Revenue growth of 3.0% in 2026Q1 is overshadowed by extreme NOI margin volatility, which fluctuated from a negative 3.1% in 2025Q1 to a peak of 62.6% in the most recent quarter.
| Metric | TTM | 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Revenue | 582.57M | 578.37M | 515.56M | 535.29M | 563.01M | 576.88M | 575.86M | 768.7M | 858.56M | 927.25M | 1.03B | 1.06B | 1.06B | 1.06B | 1.08B | 1.07B | 1.07B | 1.09B | 1.14B | 1.04B | 1B | 907.46M | 781.43M |
| Revenue Growth % | 10.29% | 12.18% | -3.68% | -4.92% | -2.4% | 0.18% | -25.09% | -10.47% | -7.41% | -9.82% | -2.54% | -0.54% | 0.48% | -2.22% | 1.16% | -0.42% | -1.62% | -4.28% | 9.38% | 3.84% | 10.43% | 16.13% | - |
| Property Operating Expenses | 443.14M | 534.66M | 456.33M | 568.15M | 704.35M | 604.6M | 617.94M | 746.14M | 823.41M | 858.73M | 866.84M | 881.48M | 876.44M | 860.67M | 823.4M | 856.63M | 883.93M | 939.94M | 1.03B | 811.32M | 765.27M | 638.27M | 382.95M |
| Net Operating Income (NOI) | 139.43M | 43.71M | 59.23M | -32.86M | -141.34M | -27.73M | -42.08M | 22.55M | 35.14M | 68.52M | 161.41M | 173.53M | 184.3M | 195.04M | 256.33M | 210.71M | 187.88M | 149.55M | 111.84M | 229.31M | 236.87M | 269.19M | 398.48M |
| NOI Margin % | 23.93% | 7.56% | 11.49% | -6.14% | -25.1% | -4.81% | -7.31% | 2.93% | 4.09% | 7.39% | 15.7% | 16.45% | 17.37% | 18.47% | 23.74% | 19.74% | 17.53% | 13.73% | 9.83% | 22.04% | 23.64% | 29.66% | 50.99% |
| Operating Expenses | -52.64M | -96.06M | -73.11M | -126.22M | -188.26M | -155M | -137.72M | -193.56M | -223.11M | -240.62M | -209.03M | -236.95M | -241M | 21.7M | 49.86M | 66.71M | 60.83M | 47.74M | -264.18M | 92.17M | 77.35M | 73.61M | 0 |
| G&A Expenses | 18.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 273.59M | 304.92M | 272.93M | 283.86M | 303.23M | 335.35M | 310.67M | 473.86M | 543.65M | 608.23M | 663.14M | 709.55M | 716.57M | 458.89M | 475.11M | 420.37M | 418.82M | 414.93M | 718.76M | 389.22M | 397.38M | 384.79M | 319.38M |
| EBITDA Margin % | 46.96% | 52.72% | 52.94% | 53.03% | 53.86% | 58.13% | 53.95% | 61.65% | 63.32% | 65.6% | 64.49% | 67.26% | 67.55% | 43.47% | 44% | 39.38% | 39.08% | 38.08% | 63.15% | 37.4% | 39.65% | 42.4% | 40.87% |
| Depreciation & Amortization | 81.52M | 165.16M | 140.59M | 190.5M | 256.31M | 208.08M | 215.03M | 257.75M | 285.4M | 299.09M | 292.69M | 299.07M | 291.27M | 285.55M | 268.63M | 276.37M | 291.77M | 313.11M | 342.75M | 252.09M | 237.86M | 189.22M | 149.83M |
| D&A / Revenue % | 13.99% | 28.56% | 27.27% | 35.59% | 45.52% | 36.07% | 37.34% | 33.53% | 33.24% | 32.26% | 28.46% | 28.35% | 27.46% | 27.05% | 24.88% | 25.89% | 27.22% | 28.74% | 30.11% | 24.22% | 23.74% | 20.85% | 19.17% |
| Operating Income | 192.07M | 139.77M | 132.34M | 93.36M | 46.92M | 127.27M | 95.64M | 216.12M | 258.25M | 309.14M | 370.45M | 410.49M | 425.3M | 173.34M | 206.47M | 144M | 127.05M | 101.81M | 376.01M | 137.13M | 159.52M | 195.58M | 169.55M |
| Operating Margin % | 32.97% | 24.17% | 25.67% | 17.44% | 8.33% | 22.06% | 16.61% | 28.11% | 30.08% | 33.34% | 36.03% | 38.91% | 40.09% | 16.42% | 19.12% | 13.49% | 11.85% | 9.34% | 33.04% | 13.18% | 15.92% | 21.55% | 21.7% |
| Interest Expense | 2M | 175.96M | 154.49M | 172.91M | 217.34M | 0 | 200.66M | 206.26M | 0 | 0 | 0 | 0 | 0 | 229.27M | 0 | 0 | 0 | 0 | 0 | -287.88M | -257.07M | 0 | 0 |
| Interest Coverage | - | 1.77x | 1.38x | 1.03x | 0.56x | - | -0.74x | 0.36x | - | - | - | - | - | 1.51x | - | - | - | - | - | 1.52x | 1.73x | - | - |
