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Orion Office REIT (ONL) Financials

Orion Office REIT logo
$2.66 +0.32 (+13.40%)
Closing price 11/6/2026 03:59 PM Eastern
Extended Trading
$2.68 +0.01 (+0.38%)
As of 11/6/2026 07:39 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Orion Office REIT

Annual Income Statements for Orion Office REIT

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

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 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		 15 -1.90 -47 -97 -57 -103 -139
Consolidated Net Income / (Loss)		 15 -1.90 -47 -97 -57 -103 -139
Net Income / (Loss) Continuing Operations		 15 -1.90 -47 -97 -57 -103 -139
Total Pre-Tax Income 		15 -1.90 -47 -97 -57 -103 -139
Total Operating Income		 19 1.03 -39 -69 -27 -69 -97
Total Gross Profit		 53 53 66 208 195 165 148
Total Revenue		 53 53 80 208 195 165 148
Total Cost of Revenue		 0.00 0.00 13 0.00 0.00 0.00 0.00
Total Operating Expenses		 35 52 106 277 222 234 244
Selling, General & Admin Expense		 2.04 2.05 3.83 16 19 20 20
Depreciation Expense		 27 26 44 131 109 101 59
Other Operating Expenses / (Income)		 5.90 5.77 7.91 63 61 66 66
Impairment Charge		 0.00 19 50 66 33 48 99
Total Other Income / (Expense), net		 -3.32 -2.93 -8.11 -29 -30 -33 -43
Interest Expense		 3.32 2.93 8.05 0.47 0.50 1.08 0.00
Interest & Investment Income		 0.00 0.00 -0.06 -31 -30 -33 -32
Other Income / (Expense), net		 - 0.00 0.00 2.58 0.51 0.25 -11
Income Tax Expense		 0.00 0.00 0.16 0.21 0.46 0.21 0.26
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 0.02 0.02 -0.01 0.04 0.02
Basic Earnings per Share		 $0.27 ($0.03) ($0.84) ($1.72) ($1.02) ($1.84) ($2.48)
Weighted Average Basic Shares Outstanding		 - 56.63M 56.63M 56.63M 56.41M 55.90M 56.23M
Diluted Earnings per Share		 $0.27 ($0.03) ($0.84) ($1.72) ($1.02) ($1.84) ($2.48)
Weighted Average Diluted Shares Outstanding		 - 56.63M 56.63M 56.63M 56.41M 55.90M 56.23M
Weighted Average Basic & Diluted Shares Outstanding		 - - 56.63M 56.64M 55.78M 56.11M 56.44M
Cash Dividends to Common per Share		 - - - $0.40 $0.40 $0.40 $0.08

Quarterly Income Statements for Orion Office REIT

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -26 -34 -10 -33 -9.36 -25 -69 -36 -14 25 -3.28
Consolidated Net Income / (Loss)		 -26 -34 -10 -33 -9.36 -25 -69 -36 -14 25 -3.27
Net Income / (Loss) Continuing Operations		 -26 -34 -10 -33 -9.36 -25 -69 -36 -14 25 -3.27
Total Pre-Tax Income 		-26 -34 -10 -33 -9.29 -25 -69 -36 -13 25 -3.20
Total Operating Income		 -18 -25 -1.95 -25 -1.14 -18 -63 -14 -3.37 3.38 3.78
Total Gross Profit		 47 40 39 70 38 37 37 35 36 34 35
Total Revenue		 47 40 39 38 38 37 37 35 36 34 35
Total Cost of Revenue		 0.00 0.00 0.00 -32 0.00 0.00 0.00 - 0.00 0.00 0.00
Total Operating Expenses		 65 65 41 95 39 55 100 49 40 31 32
Selling, General & Admin Expense		 4.95 4.54 4.47 6.13 4.90 4.84 4.61 5.97 5.14 4.61 4.74
Depreciation Expense		 25 39 20 18 16 15 15 13 13 14 13
Other Operating Expenses / (Income)		 16 16 17 49 17 16 17 16 15 13 14
Impairment Charge		 20 5.68 0.00 22 1.71 20 64 14 6.30 0.00 0.00
Total Other Income / (Expense), net		 -8.10 -9.09 -8.18 -8.10 -8.15 -7.10 -5.67 -22 -10 21 -6.98
Interest Expense		 - 1.08 0.00 -8.15 0.00 0.00 0.00 - 0.24 0.29 0.00
Interest & Investment Income		 -8.26 -8.22 -8.39 -17 -8.40 -8.29 -8.14 -6.70 -7.25 -7.33 -7.10
Other Income / (Expense), net		 0.16 0.21 0.21 0.41 0.25 1.19 2.47 -15 -2.64 29 0.12
Income Tax Expense		 0.08 0.07 0.08 -0.01 0.07 0.07 0.07 0.06 0.07 0.07 0.07
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.01 0.00 0.01 0.02 0.01 0.00 0.01 0.01 0.01 0.00 0.01
Basic Earnings per Share		 ($0.47) ($0.60) ($0.18) ($0.59) ($0.17) ($0.45) ($1.23) ($0.63) ($0.24) $0.43 ($0.06)
Weighted Average Basic Shares Outstanding		 55.80M 55.91M 55.95M 55.90M 56.04M 56.25M 56.31M 56.23M 56.57M 56.95M 57.05M
Diluted Earnings per Share		 ($0.47) ($0.60) ($0.18) ($0.59) ($0.17) ($0.45) ($1.23) ($0.63) ($0.24) $0.42 ($0.06)
Weighted Average Diluted Shares Outstanding		 55.80M 55.91M 55.95M 55.90M 56.04M 56.25M 56.31M 56.23M 56.57M 58.11M 57.05M
Weighted Average Basic & Diluted Shares Outstanding		 55.87M 55.95M 55.95M 56.11M 56.19M 56.31M 56.31M 56.44M 56.83M 57.04M 57.04M

