Revenue declined by 18.4% year-over-year in 2025Q4, while NOI margins remained volatile, fluctuating between 41.3% and 50.7% over the last ten quarters.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Revenue | 206.67M | 236.64M | 208.84M | 230.55M | 254M | 190.3M | 435.2M | 644.4M | 425.5M | 387.5M | 472.8M | 456.3M | 365.2M | 261.5M | 235.1M | 261.8M | 1.4B |
| Revenue Growth % | -12.66% | 13.31% | -9.42% | -9.23% | 33.47% | -56.27% | -32.46% | 51.45% | 9.81% | -18.04% | 3.62% | 24.95% | 39.66% | 11.23% | -10.2% | -81.26% | - |
| Property Operating Expenses | 110.57M | 129M | 106.53M | 132.92M | 134.9M | 126.2M | 340.9M | 382.4M | 302M | 268.5M | 327.2M | 326.7M | 279.5M | 204.6M | 182.6M | 223.4M | 1.21B |
| Net Operating Income (NOI) | 96.11M | 107.65M | 102.31M | 97.63M | 119.1M | 64.1M | 94.3M | 262M | 123.5M | 119M | 145.6M | 129.6M | 85.7M | 56.9M | 52.5M | 38.4M | 191M |
| NOI Margin % | 46.5% | 45.49% | 48.99% | 42.35% | 46.89% | 33.68% | 21.67% | 40.66% | 29.02% | 30.71% | 30.8% | 28.4% | 23.47% | 21.76% | 22.33% | 14.67% | 13.67% |
| Operating Expenses | 28.13M | 27.88M | 37.68M | -18.09M | 33.7M | 21.7M | 108.6M | 89.2M | 94.7M | 65.1M | 51.6M | 52.9M | 45.8M | 32.9M | 32.7M | 37.3M | 154M |
| G&A Expenses | 0 | 29.82M | 34.5M | 35.87M | 36.6M | 33.7M | 62M | 61.2M | 70.2M | 56.2M | 55.3M | 52.9M | 41.2M | 37.7M | 154M | 158M | 154M |
| EBITDA | 86.24M | 116.08M | 101.4M | 153.74M | 125M | 84.9M | 36.2M | 215.6M | 412.4M | 383.9M | 149.7M | 119.6M | 81.6M | 59.1M | 128.8M | 108.1M | 142M |
| EBITDA Margin % | 41.73% | 49.05% | 48.55% | 66.68% | 49.21% | 44.61% | 8.32% | 33.46% | 96.92% | 99.07% | 31.66% | 26.21% | 22.34% | 22.6% | 54.79% | 41.29% | 10.16% |
| Depreciation & Amortization | 0 | 36.31M | 36.8M | 38.02M | 39.6M | 42.5M | 50.5M | 42.8M | 383.6M | 330M | 55.7M | 55M | 41.7M | 35.1M | 109M | 107M | 105M |
| D&A / Revenue % | 0% | 15.34% | 17.62% | 16.49% | 15.59% | 22.33% | 11.6% | 6.64% | 90.15% | 85.16% | 11.78% | 12.05% | 11.42% | 13.42% | 46.36% | 40.87% | 7.52% |
| Operating Income | 67.98M | 79.77M | 64.6M | 115.72M | 85.4M | 42.4M | -14.3M | 172.8M | 28.8M | 53.9M | 94M | 64.6M | 39.9M | 24M | 19.8M | 1.1M | 37M |
| Operating Margin % | 32.89% | 33.71% | 30.93% | 50.19% | 33.62% | 22.28% | -3.29% | 26.82% | 6.77% | 13.91% | 19.88% | 14.16% | 10.93% | 9.18% | 8.42% | 0.42% | 2.65% |
| Interest Expense | 21.73M | 25.52M | 23M | 21.99M | 26.3M | 30.3M | 33.1M | 35.3M | 25.6M | 26.3M | 26.8M | 29M | 19.1M | 14.9M | 25M | 26M | 25M |
| Interest Coverage | 3.97x | 3.51x | 2.77x | 1.86x | 3.86x | 1.62x | -0.18x | -0.50x | 1.39x | 2.34x | 4.69x | 2.41x | 2.24x | 1.01x | 0.73x | 0.51x | 1.60x |
| Non-Operating Income | -18.26M | -9.93M | 821K | 74.92M | -16.2M | -6.7M | -8.5M | 190.4M | -6.7M | -7.7M | -31.7M | 6.8M | -2.8M | 9M | 1.5M | -12.2M | -3M |
| Pretax Income | 64.52M | 64.18M | 40.84M | 18.81M | 75.4M | 18.9M | -38.9M | -52.9M | 9.9M | 35.3M | 98.9M | 40.9M | 23.6M | 100K | 1.2M | -4M | 15M |
