Revenue grew 11.8% YoY to $268.5M in Q2 2026, but NOI margin volatility (swinging from 68.6% to 100%) and a net income margin of just 4.1% highlight the impact of depreciation and interest expenses.
Cousins Properties Incorporated (CUZ) annual income statement — 30-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 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 1.03B | 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 % | 11.89% | 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 | 352.95M | 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) | 682.04M | 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 % | 65.9% | 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 | 486.5M | 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 | 42.65M | 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 | 621.14M | 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 % | 60.01% | 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 | 425.61M | 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 % | 41.12% | 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 | 195.54M | 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 % | 18.89% | 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 | 4M | 159.34M | 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 | - | 0.26x | 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 | 54.81M | 181.72M | 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 | 7.07M | 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 % | 0.68% | 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 | 6.58M | 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 % | 0.64% | 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 % | -89.08% | -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) | 432.18M | 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 % | 41.76% | 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 % | -9.04% | 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 | 2.61 | 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 % | 49.85% | 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) | 0.04 | 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 % | -88.8% | -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 | 165.29M | 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 |
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.
Key Metrics
Top Statement Risk
High depreciation and interest burden
Metrics are mathematically derived from official filings.
Revenue Momentum Driven by Leasing
CUZ's revenue grew 11.8% YoY in Q2 2026, reaching $268.5M, supported by a portfolio leased rate of 92.8%, the highest since Q1 2020, according to recent earnings reports.
The revenue acceleration appears driven by both occupancy gains and new developments, as evidenced by the 920,000 sq ft leased in Q2. This suggests that the 16% YoY revenue growth is not merely a function of acquisitions but reflects organic demand for trophy Sun Belt office space. Investors should monitor whether this leasing velocity translates into sustained NOI growth, given the competitive landscape.
NOI Margin Volatility Raises Questions
NOI margin swung from 68.6% in Q1 2026 to 100% in Q2 2026, per financial statements, indicating possible one-time gains or data anomalies, while the reported gross margin of 26.51% suggests high non-reimbursable costs.
The extreme NOI margin fluctuation, particularly the 100% figure in Q2 2026, appears inconsistent with typical office REIT operations and may reflect a data reporting issue or a significant non-recurring item. The low gross margin relative to peers like HIW (67.6%) suggests that CUZ's cost structure may be under pressure, possibly due to elevated vacancy in newer developments or higher operating expenses. This warrants further investigation into the sustainability of property-level profitability.
FFO Per Share Shows Volatility
FFO per share jumped to $0.79 in Q2 2026 from $0.50 in Q1, a 58% increase, but AFFO per share remained modest at $0.34, based on reported figures, indicating a wide gap between FFO and cash earnings.
The significant FFO beat in Q2 2026, with EPS of $0.16 versus consensus of $0.09, suggests improving operational momentum. However, the large divergence between FFO and AFFO, particularly the negative AFFO in Q3 2025, highlights the heavy capital expenditure requirements for tenant improvements and leasing commissions. This may indicate that reported FFO overstates distributable cash flow, and investors should monitor dividend coverage relative to AFFO.
Depreciation Distorts Bottom Line
Net income margin of 4.1% in Q2 2026 contrasts sharply with operating margin of 22.4%, as reported, reflecting substantial depreciation and interest expenses that mask the underlying profitability of CUZ's real estate assets.
The persistent gap between operating and net margins suggests that depreciation charges on the trophy portfolio are significant, which is typical for REITs but may understate the economic value of the assets. However, the low net margin also implies that the company's earnings are highly sensitive to interest costs and non-cash charges. Investors should focus on FFO and NOI as more accurate measures of performance, while monitoring the sustainability of these charges.
Occupancy Gains Support Organic Growth
Portfolio leased rate improved to 92.8% in Q2 2026, the highest since Q1 2020, with over 920,000 sq ft leased, according to management commentary, indicating strong organic demand for CUZ's Sun Belt properties.
The rise in leased occupancy suggests that CUZ is benefiting from the flight-to-quality trend, as tenants seek modern, amenitized office space. This may support same-store NOI growth and rent spreads, although the data does not provide specific same-store metrics. The high leasing velocity in Q2 2026 appears to be a positive indicator for future revenue stability, but investors should watch for potential shadow vacancy from subleasing.
Earnings Quality Under Scrutiny
The wide gap between FFO and AFFO, with AFFO sometimes negative, as seen in Q3 2025, suggests that reported FFO may overstate cash generation, according to financial data, raising concerns about dividend sustainability.
The substantial difference between FFO and AFFO, particularly the negative AFFO in Q3 2025, indicates that significant capital is being reinvested into the portfolio to maintain its competitive edge. This could be a sign of the 'CapEx treadmill' that may pressure long-term AFFO growth. Additionally, the low net margin and high depreciation charges warrant scrutiny, as they may indicate that the company's earnings quality is lower than headline FFO suggests. Investors should monitor the sustainability of dividend coverage in light of these cash flow dynamics.