Tanger Factory Outlet Centers, Inc. (SKT) 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	$0.26	$0.29	+11.5%	—	$156.4M	—
Q1 26	$0.24	$0.24	0.0%	—	$150.4M	—
Q4 25	$0.27	$0.29	+7.4%	—	$160.3M	—
Q3 25	$0.26	$0.28	+7.7%	—	$145.2M	—
Q2 25	$0.22	$0.26	+18.2%	—	$140.7M	—
Q1 25	$0.22	$0.2	-9.1%	—	$135.4M	—
Q4 24	$0.2	$0.23	+15.0%	—	$140.7M	—
Q3 24	$0.22	$0.22	0.0%	—	$133M	—
Q2 24	$0.2	$0.22	+10.0%	—	$129M	—
Q1 24	$0.2	$0.22	+10.0%	—	$123.4M	—
Q4 23	$0.25	$0.22	-12.0%	—	$127.5M	—
Q3 23	$0.19	$0.26	+36.8%	—	$117.3M	—
Q2 23	$0.16	$0.23	+43.8%	—	$110.6M	—
Q1 23	$0.11	$0.22	+100.0%	—	$108.9M	—
Q4 22	$0.18	$0.17	-5.6%	—	$116.5M	—
Q3 22	$0.17	$0.22	+29.4%	—	$111.4M	—

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	—	$1.01	—	—	$581.6M	—
FY24	—	$0.89	—	—	$526.1M	—
FY23	—	$0.94	—	—	$464.4M	—
FY22	—	$0.78	—	—	$442.6M

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	$465.8M	$488.2M	$494.7M	$478.3M	$390M	$426.5M	$442.6M	$464.4M	$526.1M	$581.6M
YoY change	+6.02%	+4.81%	+1.32%	-3.3%	-18.5%	+9.37%	+3.77%	+4.92%	+13.3%	+10.5%

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	465.8M	488.2M	494.7M	478.3M	390M	426.5M	442.6M	464.4M	526.1M	581.6M
Cost of revenue	152M	155.2M	160.5M	157.7M	137.1M	140.7M	143.9M	145.5M	158.7M	176.5M
Gross profit	313.8M	333M	334.2M	320.6M	252.9M	285.8M	298.7M	318.9M	367.3M	405.1M
Gross margin	67.4%	68.2%	67.6%	67%	64.8%	67%	67.5%	68.7%	69.8%	69.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	46.7M	44M	44.2M	53.8M	47.7M	65.8M	71.5M	76.1M	78M	78.7M
Operating expenses	46.7M	44M	44.2M	53.8M	47.7M	65.8M	71.5M	76.1M	78M	78.7M
Operating income	151.8M	161.3M	158.3M	143.5M	88M	110M	115.2M	133.8M	150.6M	175.4M
Operating margin	32.6%	33%	32%	30%	22.6%	25.8%	26%	28.8%	28.6%	30.2%
Non-operating income, net	113.2M	-24.6M	-48M	10.9M	-62.9M	-47.5M	17.6M	18M	12.8M	10M
Pretax income	204.3M	71.9M	45.6M	92.7M	-38M	9.6M	85.8M	103.9M	102.8M	119.5M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	204.3M	71.9M	45.6M	92.7M	-38M	9.6M	85.8M	103.9M	102.8M	119.5M
Net margin	43.9%	14.7%	9.21%	19.4%	-9.75%	2.24%	19.4%	22.4%	19.5%	20.5%
EBITDA	374.5M	293.7M	291.8M	271.9M	207.2M	227.3M	241.8M	260.7M	302.1M	340.6M
EPS	2.02	0.71	0.45	0.93	-0.4	0.08	0.78	0.94	0.89	1.01
Diluted EPS	2.01	0.71	0.45	0.93	-0.4	0.08	0.77	0.92	0.88	0.99

