Empire State Realty Trust (ESRT) Financials

$5.68 +0.15 (+2.62%)

Closing price 05/6/2026 03:59 PM Eastern

Extended Trading

$5.62 -0.06 (-1.06%)

As of 06:09 AM Eastern

Annual Income Statements for Empire State Realty Trust

This table shows Empire State Realty Trust'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	34	51	63	66	49	-17	-11	36	49	47	43
Consolidated Net Income / (Loss)	80	107	118	117	84	-23	-13	63	84	80	73
Net Income / (Loss) Continuing Operations	80	107	118	117	84	-23	-13	63	84	80	73
Total Pre-Tax Income	84	113	125	122	87	-30	-15	65	87	83	76
Total Revenue	592	526	642	663	663	512	514	732	755	784	776
Net Interest Income / (Expense)	-66	-70	-66	-69	-68	-87	-94	4.95	15	21	8.75
Total Interest Income	0.00	0.65	2.94	11	11	2.64	0.70	4.95	15	21	8.75
Investment Securities Interest Income	-	0.65	2.94	11	11	2.64	0.70	4.95	15	21	8.75
Total Interest Expense	66	71	68	80	79	90	94	0.00	0.00	0.00	0.00
Total Non-Interest Income	658	596	707	732	731	600	608	727	740	763	768
Other Service Charges	16	11	11	14	12	7.68	6.70	9.98	13	12	13
Net Realized & Unrealized Capital Gains on Investments	-	-	-2.45	0.00	0.00	-0.09	-0.21	0.00	0.00	-0.55	-0.10
Other Non-Interest Income	641	585	698	718	720	592	601	717	727	751	755
Total Non-Interest Expense	506	412	517	541	577	542	529	566	566	596	598
Net Occupancy & Equipment Expense	168	163	9.33	9.33	9.33	9.33	9.33	9.33	177	189	194
Other Operating Expenses	163	94	183	195	211	200	183	216	226	231	243
Depreciation Expense	171	155	161	169	182	191	202	217	190	185	195
Other Special Charges	-	-	164	167	175	136	127	124	-27	-8.83	-34
Nonoperating Income / (Expense), net	-1.75	-0.55	-	-	-	-	-	-101	-101	-105	-103
Income Tax Expense	3.95	6.15	6.67	4.64	2.43	-6.97	-1.73	1.55	2.72	2.69	2.56
Preferred Stock Dividends Declared	0.94	0.94	0.94	0.94	1.74	4.20	4.20	4.20	4.20	4.20	4.20
Net Income / (Loss) Attributable to Noncontrolling Interest	45	55	55	51	33	-10	-6.53	23	31	29	25
Other Adjustment to Net Income / (Loss) Attributable to Common Shareholders)	-	-	-	-	-	0.00	0.00	-	0.07	0.00	0.00
Basic Earnings per Share	$0.30	$0.38	$0.40	$0.39	$0.28	($0.10)	($0.06)	$0.22	$0.30	$0.29	$0.26
Weighted Average Basic Shares Outstanding	114.25M	133.88M	158.38M	167.57M	178.34M	175.17M	172.45M	165.04M	161.12M	164.90M	168.54M
Diluted Earnings per Share	$0.29	$0.38	$0.39	$0.39	$0.28	($0.10)	($0.06)	$0.22	$0.30	$0.28	$0.25
Weighted Average Diluted Shares Outstanding	266.62M	277.57M	298.05M	297.26M	297.80M	283.84M	277.42M	269.95M	265.63M	269.02M	270.04M
Weighted Average Basic & Diluted Shares Outstanding	112.40M	135.40M	156.60M	168.20M	183.18M	171.62M	170.13M	161.71M	164.07M	167.71M	171.24M
Cash Dividends to Common per Share	$0.34	$0.40	$0.42	$0.42	$0.42	$0.21	$0.11	$0.14	$0.14	$0.14	$0.14

This table shows Empire State Realty Trust'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	22	12	9.11	5.66	17	14	11	9.22	6.52	7.99	20
Consolidated Net Income / (Loss)	37	20	16	10	29	23	19	16	11	14	32
Net Income / (Loss) Continuing Operations	37	20	16	10	29	23	19	16	11	14	32
Total Pre-Tax Income	38	21	18	9.56	29	24	20	15	12	15	33
Total Revenue	194	196	223	185	195	202	254	184	193	199	201
Net Interest Income / (Expense)	3.34	4.46	30	4.18	5.09	6.96	58	3.79	1.87	1.15	1.95
Total Interest Income	3.34	4.46	4.74	4.18	5.09	6.96	5.07	3.79	1.87	1.15	1.95
Investment Securities Interest Income	3.34	4.46	4.74	4.18	5.09	6.96	5.07	3.79	1.87	1.15	1.95
Total Non-Interest Income	191	192	193	181	190	195	196	180	191	198	199
Other Service Charges	2.51	2.51	5.50	2.70	2.95	2.33	4.20	2.36	3.35	3.28	4.27
Other Non-Interest Income	188	189	187	178	187	192	193	178	187	194	195
Total Non-Interest Expense	156	149	129	150	140	150	129	142	156	158	142
Net Occupancy & Equipment Expense	2.33	45	-83	2.33	2.33	2.33	2.33	2.33	47	49	95
Other Operating Expenses	82	57	32	57	59	55	35	58	61	61	63
Depreciation Expense	46	47	50	46	47	46	45	49	48	48	51
Nonoperating Income / (Expense), net	-	-25	-	-25	-25	-27	-	-27	-25	-25	-26
Income Tax Expense	0.73	1.41	1.79	-0.66	0.75	1.44	1.15	-0.62	0.48	1.65	1.05
Preferred Stock Dividends Declared	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05	1.05
Net Income / (Loss) Attributable to Noncontrolling Interest	14	7.21	5.74	3.50	10	8.21	6.58	5.51	3.82	4.61	11
Basic Earnings per Share	$0.14	$0.07	$0.05	$0.03	$0.10	$0.08	$0.08	$0.06	$0.04	$0.05	$0.11
Weighted Average Basic Shares Outstanding	160.03M	161.85M	161.12M	163.49M	164.28M	164.88M	164.90M	167.18M	168.37M	169.25M	168.54M
Diluted Earnings per Share	$0.14	$0.07	$0.05	$0.03	$0.10	$0.08	$0.07	$0.05	$0.04	$0.05	$0.11
Weighted Average Diluted Shares Outstanding	264.20M	266.07M	265.63M	267.49M	268.72M	269.61M	269.02M	269.53M	269.95M	270.36M	270.04M
Weighted Average Basic & Diluted Shares Outstanding	161.10M	162.48M	164.07M	165.02M	-	166.76M	167.71M	168.49M	169.61M	170.19M	171.24M

