Federal Realty Investment Trust (FRT) 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	$0.87	$0.89	+2.3%	—	$335.7M	—
Q1 26	$0.68	$1.81	+166.2%	—	$341.1M	—
Q4 25	$1.36	$1.52	+11.8%	—	$336M	—
Q3 25	$0.78	$0.69	-11.5%	—	$322.3M	—
Q2 25	$0.75	$1.78	+137.3%	—	$311.5M	—
Q1 25	$0.7	$0.72	+2.9%	—	$309.2M	—
Q4 24	$0.74	$0.73	-1.4%	—	$311.4M	—
Q3 24	$0.74	$0.7	-5.4%	—	$303.6M	—
Q2 24	$0.71	$0.69	-2.8%	—	$296.1M	—
Q1 24	$0.69	$0.66	-4.3%	—	$291.3M	—
Q4 23	$0.67	$0.66	-1.5%	—	$291.8M	—
Q3 23	$0.67	$0.67	0.0%	—	$286.6M	—
Q2 23	$0.66	$0.72	+9.1%	—	$280.7M	—
Q1 23	$0.6	$0.65	+8.3%	—	$273.1M	—
Q4 22	$0.63	$1.4	+122.2%	—	$280.1M	—
Q3 22	$0.63	$1.89	+200.0%	—	$273.5M	—

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	—	$4.68	—	—	$1.3B	—
FY24	—	$3.42	—	—	$1.2B	—
FY23	—	$2.8	—	—	$1.1B	—
FY22	—	$4.71	—	—	$1.1B

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	$801.6M	$857.3M	$915.4M	$935.8M	$835.5M	$951.2M	$1.1B	$1.1B	$1.2B	$1.3B
YoY change	+7.74%	+6.96%	+6.78%	+2.22%	-10.7%	+13.9%	+12.9%	+5.38%	+6.21%	+6.36%

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	801.6M	857.3M	915.4M	935.8M	835.5M	951.2M	1.1B	1.1B	1.2B	1.3B
Cost of revenue	253.6M	272.7M	287.9M	298.8M	290.2M	316.6M	356.8M	363.1M	391.8M	418.9M
Gross profit	548M	584.6M	627.6M	637M	545.3M	634.6M	717.6M	769.1M	810.7M	860.1M
Gross margin	68.4%	68.2%	68.6%	68.1%	65.3%	66.7%	66.8%	67.9%	67.4%	67.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	33.4M	36.3M	33.6M	42.8M	41.7M	49.9M	52.6M	50.7M	49.7M	46.9M
Operating expenses	33.4M	36.3M	33.6M	42.8M	41.7M	49.9M	52.6M	50.7M	49.7M	46.9M
Operating income	321M	332.3M	349.7M	354.5M	248.6M	304.8M	362.6M	396.6M	418.3M	459.5M
Operating margin	40%	38.8%	38.2%	37.9%	29.8%	32%	33.7%	35%	34.8%	35.9%
Non-operating income, net	50K	65.2M	8.5M	114.4M	21.7M	91.2M	169M	13.8M	57.2M	144.6M
Pretax income	226.4M	297.9M	249M	360.5M	135.9M	269.1M	395.7M	247.2M	304.3M	423.6M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	258.9M	297.9M	249M	360.5M	135.9M	269.1M	395.7M	247.2M	304.3M	423.6M
Net margin	32.3%	34.7%	27.2%	38.5%	16.3%	28.3%	36.8%	21.8%	25.3%	33.1%
EBITDA	515M	548.4M	591.5M	593.5M	497.5M	586.8M	671.2M	726.9M	768.4M	832.4M
EPS	3.51	3.97	3.18	4.61	1.62	3.26	4.71	2.8	3.42	4.68
Diluted EPS	3.5	3.97	3.18	4.61	1.62	3.26	4.71	2.8	3.42	4.68