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	117.3M	127.5M	123.4M	129M	133M	140.7M	135.4M	140.7M	145.2M	160.3M	150.4M	156.4M
Cost of revenue	36.8M	41.9M	35.5M	37.5M	40.2M	45.5M	41.8M	40.4M	43.8M	50.5M	46.7M	45.5M
Gross profit	80.6M	85.5M	87.9M	91.4M	92.8M	95.3M	93.5M	100.3M	101.4M	109.8M	103.7M	110.9M
Gross margin	68.7%	67.1%	71.3%	70.9%	69.7%	67.7%	69.1%	71.3%	69.8%	68.5%	68.9%	70.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	18.9M	21.5M	19.5M	18.8M	18.2M	21.5M	19M	19M	18.6M	22.1M	20.1M	20.5M
Operating expenses	18.9M	21.5M	19.5M	18.8M	18.2M	21.5M	19M	19M	18.6M	22.1M	20.1M	20.5M
Operating income	36.3M	31.9M	34.6M	38.4M	39.2M	38.5M	37.4M	44.7M	45.7M	47.6M	43.2M	48.5M
Operating margin	30.9%	25%	28%	29.8%	29.4%	27.3%	27.6%	31.8%	31.5%	29.7%	28.7%	31%
Non-operating income, net	4.3M	4.9M	3.1M	3.2M	2.3M	4.2M	-1.6M	3M	4.1M	4.5M	5.3M	5.6M
Pretax income	28.9M	24.8M	23.3M	25.9M	25.9M	27.6M	20M	31.3M	33.3M	34.8M	29.4M	34.6M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	28.9M	24.8M	23.3M	25.9M	25.9M	27.6M	20M	31.3M	33.3M	34.8M	29.4M	34.6M
Net margin	24.6%	19.5%	18.9%	20.1%	19.5%	19.6%	14.8%	22.3%	23%	21.7%	19.6%	22.1%
EBITDA	65.9M	69M	71.5M	75.8M	76.8M	78M	77.2M	84.3M	86.9M	92.2M	88.9M	96M
EPS	0.26	0.22	0.2	0.23	0.23	0.24	0.17	0.27	0.28	0.29	0.25	0.29
Diluted EPS	0.26	0.22	0.2	0.22	0.22	0.23	0.17	0.26	0.28	0.29	0.24	0.29

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	3.4B	2.5B	1.9B	1.4B	922.5M	1.9B	1.9B	2.9B	3.7B	3.8B	4.2B
Enterprise value	5.1B	4.3B	3.6B	3B	2.5B	3.3B	3.1B	4.4B	5.2B	5.4B	5.8B
Shares outstanding	95.1M	94.5M	93.3M	92.8M	92.6M	100.4M	103.7M	104.7M	109.3M	113.2M	113.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.7	34.9	41.4	14.7	—	202.6	21.7	27.9	36.3	31.6	31.9
P/S	7.3	5.13	3.81	2.86	2.37	4.54	4.2	6.25	7.09	6.49	6.62
P/B	4.82	4.09	3.73	3	2.57	3.87	3.62	4.91	5.49	5.14	5.93
EV/EBITDA	13.6	14.5	12.3	11.1	12	14.3	12.9	16.9	17.2	16	17.2
EV/Sales	10.9	8.73	7.26	6.3	6.4	7.64	7.03	9.49	9.87	9.37	9.22
Earnings yield	6%	2.87%	2.41%	6.78%	—	0.49%	4.61%	3.58%	2.76%	3.16%	3.13%
FCF yield	7.03%	10.1%	13.7%	16.1%	17.9%	11.2%	11.5%	7.91%	6.99%	7.82%	5.48%
PEG	—	—	—	—	—	—	—	—	—	—	4.31

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	67.4%	68.2%	67.6%	67%	64.8%	67%	67.5%	68.7%	69.8%	69.7%	70.9%
Operating margin	32.6%	33%	32%	30%	22.6%	25.8%	26%	28.8%	28.6%	30.2%	32.6%
Net margin	43.9%	14.7%	9.21%	19.4%	-9.75%	2.24%	19.4%	22.4%	19.5%	20.5%	20.2%
ROE	29%	11.7%	9.01%	20.3%	-10.6%	1.91%	16.7%	17.6%	15.1%	16.3%	19.4%
ROA	8.09%	2.83%	1.91%	4.06%	-1.74%	0.44%	3.87%	4.47%	4.32%	4.5%	4.71%
Return on tangible assets	8.6%	2.95%	1.96%	4.1%	-1.73%	0.44%	3.77%	4.44%	4.26%	4.55%	5.02%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.09	0.02	0.04	0.21	0.96	1.73	2.53	0.17	0.44	0.3	0.74
Quick ratio	0.09	0.02	0.04	0.21	0.96	1.73	2.53	0.17	0.44	0.3	2.12
Debt / equity	2.39	2.88	3.39	3.64	4.62	2.97	2.95	2.58	2.22	2.3	2.78
Debt / assets	0.67	0.69	0.72	0.73	0.76	0.69	0.68	0.66	0.63	0.64	0.68
Net debt / EBITDA	4.47	5.99	5.84	6.05	7.59	5.83	5.18	5.77	4.84	4.9	4.82
Interest coverage	4.37	2.11	1.7	2.5	0.4	1.18	2.83	3.17	2.69	2.81	2.83