This table details how cash moves in and out of Empire State Realty Trust'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	0.95	503	-86	-259	0.78	296	-93	-160	92	22	-263
Net Cash From Operating Activities	203	215	194	279	233	182	212	211	232	261	249
Net Cash From Continuing Operating Activities	203	215	194	279	233	182	212	211	232	261	249
Net Income / (Loss) Continuing Operations	80	107	118	117	84	-23	-13	63	84	80	73
Consolidated Net Income / (Loss)	80	107	118	117	84	-23	-13	63	84	80	73
Depreciation Expense	171	155	161	169	182	191	202	217	190	185	195
Amortization Expense	-9.71	-0.23	3.15	8.93	7.85	14	13	13	15	14	13
Non-Cash Adjustments to Reconcile Net Income	-14	-20	-26	7.40	-11	6.27	7.12	-38	-26	-2.34	-28
Changes in Operating Assets and Liabilities, net	-25	-28	-62	-23	-30	-5.78	3.80	-44	-30	-16	-4.28
Net Cash From Investing Activities	-142	-182	-223	-643	150	-143	-213	-231	-77	-397	-550
Net Cash From Continuing Investing Activities	-142	-182	-223	-643	150	-143	-213	-231	-77	-397	-550
Purchase of Property, Leasehold Improvements and Equipment	-142	-182	-223	-243	-250	-143	-95	-126	-139	-173	-198
Purchase of Investment Securities	-	0.00	0.00	-400	-	0.00	-118	-116	-27	-207	-412
Sale of Property, Leasehold Improvements and Equipment	-	-	-	-	-	-	-	0.00	0.00	-4.03	0.00
Sale and/or Maturity of Investments	-	-	0.00	-	400	0.00	0.00	11	89	0.00	61
Other Investing Activities, net	-0.63	-0.45	-0.03	-	-	-	-	0.00	0.00	-13	0.00
Net Cash From Financing Activities	-60	471	-57	105	-382	257	-93	-140	-63	159	38
Net Cash From Continuing Financing Activities	-60	471	-57	105	-382	257	-93	-140	-63	159	38
Issuance of Debt	1,270	100	695	495	0.00	1,080	-	0.00	0.00	440	615
Repayment of Debt	-1,232	-122	-612	-269	-254	-604	-4.09	-7.50	-8.63	-227	-520
Repurchase of Common Equity	-	-	-	0.00	0.00	-144	-47	-90	-13	0.00	-8.12
Payment of Dividends	-92	-115	-127	-127	-128	-65	-33	-43	-41	-42	-43
Other Financing Activities, Net	-6.10	-3.01	-13	-	0.00	-10	-9.49	0.22	0.19	-12	-5.26
Cash Interest Paid	65	69	67	76	78	75	78	91	92	95	94
Cash Income Taxes Paid	4.47	6.24	5.78	4.85	1.77	1.28	0.64	0.20	1.39	1.90	3.53

This table details how cash moves in and out of Empire State Realty Trust'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	15	25	-14	-22	191	-107	-41	-192	-101	61	-31
Net Cash From Operating Activities	20	90	36	71	37	103	50	83	27	105	34
Net Cash From Continuing Operating Activities	20	90	36	71	37	103	50	83	27	105	34
Net Income / (Loss) Continuing Operations	37	20	16	10	29	23	19	16	11	14	32
Consolidated Net Income / (Loss)	37	20	16	10	29	23	19	16	11	14	32
Depreciation Expense	46	47	50	46	47	46	45	49	48	48	51
Amortization Expense	3.57	3.69	3.76	3.52	3.66	3.70	3.41	3.34	3.28	3.30	3.46
Non-Cash Adjustments to Reconcile Net Income	-20	-0.03	5.66	0.94	-6.32	2.21	0.83	-13	3.15	1.80	-19
Changes in Operating Assets and Liabilities, net	-47	20	-38	10	-36	28	-18	29	-39	39	-33
Net Cash From Investing Activities	15	-52	-38	-71	-56	-191	-79	-42	-114	-33	-362
Net Cash From Continuing Investing Activities	15	-52	-38	-71	-56	-191	-79	-42	-114	-33	-362
Purchase of Property, Leasehold Improvements and Equipment	-34	-25	-38	-53	-44	-47	-29	-42	-82	-33	-42
Purchase of Investment Securities	0.01	-27	-0.01	-14	-	-143	-50	0.00	-32	-	-380
Net Cash From Financing Activities	-20	-13	-12	-21	211	-19	-12	-233	-14	-12	297
Net Cash From Continuing Financing Activities	-20	-13	-12	-21	211	-19	-12	-233	-14	-12	297
Issuance of Debt	-	-	-	215	225	-	-	0.00	-	-	615
Repayment of Debt	-2.13	-2.42	-1.95	-216	-1.49	-7.55	-1.35	-221	-0.91	-0.93	-298
Repurchase of Common Equity	-7.41	-	-	-	-	-	-	-	-	-	-5.97
Payment of Dividends	-11	-11	-11	-11	-11	-11	-11	-11	-11	-11	-11
Other Financing Activities, Net	0.11	0.08	-	-9.28	-2.36	-0.43	-	-1.30	-0.03	-0.01	-3.92
Cash Interest Paid	23	24	22	22	21	22	30	20	27	19	27
Cash Income Taxes Paid	0.12	0.17	0.81	0.48	0.78	0.27	0.37	1.22	0.71	0.74	0.86

