Terreno Realty Corporation (TRNO) 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	$0.41	$0.65	+58.5%	—	$124.7M	—
Q1 26	$0.35	$0.4	+14.3%	—	$124.4M	—
Q4 25	$0.51	$0.46	-9.8%	—	$137.5M	—
Q3 25	$0.37	$0.39	+5.4%	—	$116.2M	—
Q2 25	$0.37	$0.37	0.0%	—	$112.2M	—
Q1 25	$0.35	$0.36	+2.9%	—	$110.4M	—
Q4 24	$0.36	$0.76	+111.1%	—	$103.7M	—
Q3 24	$0.37	$0.37	0.0%	—	$99.6M	—
Q2 24	$0.36	$0.37	+2.8%	—	$94.2M	—
Q1 24	$0.37	$0.34	-8.1%	—	$85M	—
Q4 23	$0.36	$0.68	+88.9%	—	$86.5M	—
Q3 23	$0.34	$0.36	+5.9%	—	$82.9M	—
Q2 23	$0.31	$0.48	+54.8%	—	$79.5M	—
Q1 23	$0.27	$0.29	+7.4%	—	$74.7M	—
Q4 22	$0.29	$0.77	+165.5%	—	$76M	—
Q3 22	$0.29	$0.3	+3.4%	—	$70.8M	—

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	—	$3.92	—	—	$476.4M	—
FY24	—	$1.92	—	—	$382.6M	—
FY23	—	$1.81	—	—	$323.6M	—
FY22	—	$2.61	—	—	$276.2M

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	$108.4M	$132.5M	$151.7M	$171M	$186.9M	$221.9M	$276.2M	$323.6M	$382.6M	$476.4M
YoY change	+13.1%	+22.2%	+14.5%	+12.8%	+9.27%	+18.8%	+24.5%	+17.2%	+18.2%	+24.5%

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	108.4M	132.5M	151.7M	171M	186.9M	221.9M	276.2M	323.6M	382.6M	476.4M
Cost of revenue	30.3M	35.9M	40M	44.2M	49.1M	56.2M	68.9M	79.1M	98.1M	115.1M
Gross profit	78.1M	96.6M	111.7M	126.8M	137.8M	165.7M	207.3M	244.5M	284.5M	361.3M
Gross margin	72%	72.9%	73.6%	74.2%	73.7%	74.7%	75.1%	75.6%	74.4%	75.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	19.3M	19.7M	21.5M	23.9M	23.5M	27M	31.2M	37.9M	42.6M	47.3M
Operating expenses	19.3M	19.7M	21.5M	23.9M	23.5M	27M	31.2M	37.9M	42.6M	47.3M
Operating income	24.4M	39.1M	49.4M	58.9M	68.4M	88M	110.4M	133.4M	148M	192.4M
Operating margin	22.5%	29.5%	32.5%	34.4%	36.6%	39.7%	40%	41.2%	38.7%	40.4%
Non-operating income, net	3.8M	30.6M	28.5M	9.2M	26.5M	16.5M	110.7M	37.9M	45.3M	238.1M
Pretax income	15.1M	53.1M	63.3M	55.5M	79.8M	87.3M	198M	151.5M	184.5M	403M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	15.1M	53.1M	63.3M	55.5M	79.8M	87.3M	198M	151.5M	184.5M	403M
Net margin	13.9%	40.1%	41.7%	32.5%	42.7%	39.3%	71.7%	46.8%	48.2%	84.6%
EBITDA	58.8M	77.1M	93.8M	106.7M	115.2M	139.5M	176.9M	211.5M	254M	319.3M
EPS	0.26	0.95	1.09	0.86	1.17	1.23	2.61	1.81	1.92	3.92
Diluted EPS	0.26	0.95	1.09	0.85	1.16	1.23	2.61	1.81	1.92	3.91