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.9	5.17	5.3	5.15	4.21	4.25	4.27	4.44	4.81	5.14	5.5
EPS (basic)	2.02	0.71	0.45	0.93	-0.4	0.08	0.78	0.94	0.89	1.01	1.01
EPS (diluted)	2.01	0.71	0.45	0.93	-0.4	0.08	0.77	0.92	0.88	0.99	1.09
Book value per share	7.42	6.48	5.42	4.91	3.87	4.98	4.96	5.65	6.22	6.5	5.87
FCF per share	2.52	2.68	2.77	2.38	1.78	2.17	2.06	2.19	2.39	2.61	2.61
Cash per share	0.13	0.06	0.1	0.18	0.92	1.61	2.55	0.21	0.43	0.16	1.58

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	69%	181.1%	288%	143.1%	-175.1%	757.7%	98.1%	99.9%	117%	110.6%	109.2%
Dividend yield	4.15%	5.2%	6.96%	9.7%	7.22%	3.74%	4.53%	3.58%	3.22%	3.5%	3.6%

Yield

3.6%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.313

ex-dividend Jul 31, 2026

Payout ratio

109%

of earnings

Dividend growth

5 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$0.313
Apr 30, 2026	$0.313
Jan 30, 2026	$0.293

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	$117.3M	$127.5M	$123.4M	$129M	$133M	$140.7M	$135.4M	$140.7M	$145.2M	$160.3M	$150.4M	$156.4M
YoY change	+5.29%	+9.46%	+13.2%	+16.6%	+13.3%	+10.4%	+9.72%	+9.1%	+9.18%	+13.9%	+11.1%	+11.2%

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	12.2M	6.1M	9.1M	16.7M	84.8M	161.3M	264.6M	22M	47M	18.1M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	12.2M	6.1M	9.1M	16.7M	84.8M	161.3M	264.6M	22M	47M	53.5M
Property, plant & equipment	—	—	—	86.6M	81.5M	79.8M	78.6M	77.4M	76.1M	83.5M
Goodwill & intangibles	149.7M	100.3M	58.6M	22.5M	-7.8M	-33M	-61.1M	-15.3M	-33.1M	30.5M
Total assets	2.5B	2.5B	2.4B	2.3B	2.2B	2.2B	2.2B	2.3B	2.4B	2.7B
Accounts payable	78.1M	90.4M	82.7M	—	—	—	—	—	—	—
Short-term debt	58M	206.2M	142M	—	—	—	—	13M	—	44M
Total current liabilities	136.1M	296.6M	224.7M	79.6M	88.3M	93M	104.7M	131.5M	107.8M	177.1M
Long-term debt	1.6B	1.6B	1.6B	1.7B	1.7B	1.5B	1.5B	1.5B	1.5B	1.6B
Total liabilities	1.8B	1.9B	1.9B	1.8B	1.8B	1.7B	1.7B	1.7B	1.7B	1.9B
Shareholders' equity	705.4M	612.3M	505.5M	456.1M	358.9M	499.8M	513.9M	591.3M	679.7M	735.1M
Total debt	1.7B	1.8B	1.7B	1.7B	1.7B	1.5B	1.5B	1.5B	1.5B	1.7B
Net debt	1.7B	1.8B	1.7B	1.6B	1.6B	1.3B	1.3B	1.5B	1.5B	1.7B

