SL Green Realty Corp. (SLG) 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	-$1.96	-$0.34	+82.7%	—	$249.3M	—
Q1 26	-$0.95	-$1.19	-25.3%	—	$238.4M	—
Q4 25	-$0.61	-$1.36	-123.0%	—	$261.6M	—
Q3 25	—	$0.5	—	—	$234M	—
Q2 25	-$0.05	-$0.75	-1400.0%	—	$220.9M	—
Q1 25	-$0.38	-$0.39	-2.6%	—	$223.9M	—
Q4 24	-$0.31	-$0.23	+25.8%	—	$231.7M	—
Q3 24	-$0.71	-$0.49	+31.0%	—	$224.9M	—
Q2 24	-$0.17	-$0.09	+47.1%	—	$222.8M	—
Q1 24	$0.65	$0.2	-69.2%	—	$187.9M	—
Q4 23	-$0.81	-$0.92	-13.6%	—	$295.8M	—
Q3 23	-$0.3	-$0.38	-26.7%	—	$210.2M	—
Q2 23	-$0.74	-$1.19	-60.8%	—	$246M	—
Q1 23	-$0.62	-$0.63	-1.6%	—	$245.8M	—
Q4 22	$0.01	-$1.01	-10200.0%	—	$224.9M	—
Q3 22	$0.08	$0.11	+37.5%	—	$212.5M	—

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	—	-$1.61	—	—	$940.3M	—
FY24	—	$0.08	—	—	$867.3M	—
FY23	—	-$9.12	—	—	$913.7M	—
FY22	—	-$1.49	—	—	$919.5M

Total revenue

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

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.9B	$1.5B	$1.2B	$1.2B	$1.1B	$861.3M	$919.5M	$913.7M	$867.3M	$940.3M
YoY change	+12.1%	-18.9%	-18.8%	+0.95%	-15%	-18.2%	+6.75%	-0.62%	-5.08%	+8.42%

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	1.9B	1.5B	1.2B	1.2B	1.1B	861.3M	919.5M	913.7M	867.3M	940.3M
Cost of revenue	594.5M	570.9M	448.7M	458.6M	388.6M	363.8M	431.1M	478.2M	454.7M	525.2M
Gross profit	1.3B	940.6M	778.7M	780.4M	664.2M	497.5M	488.4M	435.6M	412.6M	415.1M
Gross margin	68.1%	62.2%	63.4%	63%	63.1%	57.8%	53.1%	47.7%	47.6%	44.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	99.8M	100.5M	92.6M	100.9M	91.8M	94.9M	93.8M	111.4M	85.2M	89.3M
Operating expenses	110.1M	279M	327M	107.9M	127.1M	121.6M	100.1M	500.7M	85.2M	18M
Operating income	348.7M	436.7M	172.2M	400.1M	223.4M	158.9M	172.1M	-312.9M	120M	141.4M
Operating margin	18.7%	28.9%	14%	32.3%	21.2%	18.5%	18.7%	-34.2%	13.8%	15%
Non-operating income, net	276M	-62.1M	319.7M	93.6M	319.8M	404M	-151.1M	-141.5M	59.7M	-45.7M
Pretax income	278.9M	101.1M	270.9M	291.5M	414.8M	480.6M	-76.3M	-599.3M	30.2M	-96.9M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	278.9M	101.1M	270.9M	291.5M	414.8M	480.6M	-76.3M	-599.3M	30.2M	-96.9M
Net margin	15%	6.69%	22.1%	23.5%	39.4%	55.8%	-8.3%	-65.6%	3.48%	-10.3%
EBITDA	1.2B	862.5M	459M	642.1M	514M	321.9M	329.4M	-141.4M	170.2M	408.1M
EPS	2.42	0.91	2.75	3.19	4.88	6.57	-1.49	-9.12	0.08	-1.61
Diluted EPS	2.41	0.9	2.75	3.19	4.87	6.5	-1.49	-9.12	0.08	-1.61

