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Essential Properties Realty Trust (EPRT) Financials

Essential Properties Realty Trust logo
$29.66 -0.04 (-0.13%)
As of 09/4/2026 03:58 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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 49 47 52 49 55 56 63 66 68 60 74
Consolidated Net Income / (Loss)		 49 47 52 49 56 56 63 66 68 60 74
Net Income / (Loss) Continuing Operations		 49 47 52 49 56 56 63 66 68 60 74
Total Pre-Tax Income 		49 47 52 49 56 56 64 66 68 60 75
Total Revenue		 70 90 94 96 95 111 138 119 118 135 137
Net Interest Income / (Expense)		 -15 -15 -17 -20 -23 -23 0.71 -28 -30 -30 -30
Total Interest Income		 0.60 0.49 0.85 1.17 0.56 0.61 0.71 0.58 0.63 0.41 0.58
Other Interest Income		 0.60 0.49 0.85 1.17 0.56 0.61 0.71 0.58 0.63 0.41 0.58
Total Interest Expense		 16 16 17 22 24 24 0.00 28 31 30 30
Long-Term Debt Interest Expense		 16 16 17 22 24 24 - 28 31 30 30
Total Non-Interest Income		 85 105 111 117 118 134 137 146 149 164 167
Other Service Charges		 0.22 0.25 1.59 0.14 0.02 0.04 0.38 0.26 1.38 0.78 1.36
Net Realized & Unrealized Capital Gains on Investments		 - 1.51 0.13 -0.24 -1.65 4.98 - 1.36 - 5.31 4.65
Other Non-Interest Income		 98 103 109 117 120 129 137 145 148 158 161
Total Non-Interest Expense		 21 43 43 47 39 55 74 53 50 74 62
Net Occupancy & Equipment Expense		 1.32 0.99 1.16 1.54 1.31 2.26 1.50 1.85 1.97 1.50 1.08
Other Operating Expenses		 7.29 9.36 8.71 8.87 8.45 12 11 10 8.47 13 14
Depreciation Expense		 27 29 30 31 33 35 39 39 41 43 46
Impairment Charge		 1.90 3.75 2.81 5.70 2.59 5.88 0.61 1.44 4.06 17 1.37
Income Tax Expense		 0.16 0.16 0.16 0.16 0.16 0.16 0.16 0.17 0.16 0.16 0.64
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.18 0.15 0.16 0.15 0.17 0.17 0.16 0.18 0.21 0.16 0.19
Basic Earnings per Share		 $0.31 $0.28 $0.29 $0.28 $0.31 $0.30 $0.32 $0.33 $0.34 $0.28 $0.34
Weighted Average Basic Shares Outstanding		 152.14M 167.29M 175.32M 175.33M 173.86M 188.46M 197.55M 198.14M 196.05M 210.18M 216.26M
Diluted Earnings per Share		 $0.31 $0.28 $0.29 $0.27 $0.31 $0.29 $0.32 $0.33 $0.34 $0.28 $0.34
Weighted Average Diluted Shares Outstanding		 153.52M 168.85M 177.58M 179.61M 177.12M 190.96M 199.63M 199.88M 198.05M 212.06M 217.92M
Weighted Average Basic & Diluted Shares Outstanding		 166.10M 175.31M 175.33M 175.33M 187.69M 197.51M 198.14M 198.14M 209.88M 216.25M 216.27M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 6.95 30 -55 14 6.27 2.03 -26 2.77 47 -54 118
Net Cash From Operating Activities		 73 67 81 74 87 77 100 99 105 100 110
Net Cash From Continuing Operating Activities		 73 67 81 74 87 77 100 99 105 100 110
Net Income / (Loss) Continuing Operations		 49 47 52 49 56 56 63 66 68 60 74
Consolidated Net Income / (Loss)		 49 47 52 49 56 56 63 66 68 60 74
Provision For Loan Losses		 -0.01 0.00 0.00 0.25 -0.02 0.04 -0.04 0.08 0.03 0.62 2.64
Depreciation Expense		 27 29 30 31 33 35 39 39 41 43 46
Amortization Expense		 -0.36 1.38 1.42 1.77 2.61 1.98 2.06 2.77 2.40 2.34 3.05
Non-Cash Adjustments to Reconcile Net Income		 -8.89 -4.79 -5.30 -1.98 -6.48 -5.70 -9.88 -10 -11 0.76 -14
Changes in Operating Assets and Liabilities, net		 5.14 -5.48 3.41 -6.67 2.57 -10 5.67 1.68 3.93 -7.10 -2.58
Net Cash From Investing Activities		 -287 -231 -330 -288 -275 -284 -287 -346 -237 -373 -213
Net Cash From Continuing Investing Activities		 -287 -231 -330 -288 -275 -284 -287 -346 -237 -373 -213
Purchase of Property, Leasehold Improvements and Equipment		 -43 -38 -63 -93 -69 -37 -22 -26 -15 -25 -19
Acquisitions		 0.79 -0.68 -0.66 -1.34 -1.20 -2.35 -0.46 -4.50 0.96 -0.05 -2.22
Purchase of Investment Securities		 -269 -211 -272 -211 -267 -269 -313 -330 -284 -363 -274
Sale and/or Maturity of Investments		 26 19 5.71 19 63 25 50 15 66 16 82
Other Investing Activities, net		 -1.10 -0.03 -0.03 -0.94 - -1.01 -1.35 -0.50 -5.73 0.00 -0.05
Net Cash From Financing Activities		 221 194 194 228 194 209 161 250 179 219 221
Net Cash From Continuing Financing Activities		 221 194 194 228 194 209 161 250 179 219 221
Issuance of Debt		 75 0.00 - 280 130 155 200 701 190 290 560
Repayment of Debt		 -0.13 0.00 - -0.07 -210 -163 - -391 -310 -190 -271
Payment of Dividends		 -44 -47 -50 -51 -51 -56 -59 -60 -60 -65 -68
Other Financing Activities, Net		 -0.27 -3.38 -0.39 -0.10 -0.46 -6.54 -0.37 -0.18 -0.07 -8.33 -0.36
Cash Interest Paid		 12 17 13 24 19 25 20 27 27 26 31
Cash Income Taxes Paid		 0.12 0.18 0.58 0.10 0.05 0.17 0.83 0.11 -0.86 0.04 1.03