This table presents Empire State 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	2014	2015	2016	2017	2018	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	3,283	3,301	3,891	3,931	4,196	4,151	4,282	4,164	4,219	4,510	4,469
Cash and Due from Banks	46	47	554	464	205	527	424	264	347	385	133
Restricted Cash	60	66	62	66	66	41	51	50	60	44	34
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	1,762	1,811	1,902	2,011	2,137	2,192	2,428	2,414	2,405	2,512	2,839
Deferred Acquisition Cost	357	311	277	263	241	204	202	188	172	184	268
Goodwill	491	491	491	491	491	491	491	491	491	491	491
Other Assets	566	575	604	636	1,055	695	686	756	743	893	704
Total Liabilities & Shareholders' Equity	3,283	3,301	3,891	3,931	4,196	4,151	4,282	4,164	4,219	4,510	4,469
Total Liabilities	1,902	1,928	1,908	1,954	2,205	2,419	2,598	2,481	2,488	2,728	2,647
Non-Interest Bearing Deposits	40	49	47	47	58	30	29	25	35	25	27
Short-Term Debt	0.00	35	0.00	0.00	0.00	0.00	0.00	0.00	0.00	120	145
Long-Term Debt	1,599	1,597	1,612	1,689	1,919	2,137	2,310	2,246	2,241	2,158	2,227
Other Long-Term Liabilities	263	247	249	218	228	252	259	209	212	425	248
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	1,381	1,373	1,983	1,978	1,991	1,731	1,684	1,683	1,731	1,782	1,822
Total Preferred & Common Equity	469	525	1,154	1,168	1,238	1,055	998	954	986	1,031	1,060
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	468	524	1,154	1,167	1,238	1,055	998	954	986	1,031	1,060
Common Stock	407	469	1,106	1,128	1,204	1,149	1,153	1,057	1,063	1,080	1,093
Retained Earnings	61	55	51	47	42	-66	-134	-109	-83	-59	-40
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.88	-2.79	-8.56	-8.85	-28	-21	7.05	6.03	9.93	6.50
Noncontrolling Interest	912	848	829	809	753	676	686	729	746	751	762

This table presents Empire State 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	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	4,217	4,201	4,157	4,185	4,217	4,191	4,433	4,437	4,114	4,079	4,106
Cash and Due from Banks	359	387	273	315	354	334	536	422	188	95	154
Restricted Cash	53	53	108	80	67	52	41	48	50	42	44
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	2,399	2,378	2,390	2,385	2,402	2,414	2,297	2,426	2,518	2,563	2,559
Deferred Acquisition Cost	193	189	182	177	175	180	172	177	182	182	177
Goodwill	491	491	491	491	491	491	491	491	491	491	491
Other Assets	721	703	712	735	726	720	896	873	685	706	681
Total Liabilities & Shareholders' Equity	4,217	4,201	4,157	4,185	4,217	4,191	4,433	4,437	4,114	4,079	4,106
Total Liabilities	2,551	2,527	2,480	2,473	2,483	2,466	2,682	2,680	2,329	2,290	2,308
Non-Interest Bearing Deposits	30	28	35	40	39	25	24	25	27	27	31
Short-Term Debt	0.00	0.00	0.00	0.00	0.00	120	120	120	0.00	0.00	0.00
Long-Term Debt	2,279	2,277	2,245	2,243	2,242	2,119	2,166	2,159	2,058	2,058	2,058
Other Long-Term Liabilities	243	222	200	190	202	201	372	376	244	205	220
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	1,666	1,674	1,677	1,712	1,733	1,725	1,751	1,757	1,786	1,789	1,798
Total Preferred & Common Equity	958	952	948	966	987	996	1,011	1,015	1,032	1,038	1,044
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	958	951	948	966	987	996	1,011	1,015	1,032	1,038	1,044
Common Stock	1,078	1,060	1,054	1,049	1,060	1,068	1,070	1,074	1,081	1,088	1,091
Retained Earnings	-115	-116	-109	-92	-87	-83	-72	-64	-56	-55	-53
Accumulated Other Comprehensive Income / (Loss)	-5.83	6.67	3.34	9.28	13	12	13	5.75	6.73	5.56	5.35
Noncontrolling Interest	708	721	729	746	746	729	740	742	754	751	755