Annual Cash Flow Statements for Orion Office REIT

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

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 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		 0.87 0.20 25 26 1.89 -0.03 3.47
Net Cash From Operating Activities		 40 42 56 114 89 54 24
Net Cash From Continuing Operating Activities		 40 42 56 114 89 54 24
Net Income / (Loss) Continuing Operations		 15 -1.90 -47 -97 -57 -103 -139
Consolidated Net Income / (Loss)		 15 -1.90 -47 -97 -57 -103 -139
Depreciation Expense		 27 26 44 131 109 101 59
Amortization Expense		 -0.44 -0.41 0.67 4.36 3.97 3.69 3.70
Non-Cash Adjustments To Reconcile Net Income		 -0.79 18 52 67 30 53 101
Changes in Operating Assets and Liabilities, net		 -0.99 0.42 6.54 9.05 2.54 -0.58 -0.79
Net Cash From Investing Activities		 -0.54 -0.46 -12 22 5.29 -51 17
Net Cash From Continuing Investing Activities		 -0.54 -0.46 -12 22 5.29 -51 17
Purchase of Property, Plant & Equipment		 -0.54 - -9.92 -12 -18 -23 -52
Purchase of Investments		 - - - 0.00 0.00 -36 -8.33
Sale of Property, Plant & Equipment		 - 0.00 0.00 32 21 5.07 72
Sale and/or Maturity of Investments		 0.00 0.00 0.13 2.25 1.84 2.19 5.62
Other Investing Activities, net		 - -0.46 0.00 0.00 3.20 0.19 -0.35
Net Cash From Financing Activities		 -39 -42 -18 -111 -92 -3.03 -37
Net Cash From Continuing Financing Activities		 -39 -42 -18 -111 -92 -3.03 -37
Repayment of Debt		 -0.97 -33 -47 -518 -240 -35 -40
Repurchase of Common Equity		 - 0.00 0.00 -0.54 -5.06 0.00 -0.09
Payment of Dividends		 -38 -8.99 -587 -17 -23 -22 -8.97
Issuance of Debt		 0.00 0.00 620 425 175 54 13
Other Financing Activities, net		 - 0.00 -4.30 -0.02 -0.09 -0.17 -0.48

Quarterly Cash Flow Statements for Orion Office REIT

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 9/30/2026
Net Change in Cash & Equivalents		 1.45 0.32 -7.36 5.57 -8.69 5.00 9.29 -2.13 -0.11 3.00 0.65
Net Cash From Operating Activities		 11 17 14 12 -2.25 12 5.74 8.52 -7.73 16 10
Net Cash From Continuing Operating Activities		 11 17 14 12 -2.25 12 5.74 8.52 -7.73 16 10
Net Income / (Loss) Continuing Operations		 -26 -34 -10 -33 -9.36 -25 -69 -36 -14 25 -3.27
Consolidated Net Income / (Loss)		 -26 -34 -10 -33 -9.36 -25 -69 -36 -14 25 -3.27
Depreciation Expense		 25 39 20 18 16 15 15 13 13 14 13
Amortization Expense		 0.92 0.91 0.92 0.93 0.91 0.92 0.93 0.93 0.85 0.93 1.08
Non-Cash Adjustments To Reconcile Net Income		 20 7.95 2.45 23 -1.08 17 57 28 8.79 -31 -2.20
Changes in Operating Assets and Liabilities, net		 -7.96 3.32 0.68 3.39 -8.75 3.69 1.79 2.48 -17 7.71 1.89
Net Cash From Investing Activities		 -3.75 -1.08 -38 -8.31 -13 17 4.72 8.58 -17 51 -7.97
Net Cash From Continuing Investing Activities		 -3.75 -1.08 -38 -8.31 -13 17 4.72 8.58 -17 51 -7.97
Purchase of Property, Plant & Equipment		 - - -4.49 -9.93 -5.63 -10 -17 -19 -17 -17 -7.97
Net Cash From Financing Activities		 -5.83 -16 17 1.38 6.67 -23 -1.17 -19 24 -64 -1.39
Net Cash From Continuing Financing Activities		 -5.83 -16 17 1.38 6.67 -23 -1.17 -19 24 -64 -1.39
Repayment of Debt		 -0.09 -10.00 -5.40 -19 -0.27 -22 -0.03 -18 -119 -63 -0.24
Payment of Dividends		 -5.58 -5.59 -5.59 -5.60 -5.60 -1.12 -1.13 -1.13 -1.13 -1.14 -1.14

Annual Balance Sheets for Orion Office REIT

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

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 546 1,759 1,571 1,424 1,336 1,171
Total Current Assets		 8.08 47 21 22 16 22
Cash & Equivalents		 0.00 29 21 22 16 22
Plant, Property, & Equipment, net		 498 1,354 1,233 1,162 1,105 958
Plant, Property & Equipment, gross		 634 1,482 1,367 1,320 1,282 1,153
Accumulated Depreciation		 136 128 133 159 178 195
Total Noncurrent Assets		 40 359 315 240 207 190
Noncurrent Note & Lease Receivables		 - - 22 25 23 35
Intangible Assets		 29 298 203 126 96 76
Other Noncurrent Operating Assets		 12 61 90 89 88 79
Total Liabilities & Shareholders' Equity		 546 1,759 1,571 1,424 1,336 1,171
Total Liabilities		 49 671 595 537 571 546
Total Current Liabilities		 0.85 17 32 36 37 40
Accounts Payable		 0.85 17 26 30 32 40
Total Noncurrent Liabilities		 48 654 563 501 534 506
Long-Term Debt		 37 262 526 469 490 464
Capital Lease Obligations		 7.22 21 14 8.07 21 18
Other Noncurrent Operating Liabilities		 4.19 371 23 24 23 23
Total Equity & Noncontrolling Interests		 497 1,088 976 887 765 625
Total Preferred & Common Equity		 497 1,087 974 886 764 623
Total Common Equity		 497 1,087 974 886 764 623
Common Stock		 0.00 1,145 1,147 1,145 1,148 1,152
Retained Earnings		 0.00 -59 -179 -259 -384 -528
Accumulated Other Comprehensive Income / (Loss)		 0.00 0.30 6.31 -0.26 -0.02 -0.01
Noncontrolling Interest		 0.00 1.37 1.39 1.38 1.34 1.30

