Essential Properties Realty Trust, Inc. (EPRT) 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	$0.34	$0.33	-2.9%	—	$161.9M	—
Q1 26	$0.32	$0.34	+6.3%	—	$158.8M	—
Q4 25	$0.33	$0.34	+3.0%	—	$149.9M	—
Q3 25	$0.31	$0.33	+6.5%	—	$144.9M	—
Q2 25	$0.31	$0.31	0.0%	—	$137.1M	—
Q1 25	$0.29	$0.3	+3.4%	—	$129.4M	—
Q4 24	$0.31	$0.29	-6.5%	—	$119.7M	—
Q3 24	$0.3	$0.31	+3.3%	—	$117.1M	—
Q2 24	$0.3	$0.31	+3.3%	—	$109.3M	—
Q1 24	$0.28	$0.29	+3.6%	—	$103.5M	—
Q4 23	$0.27	$0.29	+7.4%	—	$97.7M	—
Q3 23	$0.27	$0.29	+7.4%	—	$91.7M	—
Q2 23	$0.25	$0.35	+40.0%	—	$86.5M	—
Q1 23	$0.23	$0.29	+26.1%	—	$83.7M	—
Q4 22	$0.22	$0.25	+13.6%	—	$74.3M	—
Q3 22	$0.24	$0.26	+8.3%	—	$70.7M	—

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	—	$1.29	—	—	$561.2M	—
FY24	—	$1.16	—	—	$449.6M	—
FY23	—	$1.25	—	—	$359.6M	—
FY22	—	$0.99	—	—	$286.5M	—

Total revenue

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

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$54.4M	$96.2M	$139.4M	$164M	$230.2M	$286.5M	$359.6M	$449.6M	$561.2M
YoY change	—	+76.7%	+44.8%	+17.7%	+40.4%	+24.4%	+25.5%	+25%	+24.8%

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	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	54.4M	96.2M	139.4M	164M	230.2M	286.5M	359.6M	449.6M	561.2M
Cost of revenue	1.5M	2M	3.1M	3.9M	5.8M	3.5M	4.7M	5M	7.6M
Gross profit	52.9M	94.2M	136.3M	160.1M	224.5M	283.1M	354.9M	444.6M	553.6M
Gross margin	97.2%	97.9%	97.8%	97.6%	97.5%	98.8%	98.7%	98.9%	98.7%
Research & development	—	—	—	—	—	—	—	—	—
Selling, general & administrative	8.8M	13.8M	21.7M	24.4M	24.3M	29.5M	30.7M	35.2M	40.9M
Operating expenses	11.2M	13.8M	21.7M	25.3M	24.1M	29.5M	30.7M	35.2M	40.9M
Operating income	24.6M	49.1M	71.8M	75.4M	131.2M	164.9M	222.1M	287.1M	359.1M
Operating margin	45.2%	51.1%	51.5%	46%	57%	57.6%	61.8%	63.8%	64%
Non-operating income, net	4.4M	942K	2.8M	-3.5M	-1.2M	8.3M	20.5M	-7.3M	852K
Pretax income	6.5M	20.8M	48.3M	42.7M	96.4M	135.7M	192.1M	204.3M	254.4M
Income tax	161K	195K	303K	212K	227K	998K	636K	628K	644K
Net income	6.3M	20.6M	48M	42.5M	96.2M	134.7M	191.4M	203.6M	253.7M
Net margin	11.6%	21.4%	34.5%	25.9%	41.8%	47%	53.2%	45.3%	45.2%
EBITDA	44.7M	81.7M	115.9M	135.3M	201.2M	256.3M	326.4M	413.8M	515.2M
EPS	0.15	0.36	0.65	0.44	0.82	0.99	1.25	1.16	1.29
Diluted EPS	0.15	0.36	0.63	0.44	0.82	0.99	1.24	1.15	1.28