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	201.6M	22M	15.9M	11.3M	11.1M	47M	10.2M	9.7M	13M	18.1M	227.4M	196.9M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	16.6M	—	—	—	—	—
Total current assets	201.6M	22M	15.9M	11.3M	11.1M	47M	26.8M	9.7M	50.2M	53.5M	263.2M	227.9M
Property, plant & equipment	77.7M	77.4M	77.1M	76.8M	76.4M	76.1M	75.8M	75.4M	81.7M	83.5M	83.1M	82.8M
Goodwill & intangibles	108.2M	-15.3M	172.9M	163.7M	155M	-33.1M	209.6M	200.3M	232M	30.5M	211M	227.6M
Total assets	2.2B	2.3B	2.3B	2.3B	2.3B	2.4B	2.5B	2.5B	2.6B	2.7B	2.8B	2.9B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	13M	46M	35M	—	—	139M	92M	60M	44M	—	—
Total current liabilities	99M	131.5M	123.9M	121M	86.8M	107.8M	214.1M	178.5M	158.5M	177.1M	78.4M	107.7M
Long-term debt	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.6B	1.6B	2B	2B
Total liabilities	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B	1.8B	1.9B	1.9B	2.1B	2.2B
Shareholders' equity	512.4M	591.3M	579.7M	577.6M	592.6M	679.7M	660M	661.3M	732.2M	735.1M	697.8M	701.4M
Total debt	1.5B	1.5B	1.6B	1.5B	1.5B	1.5B	1.6B	1.6B	1.7B	1.7B	2B	2B
Net debt	1.3B	1.5B	1.5B	1.5B	1.5B	1.5B	1.6B	1.6B	1.7B	1.7B	1.7B	1.8B

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	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	204.3M	71.9M	45.6M	92.7M	-38M	9.6M	85.8M	103.9M	102.8M	119.5M
Depreciation & amortization	115.4M	127.7M	131.7M	123.3M	117.1M	110M	111.9M	108.9M	138.7M	151M
Stock-based compensation	15.3M	13.6M	14.7M	18.1M	12.5M	12.8M	13M	12.5M	12M	12.7M
Change in working capital	-1.1M	730K	4.2M	-8.3M	-5.4M	5.1M	276K	3.4M	1.8M	-19.3M
Operating cash flow	334.7M	214.9M	196.3M	226.6M	96.4M	147.8M	215.3M	236M	260M	295.4M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-62M	23.6M	-1M	129.4M	724K	-5.3M	-45.9M	31.1M	-5.2M	-10.2M
Dividends paid	-141.1M	-130.2M	-131.2M	-132.7M	-66.6M	-72.4M	-84.2M	-103.8M	-120.2M	-132.2M
Share repurchases	0	-49.4M	-20M	-20M	0	0	—	—	—	—
Financing cash flow	-334.5M	5.4M	-278.2M	-457.2M	-77.6M	-118.6M	-64.3M	-7.5M	-49.6M	-26.1M
Net change in cash	-61.8M	243.8M	-82.9M	-101.2M	19.6M	23.9M	105.1M	259.6M	205.2M	259.1M
Free cash flow	239.3M	253.2M	258.3M	220.5M	164.7M	217.7M	214M	229.6M	260.7M	295.4M

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	28.9M	24.8M	23.3M	25.9M	25.9M	27.6M	20M	31.3M	33.3M	34.8M	29.4M	34.6M
Depreciation & amortization	25.4M	32.2M	33.9M	34.2M	35.4M	35.3M	37.1M	36.6M	37.1M	40.1M	40.4M	42M
Stock-based compensation	3.4M	3.5M	3.5M	2.6M	2.9M	3M	2.9M	3.3M	3.3M	3.3M	3.6M	3.6M
Change in working capital	-6.9M	3.4M	7M	-4.1M	-1.8M	678K	-2.8M	-1.3M	347K	-15.6M	8.1M	1.2M
Operating cash flow	52.4M	66.3M	69.3M	59.3M	63.3M	68.2M	58.5M	82M	74.3M	97.6M	36.3M	93.5M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	3.8M	2.3M	-2.5M	2.3M	3.4M	-8.4M	-2.5M	-7.7M	-84K	102K	-22.6M	-4.6M
Dividends paid	-25.8M	-27.5M	-29.6M	-30.1M	-30.1M	-30.5M	-32.2M	-33.1M	-33.1M	-33.7M	-35M	-35.9M
Share repurchases	—	—	—	—	—	—	—	—	—	—	-20M	0
Financing cash flow	-28.8M	68.5M	23.2M	-50.9M	-68M	55M	97.6M	-72.7M	-67.2M	-52.6M	194.3M	-43.2M
Net change in cash	27.5M	137.1M	90M	10.7M	-1.4M	114.8M	153.5M	1.6M	7M	45.1M	208M	45.7M
Free cash flow	53.2M	77.5M	31.1M	72.8M	65.2M	91.6M	41.4M	82M	74.3M	97.6M	36.3M	93.5M

Date	Ratio
Jan 25, 2011	2:1
Dec 29, 2004	2:1

Tanger Factory Outlet Centers, 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