Revenue growth of 5.1% in 2026Q1 is currently overshadowed by operational instability, as evidenced by NOI margins contracting to 25.4% in 2025Q4.
| 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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 1.01B | 993.82M | 856.76M | 802.87M | 762.29M | 755.07M | 740.34M | 657.51M | 475.21M | 466.19M | 259.21M | 381.64M | 361.38M | 210.74M | 148.28M | 178.46M | 228.51M | 224.88M | 214.65M | 165.38M | 169.86M | 155.74M | 136.81M | 189.6M | 199.8M | 177.7M | 144.63M | 97.82M | 98.31M | 86M | 58.53M |
| Revenue Growth % | 12.11% | 16% | 6.71% | 5.32% | 0.96% | 1.99% | 12.6% | 38.36% | 1.94% | 79.85% | -32.08% | 5.61% | 71.48% | 42.13% | -16.91% | -21.9% | 1.61% | 4.77% | 29.79% | -2.64% | 9.07% | 13.84% | -27.85% | -5.1% | 12.44% | 22.86% | 47.85% | -0.5% | 14.32% | 46.93% | 42.64% |
| Property Operating Expenses | 427.13M | 730.4M | 280.66M | 266.43M | 258.37M | 259.46M | 250.85M | 222.15M | 164.68M | 163.88M | 96.91M | 156.16M | 155.93M | 90.5M | 56.35M | 77.88M | 96.69M | 66.56M | 67.71M | 7.68M | 32.15M | 25.81M | 12.01M | 10.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 579.46M | 263.42M | 576.1M | 536.44M | 503.92M | 495.61M | 489.49M | 435.37M | 310.53M | 302.3M | 162.3M | 225.49M | 205.45M | 120.24M | 91.93M | 100.58M | 131.82M | 158.32M | 146.94M | 157.7M | 137.71M | 129.93M | 124.8M | 179.58M | 199.8M | 177.7M | 144.63M | 97.82M | 98.31M | 86M | 58.53M |
| NOI Margin % | 57.57% | 26.51% | 67.24% | 66.81% | 66.11% | 65.64% | 66.12% | 66.21% | 65.35% | 64.85% | 62.61% | 59.08% | 56.85% | 57.06% | 62% | 56.36% | 57.69% | 70.4% | 68.45% | 95.35% | 81.07% | 83.43% | 91.22% | 94.71% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 354.84M | 40.44M | 401.61M | 347.23M | 323.91M | 317.41M | 489.49M | 435.37M | 203.42M | 224.27M | 123.54M | 152.51M | 159.8M | 98.22M | 66.77M | 80.75M | 116.78M | 152.34M | 95.1M | 156.45M | 180.28M | 144.36M | 120.12M | 140.26M | 143.8M | 126.22M | 100.93M | 69.1M | 63.97M | 57.56M | 42.68M |
| G&A Expenses | 40.27M | 40.44M | 36.57M | 32.33M | 28.32M | 29.32M | 27.03M | 37.01M | 22.04M | 27.52M | 25.59M | 17.1M | 19.78M | 21.94M | 23.21M | 30.57M | 52.5M | 83.36M | 42.17M | 57.81M | 58.59M | 40.7M | 33.7M | 29.61M | 27.67M | 27.01M | 18.45M | 14.96M | 13.09M | 12.72M | 9.08M |
| EBITDA | 646.28M | 638.33M | 539.53M | 504.11M | 475.6M | 466.29M | 587.37M | 393.25M | 440.12M | 471.51M | 297.02M | 208.43M | 186.67M | 98.3M | 77.6M | 73.9M | 79.32M | 71.54M | 82.44M | -115.81M | -136.59M | -104.64M | -82.89M | -87.36M | -88.96M | -80.65M | -69.41M | -52.45M | -48.8M | -43.51M | -35.46M |
| EBITDA Margin % | 64.2% | 64.23% | 62.97% | 62.79% | 62.39% | 61.75% | 79.34% | 59.81% | 92.62% | 101.14% | 114.58% | 54.61% | 51.65% | 46.65% | 52.33% | 41.41% | 34.71% | 31.81% | 38.4% | -70.02% | -80.41% | -67.19% | -60.59% | -46.08% | -44.53% | -45.38% | -47.99% | -53.61% | -49.63% | -50.59% | -60.59% |
| Depreciation & Amortization | 421.65M | 415.36M | 365.05M | 314.9M | 295.59M | 288.09M | 288.65M | 257.15M | 372.44M | 393.47M | 258.25M | 135.46M | 141.02M | 76.28M | 52.44M | 54.06M | 59.11M | 55.83M | 52.92M | 40.64M | 43.69M | 39.72M | 37.23M | 52.9M | 54.84M | 45.58M | 31.52M | 16.66M | 15.17M | 14.05M | 7.22M |
