W. P. Carey Inc. (WPC) 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	$0.72	$0.92	+27.8%	—	$461.1M	—
Q1 26	$0.63	$0.71	+12.7%	—	$454.5M	—
Q4 25	$0.67	$0.66	-1.5%	—	$444.5M	—
Q3 25	$0.64	$0.67	+4.7%	—	$431.3M	—
Q2 25	$0.64	$0.8	+25.0%	—	$430.8M	—
Q1 25	$0.6	$0.59	-1.7%	—	$409.9M	—
Q4 24	$0.54	$0.6	+11.1%	—	$406.2M	—
Q3 24	$0.58	$0.56	-3.4%	—	$397.4M	—
Q2 24	$0.57	$0.54	-5.3%	—	$389.7M	—
Q1 24	$0.56	$0.72	+28.6%	—	$389.8M	—
Q4 23	$0.53	$0.66	+24.5%	—	$412.4M	—
Q3 23	$0.64	$0.58	-9.4%	—	$448.6M	—
Q2 23	$0.58	$0.67	+15.5%	—	$452.6M	—
Q1 23	$0.56	$1.39	+148.2%	—	$427.8M	—
Q4 22	$0.45	$1	+122.2%	—	$402.6M	—
Q3 22	$0.41	$0.51	+24.4%	—	$383.6M	—

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	—	$2.11	—	—	$1.7B	—
FY24	—	$2.09	—	—	$1.6B	—
FY23	—	$3.29	—	—	$1.7B	—
FY22	—	$3	—	—	$1.5B

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	$941.5M	$848.3M	$885.7M	$1.2B	$1.2B	$1.3B	$1.5B	$1.7B	$1.6B	$1.7B
YoY change	+0.34%	-9.9%	+4.41%	+39.2%	-1.9%	+10.1%	+11.1%	+17.7%	-9.09%	+8.43%

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	941.5M	848.3M	885.7M	1.2B	1.2B	1.3B	1.5B	1.7B	1.6B	1.7B
Cost of revenue	154.1M	120.3M	92.9M	149.7M	119.2M	124.2M	153.9M	221.9M	176.5M	182.7M
Gross profit	787.4M	728M	792.8M	1.1B	1.1B	1.2B	1.3B	1.5B	1.4B	1.5B
Gross margin	83.6%	85.8%	89.5%	87.9%	90.1%	90.7%	89.6%	87.3%	88.8%	89.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	114.5M	103.4M	95.9M	101.7M	93.4M	106.8M	121.8M	130.5M	139.9M	140.6M
Operating expenses	114.5M	104M	95.9M	101.7M	93.4M	106.8M	121.8M	130.5M	139.9M	140.6M
Operating income	396.4M	371.3M	405.5M	534.3M	553.8M	624.6M	699.9M	814.7M	778.9M	872M
Operating margin	42.1%	43.8%	45.8%	43.3%	45.8%	46.9%	47.3%	46.8%	49.2%	50.8%
Non-operating income, net	65.1M	82.3M	211.6M	31.8M	101.5M	10.9M	145.4M	229.5M	-9.2M	-76M
Pretax income	278.1M	287.8M	438.8M	332.8M	445.2M	438.6M	626.2M	752.3M	492.3M	504.8M
Income tax	3.3M	2.7M	14.4M	26.2M	-20.8M	28.5M	27.7M	44.1M	31.7M	31.9M
Net income	274.8M	285.1M	424.3M	306.5M	466M	410.1M	598.5M	708.3M	460.6M	472.9M
Net margin	29.2%	33.6%	47.9%	24.9%	38.5%	30.8%	40.5%	40.7%	29.1%	27.6%
EBITDA	749.8M	748.9M	846.2M	1.1B	1.1B	1.2B	1.4B	1.4B	1.2B	1.2B
EPS	2.5	2.56	3.5	1.78	2.61	2.25	3	3.29	2.09	2.11
Diluted EPS	2.49	2.56	3.49	1.78	2.6	2.24	2.99	3.28	2.09	2.11