This table displays calculated financial ratios and metrics derived from Empire State Realty Trust'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	-	-	-	-	-	-	-	-	-	-	170,193,226.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	170,193,226.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.43
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.05%	-11.09%	21.90%	3.27%	0.12%	-22.75%	0.29%	42.42%	3.10%	4.50%	-0.95%
EBITDA Growth	15.20%	8.70%	7.38%	3.65%	-7.74%	-36.69%	14.30%	98.03%	-0.68%	-1.43%	-0.15%
EBIT Growth	14.37%	33.08%	9.63%	-2.43%	-28.86%	-134.43%	50.53%	1,223.58%	13.64%	-0.17%	-5.11%
NOPAT Growth	16.22%	32.08%	9.73%	-0.85%	-28.11%	-124.80%	50.53%	1,666.79%	12.79%	-0.29%	-5.25%
Net Income Growth	13.84%	34.18%	10.26%	-0.85%	-28.11%	-127.16%	43.04%	584.87%	33.53%	-4.80%	-9.18%
EPS Growth	7.41%	31.03%	2.63%	0.00%	-28.21%	-135.71%	40.00%	466.67%	36.36%	-6.67%	-10.71%
Operating Cash Flow Growth	46.64%	5.69%	-9.57%	43.68%	-16.64%	-21.63%	16.56%	-0.62%	10.10%	12.22%	-4.54%
Free Cash Flow Firm Growth	0.00%	-957.55%	109.74%	-368.85%	399.09%	-172.09%	49.67%	265.94%	-38.29%	-33.14%	-58.84%
Invested Capital Growth	0.85%	19.64%	1.98%	6.64%	-7.51%	6.95%	3.28%	-1.64%	1.08%	2.22%	3.30%
Revenue Q/Q Growth	-0.14%	-11.58%	82.09%	-16.76%	-8.07%	-10.39%	3.49%	24.33%	9.34%	20.19%	-0.81%
EBITDA Q/Q Growth	2.68%	4.01%	-0.47%	5.86%	-3.96%	-14.98%	0.30%	45.51%	23.98%	49.55%	4.61%
EBIT Q/Q Growth	13.70%	13.53%	-2.51%	7.91%	-11.40%	-944.22%	5.92%	322.53%	60.07%	240.22%	7.06%
NOPAT Q/Q Growth	14.08%	15.13%	-2.95%	6.85%	-11.60%	-508.16%	5.92%	331.80%	102.59%	135.40%	8.04%
Net Income Q/Q Growth	11.75%	14.57%	-0.63%	6.85%	-11.60%	-546.96%	-57.97%	68.48%	-6.42%	3.83%	22.45%
EPS Q/Q Growth	11.54%	15.15%	0.00%	5.41%	-9.68%	0.00%	-20.00%	69.23%	-9.09%	7.69%	19.05%
Operating Cash Flow Q/Q Growth	3.39%	4.43%	-14.65%	34.94%	-19.79%	-7.83%	14.38%	-3.77%	-0.32%	5.49%	-6.08%
Free Cash Flow Firm Q/Q Growth	0.00%	-1.96%	-67.14%	49.65%	-4.09%	-193.62%	10.17%	451.34%	111.31%	466.26%	-88.64%
Invested Capital Q/Q Growth	0.10%	0.74%	3.35%	0.05%	0.19%	4.33%	3.78%	-0.56%	-0.09%	0.60%	8.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	41.80%	51.10%	45.01%	45.18%	41.63%	34.12%	38.88%	54.06%	52.08%	49.12%	49.82%
EBIT Margin	14.47%	21.65%	19.47%	18.40%	13.07%	-5.83%	-2.87%	22.67%	24.99%	23.87%	23.01%
Profit (Net Income) Margin	13.50%	20.38%	18.43%	17.70%	12.71%	-4.47%	-2.54%	8.64%	11.18%	10.19%	9.40%
Tax Burden Percent	95.29%	94.58%	94.66%	96.19%	97.20%	76.65%	88.26%	97.61%	96.88%	96.76%	96.61%
Interest Burden Percent	97.96%	99.52%	100.00%	100.00%	100.00%	100.00%	100.00%	39.02%	46.19%	44.11%	42.28%
Effective Tax Rate	4.71%	5.42%	5.34%	3.81%	2.80%	0.00%	0.00%	2.39%	3.12%	3.24%	3.39%
Return on Invested Capital (ROIC)	2.73%	3.27%	3.26%	3.10%	2.24%	-0.56%	-0.26%	4.09%	4.63%	4.54%	4.18%
ROIC Less NNEP Spread (ROIC-NNEP)	2.62%	3.23%	3.26%	3.10%	2.24%	-0.66%	-0.38%	-0.25%	0.24%	0.03%	-0.10%
Return on Net Nonoperating Assets (RNNOA)	3.08%	3.13%	2.71%	2.81%	2.04%	-0.69%	-0.50%	-0.33%	0.32%	0.04%	-0.13%
Return on Equity (ROE)	5.81%	6.39%	5.97%	5.91%	4.28%	-1.24%	-0.76%	3.75%	4.94%	4.57%	4.05%
Cash Return on Invested Capital (CROIC)	1.88%	-14.62%	1.29%	-3.33%	10.04%	-7.28%	-3.49%	5.74%	3.55%	2.34%	0.94%
Operating Return on Assets (OROA)	2.60%	3.17%	3.19%	3.00%	2.13%	-0.74%	-0.35%	3.93%	4.50%	4.31%	3.98%
Return on Assets (ROA)	2.43%	2.98%	3.02%	2.89%	2.07%	-0.57%	-0.31%	1.50%	2.01%	1.84%	1.63%
Return on Common Equity (ROCE)	2.09%	3.20%	3.50%	3.58%	1.35%	-0.36%	-0.46%	2.18%	2.81%	2.63%	2.35%
Return on Equity Simple (ROE_SIMPLE)	15.23%	9.29%	10.12%	9.47%	0.00%	-2.17%	-1.31%	6.62%	8.56%	7.80%	6.88%
Net Operating Profit after Tax (NOPAT)	82	108	118	117	84	-21	-10	162	183	182	173
NOPAT Margin	13.79%	20.48%	18.43%	17.70%	12.71%	-4.08%	-2.01%	22.13%	24.21%	23.10%	22.23%
Net Nonoperating Expense Percent (NNEP)	0.10%	0.03%	0.00%	0.00%	0.00%	0.10%	0.12%	4.34%	4.38%	4.51%	4.29%
SG&A Expenses to Revenue	28.92%	31.01%	1.45%	1.41%	1.41%	1.82%	1.81%	1.27%	1.24%	1.18%	24.99%
Operating Expenses to Revenue	85.53%	78.35%	80.53%	81.60%	86.93%	105.83%	102.87%	77.33%	75.01%	76.13%	76.99%
Earnings before Interest and Taxes (EBIT)	86	114	125	122	87	-30	-15	166	189	188	179
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	247	269	289	299	276	175	200	396	393	387	387
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.44	2.33	2.46	1.79	1.90	1.44	1.48	1.10	1.58	1.67	1.05
Price to Tangible Book Value (P/TBV)	56.14	4.05	4.25	2.98	3.16	2.69	2.91	2.28	3.14	3.19	1.95
Price to Revenue (P/Rev)	3.04	5.10	4.47	3.35	3.51	2.96	2.87	1.44	2.06	2.18	1.43
Price to Earnings (P/E)	53.34	52.16	45.79	33.88	47.15	0.00	0.00	28.93	31.67	36.28	25.57
Dividend Yield	2.24%	2.31%	2.34%	3.29%	3.26%	4.76%	1.24%	2.14%	1.46%	1.36%	2.15%
Earnings Yield	1.87%	1.92%	2.18%	2.95%	2.12%	0.00%	0.00%	3.46%	3.16%	2.76%	3.91%
Enterprise Value to Invested Capital (EV/IC)	1.39	1.25	1.32	1.18	1.76	0.97	1.00	0.95	1.04	1.06	0.97
Enterprise Value to Revenue (EV/Rev)	7.04	8.57	7.54	6.98	9.60	7.34	7.77	5.07	5.48	5.48	5.25
Enterprise Value to EBITDA (EV/EBITDA)	16.84	16.77	16.75	15.45	23.05	21.52	19.99	9.39	10.51	11.15	10.54
Enterprise Value to EBIT (EV/EBIT)	48.67	39.57	38.72	37.93	73.42	0.00	0.00	22.38	21.91	22.95	22.82
Enterprise Value to NOPAT (EV/NOPAT)	51.07	41.84	40.90	39.43	75.53	0.00	0.00	22.93	22.61	23.72	23.62