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 4,136 4,313 4,512 5,013 5,267 5,532 6,057 6,290 6,610 7,153 7,490
Cash and Due from Banks		 71 14 36 79 24 33 47 21 24 15 126
Restricted Cash		 0.00 0.00 5.91 0.00 0.94 6.06 0.00 0.29 0.00 0.99 8.06
Trading Account Securities		 37 48 54 37 36 18 18 13 11 7.16 7.54
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		 3,829 4,055 4,230 4,681 4,892 5,101 5,746 6,021 6,367 6,865 7,125
Intangible Assets		 -210 -231 -256 -305 -334 -356 -412 -441 -476 -540 -572
Other Assets		 410 427 442 521 648 730 658 675 685 805 795
Total Liabilities & Shareholders' Equity		 4,136 4,313 4,512 5,013 5,267 5,532 6,057 6,290 6,610 7,153 7,490
Total Liabilities		 1,506 1,506 1,674 1,766 2,015 2,330 2,234 2,452 2,766 2,756 3,038
Short-Term Debt		 0.00 0.00 0.00 0.00 245 80 0.00 200 120 100 0.00
Other Short-Term Payables		 41 44 44 50 51 51 59 60 60 68 70
Long-Term Debt		 1,421 1,422 1,593 1,669 1,670 2,116 2,119 2,120 2,510 2,513 2,903
Other Long-Term Liabilities		 43 40 38 46 49 83 56 72 75 75 65
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		 2,631 2,807 2,838 3,248 3,252 3,202 3,823 3,838 3,844 4,397 4,452
Total Preferred & Common Equity		 2,622 2,799 2,829 3,239 3,244 3,193 3,815 3,830 3,837 4,389 4,408
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		 2,622 2,799 2,829 3,239 3,244 3,193 3,815 3,830 3,837 4,389 4,408
Common Stock		 2,714 2,865 2,887 3,327 3,330 3,332 3,942 3,966 3,969 4,527 4,530
Retained Earnings		 -118 -109 -108 -112 -111 -113 -122 -118 -112 -125 -120
Accumulated Other Comprehensive Income / (Loss)		 26 43 49 24 25 -26 -5.41 -18 -21 -12 -1.67
Noncontrolling Interest		 8.43 8.53 8.58 8.47 8.47 8.31 8.27 8.10 7.98 7.63 44