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	210.2M	295.8M	187.9M	222.8M	224.9M	231.7M	223.9M	220.9M	234M	261.6M	238.4M	249.3M
Cost of revenue	124.6M	196.9M	102.2M	109.8M	122.8M	119.9M	121.1M	121.4M	138.6M	144.1M	135.8M	136.3M
Gross profit	85.6M	99M	85.7M	113M	102.1M	111.8M	102.8M	99.5M	95.3M	117.5M	102.6M	112.9M
Gross margin	40.7%	33.5%	45.6%	50.7%	45.4%	48.3%	45.9%	45.1%	40.7%	44.9%	43%	45.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	22.9M	42.3M	21.3M	20M	21M	22.8M	21.7M	21.6M	23.7M	22.3M	22.8M	22.8M
Operating expenses	22.9M	424.6M	73.4M	20M	21M	22.8M	5.2M	-24.7M	23.7M	22.3M	57.9M	22.8M
Operating income	12.1M	-375.6M	-36.3M	40.7M	27.9M	35.5M	33M	64.1M	8.4M	27.4M	-25.1M	22.9M
Operating margin	5.76%	-127%	-19.3%	18.3%	12.4%	15.3%	14.8%	29%	3.6%	10.5%	-10.5%	9.18%
Non-operating income, net	-4.2M	244.5M	87.4M	-1.3M	5.1M	20.6M	-9.2M	-23.9M	75.7M	-79.8M	1.4M	22.4M
Pretax income	-21.7M	-160.1M	18.4M	2M	-9.3M	19.1M	-21.5M	-6.8M	35.2M	-103.7M	-77.4M	-10.9M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	-21.7M	-160.1M	18.4M	2M	-9.3M	19.1M	-21.5M	-6.8M	35.2M	-103.7M	-77.4M	-10.9M
Net margin	-10.3%	-54.1%	9.79%	0.88%	-4.12%	8.26%	-9.62%	-3.09%	15%	-39.6%	-32.5%	-4.37%
EBITDA	48.7M	-356.9M	124.3M	98.3M	71.3M	-175.9M	115.7M	126M	77.8M	85.2M	36M	117.6M
EPS	-0.38	-2.45	0.2	-0.04	-0.21	0.13	-0.3	-0.16	0.35	-1.49	-1.2	-0.38
Diluted EPS	-0.38	-2.45	0.2	-0.04	-0.21	0.13	-0.3	-0.16	0.34	-1.49	-1.2	-0.38

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	11.1B	10.2B	7.8B	8.2B	—	5.2B	2.3B	3.1B	4.7B	3.4B	3.8B
Enterprise value	17.3B	16B	13.2B	13.9B	—	9.8B	8.6B	7.3B	9B	8.2B	10.9B
Shares outstanding	97.3M	95.4M	92.5M	83.6M	72.8M	69.7M	67.9M	68M	68.7M	74.4M	74.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	39.9	101.2	28.7	28	—	10.7	—	—	154.5	—	2.2K
P/S	5.96	6.77	6.33	6.58	—	5.98	2.49	3.36	5.38	3.63	3.79
P/B	1.3	1.39	1.17	1.31	—	0.97	0.45	0.72	1.02	0.78	1.09
EV/EBITDA	14.6	18.5	28.8	21.6	—	30.6	26.1	-51.4	52.8	20	30.8
EV/Sales	9.27	10.6	10.8	11.2	—	11.4	9.34	7.95	10.4	8.7	11
Earnings yield	2.51%	0.99%	3.49%	3.58%	—	9.33%	—	—	0.65%	—	0.05%
FCF yield	5.79%	5.31%	5.69%	4.62%	—	4.97%	12.1%	7.47%	2.78%	2.43%	15.4%
PEG	—	—	—	—	—	—	—	—	—	—	15.8

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	68.1%	62.2%	63.4%	63%	63.1%	57.8%	53.1%	47.7%	47.6%	44.1%	45.3%
Operating margin	18.7%	28.9%	14%	32.3%	21.2%	18.5%	18.7%	-34.2%	13.8%	15%	18.8%
Net margin	15%	6.69%	22.1%	23.5%	39.4%	55.8%	-8.3%	-65.6%	3.48%	-10.3%	-16.7%
ROE	3.27%	1.37%	4.08%	4.69%	7.55%	9.04%	-1.5%	-14.1%	0.66%	-2.23%	-3.57%
ROA	1.76%	0.72%	2.12%	2.28%	3.54%	4.34%	-0.62%	-6.29%	0.29%	-0.87%	0.45%
Return on tangible assets	1.76%	0.72%	2.12%	2.29%	3.56%	4.36%	-0.64%	-6.29%	0.3%	-0.9%	-1.33%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.81	2.1	0.85	1.64	1.45	0.92	0.79	0.74	2.17	1.83	2.47
Quick ratio	1.81	2.1	0.85	1.64	1.45	0.92	0.79	0.74	2.17	1.83	1.41
Debt / equity	0.77	0.8	0.84	0.96	0.99	0.93	1.28	1.04	0.99	1.14	1.43
Debt / assets	0.41	0.42	0.44	0.46	0.46	0.45	0.53	0.46	0.43	0.45	0.45
Net debt / EBITDA	5.2	6.66	11.8	8.94	9.97	14.6	19.1	-29.6	25.4	11.7	16
Interest coverage	1.86	1.39	2.29	2.5	4.49	7.65	0.14	-3.36	1.18	0.62	0.39