Enterprise Value to Operating Cash Flow (EV/OCF)	20.51	21.00	24.90	16.57	27.37	20.64	18.80	17.59	17.77	16.56	16.37
Enterprise Value to Free Cash Flow (EV/FCFF)	74.09	0.00	102.93	0.00	16.85	0.00	0.00	16.33	29.44	46.04	105.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.19	0.81	0.85	0.96	0.86	1.23	1.37	1.33	1.29	1.28	1.30
Long-Term Debt to Equity	1.16	0.81	0.85	0.96	0.86	1.23	1.37	1.33	1.29	1.21	1.22
Financial Leverage	1.17	0.97	0.83	0.91	0.91	1.03	1.30	1.35	1.31	1.29	1.29
Leverage Ratio	2.39	2.14	1.98	2.05	2.06	2.20	2.47	2.51	2.46	2.48	2.49
Compound Leverage Factor	2.34	2.13	1.98	2.05	2.06	2.20	2.47	0.98	1.13	1.10	1.05
Debt to Total Capital	54.32%	44.85%	46.06%	49.08%	46.14%	55.24%	57.84%	57.16%	56.41%	56.11%	56.55%
Short-Term Debt to Total Capital	1.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.96%	3.46%
Long-Term Debt to Total Capital	53.15%	44.85%	46.06%	49.08%	46.14%	55.24%	57.84%	57.16%	56.41%	53.15%	53.09%
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	28.22%	23.05%	22.08%	19.25%	72.95%	17.48%	17.18%	18.55%	18.77%	18.50%	18.17%
Common Equity to Total Capital	17.42%	32.10%	31.82%	31.67%	0.00%	27.28%	24.99%	24.29%	24.81%	25.39%	25.27%
Debt to EBITDA	6.60	6.00	5.85	6.41	6.04	12.22	11.56	5.68	5.70	5.88	6.13
Net Debt to EBITDA	6.14	3.71	4.01	5.51	5.06	8.97	9.19	4.88	4.67	4.77	5.70
Long-Term Debt to EBITDA	6.46	6.00	5.85	6.41	6.04	12.22	11.56	5.68	5.70	5.57	5.76
Debt to NOPAT	20.01	14.96	14.28	16.37	19.80	-102.22	-223.45	13.86	12.26	12.50	13.74
Net Debt to NOPAT	18.63	9.25	9.80	14.06	16.57	-75.05	-177.54	11.92	10.03	10.15	12.78
Long-Term Debt to NOPAT	19.58	14.96	14.28	16.37	19.80	-102.22	-223.45	13.86	12.26	11.84	12.90
Noncontrolling Interest Sharing Ratio	64.01%	50.00%	41.40%	39.40%	68.56%	71.32%	39.88%	42.02%	43.18%	42.61%	41.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	56	-482	47	-126	378	-272	-137	227	140	94	39
Operating Cash Flow to CapEx	143.41%	118.05%	87.09%	114.81%	92.94%	127.37%	223.58%	167.24%	166.87%	147.45%	125.47%
Free Cash Flow to Firm to Interest Expense	0.86	-6.83	0.69	-1.59	4.77	-3.03	-1.45	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	3.09	3.04	2.84	3.50	2.94	2.03	2.25	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.94	0.47	-0.42	0.45	-0.22	0.44	1.24	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.18	0.15	0.16	0.16	0.16	0.13	0.12	0.17	0.18	0.18	0.17
Fixed Asset Turnover	0.33	0.28	0.33	0.32	0.30	0.23	0.22	0.30	0.31	0.32	0.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,005	3,595	3,666	3,910	3,616	3,868	3,995	3,929	3,972	4,060	4,194
Invested Capital Turnover	0.20	0.16	0.18	0.17	0.18	0.14	0.13	0.18	0.19	0.20	0.19
Increase / (Decrease) in Invested Capital	25	590	71	244	-294	251	127	-65	42	88	134
Enterprise Value (EV)	4,167	4,509	4,837	4,623	6,367	3,763	3,995	3,715	4,132	4,321	4,077
Market Capitalization	1,799	2,684	2,869	2,223	2,331	1,518	1,473	1,054	1,553	1,721	1,110
Book Value per Share	$4.42	$7.44	$7.31	$7.12	$0.00	$6.14	$5.75	$5.91	$6.07	$6.18	$6.23
Tangible Book Value per Share	$0.27	$4.27	$4.23	$4.29	$0.00	$3.28	$2.92	$2.87	$3.04	$3.23	$3.34
Total Capital	3,005	3,595	3,666	3,910	3,616	3,868	3,995	3,929	3,972	4,060	4,194
Total Debt	1,632	1,612	1,689	1,919	1,669	2,137	2,310	2,246	2,241	2,278	2,372
Total Long-Term Debt	1,597	1,612	1,689	1,919	1,669	2,137	2,310	2,246	2,241	2,158	2,227
Net Debt	1,520	996	1,159	1,648	1,397	1,569	1,836	1,931	1,834	1,849	2,205
Capital Expenditures (CapEx)	142	182	223	243	250	143	95	126	139	177	198
Net Nonoperating Expense (NNE)	1.67	0.52	0.00	0.00	0.00	1.99	2.70	99	98	102	100
Net Nonoperating Obligations (NNO)	1,632	1,612	1,689	1,919	1,669	2,137	2,310	2,246	2,241	2,278	2,372
Total Depreciation and Amortization (D&A)	162	155	164	177	189	205	215	230	204	199	208
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$0.38	$0.40	$0.39	$0.28	($0.10)	($0.06)	$0.22	$0.00	$0.29	$0.26
Adjusted Weighted Average Basic Shares Outstanding	114.25M	133.88M	158.38M	167.57M	178.34M	175.17M	172.45M	165.04M	0.00	164.90M	168.54M
Adjusted Diluted Earnings per Share	$0.29	$0.38	$0.39	$0.39	$0.28	($0.10)	($0.06)	$0.22	$0.00	$0.28	$0.25
Adjusted Weighted Average Diluted Shares Outstanding	266.62M	277.57M	298.05M	297.26M	297.80M	283.84M	277.42M	269.95M	0.00	269.02M	270.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.28	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	121.10M	156.55M	162.87M	176.08M	183.18M	171.62M	170.13M	161.71M	0.00	167.71M	171.24M
Normalized Net Operating Profit after Tax (NOPAT)	82	108	273	278	254	79	84	283	319	347	139
Normalized NOPAT Margin	13.82%	20.50%	42.56%	42.00%	38.35%	15.37%	16.34%	38.66%	42.26%	44.00%	17.96%
Pre Tax Income Margin	14.17%	21.55%	19.47%	18.40%	13.07%	-5.83%	-2.87%	8.85%	11.54%	10.53%	9.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.30	1.61	1.82	1.53	1.09	-0.33	-0.16	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.24	1.53	1.73	1.47	1.06	-0.23	-0.11	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.85	-0.96	-1.43	-1.52	-2.06	-1.92	-1.16	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-0.91	-1.05	-1.53	-1.58	-2.09	-1.82	-1.12	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	114.93%	107.15%	107.37%	107.92%	151.57%	-284.18%	-251.32%	67.69%	48.96%	52.88%	59.17%
Augmented Payout Ratio	114.93%	107.15%	107.37%	107.92%	151.57%	-912.05%	-609.56%	210.34%	64.48%	52.88%	70.30%