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 209,879,818.00 216,245,955.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 209,879,818.00 216,245,955.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.29 0.34
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 9.12% 24.54% 8.00% 22.00% 35.19% 18.09% 19.42% 22.92% - 21.06% -0.39%
EBITDA Growth		 29.51% 12.10% 4.64% 9.77% 19.08% 21.02% 25.25% 31.20% - 13.09% 19.31%
EBIT Growth		 38.88% 9.42% -2.50% 6.92% 12.61% 19.37% 22.56% 33.40% - 6.50% 18.24%
NOPAT Growth		 38.71% 9.45% -2.50% 6.95% 12.74% 19.43% 22.63% 33.49% - 6.52% 17.53%
Net Income Growth		 38.71% 9.45% -2.50% 6.95% 12.74% 19.43% 22.63% 33.49% - 6.52% 17.53%
EPS Growth		 24.00% -3.45% -17.14% -6.90% 0.00% 3.57% 10.34% 22.22% - -3.45% 6.25%
Operating Cash Flow Growth		 28.61% 24.34% 24.06% 16.90% 19.94% 15.60% 22.97% 34.64% - 29.29% 10.42%
Free Cash Flow Firm Growth		 -2.42% -33.01% -33.02% -50.39% -42.06% -18.43% -4.54% -10.11% - -4.09% -21.12%
Invested Capital Growth		 18.84% 21.35% 22.19% 21.83% 22.21% 20.85% 19.17% 19.95% - 17.98% 19.44%
Revenue Q/Q Growth		 -11.63% 28.40% 5.04% 2.37% -2.08% 12.16% 6.22% 5.10% - 13.86% 1.98%
EBITDA Q/Q Growth		 2.34% 0.88% 7.77% -1.29% 11.02% 2.49% 11.53% 3.40% - -5.58% 17.66%
EBIT Q/Q Growth		 6.95% -4.35% 9.63% -4.59% 12.64% 1.32% 12.56% 3.85% - -12.17% 24.96%
NOPAT Q/Q Growth		 6.91% -4.36% 9.66% -4.61% 12.69% 1.32% 12.60% 3.83% - -12.20% 24.24%
Net Income Q/Q Growth		 6.91% -4.36% 9.66% -4.61% 12.69% 1.32% 12.60% 3.83% - -12.20% 24.24%
EPS Q/Q Growth		 6.90% -9.68% 3.57% -6.90% 14.81% -6.45% 10.34% 3.13% - -17.65% 21.43%
Operating Cash Flow Q/Q Growth		 15.42% -8.05% 21.55% -9.38% 18.42% -11.38% 29.31% -0.78% - -5.12% 10.43%
Free Cash Flow Firm Q/Q Growth		 -12.83% -18.75% -8.42% -3.53% -6.57% 1.00% 4.30% -9.06% - -4.85% -11.35%
Invested Capital Q/Q Growth		 5.08% 5.61% 5.09% 4.46% 5.40% 4.43% 3.63% 5.15% - 4.32% 4.92%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 109.31% 85.84% 88.08% 84.92% 96.28% 87.98% 92.38% 90.88% - 78.50% 90.57%
EBIT Margin		 70.64% 52.59% 54.88% 51.15% 58.84% 53.16% 56.33% 55.66% - 44.67% 54.73%
Profit (Net Income) Margin		 70.36% 52.41% 54.72% 50.99% 58.68% 53.01% 56.19% 55.51% - 44.55% 54.27%
Tax Burden Percent		 99.67% 99.67% 99.70% 99.68% 99.72% 99.72% 99.75% 99.74% - 99.73% 99.15%
Interest Burden Percent		 99.94% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00% 100.00%
Effective Tax Rate		 0.33% 0.33% 0.30% 0.32% 0.28% 0.28% 0.25% 0.26% - 0.27% 0.85%