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	19.1	15.8	13.3	14.8	14.5	12.4	13.5	13.4	12.6	12.6	14.1
EPS (basic)	2.42	0.91	2.75	3.19	4.88	6.57	-1.49	-9.12	0.08	-1.61	-1.61
EPS (diluted)	2.41	0.9	2.75	3.19	4.87	6.5	-1.49	-9.12	0.08	-1.61	-2.72
Book value per share	87.6	77.1	71.7	74.3	75.5	76.3	75	62.7	66.3	58.5	45.1
FCF per share	6.62	5.69	4.77	4.5	7.62	3.67	4.06	3.38	1.89	1.11	1.2
Cash per share	3.74	1.64	1.71	2.34	4.05	4.1	3.16	3.4	2.93	2.41	2.73

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	112.6%	330%	115.6%	105.1%	70.9%	56.4%	-343.5%	-38.5%	724.1%	-272.4%	15.4K%
Dividend yield	2.83%	3.26%	4.03%	3.76%	—	5.26%	11.4%	7.52%	4.69%	7.73%	15%

Yield

15%

trailing twelve months

Frequency

Monthly

Last dividend

$0.618

ex-dividend Jun 30, 2026

Payout ratio

15375%

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	$0.618
Mar 31, 2026	$0.618
Nov 28, 2025	$0.258

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	$210.2M	$295.8M	$187.9M	$222.8M	$224.9M	$231.7M	$223.9M	$220.9M	$234M	$261.6M	$238.4M	$249.3M
YoY change	-1.07%	+31.6%	-23.6%	-9.44%	+7.01%	-21.7%	+19.2%	-0.88%	+4.03%	+12.9%	+6.51%	+12.9%

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	364.6M	156.5M	158.1M	196M	294.6M	286.2M	214.5M	231.4M	201.6M	179.4M
Receivables	496M	423M	377.6M	327M	347.3M	295.9M	292.4M	297.9M	310.5M	312.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	966.9M	1.1B	713.4M	1B	783.3M	837.9M	715M	655.2M	1.4B	1.7B
Property, plant & equipment	—	—	—	—	—	—	—	—	865.6M	864.4M
Goodwill & intangibles	—	—	—	54M	50.3M	34.2M	427M	9.6M	362.1M	282.2M
Total assets	15.9B	14B	12.8B	12.8B	11.7B	11.1B	12.4B	9.5B	10.5B	11.1B
Accounts payable	190.6M	137.1M	147.1M	166.9M	151.3M	157.6M	154.9M	153.2M	122.7M	134.6M
Short-term debt	—	30.3M	492.2M	234M	105.3M	381.3M	443.2M	554.8M	316.2M	637.8M
Total current liabilities	534.4M	506.2M	837.3M	616.4M	539.3M	910.4M	906.1M	880.2M	642.1M	937.6M
Long-term debt	6.5B	5.9B	5.1B	5.7B	5.3B	4.6B	6.1B	3.9B	4.2B	4.3B
Total liabilities	7.3B	6.6B	6.1B	6.6B	6.2B	5.7B	7.3B	5.3B	5.9B	6.7B
Shareholders' equity	8.5B	7.4B	6.6B	6.2B	5.5B	5.3B	5.1B	4.3B	4.6B	4.4B
Total debt	6.5B	5.9B	5.6B	5.9B	5.4B	5B	6.5B	4.4B	4.5B	4.9B
Net debt	6.2B	5.8B	5.5B	5.8B	5.2B	4.7B	6.3B	4.2B	4.3B	4.8B

