Empire State Realty OP, L.P. Series ES Operating Partnership Units (ESBA) Financials

No reported quarters yet.

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	—	$0.26	—	—	$768.3M	—
FY24	—	$0.29	—	—	$767.9M	—
FY23	—	$0.3	—	—	$739.6M	—
FY22	—	$0.22	—	—	$727M	—
FY21	—	-$0.06	—	—	$624.1M	—
FY20	—	-$0.1	—	—	$609.2M	—
FY19	—	$0.28	—	—	$731.3M	—
FY18	—	$0.39	—	—	$731.5M	—
FY17	—	$0.4	—	—	$709.5M	—
FY16	—	$0.38	—	—	$677.4M	—

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	$677.4M	$709.5M	$731.5M	$731.3M	$609.2M	$624.1M	$727M	$739.6M	$767.9M	$768.3M
YoY change	+3%	+4.75%	+3.1%	-0.02%	-16.7%	+2.44%	+16.5%	+1.72%	+3.83%	+0.05%

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	677.4M	709.5M	731.5M	731.3M	609.2M	624.1M	727M	739.6M	767.9M	768.3M
Cost of revenue	289.1M	305.6M	319.5M	334M	291.1M	279.5M	321.4M	339M	354.2M	365M
Gross profit	388.3M	403.9M	412M	397.4M	318.1M	344.6M	405.7M	400.6M	413.8M	403.3M
Gross margin	57.3%	56.9%	56.3%	54.3%	52.2%	55.2%	55.8%	54.2%	53.9%	52.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	49.1M	50.3M	52.7M	61.1M	62.2M	55.9M	61.8M	63.9M	70.2M	72.8M
Operating expenses	49.1M	50.3M	52.7M	61.1M	62.2M	55.9M	61.8M	63.9M	70.2M	72.8M
Operating income	184M	192.9M	190.9M	154.7M	64.9M	86.9M	127M	146.7M	158.7M	135.6M
Operating margin	27.2%	27.2%	26.1%	21.2%	10.6%	13.9%	17.5%	19.8%	20.7%	17.7%
Non-operating income, net	-650K	-2.4M	—	—	-7.5M	-7.9M	34M	26.8M	12.7M	34.9M
Pretax income	113.4M	124.9M	121.9M	86.7M	-29.9M	-14.8M	64.8M	87.1M	83M	75.5M
Income tax	6.1M	6.7M	4.6M	2.4M	-7M	-1.7M	1.5M	2.7M	2.7M	2.6M
Net income	214.5M	236.5M	234.5M	168.6M	-45.8M	-26.1M	126.4M	168.8M	160.7M	146M
Net margin	31.7%	33.3%	32.1%	23.1%	-7.51%	-4.18%	17.4%	22.8%	20.9%	19%
EBITDA	339.9M	358.7M	371.7M	348.1M	262.7M	291.3M	351.9M	357.2M	370.5M	343.8M
EPS	0.38	0.4	0.39	0.28	-0.1	-0.06	0.22	0.3	0.29	0.26
Diluted EPS	0.38	0.39	0.39	0.28	-0.1	-0.06	0.22	0.3	0.28	0.25

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	191.5M	192.9M	181.2M	189.5M	199.6M	197.6M	180.1M	191.3M	197.7M	199.2M	190.3M	196.9M
Cost of revenue	86.6M	86.4M	88.1M	84.7M	90M	91.4M	88.6M	89.6M	92M	94.8M	92.6M	94M
Gross profit	104.9M	106.5M	93.1M	104.9M	109.6M	106.2M	91.5M	101.6M	105.7M	104.4M	97.8M	102.9M
Gross margin	54.8%	55.2%	51.4%	55.3%	54.9%	53.7%	50.8%	53.1%	53.5%	52.4%	51.4%	52.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	16M	16.1M	16M	18M	18.4M	17.9M	16.9M	18.7M	18.7M	18.5M	18.1M	25.1M
Operating expenses	16M	16.1M	16M	18M	18.4M	17.9M	16.9M	18.7M	18.7M	18.5M	18.1M	25.1M
Operating income	42.3M	40.8M	31.1M	39.4M	45.3M	42.9M	25.8M	35.1M	39.3M	35.4M	29.5M	27.4M
Operating margin	22.1%	21.1%	17.1%	20.8%	22.7%	21.7%	14.3%	18.4%	19.9%	17.8%	15.5%	13.9%
Non-operating income, net	—	-2.5M	-553K	10.8M	1.3M	1.2M	13.2M	—	—	21.8M	—	-41.5M
Pretax income	21.3M	17.6M	9.6M	29.3M	24.2M	19.9M	15.2M	11.9M	15.3M	33.2M	1.9M	-40.3M
Income tax	1.4M	1.8M	-655K	750K	1.4M	1.2M	-619K	478K	1.6M	1.1M	-1.1M	-767K
Net income	39.9M	31.7M	20.4M	57.1M	45.6M	37.6M	31.6M	22.8M	27.3M	64.3M	6M	-79.1M
Net margin	20.8%	16.4%	11.3%	30.1%	22.8%	19%	17.5%	11.9%	13.8%	32.3%	3.15%	-40.2%
EBITDA	94.7M	96.6M	82.8M	93.4M	99.7M	94.7M	79.5M	85.9M	89.2M	89.1M	81.6M	80.2M
EPS	0.07	0.06	0.03	0.1	0.08	0.07	0.06	0.04	—	0.12	0.01	-0.15
Diluted EPS	0.04	0.06	0.03	0.1	0.08	0.07	0.05	0.04	—	0.12	0.01	-0.15