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	448.6M	412.4M	389.8M	389.7M	397.4M	406.2M	409.9M	430.8M	431.3M	444.5M	454.5M	461.1M
Cost of revenue	60.1M	52.7M	43.1M	46.5M	42.1M	44.8M	45.3M	48.1M	44.2M	45.1M	42.9M	43.3M
Gross profit	388.5M	359.8M	346.7M	343.2M	355.3M	361.3M	364.5M	382.7M	387.1M	399.5M	411.6M	417.8M
Gross margin	86.6%	87.2%	88.9%	88.1%	89.4%	89%	88.9%	88.8%	89.7%	89.9%	90.6%	90.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	32.4M	30.2M	36.7M	33.1M	36.1M	33.9M	36.1M	35.1M	34.8M	34.5M	34.8M	39.8M
Operating expenses	29.9M	30.2M	36.7M	32M	52M	33.9M	36.1M	35.1M	34.8M	34.5M	34.8M	39.8M
Operating income	213.8M	200M	191.2M	173.7M	187.5M	222.4M	186.5M	217.2M	221.9M	246.5M	241.3M	237.2M
Operating margin	47.7%	48.5%	49.1%	44.6%	47.2%	54.8%	45.5%	50.4%	51.4%	55.5%	53.1%	51.4%
Non-operating income, net	-7.8M	30.1M	45.2M	34.8M	-4.3M	-71.6M	17.2M	-82M	1.3M	-12.5M	26.3M	39.7M
Pretax income	130.1M	158M	167.8M	149.1M	120.7M	54.8M	137.4M	64.4M	149.7M	153.3M	191.1M	198.8M
Income tax	5.1M	13.7M	8.7M	6.2M	9M	7.8M	11.6M	13.1M	8.5M	-1.3M	14.6M	13.1M
Net income	125M	144.2M	159.1M	142.9M	111.7M	47M	125.8M	51.3M	141.2M	154.6M	176.5M	185.7M
Net margin	27.9%	35%	40.8%	36.7%	28.1%	11.6%	30.7%	11.9%	32.7%	34.8%	38.8%	40.3%
EBITDA	378.6M	307.3M	353M	334M	328.5M	232.1M	330M	354.1M	359.2M	175.9M	382.7M	430.6M
EPS	0.58	0.66	0.72	0.65	0.51	0.21	0.57	0.23	0.64	0.67	0.8	0.82
Diluted EPS	0.58	0.66	0.72	0.65	0.51	0.21	0.57	0.23	0.64	0.67	0.8	0.82

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	6.2B	7.3B	7.5B	—	12.1B	14.7B	15.3B	14B	12B	14.2B	15B
Enterprise value	10.5B	11.4B	13.7B	—	18.5B	21.3B	23B	21.5B	19.4B	22.8B	23.8B
Shares outstanding	106.7M	107.8M	117.5M	171M	174.5M	182.5M	199.6M	215.4M	220.2M	220.5M	220.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	22.5	25.5	17.7	—	25.9	35.8	25.5	19.7	26	30	22.5
P/S	6.56	8.58	8.49	—	9.98	11	10.3	8.02	7.58	8.27	8.23
P/B	1.8	2.13	1.1	—	1.75	1.93	1.7	1.6	1.42	1.74	1.73
EV/EBITDA	14	15.2	16.2	—	17	18.3	16.2	14.8	15.6	18.7	15.6
EV/Sales	11.1	13.4	15.4	—	15.3	16	15.5	12.3	12.3	13.3	13.1
Earnings yield	4.45%	3.92%	5.64%	—	3.86%	2.8%	3.92%	5.07%	3.84%	3.33%	4.44%
FCF yield	8.85%	7.16%	6.77%	—	6.64%	6.32%	6.57%	7.69%	15.3%	9.04%	7.31%
PEG	—	—	—	—	—	—	—	—	—	—	0.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	83.6%	85.8%	89.5%	87.9%	90.1%	90.7%	89.6%	87.3%	88.8%	89.4%	90.6%
Operating margin	42.1%	43.8%	45.8%	43.3%	45.8%	46.9%	47.3%	46.8%	49.2%	50.8%	59.3%
Net margin	29.2%	33.6%	47.9%	24.9%	38.5%	30.8%	40.5%	40.7%	29.1%	27.6%	35.8%
ROE	8.02%	8.36%	6.21%	4.41%	6.77%	5.41%	6.64%	8.13%	5.46%	5.81%	7.78%
ROA	3.25%	3.46%	2.99%	2.18%	3.17%	2.65%	3.31%	3.94%	2.63%	2.63%	3.4%
ROIC	5.08%	4.89%	3.02%	3.84%	4.16%	4.11%	4%	4.73%	4.6%	4.89%	5.17%
Return on tangible assets	3.84%	5.6%	4.51%	3.37%	4.8%	3.93%	4.77%	5.45%	2.95%	2.95%	3.95%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.28	0.72	0.51	0.54	0.37	0.23	0.27	0.83	0.81	0.18	1.16
Quick ratio	1.28	0.72	0.51	0.54	0.37	0.23	0.27	0.83	0.81	0.18	0.21
Debt / equity	1.3	1.25	0.93	0.87	0.97	0.9	0.87	0.94	0.95	1.07	1.02
Debt / assets	0.53	0.52	0.45	0.43	0.46	0.44	0.44	0.45	0.46	0.48	0.48
Net debt / EBITDA	5.72	5.48	7.28	5.17	5.91	5.7	5.43	5.19	5.95	7.03	6.44
Interest coverage	2.52	2.74	3.46	2.43	3.12	3.23	3.86	3.58	2.78	2.73	3.25
Effective tax rate	1.18%	0.94%	3.28%	7.88%	0%	6.49%	4.43%	5.86%	6.44%	6.32%	5.04%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.82	7.87	7.54	7.21	6.93	7.3	7.41	8.09	7.19	7.78	8.2
EPS (basic)	2.5	2.56	3.5	1.78	2.61	2.25	3	3.29	2.09	2.11	2.11
EPS (diluted)	2.49	2.56	3.49	1.78	2.6	2.24	2.99	3.28	2.09	2.11	2.92
Book value per share	32.1	31.6	58.1	40.6	39.4	41.6	45.1	40.4	38.3	36.9	38.1
FCF per share	5.12	4.83	4.33	4.75	4.59	5.08	5.03	4.98	8.33	5.82	5.44
Cash per share	1.46	1.51	1.85	1.15	1.42	0.91	0.84	2.94	2.91	0.7	0.73