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	199.4M	231.4M	206.7M	216.1M	204.7M	201.6M	192.4M	200.1M	203.1M	179.4M	169.2M	202.1M
Receivables	300.1M	297.9M	306.6M	307.8M	320.2M	310.5M	313.1M	311.5M	405.6M	312.2M	319.5M	322.2M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	628.8M	655.2M	669.6M	669.9M	1.4B	1.4B	2.3B	2.1B	1.8B	1.7B	1.9B	2B
Property, plant & equipment	—	—	—	875.9M	870.8M	865.6M	860.4M	875.4M	869.9M	864.4M	909.4M	902.1M
Goodwill & intangibles	—	9.6M	—	—	—	362.1M	—	—	—	282.2M	—	—
Total assets	9.7B	9.5B	9.8B	9.5B	10.2B	10.5B	11.4B	11.3B	11.1B	11.1B	11.8B	11.8B
Accounts payable	146.3M	153.2M	101.5M	121M	125.4M	122.7M	123.3M	130.7M	140.2M	134.6M	118.9M	129.3M
Short-term debt	394.4M	554.8M	645.1M	535.5M	730.9M	316.2M	486.6M	357M	387.4M	637.8M	814M	839.7M
Total current liabilities	716.4M	880.2M	958.4M	860.8M	1.1B	642.1M	816.6M	684M	731.5M	937.6M	1.4B	1.4B
Long-term debt	3.9B	3.9B	4.1B	4B	4B	4.2B	4.3B	4.3B	4.5B	4.3B	4.7B	4.4B
Total liabilities	5.2B	5.3B	5.5B	5.4B	6.1B	5.9B	7B	6.9B	6.7B	6.7B	7.4B	7.4B
Shareholders' equity	4.5B	4.3B	4.2B	4.2B	4.1B	4.6B	4.4B	4.4B	4.4B	4.4B	4.4B	4.4B
Total debt	4.3B	4.4B	4.7B	4.6B	4.7B	4.5B	4.8B	4.7B	4.9B	4.9B	5.5B	5.3B
Net debt	4.2B	4.2B	4.5B	4.4B	4.6B	4.3B	4.6B	4.5B	4.7B	4.8B	5.4B	5.1B

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	278.9M	101.1M	270.9M	291.5M	414.8M	480.6M	-76.3M	-599.3M	30.2M	-96.9M
Depreciation & amortization	845.6M	418.8M	289.9M	284M	325.5M	228.4M	224M	255.6M	214.1M	262.8M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-95.6M	-43.8M	-29.8M	-112.7M	78.8M	-120.5M	-40.4M	2.9M	-132.5M	-98.7M
Operating cash flow	903.2M	458.7M	460.3M	393.5M	651.1M	429.1M	126.4M	-285.9M	87.8M	82.9M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-154.6M	-629.3M	-1.2B	342.7M	364.5M	17.2M	23M	-267.2M	-559.9M	-234.9M
Dividends paid	-314.1M	-333.5M	-313.2M	-306.4M	-294M	-271.1M	-262.1M	-230.9M	-218.8M	-264M
Share repurchases	-3.3M	-806.6M	-980.7M	-402.5M	-611.2M	-347.4M	-169.2M	-11.7M	-2.5M	-1.1M
Financing cash flow	-3.8B	-200.7M	-563.2M	-789M	-1.9B	-1.6B	-995.3M	-739.9M	-304.5M	252.5M
Net change in cash	-3B	-371.3M	-1.3B	-52.8M	-844.8M	-1.2B	-846M	-1.3B	-776.6M	100.5M
Free cash flow	644M	543M	441.5M	376.5M	554.2M	256M	276.1M	229.5M	129.6M	82.9M

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	—	—	—	—	—	—	—	—	35.2M	-103.7M	-77.4M	-10.9M
Depreciation & amortization	—	—	—	—	—	—	—	—	68.4M	69.7M	69.8M	67.3M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	-33.2M	-20.6M	-65.4M	40.4M
Operating cash flow	—	—	—	—	—	—	—	—	-6.8M	28.5M	-17.6M	88M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	0	0	0	63.5M	0	0	11M	45.3M	-116.5M	-181.2M	-156M	-107.9M
Dividends paid	—	—	—	—	—	—	—	—	-60.6M	-83M	-4.6M	-52.9M
Share repurchases	0	0	0	0	0	-2.5M	-871K	0	0	-223K	0	-14.1M
Financing cash flow	0	0	0	0	0	-2.5M	-871K	0	17.6M	240.6M	712.1M	-216M
Net change in cash	0	0	0	63.5M	0	-2.5M	10.1M	45.3M	-105.7M	87.9M	538.5M	-235.8M
Free cash flow	—	—	—	—	—	—	—	—	-6.8M	28.5M	-17.6M	88M

Date	Ratio
Jan 24, 2022	97:100
Jan 21, 2021	971:1000

SL Green Realty Corp. 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