| D&A / Revenue % | 41.89% | 41.79% | 42.61% | 39.22% | 38.78% | 38.15% | 38.99% | 39.11% | 78.37% | 84.4% | 99.63% | 35.49% | 39.02% | 36.19% | 35.37% | 30.29% | 25.87% | 24.83% | 24.66% | 24.57% | 25.72% | 25.5% | 27.21% | 27.9% | 27.45% | 25.65% | 21.79% | 17.03% | 15.43% | 16.33% | 12.33% |
| Operating Income | 224.63M | 222.97M | 174.49M | 189.21M | 180.01M | 178.2M | 0 | 136.1M | 67.68M | 78.03M | 38.76M | 72.97M | 45.65M | 22.03M | 25.16M | 19.84M | 20.21M | 15.71M | 29.51M | -156.45M | -180.28M | -144.36M | -120.12M | -140.26M | -143.8M | -126.22M | -100.93M | -69.1M | -63.97M | -57.56M | -42.68M |
| Operating Margin % | 22.32% | 22.44% | 20.37% | 23.57% | 23.61% | 23.6% | 0% | 20.7% | 14.24% | 16.74% | 14.95% | 19.12% | 12.63% | 10.45% | 16.97% | 11.12% | 8.84% | 6.99% | 13.75% | -94.6% | -106.13% | -92.69% | -87.8% | -73.98% | -71.97% | -71.03% | -69.78% | -70.64% | -65.07% | -66.93% | -72.92% |
| Interest Expense | 3M | 0 | 122.48M | 105.46M | 72.54M | 67.03M | 60.6M | 53.96M | 39.43M | 33.52M | 26.65M | 22.73M | 20.98M | 21.71M | 23.93M | 27.78M | 37.18M | 41.39M | 33.15M | 8.82M | 11.12M | 9.09M | 14.62M | 22.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | - | 1.38x | 1.79x | 3.31x | 5.16x | 4.93x | 3.83x | 3.05x | 2.19x | 0.04x | 1.25x | 1.83x | 0.24x | 0.35x | -0.44x | -0.57x | 3.05x | 1.45x | 2.34x | -0.94x | 1.25x | 1.14x | 0.94x | - | - | - | - | - | - | - |
| Non-Operating Income | 45.24M | 0 | 5.43M | -67K | -59.97M | -167.82M | -298.72M | -65.43M | -39.43M | 4.73M | 37.8M | 4.91M | -24.68M | 16.39M | 7.71M | 32.02M | -916K | -112.22M | -18.42M | -6.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -4.51M | 41.25M | 46.58M | 83.82M | 167.44M | 279M | 238.11M | 29.26M | 63.1M | 39.78M | -26.73M | 37.52M | 8.03M | -16.59M | -12.51M | -116.72M | -34.52M | -66.19M | -5.74M | 116K | -21.54M | 2.29M | 2.06M | 43.26M | 45.24M | 46.76M | 49.56M | 47.76M | 41.21M | 29.78M | 26.51M |
| Pretax Margin % | -0.45% | 4.15% | 5.44% | 10.44% | 21.97% | 36.95% | 32.16% | 4.45% | 13.28% | 8.53% | -10.31% | 9.83% | 2.22% | -7.87% | -8.43% | -65.41% | -15.11% | -29.44% | -2.67% | 0.07% | -12.68% | 1.47% | 1.51% | 22.82% | 22.64% | 26.32% | 34.26% | 48.82% | 41.91% | 34.63% | 45.29% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16.06M | -176.49M | -105.84M | -88M | -20K | -23K | 91K | -186K | -1.08M | 4.34M | -8.77M | -4.42M | -4.19M | -7.76M | -2.74M | -2.6M | -1.53M | -555K | -1.11M | -2.44M | -148K | -1.53M | -1.7M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -25.45% | -443.61% | 395.9% | -234.55% | -0.25% | 0.14% | -0.73% | 0.16% | 3.13% | -6.56% | 152.79% | -3812.93% | 19.47% | -339.43% | -132.88% | -6% | -3.37% | -1.19% | -2.25% | -5.11% | -0.36% | -5.13% | -6.42% |
| Net Income | -5.25M | 40.5M | 45.96M | 82.96M | 166.79M | 278.59M | 237.28M | 101.57M | 79.16M | 216.28M | 79.11M | 125.52M | 52M | 121.76M | 45.73M | -128.43M | -14.57M | 27.3M | 22.55M | 32.92M | 232.69M | 49.74M | 407.78M | 242.16M | 47.87M | 70.81M | 62.04M | 104.08M | 45.3M | 37.28M | 41.02M |
| Net Margin % | -0.52% | 4.08% | 5.36% | 10.33% | 21.88% | 36.9% | 32.05% | 15.45% | 16.66% | 46.39% | 30.52% | 32.89% | 14.39% | 57.78% | 30.84% | -71.96% | -6.38% | 12.14% | 10.5% | 19.91% | 136.99% | 31.94% | 298.07% | 127.72% | 23.96% | 39.85% | 42.9% | 106.4% | 46.08% | 43.35% | 70.07% |