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	151.6%	151.2%	103.8%	229.8%	156%	186.4%	139.6%	129.4%	166.1%	167.1%	126.7%
Dividend yield	6.74%	5.93%	5.86%	—	6.03%	5.21%	5.47%	6.57%	6.38%	5.57%	5.7%

Yield

5.7%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.94

ex-dividend Jun 30, 2026

Payout ratio

127%

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
Jun 30, 2026	$0.94
Mar 31, 2026	$0.93
Dec 31, 2025	$0.92

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	$448.6M	$412.4M	$389.8M	$389.7M	$397.4M	$406.2M	$409.9M	$430.8M	$431.3M	$444.5M	$454.5M	$461.1M
YoY change	+16.9%	+2.44%	-8.88%	-13.9%	-11.4%	-1.52%	+5.15%	+10.5%	+8.54%	+9.45%	+10.9%	+7.03%

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	155.5M	162.3M	217.6M	196M	248.7M	165.4M	168M	633.9M	640.4M	155.3M
Receivables	5M	4.1M	1.4M	1.1M	305K	336K	329K	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	480.6M	267.5M	292.5M	357.9M	293.5M	175.5M	225.9M	671M	640.4M	158.7M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	1.3B	3.1B	4.8B	5B	5B	5B	5.6B	5B	1.9B	2B
Total assets	8.5B	8.2B	14.2B	14.1B	14.7B	15.5B	18.1B	18B	17.5B	18B
Accounts payable	266.9M	263.1M	403.9M	487.4M	603.7M	572.8M	623.8M	615.8M	597M	670M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	374M	372.8M	576M	668.8M	790.2M	776.7M	852.1M	808.1M	794.6M	877.5M
Long-term debt	4.4B	4.3B	6.4B	6.1B	6.7B	6.8B	7.9B	8.1B	8B	8.7B
Total liabilities	5B	4.8B	7.4B	7.1B	7.8B	7.9B	9.1B	9.3B	9.1B	9.9B
Shareholders' equity	3.4B	3.4B	6.8B	6.9B	6.9B	7.6B	9B	8.7B	8.4B	8.1B
Total debt	4.4B	4.3B	6.4B	6.1B	6.7B	6.8B	7.9B	8.1B	8B	8.7B
Net debt	4.3B	4.1B	6.2B	5.9B	6.4B	6.6B	7.7B	7.5B	7.4B	8.6B