Return on Invested Capital (ROIC)		 5.07% 3.82% 3.89% 3.64% 4.26% 3.83% 4.07% 4.04% - 3.30% 3.84%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.07% 3.82% 3.89% 3.64% 4.26% 3.83% 4.07% 4.04% - 3.30% 3.84%
Return on Net Nonoperating Assets (RNNOA)		 2.86% 2.01% 2.14% 2.29% 2.46% 2.05% 2.43% 2.77% - 1.90% 2.42%
Return on Equity (ROE)		 7.93% 5.82% 6.03% 5.93% 6.72% 5.88% 6.50% 6.81% - 5.19% 6.27%
Cash Return on Invested Capital (CROIC)		 -12.75% -14.93% -15.84% -15.67% -16.05% -14.96% -13.53% -14.08% - -12.52% -13.75%
Operating Return on Assets (OROA)		 4.98% 3.75% 3.82% 3.58% 4.18% 3.76% 4.00% 3.96% - 3.24% 3.80%
Return on Assets (ROA)		 4.96% 3.74% 3.81% 3.56% 4.17% 3.75% 3.99% 3.95% - 3.23% 3.77%
Return on Common Equity (ROCE)		 7.90% 5.81% 6.01% 5.91% 6.70% 5.86% 6.49% 6.80% - 5.18% 6.23%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 6.04% 5.99% 6.18% 0.00% 5.58% 5.86% 6.28% - 5.86% 6.09%
Net Operating Profit after Tax (NOPAT)		 49 47 52 49 56 56 63 66 - 60 74
NOPAT Margin		 70.36% 52.41% 54.72% 50.99% 58.68% 53.01% 56.19% 55.51% - 44.55% 54.27%
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		 1.88% 1.10% 1.22% 1.59% 1.39% 2.13% 1.33% 1.56% - 1.11% 0.79%
Operating Expenses to Revenue		 29.36% 47.41% 45.12% 48.85% 41.16% 46.84% 43.67% 44.34% - 55.33% 45.27%
Earnings before Interest and Taxes (EBIT)		 49 47 52 49 56 56 64 66 - 60 75
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 77 77 83 82 91 93 104 108 - 106 124
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.29 1.27 1.50 1.88 1.54 1.61 1.65 1.54 - 1.45 1.46
Price to Tangible Book Value (P/TBV)		 1.18 1.16 1.36 1.69 1.39 1.45 1.48 1.37 - 1.29 1.30
Price to Revenue (P/Rev)		 12.41 12.60 14.56 17.06 14.60 15.63 15.36 13.64 - 13.30 13.49
Price to Earnings (P/E)		 20.10 21.13 25.10 30.44 27.02 28.88 28.16 24.54 - 24.82 24.11
Dividend Yield		 4.56% 4.28% 4.11% 3.37% 3.71% 3.58% 3.70% 4.00% - 4.02% 4.15%
Earnings Yield		 4.98% 4.73% 3.98% 3.29% 3.70% 3.46% 3.55% 4.08% - 4.03% 4.15%
Enterprise Value to Invested Capital (EV/IC)		 1.17 1.16 1.31 1.51 1.33 1.38 1.40 1.31 - 1.28 1.26
Enterprise Value to Revenue (EV/Rev)		 17.68 17.50 20.25 23.23 20.14 20.94 20.98 19.68 - 18.74 19.37
Enterprise Value to EBITDA (EV/EBITDA)		 18.23 18.56 21.68 25.57 22.68 23.46 23.22 21.47 - 20.90 20.62
Enterprise Value to EBIT (EV/EBIT)		 28.44 29.14 34.70 41.19 37.04 38.45 38.24 35.22 - 34.79 34.37
Enterprise Value to NOPAT (EV/NOPAT)		 28.53 29.23 34.80 41.31 37.15 38.56 38.35 35.32 - 34.87 34.51