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	91.7M	97.7M	103.5M	109.3M	117.1M	119.7M	129.4M	137.1M	144.9M	149.9M	158.8M	161.9M
Cost of revenue	1.4M	1.3M	993K	1.2M	1.5M	1.3M	2.3M	1.5M	1.9M	2M	1.5M	1.1M
Gross profit	90.3M	96.4M	102.5M	108.1M	115.6M	118.4M	127.1M	135.6M	143.1M	147.9M	157.3M	160.8M
Gross margin	98.5%	98.7%	99%	98.9%	98.7%	98.9%	98.3%	98.9%	98.7%	98.7%	99.1%	99.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7.2M	7.3M	9.4M	8.7M	8.6M	8.5M	11.5M	10.7M	10.2M	8.4M	12.3M	10.9M
Operating expenses	7.2M	7.3M	9.4M	8.7M	8.6M	8.5M	11.5M	10.7M	10.2M	8.4M	12.3M	10.9M
Operating income	57M	61.7M	64.6M	69.5M	75.8M	77.1M	80.5M	86.3M	93.8M	98.4M	101.2M	101.1M
Operating margin	62.2%	63.1%	62.4%	63.6%	64.8%	64.4%	62.2%	63%	64.7%	65.6%	63.7%	62.5%
Non-operating income, net	1.6M	2.9M	-2.2M	-1.1M	-5.9M	2M	-899K	1.5M	-78K	365K	-11.5M	3.7M
Pretax income	46.3M	49.4M	47.3M	51.8M	49.5M	55.7M	56.4M	63.5M	66M	68.4M	60.1M	75.1M
Income tax	162K	164K	156K	155K	159K	158K	158K	156K	170K	159K	160K	635K
Net income	46.1M	49.3M	47.1M	51.7M	49.3M	55.5M	56.3M	63.4M	65.8M	68.3M	60M	74.5M
Net margin	50.3%	50.4%	45.5%	47.3%	42.1%	46.4%	43.5%	46.2%	45.4%	45.6%	37.8%	46%
EBITDA	83.5M	89.7M	93.6M	101.8M	107.9M	110.5M	116.1M	125.7M	133.4M	140.1M	144.8M	148.5M
EPS	0.29	0.31	0.28	0.29	0.28	0.31	0.3	0.32	0.33	0.34	0.28	0.34
Diluted EPS	0.29	0.31	0.28	0.29	0.27	0.3	0.29	0.32	0.33	0.34	0.28	0.34

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	—	—	605.5M	—	—	—	—	—	—	—	5.7B
Enterprise value	—	—	1.2B	—	—	—	—	—	—	—	8.6B
Shares outstanding	—	41M	43.7M	64.1M	95.3M	116.4M	134.9M	152.1M	173.9M	196.1M	196.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	29.4	—	—	—	—	—	—	—	20.6
P/S	—	—	6.29	—	—	—	—	—	—	—	9.35
P/B	—	—	0.75	—	—	—	—	—	—	—	1.3
EV/EBITDA	—	—	14.2	—	—	—	—	—	—	—	15.2
EV/Sales	—	—	12.1	—	—	—	—	—	—	—	13.9
Earnings yield	—	—	3.4%	—	—	—	—	—	—	—	4.86%
FCF yield	—	—	7.58%	—	—	—	—	—	—	—	5.33%
PEG	—	—	—	—	—	—	—	—	—	—	3.29

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	—	97.2%	97.9%	97.8%	97.6%	97.5%	98.8%	98.7%	98.9%	98.7%	99.3%
Operating margin	—	45.2%	51.1%	51.5%	46%	57%	57.6%	61.8%	63.8%	64%	62.5%
Net margin	—	11.6%	21.4%	34.5%	25.9%	41.8%	47%	53.2%	45.3%	45.2%	43.5%
ROE	—	3.47%	2.54%	4%	2.69%	4.71%	5.4%	6.41%	5.7%	6.03%	6.48%
ROA	—	0.67%	1.49%	2.43%	1.71%	2.92%	3.37%	4.01%	3.51%	3.7%	3.58%
ROIC	—	2.55%	3.55%	3.68%	3.14%	4.12%	4.22%	4.77%	5.06%	5.37%	5.42%
Return on tangible assets	—	0.77%	1.65%	2.64%	1.83%	3.08%	3.37%	4.01%	3.51%	3.7%	3.58%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	—	5.09	3.07	4.78	6.25	5.38	6.09	5.36	6.4	6.62	3.84
Quick ratio	—	4.48	3.07	4.74	5.85	5.14	6.02	5.27	6.29	6.6	7.55
Debt / equity	—	4.22	0.69	0.62	0.53	0.58	0.58	0.57	0.6	0.6	0.66
Debt / assets	—	0.81	0.41	0.38	0.34	0.36	0.36	0.35	0.37	0.37	0.39
Net debt / EBITDA	—	17	6.84	6.37	5.98	5.62	5.39	5.06	5.04	4.78	4.93
Interest coverage	—	1.29	1.69	2.79	2.44	3.87	4.36	4.65	3.6	3.35	3.26
Effective tax rate	—	2.49%	0.94%	0.63%	0.5%	0.24%	0.74%	0.33%	0.31%	0.25%	0.42%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	—	1.33	2.2	2.17	1.72	1.98	2.12	2.36	2.59	2.86	2.99
EPS (basic)	—	0.15	0.36	0.65	0.44	0.82	0.99	1.25	1.16	1.29	1.29
EPS (diluted)	—	0.15	0.36	0.63	0.44	0.82	0.99	1.24	1.15	1.28	1.29
Book value per share	—	4.43	18.5	18.8	16.6	17.6	18.5	19.6	20.5	21.5	20.4
FCF per share	—	0.55	1.05	1.38	1.04	1.44	1.56	1.67	1.77	1.94	1.9
Cash per share	—	0.18	0.1	0.13	0.28	0.51	0.46	0.26	0.23	0.31	0.58