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	82.9M	86.5M	85M	94.2M	99.6M	103.7M	110.4M	112.2M	116.2M	137.5M	124.4M	124.7M
Cost of revenue	20.5M	21.6M	20.9M	23.8M	25.6M	27.8M	28.8M	27.9M	28.2M	30.2M	31.8M	29.6M
Gross profit	62.5M	64.8M	64.1M	70.5M	74M	75.9M	81.7M	84.3M	88M	107.3M	92.6M	95.1M
Gross margin	75.3%	75%	75.4%	74.8%	74.3%	73.2%	73.9%	75.1%	75.7%	78%	74.4%	76.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9.1M	9.7M	10.5M	10.5M	10.8M	10.8M	11.7M	12.3M	11.6M	11.6M	12.4M	13.8M
Operating expenses	9.1M	9.7M	10.5M	10.5M	10.8M	10.8M	11.7M	12.3M	11.6M	11.6M	12.4M	13.8M
Operating income	35.1M	36.5M	32.7M	36.9M	39.2M	39.2M	43M	44M	48.1M	57.4M	50.7M	52.1M
Operating margin	42.3%	42.2%	38.4%	39.2%	39.3%	37.8%	38.9%	39.2%	41.3%	41.8%	40.8%	41.8%
Non-operating income, net	-51K	25.8M	5.7M	-36K	-11K	39.6M	11.8M	54.4M	62.3M	109.5M	27.2M	12M
Pretax income	30.3M	57.6M	36.1M	35.7M	36.6M	76.1M	48.1M	93.3M	103.4M	158.2M	69.4M	57.6M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	30.3M	57.6M	36.1M	35.7M	36.6M	76.1M	48.1M	93.3M	103.4M	158.2M	69.4M	57.6M
Net margin	36.6%	66.6%	42.4%	37.9%	36.8%	73.4%	43.6%	83.1%	88.9%	115.1%	55.8%	46.2%
EBITDA	54.4M	56M	56.5M	64.3M	65.6M	67.6M	71.1M	73.9M	77.8M	96.5M	80.7M	83M
EPS	0.36	—	0.4	0.37	0.37	—	0.48	0.9	1	—	0.66	0.54
Diluted EPS	0.36	—	0.4	0.37	0.37	—	0.47	0.9	1	—	0.66	0.54

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	1.3B	—	—	—	4B	6B	4.3B	—	—	6B	7.3B
Enterprise value	1.7B	—	—	—	4.3B	6.5B	5B	—	—	6.9B	8.1B
Shares outstanding	44.7M	51.4M	57.5M	64.4M	67.8M	70.5M	75.5M	83.2M	95.5M	102.5M	102.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	84.3	—	—	—	49.7	68.9	21.7	—	—	14.9	17.9
P/S	11.8	—	—	—	21.2	27.1	15.5	—	—	12.6	14.4
P/B	1.57	—	—	—	2.5	2.92	1.93	—	—	1.45	1.62
EV/EBITDA	28.5	—	—	—	37.5	46.8	28.5	—	—	21.7	26.6
EV/Sales	15.5	—	—	—	23.1	29.4	18.2	—	—	14.6	16.1
Earnings yield	1.19%	—	—	—	2.01%	1.45%	4.61%	—	—	6.7%	5.59%
FCF yield	1.75%	—	—	—	1.75%	1.35%	1.78%	—	—	3.47%	4.4%
PEG	—	—	—	—	—	—	—	—	—	—	-0.45

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	72%	72.9%	73.6%	74.2%	73.7%	74.7%	75.1%	75.6%	74.4%	75.8%	76.2%
Operating margin	22.5%	29.5%	32.5%	34.4%	36.6%	39.7%	40%	41.2%	38.7%	40.4%	41.8%
Net margin	13.9%	40.1%	41.7%	32.5%	42.7%	39.3%	71.7%	46.8%	48.2%	84.6%	77.3%
ROE	1.86%	5.17%	5.07%	3.66%	5.02%	4.24%	8.88%	5.2%	5.04%	9.72%	9.28%
ROA	1.18%	3.39%	3.52%	2.63%	3.73%	2.98%	6.26%	3.88%	3.87%	7.48%	2.44%
Return on tangible assets	1.31%	3.75%	3.86%	2.87%	4.07%	3.09%	6.49%	4.02%	4.03%	7.8%	7.08%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.21	0.95	1.26	2.24	2	2.9	0.35	1.65	0.12	0.08	0.62
Quick ratio	0.21	0.95	1.26	2.24	2	2.9	0.35	1.65	0.12	0.08	0.31
Debt / equity	0.51	0.45	0.37	0.32	0.29	0.35	0.35	0.26	0.22	0.23	0.21
Debt / assets	0.32	0.29	0.26	0.23	0.21	0.25	0.24	0.2	0.17	0.18	0.17
Net debt / EBITDA	6.82	5.53	4.59	3.57	3.06	3.7	4.21	2.87	3.17	2.88	2.64
Interest coverage	2.16	4.16	4.48	4.4	5.99	5.83	9.3	7.11	9.82	13.3	12