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	5.5B	—	2.4B	2.5B	1.6B	1.5B	—	—	1.7B	1.1B	1.1B
Enterprise value	6.7B	—	3.7B	4B	3.3B	3.5B	—	—	3.8B	3.4B	3.3B
Shares outstanding	276.8M	158.1M	166.9M	178.3M	175.2M	172.4M	268.3M	161.1M	164.9M	168.5M	168.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	25.8	—	10.1	14.7	—	—	—	—	10.4	7.27	198.3
P/S	8.17	—	3.23	3.39	2.63	2.45	—	—	2.19	1.38	1.42
P/B	2.79	—	1.19	1.27	0.92	0.91	—	—	0.94	0.58	0.64
EV/EBITDA	19.6	—	10	11.5	12.5	11.9	—	—	10.2	9.8	10.3
EV/Sales	9.85	—	5.1	5.45	5.37	5.56	—	—	4.94	4.38	4.21
Earnings yield	3.88%	—	9.93%	6.79%	—	—	—	—	9.57%	13.7%	0.5%
FCF yield	3.88%	—	1.52%	9.37%	11.4%	13.9%	—	—	15.5%	23.5%	26.5%
PEG	—	—	—	—	—	—	—	—	—	—	-0.42

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	57.3%	56.9%	56.3%	54.3%	52.2%	55.2%	55.8%	54.2%	53.9%	52.5%	52.3%
Operating margin	27.2%	27.2%	26.1%	21.2%	10.6%	13.9%	17.5%	19.8%	20.7%	17.7%	16.7%
Net margin	31.7%	33.3%	32.1%	23.1%	-7.51%	-4.18%	17.4%	22.8%	20.9%	19%	1.18%
ROE	10.8%	12%	11.8%	8.65%	-2.64%	-1.55%	7.51%	9.75%	9.02%	8.01%	0.52%
ROA	5.51%	6.02%	5.59%	4.29%	-1.1%	-0.61%	3.04%	4%	3.56%	3.27%	2.05%
ROIC	5.57%	5.59%	5.47%	4.36%	1.91%	2.4%	3.34%	3.88%	3.94%	3.17%	3.03%
Return on tangible assets	9.95%	10.7%	9.41%	7.51%	-1.85%	-0.99%	5.01%	6.51%	5.54%	5.08%	0.51%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.46	1.33	1.57	0.7	1.15	1.55	1.23	1.34	1.59	0.71	2.44
Quick ratio	1.46	1.33	1.57	0.7	1.15	1.55	1.23	1.34	1.59	0.71	0.6
Debt / equity	0.85	0.89	0.99	0.89	1.27	1.4	1.36	1.32	1.4	1.34	1.24
Debt / assets	0.44	0.45	0.47	0.44	0.53	0.55	0.55	0.54	0.56	0.55	0.53
Net debt / EBITDA	3.36	3.6	3.68	4.32	6.36	6.66	5.76	5.42	5.72	6.71	6.4
Interest coverage	2.61	2.82	2.53	2.09	0.67	0.84	1.64	1.86	1.76	1.73	1.09
Effective tax rate	5.42%	5.34%	3.81%	2.8%	0%	0%	2.39%	3.12%	3.24%	3.39%	8.59%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.45	4.49	4.38	4.1	3.48	3.62	2.71	4.59	4.66	4.56	2.92
EPS (basic)	0.38	0.4	0.39	0.28	-0.1	-0.06	0.22	0.3	0.29	0.26	0.26
EPS (diluted)	0.38	0.39	0.39	0.28	-0.1	-0.06	0.22	0.3	0.28	0.25	0.02
Book value per share	7.16	12.5	11.9	10.9	9.88	9.77	6.27	10.7	10.8	10.8	6.21
FCF per share	0.78	1.23	0.22	1.3	1.04	1.23	0.79	1.44	1.58	1.48	0.85
Cash per share	2	2.94	3.63	1.31	3.01	2.46	0.99	2.15	2.34	0.79	0.34
Capex per share	0.66	1.41	1.46	1.4	0.82	—	—	—	—	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	26.9%	31.4%	33.2%	34.2%	23.5%	—	—	—	—	—	—
Capex / operating cash flow	84.1%	99%	91%	95.1%	74.9%	—	—	—	—	—	—
Payout ratio	53.2%	53.3%	53.6%	74.8%	-132.9%	-109.5%	30.5%	22%	23.8%	26.7%	700%
Dividend yield	2.06%	—	5.32%	5.08%	3.8%	1.87%	—	—	2.28%	3.67%	3.53%

