Alexandria Real Estate Equities, Inc. (ARE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.12	$0.15	+25.0%	—	$643.2M	—
Q1 26	$0.14	$2.1	+1400.0%	—	$653M	—
Q3 25	$0.39	$0.5	+28.2%	—	$735.8M	—
Q2 25	$0.63	$0.48	-23.8%	—	$737.3M	—
Q1 25	$0.6	$0.51	-15.0%	—	$743.2M	—
Q4 24	$0.9	$0.69	-23.3%	—	$763.2M	—
Q3 24	$0.92	$0.87	-5.4%	—	$775.7M	—
Q2 24	$0.61	$0.88	+44.3%	—	$755.2M	—
Q1 24	$0.63	$0.89	+41.3%	—	$769.1M	—
Q4 23	$0.8	$0.82	+2.5%	—	$785.9M	—
Q3 23	$1.14	$0.13	-88.6%	—	$707.5M	—
Q2 23	$0.64	$0.51	-20.3%	—	$713.9M	—
Q1 23	$0.78	$0.44	-43.6%	—	$700.8M	—
Q4 22	$0.69	$0.31	-55.1%	—	$678.6M	—
Q3 22	$0.68	$2.11	+210.3%	—	$656.9M	—
Q2 22	$0.66	$1.67	+153.0%	—	$641M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$8.44	—	—	$2.9B	—
FY24	—	$1.8	—	—	$3B	—
FY23	—	$0.54	—	—	$2.9B	—
FY22	—	$3.18	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$921.7M	$1.1B	$1.3B	$1.5B	$1.9B	$2.1B	$2.6B	$2.9B	$3B	$2.9B
YoY change	+12.5%	+22.4%	+17.7%	+15.4%	+23.1%	+12.1%	+22.5%	+11.5%	+5.68%	-3.43%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	921.7M	1.1B	1.3B	1.5B	1.9B	2.1B	2.6B	2.9B	3B	2.9B
Cost of revenue	278.4M	325.6M	381.1M	445.5M	530.2M	623.6M	783.2M	859.2M	909.3M	922.6M
Gross profit	643.3M	802.5M	946.3M	1.1B	1.4B	1.5B	1.8B	2B	2.1B	2B
Gross margin	69.8%	71.1%	71.3%	70.9%	71.9%	70.5%	69.8%	70.2%	70.2%	68.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	63.9M	75M	90.4M	108.8M	133.3M	151.5M	177.3M	199.4M	168.4M	117M
Operating expenses	63.9M	75M	90.4M	108.8M	133.3M	151.5M	177.3M	199.4M	168.4M	117M
Operating income	266M	310.7M	378.3M	432.4M	524M	518.1M	626.4M	733.7M	769.7M	555M
Operating margin	28.9%	27.5%	28.5%	28.2%	27.8%	24.5%	24.2%	25.4%	25.2%	18.8%
Non-operating income, net	-208.9M	12.2M	182M	145.4M	474.8M	278.4M	138.5M	-378.5M	-73.1M	-1.5B
Pretax income	-49.8M	194.2M	402.8M	404M	827.2M	654.3M	670.7M	281M	510.7M	-1.2B
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	-49.8M	194.2M	402.8M	404M	827.2M	654.3M	670.7M	281M	510.7M	-1.2B
Net margin	-5.4%	17.2%	30.3%	26.4%	43.9%	30.9%	25.9%	9.74%	16.7%	-41.3%
EBITDA	579.2M	742.9M	899.9M	987.1M	1.2B	1.4B	1.6B	1.8B	2B	2B
EPS	-1.99	1.59	3.53	3.13	6.03	3.83	3.18	0.54	1.8	-8.44
Diluted EPS	-1.99	1.58	3.52	3.12	6.01	3.82	3.18	0.54	1.8	-8.44