Quarterly Balance Sheets for Orion Office REIT

This table presents Orion Office REIT'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 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 9/30/2026
Total Assets		 1,504 1,386 1,340 1,369 1,328 1,288 1,223 1,188 1,140 1,137
Total Current Assets		 32 24 24 17 9.38 17 33 10 17 14
Cash & Equivalents		 32 24 24 17 9.38 17 33 10 17 14
Plant, Property, & Equipment, net		 1,177 1,140 1,111 1,144 1,096 1,074 986 965 928 926
Plant, Property & Equipment, gross		 1,334 1,305 1,283 1,325 1,282 1,264 1,174 1,163 1,124 1,130
Accumulated Depreciation		 157 165 172 181 186 190 188 197 196 204
Total Noncurrent Assets		 292 222 205 208 223 197 204 213 195 197
Noncurrent Note & Lease Receivables		 27 25 23 24 24 27 33 48 41 45
Intangible Assets		 144 110 98 102 90 85 80 82 78 74
Other Noncurrent Operating Assets		 120 87 84 83 109 85 92 83 76 78
Total Liabilities & Shareholders' Equity		 1,504 1,386 1,340 1,369 1,328 1,288 1,223 1,188 1,140 1,137
Total Liabilities		 595 530 522 567 573 559 563 579 506 506
Total Current Liabilities		 36 29 33 38 28 37 40 36 27 28
Accounts Payable		 31 24 27 32 28 36 40 35 25 27
Dividends Payable		 5.58 5.59 5.60 5.60 - 1.13 - 1.14 1.14 1.14
Total Noncurrent Liabilities		 559 500 490 529 545 522 522 542 479 478
Long-Term Debt		 528 469 460 483 503 482 482 494 434 434
Capital Lease Obligations		 9.48 6.75 5.54 21 20 19 19 18 17 17
Other Noncurrent Operating Liabilities		 22 24 24 24 22 21 22 30 28 27
Total Equity & Noncontrolling Interests		 909 856 817 802 755 729 660 610 634 630
Total Preferred & Common Equity		 908 855 816 801 753 728 659 609 633 629
Total Common Equity		 908 855 816 801 753 728 659 609 633 629
Common Stock		 1,144 1,145 1,146 1,147 1,149 1,149 1,150 1,152 1,153 1,154
Retained Earnings		 -237 -291 -330 -346 -395 -421 -491 -543 -520 -524
Accumulated Other Comprehensive Income / (Loss)		 0.99 -0.05 -0.01 -0.10 -0.00 -0.03 -0.02 0.00 0.00 0.00
Noncontrolling Interest		 1.43 1.39 1.39 1.40 1.32 1.32 1.30 1.27 1.28 1.25