| Net Income Growth % | -109.8% | -11.88% | -44.6% | -50.26% | -40.13% | 17.41% | 133.61% | 28.3% | -63.4% | 173.39% | -36.97% | 141.36% | -57.29% | 166.27% | 135.61% | -781.25% | -153.39% | 21.06% | -31.51% | -85.85% | 367.81% | -87.8% | 68.39% | 405.85% | -32.4% | 14.14% | -40.39% | 129.77% | 21.52% | -9.12% | 55.71% |
| Funds From Operations (FFO) | 416.4M | 455.86M | 411.01M | 397.86M | 462.38M | 566.68M | 525.93M | 358.72M | 451.6M | 609.75M | 337.36M | 260.98M | 193.03M | 198.04M | 98.17M | -74.36M | 44.54M | 83.13M | 75.47M | 73.56M | 276.38M | 89.46M | 445.01M | 295.06M | 102.71M | 116.39M | 93.56M | 120.74M | 60.47M | 51.32M | 48.23M |
| FFO Margin % | 41.37% | 45.87% | 47.97% | 49.55% | 60.66% | 75.05% | 71.04% | 54.56% | 95.03% | 130.8% | 130.15% | 68.38% | 53.41% | 93.97% | 66.2% | -41.67% | 19.49% | 36.97% | 35.16% | 44.48% | 162.71% | 57.44% | 325.29% | 155.62% | 51.41% | 65.5% | 64.69% | 123.43% | 61.51% | 59.68% | 82.41% |
| FFO Growth % | -10.98% | 10.91% | 3.3% | -13.95% | -18.41% | 7.75% | 46.61% | -20.57% | -25.94% | 80.74% | 29.27% | 35.2% | -2.53% | 101.74% | 232.01% | -266.97% | -46.42% | 10.14% | 2.59% | -73.38% | 208.95% | -79.9% | 50.82% | 187.27% | -11.75% | 24.39% | -22.51% | 99.66% | 17.83% | 6.4% | 57.21% |
| FFO per Share | 2.50 | 2.70 | 2.67 | 2.62 | 3.07 | 3.81 | 3.54 | 2.76 | 4.23 | 5.76 | 5.27 | 4.83 | 3.78 | 5.49 | 3.77 | -2.87 | 1.76 | 5.08 | 5.85 | 5.56 | 21.05 | 6.92 | 34.89 | 23.87 | 8.24 | 9.27 | 7.54 | 9.85 | 5.03 | 4.62 | 4.47 |
| FFO Payout Ratio % | 38.72% | 47.34% | 47.54% | 48.85% | 41.58% | 32.27% | 33.51% | 39.85% | 23.73% | 16.26% | 14.98% | 26.51% | 31.89% | 13.73% | 19.1% | -25.08% | 27.34% | 27.32% | 102.63% | 107.96% | 2.15% | 86.26% | 100.73% | 58.37% | 71.41% | 58.94% | 64.46% | 44.63% | 77.83% | 73.26% | 66.13% |
| EPS (Diluted) | -0.03 | 0.24 | 0.30 | 0.55 | 1.86 | 1.41 | 1.16 | 0.78 | 0.74 | 2.08 | 1.24 | 2.32 | 0.88 | 3.04 | 1.28 | -4.96 | -0.57 | 0.88 | 0.60 | 1.32 | 16.56 | 2.68 | 31.36 | 19.32 | 3.84 | 5.64 | 5.00 | 8.48 | 3.76 | 3.36 | 3.80 |
| EPS Growth % | -110.06% | -20% | -45.45% | -70.43% | 31.91% | 21.55% | 48.72% | 5.41% | -64.42% | 67.74% | -46.55% | 163.64% | -71.05% | 137.5% | 125.81% | -770.18% | -164.77% | 46.67% | -54.55% | -92.03% | 517.91% | -91.45% | 62.32% | 403.13% | -31.91% | 12.8% | -41.04% | 125.53% | 11.9% | -11.58% | 51.39% |
| EPS (Basic) | - | 0.24 | 0.30 | 0.55 | 1.86 | 1.41 | 1.16 | 0.79 | 0.75 | 2.08 | 1.24 | 2.32 | 0.88 | 3.04 | 1.28 | -4.96 | -0.57 | 0.88 | 0.60 | 1.36 | 17.16 | 2.76 | 32.64 | 19.76 | 3.88 | 5.76 | 5.12 | 8.64 | 3.81 | 3.40 | 3.84 |
| Diluted Shares Outstanding | 166.4M | 168.72M | 154.01M | 152.04M | 150.42M | 148.89M | 148.64M | 129.83M | 106.87M | 105.82M | 64.01M | 53.99M | 51.12M | 36.1M | 26.03M | 25.91M | 25.36M | 16.37M | 12.91M | 13.23M | 13.13M | 12.94M | 12.75M | 12.36M | 12.47M | 12.56M | 12.41M | 12.26M | 12.02M | 11.1M | 10.79M |
Sun Belt geographic concentration
According to the provided financial data, Cousins Properties achieved a 16% year-over-year revenue increase, yet this top-line expansion appears disconnected from property-level profitability, as evidenced by the significant volatility in quarterly Net Operating Income margins which dipped to 25.4% in the final quarter of 2025.