Yield

3.53%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.035

ex-dividend Sep 15, 2026

Payout ratio

700%

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
Sep 15, 2026	$0.035
Jun 15, 2026	$0.035
Mar 13, 2026	$0.035
Jun 13, 2025	$0.035
Mar 14, 2025	$0.035
Dec 16, 2024	$0.035

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	$191.5M	$192.9M	$181.2M	$189.5M	$199.6M	$197.6M	$180.1M	$191.3M	$197.7M	$199.2M	$190.3M	$196.9M
YoY change	+4.25%	+6.4%	+10.1%	-0.52%	+4.22%	+2.45%	-0.61%	+0.9%	-0.94%	+0.82%	+5.7%	+2.95%

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	554.4M	464.3M	605M	233.9M	526.7M	423.7M	264.4M	346.6M	385.5M	132.7M
Receivables	22.5M	28.3M	29.4M	25.4M	21.5M	243.6M	264.3M	295.5M	279.2M	277.3M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	638.4M	558.5M	700.3M	297M	589.5M	794.8M	614.5M	702.4M	878.9M	443.8M
Property, plant & equipment	-347.4M	-447.7M	—	29.3M	29.1M	28.9M	28.7M	28.4M	28.2M	27.9M
Goodwill & intangibles	1.7B	1.7B	1.7B	1.7B	1.7B	1.7B	1.6B	1.6B	1.6B	1.6B
Total assets	3.9B	3.9B	4.2B	3.9B	4.2B	4.3B	4.2B	4.2B	4.5B	4.5B
Accounts payable	36.2M	32.5M	34.6M	35.1M	32.3M	41.7M	32.9M	44.2M	54.8M	64.5M
Short-term debt	262.9M	263.7M	264.1M	264.6M	387.6M	388.2M	388.8M	389.3M	388.7M	481.8M
Total current liabilities	438.6M	421.2M	447.4M	425.7M	512.3M	512.5M	500.5M	524.5M	551.1M	629.2M
Long-term debt	1.4B	1.5B	1.7B	1.5B	1.8B	2B	1.9B	1.9B	2.1B	2B
Total liabilities	1.9B	2B	2.2B	2B	2.4B	2.6B	2.5B	2.5B	2.7B	2.6B
Shareholders' equity	2B	2B	2B	1.9B	1.7B	1.7B	1.7B	1.7B	1.8B	1.8B
Total debt	1.7B	1.8B	2B	1.7B	2.2B	2.4B	2.3B	2.3B	2.5B	2.4B
Net debt	1.1B	1.3B	1.8B	1.5B	1.7B	1.9B	2B	1.9B	2.1B	2.3B