Annual Metrics And Ratios for Orion Office REIT

This table displays calculated financial ratios and metrics derived from Orion Office REIT's official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 56,625,650.00 56,635,038.00 55,780,054.00 - 56,314,634.00
DEI Adjusted Shares Outstanding		 0.00 0.00 56,625,650.00 56,635,038.00 55,780,054.00 - 56,314,634.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 -0.84 -1.72 -1.03 - -2.47
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 0.02% 49.10% 161.03% -6.28% -15.47% -10.44%
EBITDA Growth		 0.00% -41.07% -79.72% 1,192.35% 24.09% -58.31% -227.07%
EBIT Growth		 0.00% -94.45% -3,898.64% -68.61% 59.63% -160.25% -55.69%
NOPAT Growth		 0.00% -96.12% -3,898.64% -75.18% 60.41% -154.86% -39.28%
Net Income Growth		 0.00% -112.42% -2,399.42% -105.36% 41.20% -79.68% -35.26%
EPS Growth		 0.00% -111.11% -2,700.00% -104.76% 40.70% -80.39% -34.78%
Operating Cash Flow Growth		 0.00% 5.83% 32.56% 103.59% -22.01% -39.09% -56.55%
Free Cash Flow Firm Growth		 0.00% 0.00% -53.17% 75.31% 164.75% -68.20% 147.81%
Invested Capital Growth		 0.00% 0.00% 147.89% 11.65% -10.10% -6.73% -13.68%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 4.78% -3.25% -3.16% -2.09%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 177.30% -2.03% -40.82% -26.70%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 37.56% 9.46% -30.64% -4.67%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 35.84% 13.75% -30.37% 9.82%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% 26.91% 4.62% -19.12% -2.25%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 26.81% 4.67% -19.48% -1.64%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 0.00% 1.52% -9.00% -11.43% -14.44%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 19.47% -49.06% 12.24%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% -3.25% -4.86% -3.06% -3.87%
Profitability Metrics		 - - - - - - -
Gross Margin		 100.00% 100.00% 83.18% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 84.33% 49.69% 6.76% 33.46% 44.30% 21.96% -30.52%
Operating Margin		 34.79% 1.93% -49.17% -33.00% -13.94% -42.03% -65.37%
EBIT Margin		 34.79% 1.93% -49.17% -31.76% -13.68% -41.43% -72.81%
Profit (Net Income) Margin		 28.59% -3.55% -59.53% -46.84% -29.38% -62.46% -94.34%
Tax Burden Percent		 100.00% 100.00% 100.33% 100.22% 100.80% 100.21% 100.19%
Interest Burden Percent		 82.17% -184.01% 120.68% 147.15% 213.08% 150.44% 129.33%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.27% -2.91% -3.38% -1.34% -3.73% -5.77%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% -11.58% -16.35% -16.11% -9.13% -15.18% -20.85%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -1.03% -3.07% -6.06% -4.82% -8.74% -14.27%
Return on Equity (ROE)		 0.00% -0.76% -5.99% -9.44% -6.15% -12.46% -20.04%
Cash Return on Invested Capital (CROIC)		 0.00% -199.73% -87.94% -14.39% 9.30% 3.23% 8.91%
Operating Return on Assets (OROA)		 0.00% 0.19% -3.40% -3.97% -1.78% -4.95% -8.58%
Return on Assets (ROA)		 0.00% -0.35% -4.12% -5.85% -3.83% -7.46% -11.11%
Return on Common Equity (ROCE)		 0.00% -0.76% -5.98% -9.43% -6.14% -12.44% -20.01%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -0.38% -4.37% -10.00% 0.00% -13.48% 0.00%
Net Operating Profit after Tax (NOPAT)		 19 0.72 -27 -48 -19 -49 -68
NOPAT Margin		 34.79% 1.35% -34.42% -23.10% -9.76% -29.42% -45.76%
Net Nonoperating Expense Percent (NNEP)		 0.00% 11.84% 13.44% 12.73% 7.79% 11.45% 15.08%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -3.17% -1.40% -3.80% -6.10%
Cost of Revenue to Revenue		 0.00% 0.00% 16.82% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 3.82% 3.84% 4.81% 7.64% 9.60% 12.19% 13.76%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 65.21% 98.07% 132.35% 133.00% 113.94% 142.03% 165.37%
Earnings before Interest and Taxes (EBIT)		 19 1.03 -39 -66 -27 -68 -108
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 45 27 5.39 70 86 36 -45
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.82 0.41 0.31 0.27 0.20
Price to Tangible Book Value (P/TBV)		 0.00 0.00 1.13 0.52 0.36 0.31 0.23
Price to Revenue (P/Rev)		 0.00 0.00 11.23 1.94 1.40 1.26 0.85
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 5.61% 8.19% 10.78% 3.58%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.86 0.62 0.54 0.56 0.54
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 14.43 4.44 3.73 4.27 3.98
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 213.47 13.28 8.43 19.45 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 20.50 8.10 8.18 12.98 24.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 5.50 16.73 5.63
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.00 0.09 0.26 0.55 0.54 0.67 0.77
Long-Term Debt to Equity		 0.00 0.09 0.26 0.55 0.54 0.67 0.77
Financial Leverage		 0.00 0.09 0.19 0.38 0.53 0.58 0.68
Leverage Ratio		 0.00 1.10 1.45 1.61 1.61 1.67 1.80
Compound Leverage Factor		 0.00 -2.02 1.76 2.37 3.43 2.51 2.33
Debt to Total Capital		 0.00% 8.18% 20.64% 35.63% 34.97% 40.03% 43.58%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 8.18% 20.64% 35.63% 34.97% 40.03% 43.58%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.10% 0.09% 0.10% 0.11% 0.12%
Common Equity to Total Capital		 0.00% 91.82% 79.26% 64.28% 64.93% 59.86% 56.30%
Debt to EBITDA		 0.00 1.67 52.54 7.76 5.52 14.11 -10.71
Net Debt to EBITDA		 0.00 1.67 47.10 7.46 5.26 13.68 -10.21
Long-Term Debt to EBITDA		 0.00 1.67 52.54 7.76 5.52 14.11 -10.71
Debt to NOPAT		 0.00 61.29 -10.32 -11.23 -25.06 -10.53 -7.14
Net Debt to NOPAT		 0.00 61.29 -9.25 -10.80 -23.88 -10.21 -6.81
Long-Term Debt to NOPAT		 0.00 61.29 -10.32 -11.23 -25.06 -10.53 -7.14
Altman Z-Score		 0.00 0.00 0.75 0.23 0.11 -0.25 -0.69
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.09% 0.13% 0.15% 0.16% 0.19%
Liquidity Ratios		 - - - - - - -
Current Ratio		 0.00 9.53 2.72 0.65 0.62 0.42 0.56
Quick Ratio		 0.00 9.53 2.72 0.65 0.62 0.42 0.56
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -541 -828 -204 132 42 104
Operating Cash Flow to CapEx		 7,461.57% 0.00% 565.83% 0.00% 0.00% 309.93% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -184.47 -102.88 -436.83 262.62 39.05 0.00
Operating Cash Flow to Interest Expense		 12.06 14.44 6.97 244.09 176.76 50.33 0.00
Operating Cash Flow Less CapEx to Interest Expense		 11.90 14.44 5.74 287.31 181.90 34.09 0.00
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.10 0.07 0.13 0.13 0.12 0.12
Accounts Receivable Turnover		 0.00 6.62 6.13 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.11 0.09 0.16 0.16 0.15 0.14
Accounts Payable Turnover		 0.00 0.00 1.47 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 55.14 59.50 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 248.04 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 55.14 -188.54 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 0.00 541 1,342 1,498 1,347 1,256 1,085
Invested Capital Turnover		 0.00 0.20 0.08 0.15 0.14 0.13 0.13
Increase / (Decrease) in Invested Capital		 0.00 541 801 156 -151 -91 -172
Enterprise Value (EV)		 0.00 0.00 1,150 925 728 704 587
Market Capitalization		 0.00 0.00 895 404 273 208 126
Book Value per Share		 $0.00 $8.78 $19.19 $17.21 $15.88 $13.65 $11.07
Tangible Book Value per Share		 $0.00 $8.27 $13.93 $13.62 $13.61 $11.94 $9.72
Total Capital		 0.00 541 1,371 1,516 1,364 1,276 1,107
Total Debt		 0.00 44 283 540 477 511 482
Total Long-Term Debt		 0.00 44 283 540 477 511 482
Net Debt		 0.00 44 254 519 454 495 460
Capital Expenditures (CapEx)		 0.54 0.00 9.92 -20 -2.59 18 -20
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 7.23 0.54 -32 -36 -37 -40
Debt-free Net Working Capital (DFNWC)		 0.00 7.23 30 -11 -14 -22 -18
Net Working Capital (NWC)		 0.00 7.23 30 -11 -14 -22 -18
Net Nonoperating Expense (NNE)		 3.32 2.62 20 49 38 54 72
Net Nonoperating Obligations (NNO)		 0.00 44 254 523 460 491 460
Total Depreciation and Amortization (D&A)		 26 26 45 136 113 105 62
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 13.52% 0.67% -15.29% -18.49% -22.58% -27.24%
Debt-free Net Working Capital to Revenue		 0.00% 13.52% 37.44% -5.38% -6.96% -13.11% -12.09%
Net Working Capital to Revenue		 0.00% 13.52% 37.44% -5.38% -6.96% -13.11% -12.09%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($0.84) ($1.72) ($1.02) ($1.84) ($2.48)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 56.63M 56.63M 56.41M 55.90M 56.23M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($0.84) ($1.72) ($1.02) ($1.84) ($2.48)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 56.63M 56.63M 56.41M 55.90M 56.23M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 56.63M 56.64M 55.78M 56.11M 56.44M
Normalized Net Operating Profit after Tax (NOPAT)		 13 14 7.46 -1.62 4.15 -15 2.00
Normalized NOPAT Margin		 24.35% 25.79% 9.36% -0.78% 2.13% -9.23% 1.36%
Pre Tax Income Margin		 28.59% -3.55% -59.33% -46.73% -29.15% -62.33% -94.16%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 5.61 0.35 -4.87 -141.24 -52.94 -63.36 0.00
NOPAT to Interest Expense		 5.61 0.25 -3.41 -102.72 -37.76 -45.00 0.00
EBIT Less CapEx to Interest Expense		 5.45 0.35 -6.10 -98.01 -47.80 -79.60 0.00
NOPAT Less CapEx to Interest Expense		 5.45 0.25 -4.64 -59.49 -32.62 -61.24 0.00
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 246.15% -473.35% -1,237.06% -17.43% -39.40% -21.71% -6.44%
Augmented Payout Ratio		 246.15% -473.35% -1,237.06% -17.98% -48.22% -21.71% -6.51%