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	136.4M	633.9M	777M	1.1B	818.2M	640.4M	187.8M	244.8M	249M	155.3M	239.3M	163.5M
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	238.5M	671M	777M	1.1B	848M	640.4M	199.9M	304.8M	291.8M	158.7M	249.8M	174M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	5.5B	5B	1.9B	1.9B	2B	1.9B	1.9B	2B	2B	2B	2B	2B
Total assets	18.6B	18B	17.6B	17.8B	17.6B	17.5B	17.3B	18B	18B	18B	18.2B	18.6B
Accounts payable	639M	615.8M	575.8M	548.4M	590.3M	597M	605.6M	655M	647.3M	670M	624.4M	621.1M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	872.3M	808.1M	768.8M	742.9M	786.4M	794.6M	804.8M	856.9M	852.1M	877.5M	835.5M	839.9M
Long-term debt	8.3B	8.1B	7.9B	8.1B	8B	8B	7.9B	8.6B	8.7B	8.7B	8.8B	8.9B
Total liabilities	9.5B	9.3B	8.9B	9.1B	9B	9.1B	8.9B	9.8B	9.8B	9.9B	9.8B	9.9B
Shareholders' equity	9.1B	8.7B	8.7B	8.6B	8.6B	8.4B	8.4B	8.2B	8.2B	8.1B	8.4B	8.7B
Total debt	8.3B	8.1B	7.9B	8.1B	8B	8B	7.9B	8.6B	8.7B	8.7B	8.8B	8.9B
Net debt	8.2B	7.5B	7.1B	7B	7.2B	7.4B	7.7B	8.4B	8.4B	8.6B	8.5B	8.7B

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	274.8M	285.1M	424.3M	306.5M	466M	410.1M	598.5M	708.3M	460.6M	472.9M
Depreciation & amortization	283M	316.5M	349.3M	544.9M	508.9M	547.6M	563M	628.1M	531.6M	543.6M
Stock-based compensation	21.2M	18.9M	18.3M	18.8M	15.9M	24.9M	32.8M	34.5M	40.9M	39.9M
Change in working capital	18.7M	2.9M	-36.1M	-17.1M	5.7M	-14.3M	-14.3M	—	—	—
Operating cash flow	547.4M	533.4M	687.9M	785.6M	880.6M	900.6M	1.1B	1.3B	1.7B	1.3B
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-231M	164.5M	129.5M	52.4M	-42.9M	-309.9M	-37M	-19.3M	-279.2M	-391.8M
Dividends paid	-416.7M	-431.2M	-440.4M	-704.4M	-727M	-764.3M	-835.3M	-916.5M	-765.1M	-790M
Share repurchases	0	0	-1.2M	0	—	—	—	—	—	—
Financing cash flow	-282M	-745.5M	-24.3M	879M	-111.5M	196.8M	-315.3M	-229.4M	-688.5M	-761.7M
Net change in cash	34.3M	-47.6M	793.1M	1.7B	726.2M	787.5M	760.6M	1B	774.2M	128.8M
Free cash flow	546.8M	520.7M	509.2M	812.1M	801.5M	926.5M	1B	1.1B	1.8B	1.3B

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	125M	144.2M	159.1M	142.9M	111.7M	47M	125.8M	51.3M	141.2M	154.6M	176.5M	185.7M
Depreciation & amortization	157.7M	140.6M	127.6M	147.7M	125.2M	131M	135.8M	130M	133.4M	144.5M	135.1M	135.2M
Stock-based compensation	9.1M	8.7M	8.9M	8.9M	13.5M	9.7M	9.1M	10.9M	11.2M	8.7M	7.4M	13.9M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	267.7M	276.3M	1.1B	271.1M	237.5M	151.6M	264.7M	341.3M	300.5M	304.6M	283.2M	333.1M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	10.7M	-37.5M	-84.5M	-2.4M	11M	-203.4M	-80.2M	-175.9M	-121.9M	-13.8M	-81.4M	70.1M
Dividends paid	-230M	-230.4M	-190.3M	-190.5M	-191.6M	-192.7M	-195.1M	-196M	-198.3M	-200.6M	-205.3M	-208.5M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-717.8M	-190.6M	-379M	61M	-596.5M	226M	-581.2M	160.9M	-162.1M	-179.4M	-36.1M	-157.8M
Net change in cash	-439.3M	48.2M	618.1M	329.8M	-347.9M	174.2M	-396.7M	326.4M	16.5M	111.5M	165.8M	245.4M
Free cash flow	282.4M	260.7M	1B	221M	280.2M	296.3M	273.2M	404M	300.5M	304.6M	283.2M	333.1M

W. P. Carey 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