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	—	1.6K%	68.2%	133.1%	203.3%	116.8%	105.2%	87.9%	98%	92.2%	96.1%
Dividend yield	—	—	2.32%	—	—	—	—	—	—	—	4.84%

Yield

4.84%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.32

ex-dividend Jun 30, 2026

Payout ratio

96%

of earnings

Dividend growth

6 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jun 30, 2026	$0.32
Mar 31, 2026	$0.31
Dec 31, 2025	$0.31
Sep 30, 2025	$0.30
Jun 30, 2025	$0.30
Mar 31, 2025	$0.295
Dec 31, 2024	$0.295
Sep 30, 2024	$0.29

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	$91.7M	$97.7M	$103.5M	$109.3M	$117.1M	$119.7M	$129.4M	$137.1M	$144.9M	$149.9M	$158.8M	$161.9M
YoY change	+29.7%	+31.6%	+23.7%	+26.3%	+27.8%	+22.5%	+25%	+25.4%	+23.7%	+25.2%	+22.8%	+18.1%

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	1.8M	7.3M	4.2M	8.3M	26.6M	59.8M	62.3M	39.8M	40.7M	60.2M
Receivables	1.2M	5.5M	14.3M	41.9M	63.2M	83.6M	101.6M	140.2M	173.4M	230.5M
Inventory	0	4.2M	0	1.2M	17.1M	15.4M	4.8M	7.5M	10M	2.6M
Total current assets	13.7M	34.9M	55.7M	156.6M	265.5M	348.1M	417.9M	420.5M	580.4M	704.8M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	111.7M	124.9M	132.8M	157.8M	160.5M	175.9M	—	—	—	—
Total assets	466.3M	942.2M	1.4B	2B	2.5B	3.3B	4B	4.8B	5.8B	6.9B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	16.4M	12.3M	11.6M	9.6M	10.2M	12.7M	11.6M	11.2M	—	—
Total current liabilities	2.4M	6.9M	18.1M	32.8M	42.5M	64.8M	68.7M	78.4M	90.8M	106.4M
Long-term debt	289.2M	754M	551.7M	736.5M	825.4M	1.2B	1.4B	1.7B	2.1B	2.5B
Total liabilities	291.6M	760.8M	569.9M	773.3M	906.9M	1.3B	1.5B	1.8B	2.2B	2.7B
Shareholders' equity	174.7M	181.4M	811M	1.2B	1.6B	2B	2.5B	3B	3.6B	4.2B
Total debt	305.6M	766.3M	563.3M	746M	835.6M	1.2B	1.4B	1.7B	2.1B	2.5B
Net debt	303.8M	759M	559.1M	737.7M	809M	1.1B	1.4B	1.7B	2.1B	2.5B