Quarterly Metrics And Ratios for Orion Office REIT

This table displays calculated financial ratios and metrics derived from Orion Office REIT's official financial filings.

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 9/30/2026
DEI Shares Outstanding		 55,780,054.00 55,869,819.00 55,947,802.00 - 56,109,281.00 56,193,665.00 56,314,634.00 56,314,634.00 56,436,054.00 56,830,068.00 57,044,714.00
DEI Adjusted Shares Outstanding		 55,780,054.00 55,869,819.00 55,947,802.00 - 56,109,281.00 56,193,665.00 56,314,634.00 56,314,634.00 56,436,054.00 56,830,068.00 57,044,714.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.47 -0.61 -0.18 - -0.17 -0.45 -1.23 -0.64 -0.24 0.43 -0.06
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.96% -22.87% -20.17% -12.32% -19.48% -7.03% -5.25% -8.20% -4.55% -8.04% -4.55%
EBITDA Growth		 -72.84% -28.87% 0.02% -129.48% 112.80% -105.94% -336.68% -139.60% -50.14% 5,308.47% 138.72%
EBIT Growth		 -1,131.89% -216.89% 80.33% -194.74% 95.04% 31.45% -3,389.62% -16.23% -576.78% 292.70% 106.40%
NOPAT Growth		 -1,113.04% -212.90% 79.05% -189.62% 93.68% 27.21% -3,143.98% 42.61% -195.26% 126.88% 105.97%
Net Income Growth		 -195.54% -115.09% 38.17% -101.92% 64.33% 25.74% -576.27% -9.35% -45.03% 197.94% 95.26%
EPS Growth		 -193.75% -114.29% 37.93% -103.45% 63.83% 25.00% -583.33% -6.78% -41.18% 193.33% 95.12%
Operating Cash Flow Growth		 -3.66% -47.70% -46.43% -35.90% -120.39% -31.93% -58.25% -31.84% -243.79% 39.06% 74.34%
Free Cash Flow Firm Growth		 -33.03% -27.01% -6.22% -49.57% -70.38% -75.08% 4.28% 120.84% 249.04% 290.26% -49.70%
Invested Capital Growth		 -10.95% -11.81% -8.46% -6.73% -3.42% -3.99% -12.95% -13.68% -12.32% -11.91% -5.27%
Revenue Q/Q Growth		 7.88% -14.99% -2.36% -2.08% -0.94% -1.83% -0.49% -5.13% 2.99% -5.42% 3.29%
EBITDA Q/Q Growth		 -59.80% 100.23% 26.43% -128.97% 355.89% -105.59% -4,937.01% 66.75% 153.25% 483.93% -62.56%
EBIT Q/Q Growth		 -117.42% -36.57% 92.87% -1,291.16% 96.45% -1,788.05% -263.19% 52.25% 79.33% 637.60% -87.93%
NOPAT Q/Q Growth		 -112.03% -36.50% 92.08% -1,163.71% 95.38% -1,473.16% -252.91% 77.64% 76.21% 243.21% -21.62%
Net Income Q/Q Growth		 -61.74% -28.88% 69.80% -220.78% 71.43% -168.32% -175.00% 48.13% 62.10% 281.18% -113.31%
EPS Q/Q Growth		 -62.07% -27.66% 70.00% -227.78% 71.19% -164.71% -173.33% 48.78% 61.90% 275.00% -114.29%
Operating Cash Flow Q/Q Growth		 -43.48% 54.12% -19.04% -9.11% -117.98% 614.60% -50.35% 48.39% -190.68% 308.16% -37.76%
Free Cash Flow Firm Q/Q Growth		 2.36% 2.22% -22.14% -38.10% -39.87% -14.02% 225.84% 31.10% -4.97% -3.87% -58.00%
Invested Capital Q/Q Growth		 -2.47% -3.74% 2.49% -3.06% 0.98% -4.31% -7.08% -3.87% 2.58% -3.86% -0.08%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 182.78% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 15.98% 37.63% 48.73% -14.42% 42.23% -2.40% -121.71% -42.66% 22.06% 136.19% 49.37%
Operating Margin		 -38.24% -61.40% -4.98% -64.27% -3.00% -48.07% -170.49% -40.18% -9.28% 9.86% 10.66%
EBIT Margin		 -37.90% -60.88% -4.45% -63.21% -2.33% -44.89% -163.85% -82.47% -16.55% 94.08% 10.99%
Profit (Net Income) Margin		 -55.57% -84.24% -26.05% -85.35% -24.62% -67.29% -185.95% -101.66% -37.41% 71.66% -9.24%
Tax Burden Percent		 100.29% 100.22% 100.75% 99.96% 100.71% 100.27% 100.10% 100.17% 100.53% 99.71% 102.15%
Interest Burden Percent		 146.19% 138.07% 581.24% 135.08% 1,047.24% 149.48% 113.38% 123.07% 224.84% 76.39% -82.26%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.29% 0.00%
Return on Invested Capital (ROIC)		 -3.69% -5.74% -0.44% -5.70% -0.25% -4.15% -14.85% -3.55% -0.80% 1.23% 0.96%
ROIC Less NNEP Spread (ROIC-NNEP)		 -6.48% -9.25% -2.21% -8.95% -2.01% -6.84% -19.99% -8.99% -3.00% 5.84% -0.35%
Return on Net Nonoperating Assets (RNNOA)		 -3.47% -4.97% -1.29% -5.15% -1.22% -4.12% -13.15% -6.16% -2.24% 3.94% -0.24%
Return on Equity (ROE)		 -7.16% -10.71% -1.73% -10.85% -1.47% -8.27% -27.99% -9.70% -3.03% 5.17% 0.72%
Cash Return on Invested Capital (CROIC)		 9.39% 9.42% 6.09% 3.23% 0.64% 1.49% 7.67% 8.91% 7.32% 7.92% 4.76%
Operating Return on Assets (OROA)		 -4.96% -7.65% -0.53% -7.55% -0.27% -5.22% -19.07% -9.71% -1.92% 11.07% 1.32%