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.45 21.35 23.84 27.73 24.52 25.73 25.51 23.45 - 22.24 22.38
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 0.51 0.59 0.69 0.59 0.55 0.60 0.68 - 0.59 0.65
Long-Term Debt to Equity		 0.56 0.51 0.51 0.66 0.59 0.55 0.55 0.65 - 0.57 0.65
Financial Leverage		 0.56 0.53 0.55 0.63 0.58 0.54 0.60 0.69 - 0.58 0.63
Leverage Ratio		 1.60 1.56 1.58 1.66 1.61 1.57 1.63 1.72 - 1.61 1.66
Compound Leverage Factor		 1.60 1.56 1.58 1.66 1.61 1.57 1.63 1.72 - 1.61 1.66
Debt to Total Capital		 35.84% 33.95% 37.06% 40.69% 37.22% 35.66% 37.67% 40.62% - 37.28% 39.47%
Short-Term Debt to Total Capital		 0.00% 0.00% 4.74% 1.48% 0.00% 0.00% 3.25% 1.85% - 1.43% 0.00%
Long-Term Debt to Total Capital		 35.84% 33.95% 32.32% 39.21% 37.22% 35.66% 34.42% 38.77% - 35.85% 39.47%
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		 0.18% 0.17% 0.16% 0.15% 0.15% 0.14% 0.13% 0.12% - 0.11% 0.59%
Common Equity to Total Capital		 63.98% 65.88% 62.77% 59.16% 62.63% 64.20% 62.20% 59.25% - 62.62% 59.94%
Debt to EBITDA		 5.57 5.42 6.15 6.89 6.35 6.06 6.26 6.63 - 6.09 6.46
Net Debt to EBITDA		 5.41 5.16 6.07 6.77 6.21 5.92 6.20 6.57 - 6.05 6.16
Long-Term Debt to EBITDA		 5.57 5.42 5.36 6.64 6.35 6.06 5.72 6.33 - 5.85 6.46
Debt to NOPAT		 8.72 8.54 9.86 11.13 10.40 9.96 10.33 10.91 - 10.15 10.81
Net Debt to NOPAT		 8.46 8.13 9.74 10.93 10.18 9.74 10.24 10.82 - 10.09 10.31
Long-Term Debt to NOPAT		 8.72 8.54 8.60 10.72 10.40 9.96 9.44 10.42 - 9.76 10.81
Noncontrolling Interest Sharing Ratio		 0.31% 0.29% 0.28% 0.28% 0.26% 0.24% 0.23% 0.23% - 0.19% 0.62%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -689 -818 -887 -918 -978 -969 -927 -1,011 - -1,008 -1,123
Operating Cash Flow to CapEx		 167.65% 175.92% 128.71% 78.73% 126.44% 210.48% 444.81% 384.62% - 393.99% 594.47%
Free Cash Flow to Firm to Interest Expense		 -43.71 -52.44 -51.08 -42.45 -40.84 -40.71 -37.08 -35.66 - -33.67 -37.09
Operating Cash Flow to Interest Expense		 4.61 4.28 4.67 3.40 3.63 3.24 3.99 3.49 - 3.33 3.64
Operating Cash Flow Less CapEx to Interest Expense		 1.86 1.85 1.04 -0.92 0.76 1.70 3.09 2.58 - 2.49 3.03
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 0.07 0.08 0.08 0.08 0.08 0.08 - 0.08 0.07
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4,656 4,917 5,167 5,398 5,690 5,942 6,158 6,475 - 7,010 7,355
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		 738 865 938 967 1,034 1,025 990 1,077 - 1,068 1,197