This table displays calculated financial ratios and metrics derived from Empire State Realty Trust'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	-	-	-	-	-	-	-	-	-	-	170,193,226.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	170,193,226.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	25.45%	22.68%	-20.29%	30.22%	0.39%	-7.95%	13.91%	-0.52%	-1.02%	-1.44%	-0.79%
EBITDA Growth	-10.88%	56.04%	-14.62%	37.33%	-8.11%	-23.90%	18.27%	11.77%	-16.72%	-9.73%	17.73%
EBIT Growth	-23.18%	303.62%	-24.51%	231.15%	-22.24%	-48.12%	33.57%	21.36%	-32.29%	-21.62%	24.90%
NOPAT Growth	-24.11%	331.25%	-26.78%	216.95%	-22.73%	-47.76%	18.72%	18.22%	-33.31%	-25.63%	28.34%
Net Income Growth	-24.11%	96.96%	-26.78%	-12.65%	-22.73%	14.39%	18.72%	54.46%	-60.13%	-40.14%	71.19%
EPS Growth	-22.22%	133.33%	-37.50%	-25.00%	-28.57%	14.29%	40.00%	66.67%	-60.00%	-37.50%	57.14%
Operating Cash Flow Growth	22.26%	-0.18%	-2.00%	-17.87%	89.96%	14.05%	37.29%	17.23%	-28.04%	2.42%	-32.25%
Free Cash Flow Firm Growth	198.86%	121.56%	-130.47%	-107.80%	-299.57%	-291.44%	-162.11%	3,531.55%	884.65%	1,865.73%	-75.47%
Invested Capital Growth	0.26%	0.60%	1.08%	1.07%	2.07%	1.53%	2.22%	-3.03%	-4.71%	-4.46%	3.30%
Revenue Q/Q Growth	36.62%	1.09%	13.74%	-17.10%	21.89%	-7.31%	40.76%	-27.60%	4.79%	3.23%	1.11%
EBITDA Q/Q Growth	42.62%	10.85%	51.59%	-42.69%	35.96%	-8.21%	135.60%	-45.84%	-6.52%	3.77%	23.79%
EBIT Q/Q Growth	259.79%	23.96%	100.61%	-62.99%	206.54%	-17.29%	416.47%	-66.37%	-12.13%	9.44%	46.02%
NOPAT Q/Q Growth	216.02%	18.07%	-63.72%	134.14%	179.54%	-20.17%	-17.56%	133.15%	-18.98%	1.76%	58.43%
Net Income Q/Q Growth	216.02%	-46.08%	-20.56%	-35.47%	179.54%	-20.17%	-17.56%	-16.04%	-27.84%	19.85%	135.78%
EPS Q/Q Growth	250.00%	-50.00%	-28.57%	-40.00%	233.33%	-20.00%	-12.50%	-28.57%	-20.00%	25.00%	120.00%
Operating Cash Flow Q/Q Growth	-77.37%	361.25%	-59.57%	94.62%	-47.66%	176.94%	-51.34%	66.19%	-67.87%	294.13%	-67.81%
Free Cash Flow Firm Q/Q Growth	-56.24%	-25.79%	-233.58%	82.01%	-68.93%	28.82%	-82.89%	335.48%	37.73%	-4.11%	-135.49%
Invested Capital Q/Q Growth	0.85%	0.51%	-0.09%	-0.20%	1.85%	-0.03%	0.60%	-5.33%	0.08%	0.23%	8.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	45.15%	49.51%	65.98%	45.61%	41.33%	40.93%	68.50%	51.24%	45.72%	45.95%	56.26%
EBIT Margin	19.44%	23.84%	42.04%	18.77%	15.06%	13.43%	49.30%	22.90%	19.20%	20.35%	29.39%
Profit (Net Income) Margin	19.06%	10.17%	7.10%	5.53%	14.67%	12.64%	7.40%	8.58%	5.91%	6.86%	16.00%
Tax Burden Percent	98.06%	93.40%	89.83%	106.85%	97.44%	94.05%	94.23%	104.08%	95.97%	89.24%	96.83%
Interest Burden Percent	100.00%	45.67%	18.80%	27.56%	100.00%	100.00%	15.93%	36.01%	32.07%	37.77%	56.21%
Effective Tax Rate	1.94%	6.60%	10.17%	-6.85%	2.56%	5.95%	5.77%	-4.08%	4.03%	10.76%	3.17%
Return on Invested Capital (ROIC)	3.16%	3.88%	1.36%	4.06%	2.47%	2.07%	1.45%	4.81%	3.67%	3.60%	5.36%
ROIC Less NNEP Spread (ROIC-NNEP)	3.16%	2.83%	1.36%	2.86%	2.47%	2.07%	1.45%	3.50%	2.56%	2.57%	4.28%
Return on Net Nonoperating Assets (RNNOA)	4.23%	3.75%	1.78%	3.77%	3.23%	2.68%	1.87%	4.29%	3.14%	3.13%	5.52%
Return on Equity (ROE)	7.38%	7.63%	3.14%	7.83%	5.69%	4.75%	3.32%	9.10%	6.82%	6.73%	10.87%
Cash Return on Invested Capital (CROIC)	1.78%	1.68%	3.55%	1.04%	-0.19%	0.41%	2.34%	7.93%	9.18%	8.61%	0.94%
Operating Return on Assets (OROA)	3.03%	3.91%	7.57%	3.59%	2.35%	2.04%	8.91%	4.34%	3.54%	3.73%	5.08%
Return on Assets (ROA)	2.97%	1.67%	1.28%	1.06%	2.29%	1.92%	1.34%	1.63%	1.09%	1.26%	2.77%
Return on Common Equity (ROCE)	4.20%	4.34%	1.78%	4.47%	3.25%	2.72%	1.91%	5.26%	3.95%	3.90%	6.31%
Return on Equity Simple (ROE_SIMPLE)	8.32%	9.14%	0.00%	8.33%	7.37%	7.62%	0.00%	8.33%	6.62%	5.71%	0.00%
Net Operating Profit after Tax (NOPAT)	37	44	16	37	29	23	19	44	35	36	57
NOPAT Margin	19.06%	22.26%	7.10%	20.06%	14.67%	12.64%	7.40%	23.83%	18.43%	18.16%	28.46%
Net Nonoperating Expense Percent (NNEP)	0.00%	1.05%	0.00%	1.20%	0.00%	0.00%	0.00%	1.31%	1.11%	1.04%	1.08%
SG&A Expenses to Revenue	1.20%	23.04%	-37.02%	1.26%	1.20%	1.29%	0.92%	1.27%	24.51%	24.78%	47.35%
Operating Expenses to Revenue	80.56%	76.16%	57.96%	81.23%	84.94%	86.57%	50.70%	77.10%	80.80%	79.65%	70.61%
Earnings before Interest and Taxes (EBIT)	38	47	94	35	29	24	125	42	37	40	59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	88	97	147	84	80	74	174	94	88	91	113
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.22	1.29	1.58	1.63	1.53	1.80	1.67	1.27	1.31	1.25	1.05
Price to Tangible Book Value (P/TBV)	2.49	2.58	3.14	3.21	2.97	3.49	3.19	2.43	2.49	2.35	1.95
Price to Revenue (P/Rev)	1.80	1.85	2.06	2.03	2.30	2.79	2.18	1.67	1.73	1.66	1.43
Price to Earnings (P/E)	25.36	24.31	31.67	33.66	35.55	40.29	36.28	25.72	33.70	37.24	25.57
Dividend Yield	1.90%	1.77%	1.46%	1.40%	1.50%	1.26%	1.36%	1.79%	1.73%	1.83%	2.15%
Earnings Yield	3.94%	4.11%	3.16%	2.97%	2.81%	2.48%	2.76%	3.89%	2.97%	2.69%	3.91%
Enterprise Value to Invested Capital (EV/IC)	0.95	0.97	1.04	1.06	0.99	1.09	1.06	1.01	1.05	1.02	0.97
Enterprise Value to Revenue (EV/Rev)	5.77	5.57	5.48	5.27	5.94	6.67	5.48	4.93	5.14	5.00	5.25
Enterprise Value to EBITDA (EV/EBITDA)	13.37	12.13	10.51	10.11	14.14	16.91	11.15	9.78	10.63	10.58	10.54
Enterprise Value to EBIT (EV/EBIT)	45.63	32.62	21.91	19.76	51.29	79.13	22.95	19.86	22.66	23.45	22.82
Enterprise Value to NOPAT (EV/NOPAT)	46.93	42.62	22.61	50.70	53.56	56.58	23.72	20.49	23.47	24.50	23.62
Enterprise Value to Operating Cash Flow (EV/OCF)	16.16	16.48	17.77	19.37	17.01	17.71	16.56	14.23	15.36	14.76	16.37
Enterprise Value to Free Cash Flow (EV/FCFF)	53.75	57.87	29.44	102.32	0.00	264.22	46.04	12.55	11.15	11.51	105.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.31	1.29	1.29	1.30	1.31	1.30	1.28	1.15	1.15	1.14	1.30
Long-Term Debt to Equity	1.31	1.29	1.29	1.23	1.24	1.23	1.21	1.15	1.15	1.14	1.22
Financial Leverage	1.34	1.33	1.31	1.32	1.31	1.30	1.29	1.22	1.23	1.22	1.29
Leverage Ratio	2.49	2.47	2.46	2.45	2.49	2.48	2.48	2.37	2.40	2.40	2.49
Compound Leverage Factor	2.49	1.13	0.46	0.68	2.49	2.48	0.40	0.85	0.77	0.91	1.40
Debt to Total Capital	56.72%	56.40%	56.41%	56.49%	56.62%	56.46%	56.11%	53.54%	53.49%	53.36%	56.55%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	3.03%	2.97%	2.97%	2.96%	0.00%	0.00%	0.00%	3.46%
Long-Term Debt to Total Capital	56.72%	56.40%	56.41%	53.46%	53.65%	53.48%	53.15%	53.54%	53.49%	53.36%	53.09%
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	18.85%	18.77%	18.77%	18.38%	18.33%	18.39%	18.50%	19.61%	19.52%	19.57%	18.17%
Common Equity to Total Capital	24.42%	24.83%	24.81%	25.13%	25.05%	25.15%	25.39%	26.85%	26.99%	27.06%	25.27%
Debt to EBITDA	7.95	7.07	5.70	5.38	8.10	8.80	5.88	5.18	5.42	5.56	6.13
Net Debt to EBITDA	6.55	5.74	4.67	4.46	6.06	6.98	4.77	4.58	5.06	5.03	5.70
Long-Term Debt to EBITDA	7.95	7.07	5.70	5.09	7.67	8.33	5.57	5.18	5.42	5.56	5.76
Debt to NOPAT	27.91	24.85	12.26	27.00	30.67	29.44	12.50	10.85	11.97	12.88	13.74
Net Debt to NOPAT	22.98	20.19	10.03	22.35	22.93	23.37	10.15	9.60	11.17	11.64	12.78
Long-Term Debt to NOPAT	27.91	24.85	12.26	25.55	29.06	27.89	11.84	10.85	11.97	12.88	12.90
Noncontrolling Interest Sharing Ratio	43.05%	43.12%	43.18%	42.84%	42.90%	42.64%	42.61%	42.23%	42.11%	42.10%	41.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	27	20	-27	-4.77	-53	-38	-70	164	226	216	-77
Operating Cash Flow to CapEx	56.79%	357.52%	96.03%	133.82%	85.31%	217.00%	172.45%	197.67%	32.66%	323.70%	80.52%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	-1.39	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	3.75	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	2.02	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.16	0.16	0.18	0.19	0.16	0.15	0.18	0.19	0.18	0.18	0.17
Fixed Asset Turnover	0.27	0.29	0.31	0.33	0.29	0.27	0.32	0.32	0.32	0.31	0.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,955	3,975	3,972	3,964	4,037	4,036	4,060	3,844	3,847	3,856	4,194
Invested Capital Turnover	0.17	0.17	0.19	0.20	0.17	0.16	0.20	0.20	0.20	0.20	0.19
Increase / (Decrease) in Invested Capital	10	24	42	42	82	61	88	-120	-190	-180	134
Enterprise Value (EV)	3,773	3,844	4,132	4,204	3,992	4,379	4,321	3,886	4,035	3,914	4,077
Market Capitalization	1,180	1,277	1,553	1,622	1,543	1,828	1,721	1,312	1,363	1,299	1,110
Book Value per Share	$6.02	$6.13	$6.07	$6.09	$6.13	$6.15	$6.18	$6.15	$6.16	$6.15	$6.23
Tangible Book Value per Share	$2.96	$3.08	$3.04	$3.09	$3.15	$3.17	$3.23	$3.22	$3.25	$3.25	$3.34
Total Capital	3,955	3,975	3,972	3,964	4,037	4,036	4,060	3,844	3,847	3,856	4,194
Total Debt	2,243	2,242	2,241	2,239	2,286	2,279	2,278	2,058	2,058	2,058	2,372
Total Long-Term Debt	2,243	2,242	2,241	2,119	2,166	2,159	2,158	2,058	2,058	2,058	2,227
Net Debt	1,848	1,821	1,834	1,854	1,709	1,809	1,849	1,820	1,921	1,860	2,205
Capital Expenditures (CapEx)	34	25	38	53	44	47	29	42	82	33	42
Net Nonoperating Expense (NNE)	0.00	24	0.00	27	0.00	0.00	0.00	28	24	22	25
Net Nonoperating Obligations (NNO)	2,243	2,242	2,241	2,239	2,286	2,279	2,278	2,058	2,058	2,058	2,372
Total Depreciation and Amortization (D&A)	50	50	53	50	51	50	49	52	51	51	54
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.14	$0.07	$0.05	$0.03	$0.10	$0.08	$0.08	$0.06	$0.04	$0.05	$0.11
Adjusted Weighted Average Basic Shares Outstanding	160.03M	161.85M	161.12M	163.49M	164.28M	164.88M	164.90M	167.18M	168.37M	169.25M	168.54M
Adjusted Diluted Earnings per Share	$0.14	$0.07	$0.05	$0.03	$0.10	$0.08	$0.07	$0.05	$0.04	$0.05	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	264.20M	266.07M	265.63M	267.49M	268.72M	269.61M	269.02M	269.53M	269.95M	270.36M	270.04M
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	161.10M	162.48M	164.07M	165.02M	0.00	166.76M	167.71M	168.49M	169.61M	170.19M	171.24M
Normalized Net Operating Profit after Tax (NOPAT)	62	44	16	56	59	68	62	52	35	36	57
Normalized NOPAT Margin	32.19%	22.26%	7.10%	30.21%	30.36%	37.59%	24.49%	28.42%	18.43%	18.16%	28.46%
Pre Tax Income Margin	19.44%	10.89%	7.90%	5.17%	15.06%	13.43%	7.85%	8.25%	6.16%	7.69%	16.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.88	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.83	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-0.84	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	-0.90	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.58%	45.87%	48.96%	50.81%	56.71%	54.75%	52.88%	49.72%	62.37%	72.21%	59.17%
Augmented Payout Ratio	99.90%	68.85%	64.48%	50.81%	56.71%	54.75%	52.88%	49.72%	65.49%	75.81%	70.30%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Empire State Realty Trust (NYSE: ESRT) using the latest quarterly data across the last four years. The bullets focus on the most material trends that retail investors typically watch, with a mix of operating performance, cash flow, and balance-sheet signals.