Return on Assets (ROA)		 -7.28% -10.58% -3.09% -10.19% -2.82% -7.83% -21.64% -11.97% -4.34% 8.44% -1.11%
Return on Common Equity (ROCE)		 -7.15% -10.69% -1.72% -10.83% -1.47% -8.26% -27.94% -9.68% -3.03% 5.16% 0.72%
Return on Equity Simple (ROE_SIMPLE)		 -8.74% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -13 -17 -1.37 -17 -0.80 -13 -44 -9.91 -2.36 3.37 2.64
NOPAT Margin		 -26.77% -42.98% -3.49% -44.99% -2.10% -33.65% -119.34% -28.12% -6.50% 9.84% 7.46%
Net Nonoperating Expense Percent (NNEP)		 2.79% 3.51% 1.77% 3.26% 1.76% 2.69% 5.14% 5.45% 2.21% -4.61% 1.31%
Return On Investment Capital (ROIC_SIMPLE)		 -0.95% -1.34% -0.10% -1.35% -0.06% -1.02% -3.82% -0.89% -0.21% 0.31% 0.24%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% -82.78% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 10.49% 11.32% 11.40% 15.99% 12.88% 12.97% 12.41% 16.96% 14.17% 13.44% 13.36%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 138.24% 161.40% 104.98% 247.05% 103.00% 148.07% 270.49% 140.18% 109.28% 90.14% 89.34%
Earnings before Interest and Taxes (EBIT)		 -18 -24 -1.74 -24 -0.89 -17 -61 -29 -6.00 32 3.90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 7.54 15 19 -5.53 16 -0.90 -45 -15 8.00 47 17
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.21 0.23 0.26 0.27 0.15 0.16 0.23 0.20 0.20 0.26 0.23
Price to Tangible Book Value (P/TBV)		 0.24 0.26 0.30 0.31 0.17 0.19 0.26 0.23 0.23 0.30 0.26
Price to Revenue (P/Rev)		 0.93 1.04 1.25 1.26 0.74 0.78 1.01 0.85 0.83 1.15 1.01
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 12.47% 11.96% 10.55% 10.78% 15.50% 11.27% 5.93% 3.58% 3.72% 2.77% 3.21%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.48 0.50 0.54 0.56 0.50 0.50 0.55 0.54 0.56 0.56 0.54
Enterprise Value to Revenue (EV/Rev)		 3.29 3.50 4.12 4.27 4.05 3.96 4.12 3.98 4.28 4.20 4.11
Enterprise Value to EBITDA (EV/EBITDA)		 9.49 10.41 11.60 19.45 14.36 21.06 0.00 0.00 0.00 0.00 10.15
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 518.28
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 7.13 8.61 11.45 12.98 15.40 17.00 22.55 24.91 34.49 26.53 21.59
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.83 4.96 8.49 16.73 76.70 32.70 6.69 5.63 7.16 6.64 11.11
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.56 0.57 0.63 0.67 0.69 0.69 0.76 0.77 0.84 0.71 0.72
Long-Term Debt to Equity		 0.56 0.57 0.63 0.67 0.69 0.69 0.76 0.77 0.84 0.71 0.72
Financial Leverage		 0.54 0.54 0.58 0.58 0.60 0.60 0.66 0.68 0.75 0.68 0.70
Leverage Ratio		 1.61 1.63 1.68 1.67 1.68 1.70 1.77 1.80 1.84 1.78 1.83
Compound Leverage Factor		 2.36 2.26 9.76 2.26 17.64 2.54 2.01 2.22 4.15 1.36 -1.50
Debt to Total Capital		 35.73% 36.29% 38.61% 40.03% 40.95% 40.72% 43.13% 43.58% 45.63% 41.58% 41.70%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 35.73% 36.29% 38.61% 40.03% 40.95% 40.72% 43.13% 43.58% 45.63% 41.58% 41.70%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.10% 0.11% 0.11% 0.11% 0.10% 0.11% 0.11% 0.12% 0.11% 0.12% 0.12%
Common Equity to Total Capital		 64.17% 63.60% 61.28% 59.86% 58.95% 59.17% 56.75% 56.30% 54.25% 58.30% 58.18%
Debt to EBITDA		 7.14 7.70 8.34 14.11 11.90 17.45 -14.08 -10.71 -9.64 -82.25 7.88
Net Debt to EBITDA		 6.79 7.30 8.07 13.68 11.69 16.85 -13.16 -10.21 -9.45 -79.18 7.64
Long-Term Debt to EBITDA		 7.14 7.70 8.34 14.11 11.90 17.45 -14.08 -10.71 -9.64 -82.25 7.88
Debt to NOPAT		 -15.54 -10.99 -13.56 -10.53 -14.27 -15.67 -6.68 -7.14 -7.41 -8.33 -62.21
Net Debt to NOPAT		 -14.76 -10.42 -13.12 -10.21 -14.02 -15.13 -6.25 -6.81 -7.26 -8.01 -60.32
Long-Term Debt to NOPAT		 -15.54 -10.99 -13.56 -10.53 -14.27 -15.67 -6.68 -7.14 -7.41 -8.33 -62.21
Altman Z-Score		 0.00 -0.06 -0.03 -0.14 -0.20 -0.27 -0.45 -0.47 -0.43 -0.24 -0.36
Noncontrolling Interest Sharing Ratio		 0.15% 0.16% 0.16% 0.16% 0.17% 0.17% 0.18% 0.19% 0.19% 0.19% 0.20%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.81 0.74 0.44 0.42 0.34 0.47 0.81 0.56 0.28 0.63 0.49
Quick Ratio		 0.81 0.74 0.44 0.42 0.34 0.47 0.81 0.56 0.28 0.63 0.49
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 149 152 118 73 44 38 124 162 154 148 62