| Non-Operating Income | -139.72M | -171.5M | -80.92M | -84.06M | -73.98M | 503.32M | 243.43M | 140.84M | 138.99M | -71.77M | -38.89M | -65.05M | -105.84M | -172.84M | -230.32M | -280.92M | -248.03M | -183.85M | -8.13M | -299.2M | -284.26M | -291.21M | 0 |
| Pretax Income | 172.49M | 135M | 58.17M | 4.1M | -96.44M | -643.95M | -346.81M | -128.48M | -100.78M | 162.23M | 193.03M | 246.19M | 291.32M | 116.62M | 194.63M | 155.49M | 91.38M | -8.39M | 70.93M | 148.44M | 186.71M | 278.6M | 209.4M |
| Pretax Margin % | 29.61% | 23.34% | 11.28% | 0.77% | -17.13% | -111.63% | -60.22% | -16.71% | -11.74% | 17.5% | 18.77% | 23.34% | 27.46% | 11.05% | 18.03% | 14.57% | 8.53% | -0.77% | 6.23% | 14.26% | 18.63% | 30.7% | 26.8% |
| Income Tax | 946K | 475K | 1.05M | 894K | 3.08M | -4.81M | 16.84M | 3.15M | -1.55M | -1.93M | -2.06M | 2.94M | 4.5M | 1.3M | 1.4M | -269K | -6.42M | -1.22M | 13.49M | 8.39M | 5.9M | 0 | 0 |
| Effective Tax Rate % | 0.55% | 0.35% | 1.81% | 21.82% | -3.19% | 0.75% | -4.85% | -2.45% | 1.54% | -1.19% | -1.07% | 1.19% | 1.54% | 1.12% | 0.72% | -0.17% | -7.02% | 14.56% | 19.03% | 5.65% | 3.16% | 0% | 0% |
| Net Income | 172.58M | 135.97M | 58.97M | 6.55M | -93.48M | -622.17M | -404.09M | -108.69M | -78.57M | 126.12M | 172.44M | 167.07M | 174.53M | 84.06M | 130.66M | 133.94M | 61.77M | -15.09M | 25.98M | 81.59M | 106.34M | 161.66M | 120.27M |
| Net Margin % | 29.62% | 23.51% | 11.44% | 1.22% | -16.6% | -107.85% | -70.17% | -14.14% | -9.15% | 13.6% | 16.77% | 15.84% | 16.45% | 7.96% | 12.1% | 12.55% | 5.76% | -1.39% | 2.28% | 7.84% | 10.61% | 17.81% | 15.39% |
| Net Income Growth % | 154.89% | 130.57% | 800.86% | 107% | 84.97% | -53.97% | -271.79% | -38.33% | -162.3% | -26.86% | 3.21% | -4.27% | 107.62% | -35.67% | -2.45% | 116.82% | 509.25% | -158.1% | -68.16% | -23.27% | -34.22% | 34.42% | - |
| Funds From Operations (FFO) | 254.1M | 301.12M | 199.56M | 197.05M | 162.83M | -414.09M | -189.06M | 149.06M | 206.83M | 425.21M | 465.13M | 466.14M | 465.8M | 369.61M | 399.3M | 410.31M | 353.54M | 298.02M | 368.73M | 333.68M | 344.2M | 350.88M | 270.1M |
| FFO Margin % | 43.62% | 52.06% | 38.71% | 36.81% | 28.92% | -71.78% | -32.83% | 19.39% | 24.09% | 45.86% | 45.23% | 44.18% | 43.91% | 35.01% | 36.98% | 38.44% | 32.99% | 27.35% | 32.4% | 32.07% | 34.35% | 38.67% | 34.56% |
| FFO Growth % | 76.93% | 50.89% | 1.27% | 21.02% | 139.32% | -119.03% | -226.83% | -27.93% | -51.36% | -8.58% | -0.22% | 0.07% | 26.03% | -7.43% | -2.68% | 16.06% | 18.63% | -19.18% | 10.5% | -3.06% | -1.9% | 29.91% | - |
| FFO per Share | 8.28 | 9.76 | 6.45 | 6.29 | 5.42 | -2.48 | -0.99 | 0.86 | 1.20 | 2.49 | 2.72 | 2.73 | 2.74 | 2.21 | 2.58 | 2.77 | 2.55 | 2.80 | 5.57 | 5.06 | 5.27 | 5.41 | 4.22 |
| FFO Payout Ratio % | 15.73% | 25.6% | 25.23% | 59.93% | 14.66% | 0% | 0% | 17.42% | 88.33% | 53.19% | 48.56% | 48.39% | 45.45% | 53.1% | 44.45% | 40.32% | 0% | 26.27% | 45.11% | 47.56% | 44.58% | 38.12% | 39.56% |
| EPS (Diluted) | 5.63 | 4.34 | 1.87 | 0.17 | -3.20 | -29.95 | -1.76 | -0.78 | -0.83 | 0.52 | 0.88 | 0.40 | 1.20 | 0.51 | 0.85 | 0.90 | 0.45 | -0.14 | 0.44 | 1.35 | 1.80 | 0.00 | 0.00 |
| EPS Growth % | 155.98% | 132.09% | 1000% | 105.31% | 89.32% | -1601.7% | -125.64% | 6.02% | -259.62% | -40.91% | 120% | -66.67% | 135.29% | -40% | -5.56% | 100% | 421.43% | -131.82% | -67.41% | -25% | - | - | - |
| EPS (Basic) | - | 4.41 | 1.87 | 0.17 | -3.20 | -29.95 | -1.76 | -0.78 | -0.83 | 0.52 | 0.88 | 0.40 | 1.20 | 0.51 | 0.85 | 0.90 | 0.45 | -0.14 | 0.44 | 1.36 | 1.84 | 0.00 | 0.00 |
| Diluted Shares Outstanding | 30.68M | 30.84M | 30.96M | 31.3M | 30.05M | 167.11M | 190.28M | 173.44M | 172.49M | 171.07M | 170.84M | 170.5M | 170.25M | 167.03M | 154.81M | 148.34M | 138.42M | 106.37M | 66.15M | 65.91M | 65.27M | 64.88M | 64M |