| Pretax Margin % | 31.22% | 27.12% | 19.56% | 8.16% | 29.69% | 9.93% | -8.94% | -8.21% | 2.33% | 9.11% | 20.92% | 8.96% | 6.46% | 0.04% | 0.51% | -1.53% | 1.07% |
| Income Tax | -69K | 174K | 35K | -18.25M | 0 | -400K | -2M | 16.3M | -218.2M | 2.6M | 37M | -1.4M | 11.1M | -5.9M | 1M | -1.7M | 6M |
| Effective Tax Rate % | -0.11% | 0.27% | 0.09% | -97.02% | 0% | -2.12% | 5.14% | -30.81% | -2204.04% | 7.37% | 37.41% | -3.42% | 47.03% | -5900% | 83.33% | 42.5% | 40% |
| Net Income | 64.67M | 60.54M | 29.8M | -50.66M | 35.4M | 5.6M | -36.4M | -69.2M | 228.3M | -10.2M | 29.6M | 61.4M | 36.9M | 20.5M | 34M | 92M | 44M |
| Net Margin % | 31.29% | 25.58% | 14.27% | -21.97% | 13.94% | 2.94% | -8.36% | -10.74% | 53.65% | -2.63% | 6.26% | 13.46% | 10.1% | 7.84% | 14.46% | 35.14% | 3.15% |
| Net Income Growth % | 6.83% | 103.14% | 158.83% | -243.1% | 532.14% | 115.38% | 47.4% | -130.31% | 2338.24% | -134.46% | -51.79% | 66.4% | 80% | -39.71% | -63.04% | 109.09% | - |
| Funds From Operations (FFO) | 103.01M | 96.85M | 66.6M | -12.63M | 75M | 48.1M | 14.1M | -26.4M | 611.9M | 319.8M | 85.3M | 116.4M | 78.6M | 55.6M | 143M | 199M | 149M |
| FFO Margin % | 49.84% | 40.93% | 31.89% | -5.48% | 29.53% | 25.28% | 3.24% | -4.1% | 143.81% | 82.53% | 18.04% | 25.51% | 21.52% | 21.26% | 60.83% | 76.01% | 10.67% |
| FFO Growth % | 6.36% | 45.42% | 627.11% | -116.85% | 55.93% | 241.13% | 153.41% | -104.31% | 91.34% | 274.91% | -26.72% | 48.09% | 41.37% | -61.12% | -28.14% | 33.56% | - |
| FFO per Share | 1.41 | 1.33 | 0.91 | -0.17 | 1.03 | 0.66 | 0.20 | -0.37 | 11.55 | 6.47 | 1.73 | 2.36 | 1.74 | 1.30 | 3.50 | 4.74 | 3.63 |
| FFO Payout Ratio % | 63.79% | 67.09% | 96.55% | -456.67% | 62.13% | 28.69% | 354.61% | -593.18% | 1.68% | 3.85% | 12.07% | 7.13% | 2.54% | 48.02% | 37.13% | 26.23% | 34.9% |
| EPS (Diluted) | 0.89 | 0.83 | 0.41 | -0.70 | 0.48 | 0.08 | -0.51 | -0.98 | 4.34 | -0.21 | 0.54 | 1.25 | 0.82 | 0.44 | 0.58 | 0.79 | 1.08 |
| EPS Growth % | 7.23% | 102.44% | 158.57% | -245.83% | 520.15% | 115.18% | 47.96% | -122.58% | 2166.67% | -138.89% | -56.8% | 52.44% | 86.36% | -24.14% | -26.58% | -26.85% | - |
| EPS (Basic) | 0.89 | 0.83 | 0.41 | -0.70 | 0.48 | 0.08 | -0.51 | -0.98 | 4.68 | -0.21 | 0.54 | 1.26 | 0.83 | 0.44 | 0.60 | 0.80 | 1.08 |
| Diluted Shares Outstanding | 73.05M | 72.75M | 72.8M | 72.6M | 72.6M | 72.4M | 72.2M | 70.6M | 53M | 49.4M | 49.3M | 49.3M | 45.1M | 42.9M | 40.8M | 42M | 41.1M |
Non-core asset divestment drag
As reported in recent financial filings, Alexander & Baldwin experienced an 18.4% year-over-year revenue decline in 2025Q4, reflecting the ongoing strategic transition away from legacy non-core segments toward a pure-play Hawai'i commercial real estate model that remains sensitive to broader economic shifts within the island economy.
The persistent revenue contraction suggests that the divestment of non-core assets is currently outpacing the organic growth generated by the core retail and industrial portfolio. Investors should monitor whether the company can stabilize top-line performance once the legacy Materials & Construction segment is fully phased out, as current figures appear heavily influenced by these lumpy, non-recurring revenue streams.