Operating Cash Flow to CapEx		 0.00% 0.00% 306.62% 180.41% -39.91% 115.62% 0.00% 0.00% -192.55% 0.00% 125.57%
Free Cash Flow to Firm to Interest Expense		 0.00 141.16 0.00 0.00 0.00 0.00 0.00 0.00 630.85 513.79 0.00
Operating Cash Flow to Interest Expense		 0.00 15.76 0.00 0.00 0.00 0.00 0.00 0.00 -31.66 55.83 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 15.76 0.00 0.00 0.00 0.00 0.00 0.00 -48.10 235.67 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.13 0.12 0.12 0.11 0.12 0.12 0.12 0.12 0.12 0.12
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.16 0.16 0.15 0.15 0.14 0.14 0.14 0.14 0.14 0.14 0.15
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,314 1,265 1,296 1,256 1,269 1,214 1,128 1,085 1,113 1,070 1,069
Invested Capital Turnover		 0.14 0.13 0.13 0.13 0.12 0.12 0.12 0.13 0.12 0.13 0.13
Increase / (Decrease) in Invested Capital		 -162 -169 -120 -91 -45 -50 -168 -172 -156 -145 -60
Enterprise Value (EV)		 632 630 702 704 631 605 621 587 624 600 580
Market Capitalization		 179 187 212 208 116 120 152 126 121 164 142
Book Value per Share		 $15.31 $14.61 $14.32 $13.65 $13.43 $12.96 $11.70 $11.07 $10.78 $11.13 $11.03
Tangible Book Value per Share		 $13.34 $12.85 $12.50 $11.94 $11.83 $11.44 $10.28 $9.72 $9.33 $9.76 $9.73
Total Capital		 1,332 1,283 1,307 1,276 1,278 1,230 1,161 1,107 1,122 1,085 1,081
Total Debt		 476 466 505 511 523 501 501 482 512 451 451
Total Long-Term Debt		 476 466 505 511 523 501 501 482 512 451 451
Net Debt		 452 442 488 495 514 484 468 460 502 434 437
Capital Expenditures (CapEx)		 0.00 0.00 4.49 6.93 5.63 10 -4.26 -8.38 4.01 -52 7.97
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -29 -33 -38 -37 -28 -37 -40 -40 -36 -27 -28
Debt-free Net Working Capital (DFNWC)		 -5.70 -8.31 -21 -22 -19 -20 -7.66 -18 -26 -9.74 -14
Net Working Capital (NWC)		 -5.70 -8.31 -21 -22 -19 -20 -7.66 -18 -26 -9.74 -14
Net Nonoperating Expense (NNE)		 14 17 8.84 15 8.56 13 25 26 11 -21 5.92
Net Nonoperating Obligations (NNO)		 458 447 494 491 514 485 468 460 503 436 438
Total Depreciation and Amortization (D&A)		 25 40 21 19 17 16 16 14 14 14 14
Debt-free, Cash-free Net Working Capital to Revenue		 -15.27% -18.06% -22.22% -22.58% -17.94% -24.31% -26.73% -27.24% -24.98% -18.62% -19.83%
Debt-free Net Working Capital to Revenue		 -2.97% -4.61% -12.49% -13.11% -11.91% -12.94% -5.08% -12.09% -17.94% -6.82% -10.10%
Net Working Capital to Revenue		 -2.97% -4.61% -12.49% -13.11% -11.91% -12.94% -5.08% -12.09% -17.94% -6.82% -10.10%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.47) ($0.60) ($0.18) ($0.59) ($0.17) ($0.45) ($1.23) ($0.63) ($0.24) $0.43 ($0.06)
Adjusted Weighted Average Basic Shares Outstanding		 55.80M 55.91M 55.95M 55.90M 56.04M 56.25M 56.31M 56.23M 56.57M 56.95M 57.05M
Adjusted Diluted Earnings per Share		 ($0.47) ($0.60) ($0.18) ($0.59) ($0.17) ($0.45) ($1.23) ($0.63) ($0.24) $0.42 ($0.06)
Adjusted Weighted Average Diluted Shares Outstanding		 55.80M 55.91M 55.95M 55.90M 56.04M 56.25M 56.31M 56.23M 56.57M 58.11M 57.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 55.87M 55.95M 55.95M 56.11M 56.19M 56.31M 56.31M 56.44M 56.83M 57.04M 57.04M
Normalized Net Operating Profit after Tax (NOPAT)		 1.14 -13 -1.37 -1.73 0.40 1.10 0.29 0.22 2.05 3.37 2.64
Normalized NOPAT Margin		 2.42% -33.07% -3.49% -4.50% 1.05% 2.94% 0.77% 0.63% 5.65% 9.84% 7.46%
Pre Tax Income Margin		 -55.40% -84.06% -25.86% -85.38% -24.44% -67.11% -185.77% -101.49% -37.21% 71.87% -9.04%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 -22.66 0.00 0.00 0.00 0.00 0.00 0.00 -24.60 112.06 0.00
NOPAT to Interest Expense		 0.00 -16.00 0.00 0.00 0.00 0.00 0.00 0.00 -9.66 11.72 0.00
EBIT Less CapEx to Interest Expense		 0.00 -22.66 0.00 0.00 0.00 0.00 0.00 0.00 -41.05 291.90 0.00
NOPAT Less CapEx to Interest Expense		 0.00 -16.00 0.00 0.00 0.00 0.00 0.00 0.00 -26.10 191.56 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -30.13% -24.17% -25.84% -21.71% -25.98% -23.14% -9.87% -6.44% -3.14% -4.81% -16.15%
Augmented Payout Ratio		 -30.13% -24.17% -25.84% -21.71% -25.98% -23.14% -9.87% -6.51% -3.14% -4.81% -16.15%