Revenue growth in 2025 quarters: Total Revenue rose each quarter in 2025 (Q1 $183.9M, Q2 $192.7M, Q3 $198.9M, Q4 $201.1M), indicating a consistent top-line trend.
Q4 2025 net income to common shareholders and earnings per share: Net income attributable to common shareholders was about $19.68M with basic and diluted earnings per share of $0.11.
Positive quarterly operating cash flow in Q4 2025: Net cash from continuing operating activities was about $33.9M, contributing to cash-generation capability in the near term.
Robust financing activity in Q4 2025: Net cash from financing activities was about $296.8M, supported by debt-related inflows and other financing sources.
Debt financing activity in Q4 2025: Issuance of debt totaled $615.0M, underscoring access to capital markets to fund liquidity needs.
Consistent per-share dividend policy: Cash dividends to common per share remained at $0.035 per quarter, indicating ongoing capital return policy.
Leverage level remains sizable but broadly in line with a large office REIT: Long-term debt around $2.06B (mid-2025) and total liabilities near $2.31B, with total equity around $1.04B in mid-2025, signaling a relatively high debt load typical for a sizable portfolio REIT.
Significant capex activity driving investing cash outflows: Net cash from continuing investing activities was deeply negative in Q4 2025 (about -$361.9M), reflecting substantial property, leasehold improvements, and equipment investments.
Heavy investing cash outflows and cash burn in Q4 2025: Net cash from investing activities totaled around -$361.9M in Q4 2025, contributing to a sizable cash outflow for the quarter.
Net change in cash declined in Q4 2025: The net change in cash and equivalents was negative by about -$31.2M in Q4 2025, highlighting occasional cash pressure despite positive operating cash flow.