Based on the company's reported figures, NOI margins fluctuated between 41.3% and 50.7% over the last ten quarters, indicating that the core rental business faces operational variability likely tied to the integration of legacy assets and the inherent cost structure of managing a geographically concentrated Hawai'i portfolio.
While the 45.4% NOI margin in 2025Q4 demonstrates a baseline level of property-level efficiency, the lack of consistent margin expansion suggests that overhead and legacy operational drag continue to weigh on the bottom line. The company's ability to improve these margins will likely depend on successfully streamlining its cost base as it pivots toward a more focused commercial real estate entity.
According to quarterly data, FFO per share experienced significant volatility, dropping to $0.18 in 2025Q4 from a peak of $0.48 in 2025Q2, which suggests that the company's earnings quality remains heavily influenced by the timing of land sales and the operational performance of non-core business segments.
The wide variance in FFO growth, including a 39.4% decline in the most recent quarter, warrants further investigation into the sustainability of current dividend payouts. Investors should be cautious of relying on headline FFO figures until the company completes its strategic simplification, as current metrics appear to be distorted by the lumpy nature of its remaining legacy operations.
As indicated by the reported financial statements, the company's AFFO frequently turned negative, including a -$2.0M result in 2025Q4, which suggests that recurring maintenance capital expenditures and other cash-based adjustments are significantly impacting the actual cash available for distribution to shareholders relative to reported FFO.
This persistent gap between FFO and AFFO implies that the company may be facing higher-than-anticipated capital requirements to maintain its Hawai'i-based assets. Such capital intensity may limit the company's financial flexibility and suggests that the dividend coverage ratio should be evaluated with skepticism until the portfolio reaches a more stable, pure-play state.
Quick answers to the most common questions about buying ALEX stock.
For fiscal year 2025, Alexander & Baldwin, Inc. (ALEX) reported total revenue of $206.7M. This represents a 85.2% decline compared to $1.40B in 2009.
Alexander & Baldwin, Inc. (ALEX) is profitable, generating $64.7M in net income for the fiscal year ending 2025 with a net profit margin of 31.3%.
Alexander & Baldwin, Inc. (ALEX) reported an operating income of $68.0M, resulting in an operating profit margin of 32.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Alexander & Baldwin, Inc. (ALEX) generated $96.1M in gross profit for the year, representing a gross profit margin of 46.5%. This demonstrates the company's core pricing power and production efficiency.