Enterprise Value (EV)		 5,461 5,715 6,757 8,154 7,565 8,206 8,609 8,511 - 8,977 9,267
Market Capitalization		 3,833 4,116 4,858 5,988 5,484 6,126 6,303 5,897 - 6,372 6,455
Book Value per Share		 $19.09 $19.36 $18.50 $18.21 $20.33 $20.33 $19.39 $19.36 - $20.91 $20.39
Tangible Book Value per Share		 $20.87 $21.19 $20.41 $20.24 $22.51 $22.52 $21.63 $21.77 - $23.49 $23.03
Total Capital		 4,656 4,917 5,167 5,398 5,690 5,942 6,158 6,475 - 7,010 7,355
Total Debt		 1,669 1,669 1,915 2,196 2,118 2,119 2,320 2,630 - 2,613 2,903
Total Long-Term Debt		 1,669 1,669 1,670 2,116 2,118 2,119 2,120 2,510 - 2,513 2,903
Net Debt		 1,620 1,590 1,891 2,158 2,073 2,072 2,299 2,607 - 2,597 2,769
Capital Expenditures (CapEx)		 43 38 63 93 69 37 22 26 - 25 19
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)		 1,669 1,669 1,915 2,196 2,118 2,119 2,320 2,630 - 2,613 2,903
Total Depreciation and Amortization (D&A)		 27 30 31 33 35 37 41 42 - 46 49
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.31 $0.28 $0.29 $0.28 $0.31 $0.30 $0.32 $0.33 $0.34 $0.28 $0.34
Adjusted Weighted Average Basic Shares Outstanding		 152.14M 167.29M 175.32M 175.33M 173.86M 188.46M 197.55M 198.14M 196.05M 210.18M 216.26M
Adjusted Diluted Earnings per Share		 $0.31 $0.28 $0.29 $0.27 $0.31 $0.29 $0.32 $0.33 $0.34 $0.28 $0.34
Adjusted Weighted Average Diluted Shares Outstanding		 153.52M 168.85M 177.58M 179.61M 177.12M 190.96M 199.63M 199.88M 198.05M 212.06M 217.92M
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		 166.10M 175.31M 175.33M 175.33M 187.69M 197.51M 198.14M 198.14M 209.88M 216.25M 216.27M
Normalized Net Operating Profit after Tax (NOPAT)		 51 51 54 55 58 57 62 67 - 77 76
Normalized NOPAT Margin		 73.07% 56.57% 57.69% 57.11% 61.40% 53.85% 54.90% 56.72% - 57.02% 55.26%
Pre Tax Income Margin		 70.60% 52.59% 54.88% 51.15% 58.84% 53.16% 56.33% 55.66% - 44.67% 54.73%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.14 3.03 2.99 2.29 2.32 2.37 2.54 2.33 - 2.01 2.48
NOPAT to Interest Expense		 3.13 3.02 2.98 2.28 2.32 2.37 2.54 2.32 - 2.00 2.46
EBIT Less CapEx to Interest Expense		 0.39 0.60 -0.65 -2.03 -0.55 0.83 1.64 1.42 - 1.16 1.87
NOPAT Less CapEx to Interest Expense		 0.38 0.59 -0.65 -2.04 -0.56 0.82 1.64 1.41 - 1.16 1.85
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 87.89% 90.04% 95.32% 97.53% 98.05% 97.79% 96.44% 93.45% - 94.69% 94.09%
Augmented Payout Ratio		 87.89% 90.04% 95.32% 97.53% 98.05% 97.79% 96.44% 93.45% - 94.69% 94.09%