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	707.5M	785.9M	769.1M	755.2M	775.7M	763.2M	743.2M	737.3M	735.8M	728.9M	653M	643.2M
Cost of revenue	217.7M	222.7M	218.3M	217.3M	233.3M	240.4M	226.4M	224.4M	239.2M	232.5M	224.1M	207.3M
Gross profit	489.8M	563.2M	550.8M	537.9M	542.5M	522.8M	516.8M	512.8M	496.6M	496.3M	428.9M	435.9M
Gross margin	69.2%	71.7%	71.6%	71.2%	69.9%	68.5%	69.5%	69.6%	67.5%	68.1%	65.7%	67.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	46M	59.3M	47.1M	44.6M	43.9M	32.7M	30.7M	29.1M	29.2M	28M	34.7M	36.9M
Operating expenses	46M	59.3M	47.1M	44.6M	43.9M	32.7M	30.7M	29.1M	29.2M	28M	34.7M	36.9M
Operating income	174.5M	218.6M	216.2M	202.6M	204.5M	160M	144M	137.6M	127.2M	146.2M	88.7M	94.6M
Operating margin	24.7%	27.8%	28.1%	26.8%	26.4%	21%	19.4%	18.7%	17.3%	20.1%	13.6%	14.7%
Non-operating income, net	-94.8M	-229.3M	43.8M	-62.7M	52.6M	-120.4M	-54.5M	-144.5M	-270.2M	-1.1B	374.2M	-69.3M
Pretax income	68.3M	-42.7M	219.2M	94M	213.6M	-16.1M	38.7M	-62.2M	-197.8M	-995.4M	398.4M	-39M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	68.3M	-42.7M	219.2M	94M	213.6M	-16.1M	38.7M	-62.2M	-197.8M	-995.4M	398.4M	-39M
Net margin	9.65%	-5.43%	28.5%	12.5%	27.5%	-2.11%	5.2%	-8.43%	-26.9%	-136.6%	61%	-6.06%
EBITDA	450.4M	475.6M	503.9M	504.9M	514.4M	515.8M	501.1M	499.5M	483.7M	493.5M	412M	419M
EPS	0.13	—	0.97	0.25	0.96	—	-0.07	-0.64	-1.38	-6.35	2.1	-0.43
Diluted EPS	0.13	—	0.97	0.25	0.96	—	-0.07	-0.64	-1.38	-6.35	2.1	-0.43

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.5B	—	—	18.1B	—	—	—	21.7B	16.8B	8.3B	8.4B
Enterprise value	12.5B	—	—	25B	—	—	—	32.7B	29B	20.5B	25B
Shares outstanding	76.1M	91.5M	103M	112.2M	126.1M	146.9M	161.7M	170.9M	172.1M	170.3M	170.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	44.9	—	—	—	77.1	32.9	—	103.8
P/S	9.18	—	—	11.8	—	—	—	7.51	5.5	2.83	2.93
P/B	1.57	—	—	1.78	—	—	—	0.96	0.75	0.44	0.53
EV/EBITDA	21.6	—	—	25.3	—	—	—	17.9	14.2	10.4	14
EV/Sales	13.6	—	—	16.3	—	—	—	11.3	9.5	6.98	8.81
Earnings yield	—	—	—	2.23%	—	—	—	1.3%	3.04%	—	0.96%
FCF yield	4.65%	—	—	3.77%	—	—	—	7.53%	8.96%	17%	16.1%
PEG	—	—	—	—	—	—	—	—	—	—	-3.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	69.8%	71.1%	71.3%	70.9%	71.9%	70.5%	69.8%	70.2%	70.2%	68.7%	67.8%
Operating margin	28.9%	27.5%	28.5%	28.2%	27.8%	24.5%	24.2%	25.4%	25.2%	18.8%	17.3%
Net margin	-5.4%	17.2%	30.3%	26.4%	43.9%	30.9%	25.9%	9.74%	16.7%	-41.3%	-36.1%
ROE	-0.93%	3%	5.1%	3.97%	6.15%	3.44%	2.96%	1.24%	2.28%	-6.35%	-4.08%
ROA	-0.48%	1.6%	2.78%	2.2%	3.62%	2.17%	1.89%	0.76%	1.36%	-3.57%	0.93%
Return on tangible assets	-0.48%	1.6%	2.78%	2.2%	3.62%	2.17%	1.89%	0.76%	1.36%	-3.57%	-2.41%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.29	0.47	0.33	0.27	0.64	0.41	0.58	0.39	0.4	0.43	2.35
Quick ratio	0.29	0.47	0.33	0.27	0.64	0.41	0.58	0.39	0.4	0.43	0.22
Debt / equity	0.77	0.73	0.69	0.69	0.59	0.48	0.47	0.52	0.57	0.67	0.69
Debt / assets	0.4	0.39	0.38	0.38	0.35	0.31	0.3	0.32	0.34	0.37	0.38
Net debt / EBITDA	6.97	6.07	5.83	6.95	5.97	6.56	5.98	6.06	5.98	6.18	7.02
Interest coverage	0.53	2.51	3.56	3.33	5.82	5.6	8.12	4.79	3.75	-4.37	-2.34