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	36.1M	39.8M	79.2M	23.6M	32.7M	40.7M	47M	20.8M	23.8M	60.2M	15.2M	126.2M
Receivables	125.4M	140.2M	144.6M	156.8M	167.2M	173.4M	193.3M	203.9M	218.5M	230.5M	257.9M	271.8M
Inventory	3.5M	7.5M	1.2M	8.7M	6.9M	10M	3.4M	0	1.4M	2.6M	18.2M	3.9M
Total current assets	398M	420.5M	460.9M	485M	549M	580.4M	598.5M	596.6M	647.1M	704.8M	740M	867.1M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	4.5B	4.8B	5B	5.3B	5.5B	5.8B	6.1B	6.3B	6.6B	6.9B	7.2B	7.5B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	11.2M	11.2M	10.9M	—	—	—	—	—	—	—	—	—
Total current liabilities	69.6M	78.4M	76.1M	82.1M	82.7M	90.8M	84.5M	92.7M	95.8M	106.4M	112.1M	114.3M
Long-term debt	1.6B	1.7B	1.7B	1.9B	2.2B	2.1B	2.1B	2.3B	2.6B	2.5B	2.6B	2.9B
Total liabilities	1.7B	1.8B	1.8B	2B	2.3B	2.2B	2.2B	2.5B	2.8B	2.7B	2.8B	3B
Shareholders' equity	2.8B	3B	3.2B	3.3B	3.2B	3.6B	3.8B	3.8B	3.8B	4.2B	4.4B	4.5B
Total debt	1.6B	1.7B	1.7B	1.9B	2.2B	2.1B	2.1B	2.3B	2.6B	2.5B	2.6B	2.9B
Net debt	1.6B	1.7B	1.6B	1.9B	2.2B	2.1B	2.1B	2.3B	2.6B	2.5B	2.6B	2.8B

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	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	6.3M	20.6M	48M	42.5M	96.2M	134.7M	191.4M	203.6M	253.7M
Depreciation & amortization	20M	31.7M	43.3M	59.4M	69.9M	88.3M	101.9M	121.9M	153.5M
Stock-based compensation	841K	2.4M	6.2M	6.1M	5.7M	9.5M	9M	10.8M	13.2M
Change in working capital	—	-767K	1.2M	-12.1M	2.2M	4.5M	-6M	-7.3M	-7.3M
Operating cash flow	24.9M	48.1M	89.6M	87.2M	154.8M	222.9M	273.8M	297.7M	381.1M
Capital expenditure	—	—	—	—	—	—	—	—	—
Investing cash flow	53.2M	44.6M	-22.6M	9.7M	20.3M	74.5M	142.3M	-30.3M	55.5M
Dividends paid	-101.2M	-14.1M	-63.9M	-86.5M	-112.3M	-141.7M	-168.2M	-199.7M	-233.9M
Share repurchases	—	—	—	—	—	—	—	—	—
Financing cash flow	449.4M	412.8M	77.4M	342.8M	422.1M	63.8M	510M	810.7M	798.4M
Net change in cash	527.5M	505.5M	144.3M	439.8M	597.2M	361.2M	926.1M	1.1B	1.2B
Free cash flow	22.5M	45.9M	88.6M	99.4M	167.4M	211M	254.6M	308.5M	381.1M

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	46.1M	49.3M	47.1M	51.7M	49.3M	55.5M	56.3M	63.4M	65.8M	68.3M	60M	74.5M
Depreciation & amortization	26.1M	27.4M	28.4M	29.9M	30.8M	32.8M	35M	38.6M	38.9M	41M	43.1M	46.4M
Stock-based compensation	2.1M	2.2M	2.9M	2.6M	2.6M	2.6M	4M	3.5M	3.6M	2.2M	4.2M	3.5M
Change in working capital	-3.4M	-988K	411K	-2.2M	-4.4M	-1M	-1M	-1.6M	-1.2M	-3.5M	-10M	-1.7M
Operating cash flow	67.6M	69.3M	70.4M	73.3M	68.8M	85.2M	84.1M	93.8M	99M	105.1M	99.8M	110.2M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	28.9M	707K	4.4M	-54.2M	-25.4M	44.9M	20.7M	18.5M	-31.2M	47.5M	-36.6M	44.2M
Dividends paid	-43.7M	-43.9M	-47.2M	-50.2M	-51.1M	-51.1M	-55.6M	-58.7M	-59.8M	-59.8M	-65.4M	-67.6M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	76.4M	221.3M	194.2M	-50.6M	-131.7M	553.9M	209M	161.2M	-415.4M	843.6M	219M	221.2M
Net change in cash	172.9M	291.3M	269M	-31.5M	-88.4M	684M	313.7M	273.5M	-347.6M	996.3M	282.1M	375.6M
Free cash flow	62.9M	72.6M	66.8M	81.1M	73.5M	87.1M	77.2M	99.8M	99M	105.1M	99.8M	110.2M

Essential Properties Realty Trust, 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