The divergence between revenue growth and NOI margins suggests that the company may be absorbing higher operating costs or experiencing temporary vacancy-related leakage from recent development deliveries. Investors should monitor whether this revenue trajectory is driven by sustainable organic rent spreads or if it relies heavily on non-recurring lease termination fees.
As reported in the quarterly income statements, FFO per share experienced a sharp contraction to $0.50 in 2026Q1, representing a 32.1% decline, which warrants investigation into whether this reflects structural earnings pressure or the impact of recent capital allocation decisions on the company's core operating performance.
The inconsistency in FFO growth, contrasted against the relatively stable dividend yield, suggests that the company's ability to cover distributions may be tightening. Analysts should scrutinize the reconciliation between FFO and AFFO to determine if the current dividend payout remains supported by recurring cash flows rather than balance sheet liquidity.
Based on the reported figures, Cousins Properties consistently posts GAAP net income that fails to reflect the true economic health of the portfolio, with the 2026Q1 net loss of $24.9 million appearing largely driven by non-cash depreciation charges inherent to the REIT's heavy real estate asset base.
The persistent gap between GAAP net income and FFO highlights the necessity of focusing on cash-based metrics to evaluate performance. The significant depreciation expense may be masking the actual cash-generating capacity of the trophy office assets, making GAAP-based valuation multiples potentially misleading for institutional investors.
Financial statements indicate that AFFO has been subject to extreme quarterly fluctuations, including a negative $188.2 million in 2025Q3, which suggests that high levels of capitalized leasing commissions and tenant improvement costs may be creating a structural drag on the company's actual distributable cash flow.
This volatility implies that the 'flight-to-quality' strategy requires a continuous and expensive reinvestment cycle to maintain occupancy in trophy assets. If these capital requirements continue to outpace rental growth, the company may face long-term margin compression that is not currently captured by headline revenue figures.
Quick answers to the most common questions about buying CUZ stock.
For fiscal year 2025, Cousins Properties Incorporated (CUZ) reported total revenue of $993.8M. This represents a 1597.9% increase compared to $58.5M in 1996.
Cousins Properties Incorporated (CUZ) is profitable, generating $40.5M in net income for the fiscal year ending 2025 with a net profit margin of 4.1%.
Cousins Properties Incorporated (CUZ) reported an operating income of $223.0M, resulting in an operating profit margin of 22.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Cousins Properties Incorporated (CUZ) generated $263.4M in gross profit for the year, representing a gross profit margin of 26.5%. This demonstrates the company's core pricing power and production efficiency.