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	12.1	12.3	12.9	13.6	15	14.4	16	16.9	17.7	17.3	16.7
EPS (basic)	-1.99	1.59	3.53	3.13	6.03	3.83	3.18	0.54	1.8	-8.44	-8.44
EPS (diluted)	-1.99	1.58	3.52	3.12	6.01	3.82	3.18	0.54	1.8	-8.44	-6.05
Book value per share	70.7	70.8	76.6	90.6	106.6	129.5	140.3	132.4	130.2	112.5	91.1
FCF per share	5.17	4.93	5.54	6.09	7	6.88	8.01	9.54	8.74	8.3	7.49
Cash per share	1.64	2.78	2.27	1.69	4.51	2.46	5.1	3.62	3.21	3.22	2.7

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	-527.6%	165.7%	95.8%	111.7%	64.4%	100.3%	113%	301.6%	175.9%	-74.9%	689.5%
Dividend yield	3.11%	—	—	2.49%	—	—	—	3.91%	5.35%	10.9%	5.92%

Yield

5.92%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.72

ex-dividend Jun 30, 2026

Payout ratio

689%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.72
Mar 31, 2026	$0.72
Dec 31, 2025	$0.72

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$707.5M	$785.9M	$769.1M	$755.2M	$775.7M	$763.2M	$743.2M	$737.3M	$735.8M	$728.9M	$653M	$643.2M
YoY change	+7.72%	+15.8%	+9.75%	+5.78%	+9.64%	-2.88%	-3.37%	-2.37%	-5.14%	-4.5%	-12.1%	-12.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	125M	254.4M	234.2M	189.7M	568.5M	361.3M	825.2M	618.2M	552.1M	549.1M
Receivables	9.7M	10.3M	9.8M	10.7M	7.3M	7.4M	7.6M	8.2M	6.4M	6.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	202.1M	348M	348.3M	336.1M	727.8M	707.2M	973.9M	781.8M	783.6M	939.8M
Property, plant & equipment	96.1M	108.1M	228.7M	743.7M	983M	1.3B	1.3B	1.1B	1.3B	1.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	10.4B	12.1B	14.5B	18.4B	22.8B	30.2B	35.5B	36.8B	37.5B	34.1B
Accounts payable	366.2M	349.9M	215.5M	199M	285M	513.4M	389.7M	524.4M	534.8M	510.6M
Short-term debt	28M	50M	208M	384M	100M	270M	—	100M	—	353.2M
Total current liabilities	702.5M	741M	1.1B	1.3B	1.1B	1.7B	1.7B	2B	2B	2.2B
Long-term debt	4.1B	4.7B	5.3B	6.7B	7.8B	9B	10.6B	11.6B	12.8B	12.4B
Total liabilities	5B	5.6B	6.6B	8.2B	9.4B	11.2B	12.8B	14.1B	15.1B	14.9B
Shareholders' equity	5.4B	6.5B	7.9B	10.2B	13.4B	19B	22.7B	22.6B	22.4B	19.2B
Total debt	4.2B	4.8B	5.5B	7B	7.9B	9.2B	10.6B	11.7B	12.8B	12.8B
Net debt	4B	4.5B	5.2B	6.9B	7.3B	8.9B	9.7B	11.1B	12.2B	12.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	532.4M	618.2M	722.2M	561M	562.6M	552.1M	476.4M	520.5M	579.5M	549.1M	418.7M	470.4M
Receivables	6.9M	8.2M	7.5M	6.8M	7M	6.4M	6.9M	6.3M	6.4M	6.7M	7.4M	7.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	700.8M	781.8M	877.3M	679.4M	715.7M	783.6M	857.4M	868.1M	945.2M	939.8M	843.1M	867.7M
Property, plant & equipment	1.2B	1.1B	1.1B	1.1B	1.3B	1.3B	1.2B	1.2B	1.1B	1.1B	1.1B	1.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	36.8B	36.8B	37.7B	37.8B	38.5B	37.5B	37.6B	37.6B	37.4B	34.1B	34.2B	34.6B
Accounts payable	516.4M	524.4M	432.3M	434.7M	470M	534.8M	383M	—	—	—	—	394M