Financials Breakdown Chart

Key Financial Trends

Orion Office REIT’s latest results show improving near-term profitability and cash flow, but the company continues to face long-term revenue pressure, a shrinking asset base and substantial accumulated losses. In the second quarter of 2026, revenue was $34.3 million, down from $36.3 million in Q1 2026 and $37.3 million in Q2 2025. Revenue has generally declined from $49.1 million in Q3 2023, indicating continued pressure on the office portfolio.

  • Q2 2026 returned to profitability. Net income attributable to common shareholders was $24.6 million, or $0.43 per diluted share, compared with a $13.6 million loss, or $0.24 per share, in Q1. However, the improvement was driven largely by $28.9 million of net other income rather than by stronger operating performance.
  • Operating cash flow improved sharply. Cash flow from operations increased to $16.1 million in Q2 2026 from negative $7.7 million in Q1 and $11.6 million in Q2 2025. This provided better support for capital spending and dividend payments during the latest quarter.
  • Debt declined during the second quarter. Long-term debt fell to $433.8 million at June 30, 2026, from $493.9 million at March 31, while the company reported a $63.1 million debt repayment. This reduced leverage and helped offset the $145 million debt issuance recorded in Q1.
  • Cash increased modestly. Cash and equivalents rose to $16.9 million at the end of Q2 2026 from $10.3 million at the end of Q1, supported by operating cash flow and $68.6 million of property sales.
  • Q2’s positive investing cash flow was largely asset-sale driven. Investing activities generated $51.1 million, but property sales substantially exceeded property purchases. This can improve liquidity in the short term, although repeated asset sales may reduce the future income-producing property base.
  • Depreciation remains a major expense and cash-flow adjustment. Quarterly depreciation was approximately $13.5 million in Q2 2026, compared with $13.2 million in Q1 and $14.9 million in Q2 2025. This depresses reported earnings but is added back in operating cash flow calculations.
  • Revenue and core operating profitability remain weak. Q2 2026 operating income was only $3.4 million on $34.3 million of revenue, while Q1 produced a $3.4 million operating loss. The company has reported operating losses in most of the periods provided since 2023.
  • Impairment charges have materially affected results. Orion recorded impairment charges of $6.3 million in Q1 2026, $14.5 million in Q4 2025 and $63.7 million in Q3 2025. Although there was no impairment charge in Q2 2026, the pattern signals continuing valuation risk within the office portfolio.
  • The balance sheet has weakened over the period. Total assets declined from approximately $1.50 billion in Q3 2023 to $1.14 billion in Q2 2026, while total equity fell from $909.3 million to $634.0 million. Retained earnings also deteriorated to a deficit of $520.0 million.
  • Liquidity remains limited relative to short-term obligations. At June 30, 2026, cash was $16.9 million versus $26.6 million of current liabilities, implying that cash alone did not cover near-term obligations. The company remains dependent on property operations, asset sales and financing activity to meet its commitments.

Overall, the latest quarter was encouraging for cash generation and reported earnings, but investors should distinguish the Q2 profit from recurring operating performance. Sustained revenue stabilization, consistent positive operating cash flow and further debt reduction will be important for a durable improvement in Orion Office REIT’s financial profile.

11/07/26 11:50 PM ETAI Generated. May Contain Errors.

Orion Office REIT Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Orion Office REIT's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Orion Office REIT's net income appears to be on a downward trend, with a most recent value of -$139.29 million in 2025, compared with $15.28 million in 2019. The previous period was -$102.98 million in 2024. See Orion Office REIT's forecast for analyst expectations on what's next for the company.

Orion Office REIT's total operating income in 2025 was -$96.51 million, based on the following breakdown:
  • Total Gross Profit: $147.65 million
  • Total Operating Expenses: $244.16 million

Over the last 6 years, Orion Office REIT's total revenue changed from $53.47 million in 2019 to $147.65 million in 2025, a change of 176.2%.

In the past 12 quarters, Orion Office REIT's cash and equivalents has ranged from $9.38 million in Q1 2025 to $32.64 million in Q3 2025, and is currently $13.73 million as of their latest financial filing in Q3 2026.

Orion Office REIT had total debt of $482.41 million at the end of 2025, a 5.6% decrease from 2024, and none in 2019.

Over the last 6 years, Orion Office REIT's book value per share changed from 0.00 in 2019 to 11.07 in 2025, a change of 1,106.7%.


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Financial statements for NYSE:ONL last updated on 11/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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