Financials Breakdown Chart

Key Financial Trends

Essential Properties Realty Trust (NYSE:EPRT) has expanded substantially over the period covered, with total assets rising from $3.85 billion in Q3 2022 to $7.49 billion in Q2 2026. Net property and equipment nearly doubled to $7.13 billion, indicating continued portfolio growth and investment in real estate assets.

The company’s operating results have also improved. Quarterly revenue increased from $61.5 million in Q3 2022 to $137.2 million in Q2 2026, while net income rose from $36.6 million to $74.5 million. Operating cash flow climbed from $52.6 million to $110.2 million over the same comparison. However, the latest income statement includes $160.9 million of “other non-interest income,” which represents an unusually large portion of total revenue and may make reported earnings less comparable from quarter to quarter.

  • Strong long-term growth: Total assets increased approximately 94% from Q3 2022 to Q2 2026, supported by the expansion of net property and equipment from $3.47 billion to $7.13 billion.
  • Improving profitability: Net income rose in most periods, reaching $74.5 million in Q2 2026 compared with $36.6 million in Q3 2022. Quarterly diluted EPS was $0.34 in Q2 2026, up from $0.26 in Q3 2022.
  • Growing operating cash flow: Cash flow from operations increased to $110.2 million in Q2 2026 from $52.6 million in Q3 2022. Q2 2026 operating cash flow also exceeded property and equipment purchases by approximately $91.6 million.
  • Dividend growth and coverage: The quarterly dividend per share increased from $0.28 in Q3 2022 to $0.31 in Q1 2026. Q2 2026 operating cash flow covered the $67.6 million dividend cash outflow by approximately 1.6 times.
  • Improved liquidity in the latest quarter: Cash and equivalents increased to $126.2 million at June 30, 2026, compared with $15.2 million at March 31, 2026. Restricted cash also rose to $8.1 million.
  • Lower recent impairment pressure: The Q2 2026 impairment charge was $1.4 million, well below the $16.8 million recorded in Q1 2026 and the $5.9 million reported in Q1 2024.
  • Capital recycling remains active: Purchases of investment securities consistently exceeded sales or maturities in the reported quarters. This suggests continued deployment of capital, although the long-term returns from those investments will determine whether the spending creates value.
  • Equity has supported expansion: Total equity and noncontrolling interests increased from $2.50 billion in Q3 2022 to $4.45 billion in Q2 2026, helping fund the company’s asset growth alongside debt financing.
  • Debt has risen materially: Long-term debt increased from $1.27 billion in Q3 2022 to $2.90 billion in Q2 2026. In the latest quarter, EPRT issued $559.9 million of debt and repaid $270.8 million, leaving net debt issuance of roughly $289.1 million.
  • Higher interest burden and dilution: Quarterly interest expense increased from $9.9 million in Q3 2022 to $30.3 million in Q2 2026, while the net interest loss widened to $29.7 million. Weighted average diluted shares also rose from 139.9 million to 217.9 million, which can limit per-share growth for existing investors.

Overall, EPRT shows a clear pattern of asset, earnings and cash-flow growth, but that expansion has relied heavily on debt and equity financing. Investors should monitor interest costs, future share issuance, the sustainability of the unusually large other non-interest income contribution, and whether operating cash flow continues to cover dividends and growth investments.

09/06/26 12:26 AM ETAI Generated. May Contain Errors.

Essential Properties Realty Trust Financials - Frequently Asked Questions

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

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. Find out what analysts predict for Essential Properties Realty Trust in the coming months.

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%.

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.

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 7/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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