRT) using its quarterly statements from the last four years. The focus is on cash flow, income statement, and balance sheet trends, with a view toward what may matter to retail investors.

  • Multi‑year growth in revenue and profitability: Total revenue rose from about $64.2 million in Q4 2022 to roughly $118.2 million in Q4 2025, with net income attributable to common shareholders effectively doubling over the period and earnings per share trending higher (to about $0.34 in late 2025).
  • Solid operating cash flow in 2025: Net cash from continuing operating activities was strong across 2025, with Q4 2025 posting about $105.1 million and Q3 2025 around $99.0–$99.5 million, indicating healthy, recurring cash generation from core operations.
  • Stable and shareholder-friendly dividends: Cash dividends per share remained around $0.30 per quarter (with Q1–Q4 2025 all near $0.30), supporting a modest, reliable cash return to shareholders while earnings improved.
  • Balance sheet expansion supports growth: By Q3 2025, total assets were about $6.61 billion and total equity (including noncontrolling interests) was about $3.84 billion, reflecting ongoing asset growth and equity base to back expansion.
  • Financing activity to fuel growth: In 2025, the company accessed capital through debt and equity offerings, including notable debt issuance (about $700.7 million in Q3 2025) and equity issuance (approximately $358.8 million around mid‑2025), helping fund investments and growth initiatives.
  • Depreciation, amortization, and other non-cash charges: Depreciation and amortization are substantial (e.g., depreciation around $41–$42 million in late 2025 quarters), along with occasional impairment charges. These non‑cash items affect reported profits but not cash flow.
  • Tax expense remains a relatively small cash outflow: Income tax expense tends to be modest relative to pre‑tax income (e.g., Q4 2025 tax expense around $0.16 million), contributing to a low effective tax rate in these periods.
  • Shareholder dilution visible in the capital base: Weighted average shares outstanding rose meaningfully through 2025 (diluted shares around $199–$210 million), consistent with equity issuances and dilution of per‑share metrics over time.
  • Rising leverage and liabilities: Long‑term debt rose to roughly $2.5 billion by Q3 2025, with total liabilities increasing as the balance sheet expanded, signaling higher leverage that investors should watch alongside growth initiatives.
  • Persistent investing cash outflows: Net cash from investing activities remained markedly negative in 2025, driven by purchases of investment securities and capital expenditures (for example, Q4 2025 investing outflow around $237 million and Q3 2025 around $346 million), which partially offsets operating cash flow gains and requires ongoing financing support.
05/07/26 01:43 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Essential Properties Realty Trust's Financials

When does Essential Properties Realty Trust's financial year end?

According to the most recent income statement we have on file, Essential Properties Realty Trust's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Essential Properties Realty Trust's net income changed over the last 8 years?

Essential Properties Realty Trust's net income appears to be on an upward trend, with a most recent value of $253.73 million in 2025, rising from $6.30 million in 2017. The previous period was $203.64 million in 2024. See where experts think Essential Properties Realty Trust is headed by visiting Essential Properties Realty Trust's forecast page.

How has Essential Properties Realty Trust's revenue changed over the last 8 years?

Over the last 8 years, Essential Properties Realty Trust's total revenue changed from $31.92 million in 2017 to $455.67 million in 2025, a change of 1,327.4%.

How much debt does Essential Properties Realty Trust have?

Essential Properties Realty Trust's total liabilities were at $2.66 billion at the end of 2025, a 19.2% increase from 2024, and a 249.0% increase since 2017.

How much cash does Essential Properties Realty Trust have?

In the past 8 years, Essential Properties Realty Trust's cash and equivalents has ranged from $4.24 million in 2018 to $62.35 million in 2022, and is currently $60.18 million as of their latest financial filing in 2025.


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Financial statements for NYSE:EPRT last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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