High tenant bankruptcy exposure
As reported in recent financial filings, CBL achieved a 3.0% year-over-year revenue growth in 2026Q1, yet the underlying NOI margin remains highly erratic, swinging from a negative 3.1% in 2025Q1 to a peak of 62.6% in the most recent quarter, suggesting inconsistent operational efficiency across the portfolio.
The significant variance in NOI margins indicates that the company's property-level profitability is highly sensitive to non-recurring items or seasonal expense fluctuations. Investors should monitor whether the recent spike in NOI margin is sustainable or merely a result of temporary cost deferrals or accounting adjustments.
According to the company's quarterly data, FFO per share experienced a sharp decline to $0.24 in 2026Q1 from $3.68 in 2025Q3, highlighting significant instability in core earnings that complicates the assessment of dividend safety and long-term capital allocation efficacy for the post-restructuring entity.
The extreme fluctuations in FFO suggest that the company's earnings power is not yet stabilized following its reorganization. The lack of reported AFFO figures further obscures the true cash-generating capacity of the assets after accounting for the necessary maintenance capital expenditures required to keep aging malls competitive.
Based on the provided income statement, the divergence between net income of $45.4M and FFO of $7.3M in 2026Q1 underscores the massive impact of non-cash depreciation charges, which continue to render GAAP net income an unreliable metric for evaluating the REIT's actual economic performance.
The reliance on GAAP net income as a performance indicator is fundamentally flawed for this asset class, as it fails to account for the economic reality of property value preservation. Analysts must focus on the gap between FFO and net income to determine the extent to which depreciation is masking the true cost of maintaining the portfolio.
Financial statements reveal that despite revenue growth, the company's operating margins remain under pressure, with property-level expenses consuming a disproportionate share of rental income, which may indicate that the cost of re-tenanting and maintaining secondary market assets is outpacing the company's ability to drive organic rent increases.
The persistent difficulty in converting top-line revenue into stable NOI suggests that the company's portfolio may be trapped in a cycle of high capital intensity. This warrants further investigation into whether the current redevelopment strategy is effectively lowering the long-term operating cost structure or merely delaying inevitable asset obsolescence.
Quick answers to the most common questions about buying CBL stock.
For fiscal year 2025, CBL & Associates Properties, Inc. (CBL) reported total revenue of $578.4M. This represents a 26.0% decline compared to $781.4M in 2004.
CBL & Associates Properties, Inc. (CBL) is profitable, generating $136.0M in net income for the fiscal year ending 2025 with a net profit margin of 23.5%.
CBL & Associates Properties, Inc. (CBL) reported an operating income of $139.8M, resulting in an operating profit margin of 24.2%. This margin reflects the operational efficiency of the business before interest and taxes.
CBL & Associates Properties, Inc. (CBL) generated $43.7M in gross profit for the year, representing a gross profit margin of 7.6%. This demonstrates the company's core pricing power and production efficiency.