Revenue grew 4.0% year-over-year in 2026Q2 to $146.5M, but NOI margin collapsed to 65.4% from 8.9% a year earlier, and FFO per share fell 78.6% to $0.29, indicating significant earnings volatility.
CBL & Associates Properties, Inc. (CBL) annual income statement — 22-year revenue, gross profit & net income history
| 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 | 597.56M | 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 % | 7.93% | 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 | 365.34M | 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) | 232.22M | 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 % | 38.86% | 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 | 19.86M | -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 | 28.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA | 365.96M | 319.56M | 272.93M | 305.29M | 324.03M | 335.35M | 310.67M | 472.05M | 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 % | 61.24% | 55.25% | 52.94% | 57.03% | 57.55% | 58.13% | 53.95% | 61.41% | 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 | 153.59M | 179.79M | 140.59M | 211.93M | 277.11M | 208.08M | 215.03M | 255.94M | 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 % | 25.7% | 31.09% | 27.27% | 39.59% | 49.22% | 36.07% | 37.34% | 33.29% | 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 | 212.37M | 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 % | 35.54% | 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 | 4M | 175.96M | 154.49M | 172.91M | 217.34M | 267.9M | 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 | -1.40x | -0.74x | 0.36x | - | - | - | - | - | 1.51x | - | - | - | - | - | 1.52x | 1.73x | - | - |
| Non-Operating Income | -168.08M | -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 | 150.09M | 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 % | 25.12% | 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 | -2.42M | 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 % | -1.61% | 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 | 152.75M | 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 % | 25.56% | 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 % | 22.25% | 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) | 306.35M | 315.76M | 199.56M | 218.48M | 183.63M | -414.09M | -189.06M | 147.25M | 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 % | 51.27% | 54.59% | 38.71% | 40.81% | 32.62% | -71.78% | -32.83% | 19.16% | 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 % | 90.89% | 58.23% | -8.66% | 18.98% | 144.34% | -119.03% | -228.39% | -28.81% | -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 | 9.88 | 10.24 | 6.45 | 6.98 | 6.11 | -2.48 | -0.99 | 0.85 | 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 % | 17.11% | 24.42% | 25.23% | 54.05% | 13% | 0% | 0% | 17.63% | 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) | 4.93 | 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 % | 23.43% | 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 | 31M | 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 |
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.
Key Metrics
Top Statement Risk
FFO volatility and NOI instability
Metrics are mathematically derived from official filings.
Revenue Growth Amidst NOI Volatility
CBL's revenue grew 4.0% year-over-year in 2026Q2, but NOI margin collapsed to 65.4% from 8.9% a year earlier, suggesting a shift in revenue mix or one-time items, per quarterly filings.
The 4.0% revenue growth in 2026Q2 is modest, but the dramatic swing in NOI margin from 8.9% in 2025Q2 to 65.4% indicates that revenue growth may be driven by non-core items or asset sales, not operational improvement. The NOI margin in 2026Q2 is an outlier compared to the prior year's range of -3.1% to 18.9%, warranting investigation into the sustainability of this profitability level.
NOI Margin Instability Raises Concerns
NOI margin swung from -3.1% in 2025Q1 to 65.4% in 2026Q2, per income statements, indicating potential one-time gains or asset dispositions that distort underlying property profitability.
The extreme volatility in NOI margin—ranging from negative to over 65%—suggests that reported NOI is not a reliable indicator of recurring property-level performance. This could be due to large non-cash adjustments, gains on sales, or changes in consolidation. Investors should focus on same-store NOI and cash-based metrics to assess true operational efficiency.
FFO Per Share Volatility Masks Earnings Power
FFO per share swung from $1.38 in 2025Q2 to $3.68 in 2025Q3, then fell to $0.29 in 2026Q2, per reported figures, indicating non-recurring items or significant dilution events.
The 78.6% year-over-year decline in FFO in 2026Q2, following a 137.7% surge in 2025Q3, points to non-operating gains or losses distorting FFO. The low dividend yield (0.8%) relative to FFO per share suggests the market is pricing in continued volatility. Analysts should adjust for one-time items to gauge normalized FFO and assess dividend sustainability.
Depreciation Distorts Net Income
Net income of $45.4M in 2026Q2 is far above FFO of $9.1M, per financial statements, highlighting the impact of depreciation and other non-cash items on GAAP earnings.
The wide gap between net income and FFO indicates significant depreciation charges, which are non-cash but reduce GAAP earnings. However, the reversal in some quarters (e.g., 2025Q2 net income of $2.8M vs FFO of $42.5M) suggests other non-cash gains or losses are at play. Investors should rely on FFO and AFFO for valuation, but the volatility in both metrics raises questions about earnings quality.
Same-Store Performance Unclear
Same-store NOI trends are not disclosed in the provided data, but revenue growth of 4.0% in 2026Q2 suggests modest organic growth, though NOI margin volatility clouds the picture.
Without explicit same-store metrics, it is difficult to isolate organic performance from acquisitions or dispositions. The revenue growth in 2026Q2 is positive, but the extreme NOI margin swings imply that property-level profitability is not stable. Investors should seek supplemental disclosures on same-store NOI and leasing spreads to evaluate the core portfolio's health.
Earnings Quality Under Scrutiny
The extreme volatility in NOI and FFO, with margins swinging from negative to over 65%, suggests possible one-time gains or aggressive accounting, per reported data, warranting a deep dive into non-recurring items.
The data reveals that NOI margin and FFO per share are highly erratic, which could indicate that management is recognizing gains on asset sales or other non-operating items as part of core metrics. This undermines the reliability of FFO as a measure of recurring earnings. Investors should scrutinize the reconciliation of FFO to net income and adjust for non-recurring items to assess the true earnings power of the portfolio.