05/07/26 04:16 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Empire State Realty Trust's Financials

When does Empire State Realty Trust's financial year end?

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

How has Empire State Realty Trust's net income changed over the last 10 years?

Empire State Realty Trust's net income appears to be on a downward trend, with a most recent value of $72.98 million in 2025, falling from $79.93 million in 2015. The previous period was $80.36 million in 2024. See where experts think Empire State Realty Trust is headed by visiting Empire State Realty Trust's forecast page.

How has Empire State Realty Trust's revenue changed over the last 10 years?

Over the last 10 years, Empire State Realty Trust's total revenue changed from $591.89 million in 2015 to $776.46 million in 2025, a change of 31.2%.

How much debt does Empire State Realty Trust have?

Empire State Realty Trust's total liabilities were at $2.65 billion at the end of 2025, a 3.0% decrease from 2024, and a 39.1% increase since 2014.

How much cash does Empire State Realty Trust have?

In the past 10 years, Empire State Realty Trust's cash and equivalents has ranged from $45.73 million in 2014 to $554.37 million in 2016, and is currently $132.66 million as of their latest financial filing in 2025.

How has Empire State Realty Trust's book value per share changed over the last 10 years?

Over the last 10 years, Empire State Realty Trust's book value per share changed from 4.42 in 2015 to 6.23 in 2025, a change of 41.1%.

Related Companies

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

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Empire State Realty Trust (ESRT) Financials

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Empire State Realty Trust (ESRT) Financials

Annual Income Statements for Empire State Realty Trust

Quarterly Income Statements for Empire State Realty Trust

Annual Cash Flow Statements for Empire State Realty Trust

Quarterly Cash Flow Statements for Empire State Realty Trust

Annual Balance Sheets for Empire State Realty Trust

Quarterly Balance Sheets for Empire State Realty Trust

Annual Metrics And Ratios for Empire State Realty Trust

Quarterly Metrics And Ratios for Empire State Realty Trust

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Empire State Realty Trust's Financials

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