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	286.6M	291.8M	291.3M	296.1M	303.6M	311.4M	309.2M	311.5M	322.3M	336M	341.1M	335.7M
Cost of revenue	91.6M	95.7M	95.7M	94.2M	100M	101.9M	104.4M	98.3M	105.7M	110.6M	113.7M	103.6M
Gross profit	195M	196.1M	195.6M	201.9M	203.7M	209.5M	204.8M	213.2M	216.6M	225.5M	227.4M	232.1M
Gross margin	68%	67.2%	67.1%	68.2%	67.1%	67.3%	66.2%	68.4%	67.2%	67.1%	66.7%	69.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	13.1M	13.1M	12M	12.1M	10.8M	14.8M	10.9M	11.9M	11.6M	12.5M	11.9M	13.5M
Operating expenses	13.1M	13.1M	12M	12.1M	10.8M	14.8M	10.9M	11.9M	11.6M	12.5M	11.9M	13.5M
Operating income	100.1M	100.6M	100.2M	104.7M	105.8M	107.6M	107M	126.2M	110.7M	115.6M	116.3M	118M
Operating margin	34.9%	34.5%	34.4%	35.4%	34.9%	34.5%	34.6%	40.5%	34.3%	34.4%	34.1%	35.2%
Non-operating income, net	1.3M	8.6M	32K	53.2M	888K	3.1M	1.3M	77.4M	605K	65.2M	92.9M	20M
Pretax income	59.4M	67.1M	58M	114.7M	63.5M	68.2M	66.6M	160M	64.5M	132.6M	161.1M	88.6M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	59.4M	67.1M	58M	114.7M	63.5M	68.2M	66.6M	160M	64.5M	132.6M	161.1M	88.6M
Net margin	20.7%	23%	19.9%	38.7%	20.9%	21.9%	21.5%	51.3%	20%	39.5%	47.2%	26.4%
EBITDA	183.8M	184.3M	185.1M	191.7M	194.7M	196.8M	194.8M	217.3M	206.4M	213.9M	216.7M	218.6M
EPS	0.67	0.76	0.66	1.32	0.7	0.75	0.72	1.78	0.69	1.48	1.82	0.97
Diluted EPS	0.67	0.76	0.66	1.32	0.7	0.75	0.72	1.78	0.69	1.48	1.81	0.97

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	10.1B	9.6B	8.6B	9.6B	6.4B	10.5B	8.1B	8.4B	9.4B	8.7B	9.5B
Enterprise value	12.8B	12.9B	11.8B	13B	10.1B	14.6B	12.5B	12.8B	13.8B	13.6B	14.8B
Shares outstanding	70.9M	72.1M	73.3M	74.8M	75.5M	77.3M	79.9M	81.3M	83.6M	85.9M	85.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	38.9	32.2	34.7	26.7	47.3	39.2	20.4	33.9	30.7	20.4	22
P/S	12.6	11.2	9.45	10.3	7.69	11.1	7.51	7.4	7.78	6.77	7.09
P/B	4.54	3.78	3.32	3.47	2.39	3.66	2.51	2.6	2.73	2.47	2.95
EV/EBITDA	24.9	23.5	20	21.9	20.2	24.8	18.6	17.6	18	16.3	17.6
EV/Sales	16	15	12.9	13.9	12	15.3	11.6	11.3	11.5	10.6	11
Earnings yield	2.57%	3.11%	2.88%	3.75%	2.11%	2.55%	4.9%	2.95%	3.25%	4.9%	4.54%
FCF yield	-0.1%	-0.63%	1.72%	0.54%	-2.05%	0.29%	1.24%	2.92%	3.5%	3.83%	4.78%
PEG	—	—	—	—	—	—	—	—	—	—	-0.48

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	68.4%	68.2%	68.6%	68.1%	65.3%	66.7%	66.8%	67.9%	67.4%	67.2%	69.1%
Operating margin	40%	38.8%	38.2%	37.9%	29.8%	32%	33.7%	35%	34.8%	35.9%	35%
Net margin	32.3%	34.7%	27.2%	38.5%	16.3%	28.3%	36.8%	21.8%	25.3%	33.1%	32.7%
ROE	11.7%	11.8%	9.56%	13%	5.06%	9.35%	12.3%	7.66%	8.89%	12.1%	12.6%
ROA	4.77%	4.75%	3.96%	5.31%	1.79%	3.53%	4.81%	2.93%	3.57%	4.64%	3.26%
Return on tangible assets	4.77%	4.75%	3.96%	5.31%	1.79%	3.53%	4.81%	2.93%	3.57%	4.64%	4.93%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.59	0.88	0.86	0.87	3	0.98	0.95	1.55	1.16	1.04	0.56
Quick ratio	0.59	0.88	0.86	0.87	3	0.98	0.95	1.55	1.16	1.04	1.05
Debt / equity	1.26	1.31	1.24	1.26	1.65	1.46	1.39	1.45	1.33	1.44	1.34
Debt / assets	0.52	0.53	0.51	0.52	0.58	0.55	0.54	0.56	0.54	0.55	0.54
Net debt / EBITDA	5.39	6.04	5.35	5.69	7.31	6.87	6.54	6.1	5.78	5.91	5.55
Interest coverage	3.38	3.97	3.26	4.29	2	3.11	3.89	2.47	2.73	3.31	3.28