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.42	2.58	2.64	2.65	2.76	3.15	3.66	3.89	4.01	4.65	4.82
EPS (basic)	0.26	0.95	1.09	0.86	1.17	1.23	2.61	1.81	1.92	3.92	3.92
EPS (diluted)	0.26	0.95	1.09	0.85	1.16	1.23	2.61	1.81	1.92	3.91	3.72
Book value per share	18.2	20	21.7	23.5	23.4	29.2	29.5	35	38.3	40.5	41.1
FCF per share	0.5	0.82	0.85	0.97	1.02	1.15	1.01	1.52	1.95	2.03	2.03
Cash per share	0.32	0.7	0.54	1.71	1.58	2.9	0.35	1.99	0.19	0.24	0.47
Capex per share	0.6	0.53	0.5	0.5	0.47	0.73	0.88	0.64	0.49	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	24.8%	20.7%	19.1%	18.8%	16.9%	23.1%	24.1%	16.4%	12.1%	—	—
Capex / operating cash flow	50.9%	27.2%	27.7%	30.9%	24.7%	34.5%	26.1%	24.4%	16.7%	—	—
Payout ratio	243.1%	82.6%	81.3%	114.5%	93.7%	97%	54.2%	89.7%	94.8%	50.6%	55.9%
Dividend yield	2.88%	—	—	—	1.89%	1.41%	2.5%	—	—	3.39%	3.13%

Yield

3.13%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.52

ex-dividend Jun 26, 2026

Payout ratio

56%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

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

Recent payouts

Ex-dividend	Amount
Jun 26, 2026	$0.52
Mar 27, 2026	$0.52
Dec 15, 2025	$0.52

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	$82.9M	$86.5M	$85M	$94.2M	$99.6M	$103.7M	$110.4M	$112.2M	$116.2M	$137.5M	$124.4M	$124.7M
YoY change	+17.1%	+13.8%	+13.9%	+18.5%	+20.2%	+19.9%	+29.9%	+19.1%	+16.7%	+32.6%	+12.7%	+11.1%

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	14.2M	35.7M	31M	110.1M	107.2M	204.4M	26.4M	165.4M	18.1M	25M
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	18.5M	42.8M	89M	128.6M	107.8M	204.8M	28.1M	166.2M	24.6M	27.9M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	125.2M	152.1M	158.5M	177.2M	177.7M	103.3M	111.8M	133.3M	189.5M	223.5M
Total assets	1.3B	1.6B	1.8B	2.1B	2.1B	2.9B	3.2B	3.9B	4.8B	5.4B
Accounts payable	18.2M	21.3M	24.9M	27.7M	26.7M	45M	49.7M	61.8M	79.2M	77.3M
Short-term debt	51.5M	—	19M	—	—	—	—	—	82M	200M
Total current liabilities	89.9M	45.3M	70.6M	57.5M	54M	70.6M	80.4M	100.8M	210.1M	331.5M
Long-term debt	363.8M	461.7M	443.1M	491.6M	459.1M	720.7M	770.8M	771.6M	741.4M	743.3M
Total liabilities	467.2M	540.4M	548.7M	591.3M	551.6M	866.3M	934.6M	990M	1.1B	1.2B
Shareholders' equity	811.8M	1B	1.2B	1.5B	1.6B	2.1B	2.2B	2.9B	3.7B	4.1B
Total debt	415.3M	461.7M	462.1M	491.6M	459.1M	720.7M	770.8M	771.6M	823.4M	943.3M
Net debt	401.1M	426M	431.1M	381.5M	351.9M	516.3M	744.4M	606.2M	805.4M	918.3M