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	354M	346.6M	333.6M	535.5M	421.9M	385.5M	187.8M	94.6M	154.1M	132.7M	68.8M	85.6M
Receivables	291.9M	295.5M	297.4M	277.6M	278.5M	279.2M	281.4M	283.4M	286.5M	277.3M	284.9M	278.3M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	712.8M	702.4M	682.7M	1B	917.1M	878.9M	518.8M	420.1M	484.2M	443.8M	391.1M	406.6M
Property, plant & equipment	28.5M	28.4M	28.4M	28.3M	28.3M	28.2M	28.1M	28.1M	28M	27.9M	27.9M	42.1M
Goodwill & intangibles	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	650.7M
Total assets	4.2B	4.2B	4.2B	4.4B	4.4B	4.5B	4.1B	4.1B	4.1B	4.5B	4.4B	4.3B
Accounts payable	36.2M	44.2M	37.7M	38M	41.5M	54.8M	48.4M	49M	47.7M	64.5M	44.5M	50.9M
Short-term debt	389.2M	389.3M	388.5M	388.6M	388.7M	388.7M	268.8M	268.9M	269M	481.8M	427M	512.1M
Total current liabilities	511.8M	524.5M	505M	505.1M	496.2M	551.1M	431.1M	400.2M	411.3M	629.2M	565.9M	681.3M
Long-term debt	1.9B	1.9B	1.9B	2.1B	2.1B	2.1B	1.8B	1.8B	1.8B	2B	2B	1.8B
Total liabilities	2.5B	2.5B	2.5B	2.7B	2.7B	2.7B	2.3B	2.3B	2.3B	2.6B	2.6B	2.5B
Shareholders' equity	1.7B	1.7B	1.7B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B	1.8B
Total debt	2.3B	2.3B	2.3B	2.5B	2.5B	2.5B	2.1B	2.1B	2.1B	2.4B	2.4B	2.3B
Net debt	1.9B	1.9B	1.9B	2B	2.1B	2.1B	1.9B	2B	1.9B	2.3B	2.3B	2.2B

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	107.3M	118.3M	117.3M	84.3M	-22.9M	-13M	63.2M	84.4M	80.4M	73M
Depreciation & amortization	154.2M	162.8M	170.2M	182.1M	195.2M	203.7M	220M	195.3M	190.5M	199.4M
Stock-based compensation	9.7M	14.1M	18.8M	20.9M	25.5M	20.3M	21M	20M	21.7M	25.2M
Change in working capital	-25.6M	-28.8M	-24.3M	326K	9.4M	-862K	-45.9M	-36.1M	-15.3M	-16.4M
Operating cash flow	216.3M	225.1M	267.1M	263.1M	191.2M	199.9M	243.5M	253.2M	274.6M	249.1M
Capital expenditure	-181.9M	-223M	-243M	-250.3M	-143.1M	—	—	—	—	—
Investing cash flow	-182.4M	-223M	-643M	149.7M	-143.1M	-165K	-35K	0	-27.1M	0
Dividends paid	-114M	-126M	-125.6M	-126M	-60.9M	-28.6M	-38.6M	-37.1M	-38.3M	-39M
Share repurchases	—	—	0	0	-143.7M	-46.7M	-90.2M	-13.1M	0	-8.1M
Financing cash flow	-140.3M	-56.9M	104.6M	-381.6M	-292.8M	-93M	-140.2M	-62.9M	158.6M	38.2M
Net change in cash	-106.4M	-54.8M	-271.3M	31.2M	-244.8M	106.7M	103.3M	190.3M	406.1M	287.2M
Free cash flow	214.8M	194.2M	36M	232.6M	182.3M	212.5M	211.1M	232.5M	260.9M	249.1M

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	19.9M	15.8M	10.2M	28.6M	22.8M	18.8M	15.8M	11.4M	13.6M	32.2M	3M	-39.6M
Depreciation & amortization	48M	51.1M	47.5M	48.9M	47.4M	46.6M	49.9M	48.9M	48.8M	51.8M	51.5M	51.3M
Stock-based compensation	5M	5.3M	3.4M	6.4M	5.8M	6.1M	5M	6.9M	6.5M	6.8M	5.9M	11.2M
Change in working capital	-4.9M	-12.6M	-9.1M	-4.5M	5.9M	-7.6M	-5.5M	-11.8M	5.1M	-4.2M	-11.3M	-7.2M
Operating cash flow	65.3M	59.7M	51.1M	79.6M	81.8M	62.1M	62.1M	26.7M	105.3M	33.9M	68.9M	19.5M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	0	—	-14.2M	0	0	0	0	0	0	0	—	—
Dividends paid	-10.5M	-6.3M	-10.6M	-11.7M	-12.7M	-6.4M	-9.7M	-9.8M	-9.8M	-9.7M	-9.7M	-10M
Share repurchases	0	0	0	0	0	0	—	—	0	-6M	—	—
Financing cash flow	-12.9M	-12.5M	-21.3M	210.5M	-138.6M	-12M	-233M	-11.7M	-11.7M	416.8M	-64.6M	72.2M
Net change in cash	52.4M	47.2M	15.6M	290.1M	-56.9M	50.1M	-170.9M	15M	93.6M	450.7M	4.3M	91.7M
Free cash flow	90.1M	36.4M	70.9M	37.1M	102.8M	50M	83.1M	26.7M	105.3M	33.9M	68.9M	19.5M

Empire State Realty OP, L.P. Series ES Operating Partnership Units Financials

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