Short-term debt	—	100M	—	199.6M	454.6M	—	299.9M	1.1B	1.5B	353.2M	1.4B	2B
Total current liabilities	1.9B	2B	1.9B	2.1B	2.4B	2B	2B	3B	3.5B	2.2B	3B	4B
Long-term debt	11.6B	11.6B	12.6B	12.6B	12.9B	12.8B	13.2B	12.6B	12.4B	12.4B	11.5B	11.2B
Total liabilities	14.1B	14.1B	14.9B	15.2B	15.8B	15.1B	15.6B	15.9B	16.3B	14.9B	14.8B	15.5B
Shareholders' equity	22.7B	22.6B	22.8B	22.7B	22.7B	22.4B	22B	21.7B	21.1B	19.2B	19.4B	19.2B
Total debt	11.6B	11.7B	12.6B	12.8B	13.3B	12.8B	13.5B	13.7B	14B	12.8B	12.9B	13.2B
Net debt	11.1B	11.1B	11.9B	12.2B	12.8B	12.2B	13B	13.1B	13.4B	12.2B	12.5B	12.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-49.8M	194.2M	402.8M	404M	827.2M	654.3M	670.7M	281M	510.7M	-1.2B
Depreciation & amortization	313.4M	416.8M	477.7M	544.6M	640.9M	766.3M	927.8M	1B	1.1B	1.3B
Stock-based compensation	25.4M	25.6M	35M	43.6M	43.5M	48.7M	57.7M	82.9M	59.6M	41.1M
Change in working capital	-41.7M	-55.8M	-55.6M	-37.2M	-70.4M	-95.3M	-122.7M	2M	-200.5M	-297.8M
Operating cash flow	201.3M	462.7M	751.9M	826.4M	1.4B	1.3B	1.4B	1.2B	1.4B	1.4B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-60.1M	-186.6M	-217.6M	-163.6M	-9.3M	226.6M	110.4M	-12.3M	-59.6M	-87.9M
Dividends paid	-262.8M	-321.8M	-385.8M	-451.2M	-533M	-656M	-757.7M	-847.5M	-898.6M	-911.5M
Share repurchases	-206.8M	-148.3M	-14M	-9.2M	0	0	0	0	-50.1M	-208.2M
Financing cash flow	-3.1B	-2.4B	-3B	-4.2B	-23.8B	-28.4B	-11.9B	-9.7B	-13.2B	-27.6B
Net change in cash	-3B	-2.1B	-2.5B	-3.5B	-22.4B	-26.9B	-10.3B	-8.5B	-11.9B	-26.2B
Free cash flow	393.5M	450.9M	570.3M	683.9M	882.5M	1B	1.3B	1.6B	1.5B	1.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	68.3M	-42.7M	219.2M	94M	213.6M	-16.1M	38.7M	-62.2M	-197.8M	-995.4M	398.4M	-39M
Depreciation & amortization	246.1M	261.6M	257.2M	268.2M	276.7M	314.6M	326.8M	335.9M	333.8M	316.2M	299.8M	296M
Stock-based compensation	16.3M	34.6M	17.1M	14.5M	15.5M	12.5M	10.1M	12.5M	10.3M	8.2M	11M	10.1M
Change in working capital	10.6M	11M	-65.6M	3.8M	31.9M	-170.6M	-220.3M	17.2M	14.5M	-109.3M	-143.5M	-23.3M
Operating cash flow	315.9M	227.3M	384.1M	336.7M	513.2M	127.7M	138.3M	460.2M	433.5M	312.4M	196.6M	337M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-32.4M	1.2M	-24.3M	-18.6M	-10.5M	-6.2M	-77.1M	-20.6M	-28.4M	38.2M	-38.8M	-11.2M
Dividends paid	-214.6M	-214.5M	-221.8M	-222.1M	-227.4M	-227.2M	-230M	-227.2M	-227.2M	-227M	-123.8M	-123.8M
Share repurchases	—	—	—	—	—	—	-208.2M	0	0	0	0	0
Financing cash flow	-133.6M	-10.4B	-2.6B	-1.6B	-2.6B	-6.2B	-2B	-5B	-6.4B	-14.1B	-11.1B	-11.6B
Net change in cash	149.9M	-10.2B	-2.3B	-1.3B	-2.1B	-6.1B	-2B	-4.6B	-6B	-13.7B	-10.9B	-11.3B
Free cash flow	417.9M	428.6M	341.2M	411.8M	477.4M	274.2M	207.9M	460.2M	433.5M	312.4M	196.6M	337M

Date	Ratio
Apr 24, 2006	1:1
Jul 30, 2002	100:1

Alexandria Real Estate Equities, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history