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	—	—	—	—	—	—	—	—	26.2M	25M	87.9M	51.2M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	57.2M	27.9M	107.6M	54.5M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	231.3M	223.5M	217.4M	225.2M
Total assets	—	—	—	—	—	—	—	—	5.3B	5.4B	5.6B	5.7B
Accounts payable	—	—	—	—	—	—	—	—	82.7M	77.3M	96.4M	118.6M
Short-term debt	—	—	—	—	—	—	—	—	280M	200M	—	—
Total current liabilities	—	—	—	—	—	—	—	—	416.5M	331.5M	151.7M	174.8M
Long-term debt	—	—	—	—	—	—	—	—	742.9M	743.3M	942M	942.5M
Total liabilities	891.1M	889.2M	886.9M	904.8M	800.8M	897.7M	893.8M	915.2M	1.3B	1.2B	1.3B	1.3B
Shareholders' equity	—	—	—	—	—	—	—	—	4B	4.1B	4.3B	4.4B
Total debt	—	—	—	—	—	—	—	—	1B	943.3M	942M	942.5M
Net debt	—	—	—	—	—	—	—	—	996.7M	918.3M	854.2M	891.3M

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	15.1M	53.1M	63.3M	55.5M	79.8M	87.3M	198M	151.5M	184.5M	403M
Depreciation & amortization	33.1M	35.7M	37.1M	39.3M	40.5M	43M	49.5M	59.3M	76.6M	92.3M
Stock-based compensation	9.4M	8.7M	9.3M	10.6M	9.8M	9.6M	10.2M	13.5M	14.9M	17.7M
Change in working capital	-681K	5.7M	-2.6M	-37K	-3.2M	16.4M	5.7M	537K	9.6M	9.3M
Operating cash flow	53M	100.7M	104.7M	103.9M	127.8M	148.8M	255.4M	217.8M	278.1M	271.9M
Capital expenditure	-26.9M	-27.4M	-29M	-32.1M	-31.6M	-51.3M	-66.6M	-53.1M	-46.4M	—
Investing cash flow	-28.5M	-27.4M	-83.1M	-32.1M	-15.7M	-51.3M	-66.6M	-53.1M	-46.4M	—
Dividends paid	-36.7M	-43.9M	-51.4M	-63.6M	-74.8M	-84.6M	-107.4M	-135.9M	-175M	-203.9M
Share repurchases	-1.6M	-49.4M	-3.9M	-4M	-9.8M	-582K	—	—	—	—
Financing cash flow	145.3M	152.4M	168M	216.1M	-53.9M	631.2M	18.8M	530.4M	538.3M	191M
Net change in cash	169.7M	225.8M	189.6M	287.9M	58.3M	728.7M	207.5M	695.2M	769.9M	462.9M
Free cash flow	22.3M	42.1M	48.6M	62.6M	69.4M	80.9M	76.6M	126.6M	186.3M	208.5M

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	30.3M	57.6M	36.1M	35.7M	36.6M	76.1M	48.1M	93.3M	103.4M	158.2M	69.4M	57.6M
Depreciation & amortization	14.8M	15.3M	17.6M	18.6M	19.5M	21M	21.9M	22.7M	22.5M	25.2M	24.1M	23.7M
Stock-based compensation	3.3M	3.3M	3.4M	4M	3.8M	3.8M	4.3M	4.9M	4.3M	4.3M	4.5M	4.9M
Change in working capital	6.8M	-9.7M	-3.2M	7.7M	12.9M	-7.8M	2M	-2.7M	15.4M	-5.4M	-3M	6.1M
Operating cash flow	53.3M	65M	52.8M	64.3M	70M	91M	73.3M	60.6M	79.5M	70.3M	61.9M	74.9M
Capital expenditure	-12.4M	-13.8M	-7.9M	-9M	-13.8M	-15.8M	-18.9M	—	—	—	—	—
Investing cash flow	-12.4M	-13.8M	-7.9M	-9M	-13.8M	-15.8M	-18.9M	—	—	—	—	—
Dividends paid	-33.5M	-38.4M	-39.1M	-43.5M	-43.5M	-48.9M	-48.9M	-50.6M	-50.6M	-53.8M	-54.1M	-55.3M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	60.9M	117.7M	496.7M	-43.7M	52.1M	33.1M	103.1M	-50.6M	229.4M	-90.8M	77M	75.1M
Net change in cash	101.7M	168.9M	541.6M	11.6M	108.3M	108.3M	157.5M	10M	308.9M	-20.5M	139M	150M
Free cash flow	40.9M	25.3M	39.2M	55.4M	56.2M	35.5M	42.5M	50.6M	65.5M	49.8M	47.9M	53.7M

Terreno Realty Corporation 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