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.3	11.9	12.5	12.5	11.1	12.3	13.5	13.9	14.4	14.9	15.5
EPS (basic)	3.51	3.97	3.18	4.61	1.62	3.26	4.71	2.8	3.42	4.68	4.68
EPS (diluted)	3.5	3.97	3.18	4.61	1.62	3.26	4.71	2.8	3.42	4.68	4.95
Book value per share	31.3	35.1	35.5	37.1	35.6	37.2	40.2	39.7	41	40.8	36.9
FCF per share	-0.14	-0.83	2.03	0.7	-1.75	0.4	1.25	3.01	3.92	3.86	3.82
Cash per share	0.33	0.21	0.87	1.7	10.6	2.1	1.07	3.08	1.48	1.25	1.33
Capex per share	—	—	—	—	—	—	—	—	—	3.39	3.5

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	22.8%	22.6%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	46.8%	47.8%
Payout ratio	103.4%	95%	120.9%	87%	238.9%	124.7%	87.8%	145.3%	122.1%	91.6%	91.3%
Dividend yield	2.66%	2.95%	3.48%	3.26%	5.05%	3.18%	4.3%	4.29%	3.97%	4.48%	4.12%

Yield

4.12%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.13

ex-dividend Jul 1, 2026

Payout ratio

91%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jul 1, 2026	$1.13
Apr 1, 2026	$1.13
Jan 2, 2026	$1.13

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	$286.6M	$291.8M	$291.3M	$296.1M	$303.6M	$311.4M	$309.2M	$311.5M	$322.3M	$336M	$341.1M	$335.7M
YoY change	+4.81%	+4.2%	+6.69%	+5.48%	+5.94%	+6.73%	+6.12%	+5.23%	+6.13%	+7.9%	+10.3%	+7.76%

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	23.4M	15.2M	64.1M	127.4M	798.3M	162.1M	85.6M	250.8M	123.4M	107.4M
Receivables	116.7M	209.9M	142.2M	152.6M	159.8M	169M	197.6M	201.7M	229.1M	249.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	170M	255.5M	236.8M	310.4M	998M	340.7M	292.7M	461.8M	361.6M	366.3M
Property, plant & equipment	—	—	—	146.2M	143.4M	140.6M	140M	93.8M	92.4M	89.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	5.4B	6.3B	6.3B	6.8B	7.6B	7.6B	8.2B	8.4B	8.5B	9.1B
Accounts payable	201.8M	196.3M	177.9M	255.5M	228.6M	235.2M	190.3M	174.7M	183.6M	219.7M
Short-term debt	—	41M	—	—	—	—	—	—	—	—
Total current liabilities	289.5M	288.9M	274M	358.9M	332.9M	347M	309.1M	297.8M	311.2M	351M
Long-term debt	2.8B	3.3B	3.2B	3.5B	4.4B	4.2B	4.5B	4.7B	4.6B	5B
Total liabilities	3.2B	3.7B	3.7B	4B	4.9B	4.7B	5B	5.2B	5.1B	5.6B
Shareholders' equity	2.2B	2.5B	2.6B	2.8B	2.7B	2.9B	3.2B	3.2B	3.4B	3.5B
Total debt	2.8B	3.3B	3.2B	3.5B	4.4B	4.2B	4.5B	4.7B	4.6B	5B
Net debt	2.8B	3.3B	3.2B	3.4B	3.6B	4B	4.4B	4.4B	4.4B	4.9B

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	98.2M	250.8M	95.9M	103.2M	97M	123.4M	109.2M	177M	111.3M	107.4M	115.6M	107.2M
Receivables	192.1M	201.7M	207.7M	194.6M	206.5M	229.1M	220.3M	225.9M	239.9M	249.8M	249.4M	262.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	299.5M	461.8M	312.8M	307M	312.7M	361.6M	338.6M	412.1M	360.3M	366.3M	365.1M	369.4M
Property, plant & equipment	132.4M	93.8M	93.2M	93.7M	93.1M	92.4M	91.7M	91M	90.3M	89.5M	88.6M	87.9M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	8.3B	8.4B	8.3B	8.4B	8.5B	8.5B	8.6B	8.6B	8.9B	9.1B	9.1B	9.1B
Accounts payable	209.9M	174.7M	185.6M	176.7M	201.1M	183.6M	197.4M	192.1M	224.5M	219.7M	222.2M	217.5M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	331.4M	297.8M	308.3M	300M	327.2M	311.2M	328.9M	323.3M	355.6M	351M	354.6M	350.8M
Long-term debt	4.6B	4.7B	4.6B	4.6B	4.6B	4.6B	4.6B	4.6B	4.8B	5B	4.9B	4.9B
Total liabilities	5.2B	5.2B	5.1B	5.2B	5.1B	5.1B	5.2B	5.1B	5.4B	5.6B	5.5B	5.4B
Shareholders' equity	3.1B	3.2B	3.2B	3.3B	3.4B	3.4B	3.4B	3.5B	3.5B	3.5B	3.6B	3.6B
Total debt	4.6B	4.7B	4.6B	4.6B	4.6B	4.6B	4.6B	4.6B	4.8B	5B	4.9B	4.9B
Net debt	4.5B	4.4B	4.5B	4.5B	4.5B	4.4B	4.5B	4.4B	4.7B	4.9B	4.8B	4.7B

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	258.9M	297.9M	249M	360.5M	135.9M	269.1M	395.7M	247.2M	304.3M	423.6M
Depreciation & amortization	193.6M	216.1M	244.2M	239.8M	255M	280M	302.4M	321.8M	342.6M	367.8M
Stock-based compensation	—	—	—	—	—	13M	13.7M	14.3M	16.4M	14.6M
Change in working capital	-2.1M	2.5M	31.4M	-14M	-4M	22.6M	8.7M	3.7M	945K	5.3M
Operating cash flow	450.8M	513.7M	541.2M	586.4M	393M	572.1M	697.3M	570.5M	635.2M	622.4M
Capital expenditure	—	—	—	—	—	—	—	—	—	-291.3M
Investing cash flow	-13.9M	-19M	11.5M	-26.9M	-41.6M	6M	-71.4M	-24.9M	-30.8M	-317.5M
Dividends paid	-267.7M	-283M	-301.2M	-313.6M	-324.6M	-335.7M	-347.3M	-359.2M	-371.6M	-388.1M
Share repurchases	-4.5M	-4.2M	-958K	-4.6M	-4.1M	-3M	-4.9M	-5M	-6.7M	-4.9M
Financing cash flow	168.8M	369.4M	-241.3M	-100.1M	661.7M	-453M	190.4M	-33.8M	-252.3M	103M
Net change in cash	605.7M	864.2M	311.4M	459.5M	1B	125.1M	816.3M	511.7M	352.1M	407.8M
Free cash flow	-9.6M	-60.1M	148.4M	52M	-132M	30.8M	100.1M	244.7M	327.8M	331M

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	—	—	—	—	—	—	—	—	64.5M	132.6M	161.1M	88.6M
Depreciation & amortization	—	—	—	—	—	—	—	—	94.3M	97.4M	99.2M	100.6M
Stock-based compensation	—	—	—	—	—	—	—	—	3.4M	3.7M	4.3M	3.6M
Change in working capital	7.5M	-7M	-500K	16.8M	-5.3M	-11.8M	16.8M	-2.1M	-11.2M	528K	6.2M	-8.6M
Operating cash flow	7.5M	-7M	-500K	16.8M	-5.3M	-11.8M	16.8M	-2.1M	147.8M	144.8M	184.6M	153.7M
Capital expenditure	—	—	—	—	—	—	—	—	-72.6M	-94.1M	-65M	-70.1M
Investing cash flow	—	—	—	—	—	—	—	—	-78.7M	-100.7M	-70.4M	-76M
Dividends paid	—	—	—	—	—	—	—	—	-96.5M	-99.1M	-99.1M	-99.2M
Share repurchases	—	—	—	—	—	—	—	—	-181K	-55K	-5M	-22K
Financing cash flow	—	—	—	—	—	—	—	—	31.1M	217.1M	-198.9M	-133.7M
Net change in cash	7.5M	-7M	-500K	16.8M	-5.3M	-11.8M	16.8M	-2.1M	100.2M	261.3M	-84.7M	-56M
Free cash flow	—	—	—	—	—	—	—	—	75.2M	50.7M	119.6M	83.7M

Date	Ratio
Nov 6, 1985	3:2
Sep 1, 1982	2:1

Federal Realty Investment Trust 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