Revenue growth of 10.9% in 2026Q1 appears overshadowed by a sharp NOI margin compression to 41.9%, down from historical levels consistently exceeding 90%.
| 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 |
|---|
| Revenue | 700.22M | 718.36M | 641M | 659.72M | 610.65M | 512.86M | 405.52M | 651.97M | 700.73M | 575.99M | 493.24M | 421.02M | 385.05M | 343.06M | 321.79M | 229.98M | 238.26M | 198.1M | 359.05M | 176.91M | 149.17M | 123.12M | 87.58M | 60.99M | 48.76M | 36.54M | 36.48M | 35.4M | 28.5M | 2.5M |
| Revenue Growth % | 7.86% | 12.07% | -2.84% | 8.04% | 19.07% | 26.47% | -37.8% | -6.96% | 21.66% | 16.78% | 17.15% | 9.34% | 12.24% | 6.61% | 39.92% | -3.48% | 20.28% | -44.83% | 102.96% | 18.6% | 21.16% | 40.58% | 43.59% | 25.09% | 33.45% | 0.15% | 3.06% | 24.21% | 1040% | - |
| Property Operating Expenses | 236.43M | 397.49M | 59.15M | 57.48M | 55.98M | 56.74M | 58.59M | 60.74M | 30.76M | 31.65M | 22.6M | 23.43M | 24.9M | 26.02M | 25.28M | 1.73M | 7.79M | 3.32M | 0 | 3.24M | 3.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 463.79M | 320.87M | 581.85M | 602.24M | 554.66M | 456.13M | 346.94M | 591.23M | 669.98M | 544.34M | 470.64M | 397.58M | 360.15M | 317.05M | 296.5M | 228.25M | 230.47M | 194.78M | 359.05M | 173.67M | 145.68M | 123.12M | 87.58M | 60.99M | 48.76M | 36.54M | 36.48M | 35.4M | 28.5M | 2.5M |
| NOI Margin % | 66.23% | 44.67% | 90.77% | 91.29% | 90.83% | 88.94% | 85.55% | 90.68% | 95.61% | 94.5% | 95.42% | 94.43% | 93.53% | 92.42% | 92.14% | 99.25% | 96.73% | 98.32% | 100% | 98.17% | 97.66% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 56.33M | -56.1M | 266.18M | 295.84M | 243.71M | 177.32M | 250.96M | 234.87M | 202.76M | 176.57M | 145.12M | 139.86M | 98.85M | 80.22M | 75.11M | 95M | 98M | 157M | 79M | 78M | 63M | 51M | -33.87M | -23.4M | -17.6M | -12.96M | -12.31M | -12.2M | -9.3M | -1.1M |
| G&A Expenses | 41.81M | 55.83M | 50.1M | 56.44M | 51.58M | 44.36M | 42.6M | 46.37M | 48.89M | 43.38M | 37.54M | 49.6M | 27.57M | 25.61M | 23.17M | 21.9M | 18.23M | 18.5M | 16.91M | 12.97M | 12.52M | 5.54M | 4.72M | 3.86M | 2.29M | 2.51M | 1.85M | 2.2M | 2.1M | 0 |
| EBITDA | 580.49M | 546.13M | 481.07M | 474.43M | 474.61M | 442.58M | 265.83M | 638.92M | 694.4M | 449.56M | 408.75M | 272.01M | 251.02M | 213.76M | 199.21M | 150.49M | 169.87M | 35.81M | 144.41M | 140.97M | 210.32M | 100M | 80.38M | 53.95M | 45.07M | 34.03M | 34.63M | 33.2M | 26.5M | 2.1M |
| EBITDA Margin % | 82.9% | 76.02% | 75.05% | 71.91% | 77.72% | 86.3% | 65.55% | 98% | 99.1% | 78.05% | 82.87% | 64.61% | 65.19% | 62.31% | 61.91% | 65.44% | 71.3% | 18.08% | 40.22% | 79.69% | 141% | 81.23% | 91.78% | 88.46% | 92.43% | 93.14% | 94.93% | 93.79% | 92.98% | 84% |
| Depreciation & Amortization | 173.03M | 169.16M | 165.4M | 168.03M | 163.65M | 163.77M | 169.85M | 321.21M | 226.75M | 208.75M | 175.59M | 89.62M | 66.74M | 53.95M | 50.25M | 47.93M | 52.1M | 47.72M | 43.83M | 40.33M | 33.87M | 30.94M | 26.66M | 16.36M | 13.91M | 10.45M | 10.46M | 10M | 7.3M | 700K |
| D&A / Revenue % | 24.71% | 23.55% | 25.8% | 25.47% | 26.8% | 31.93% | 41.89% | 49.27% | 32.36% | 36.24% | 35.6% | 21.29% | 17.33% | 15.72% | 15.62% | 20.84% | 21.87% | 24.09% | 12.21% | 22.8% | 22.7% | 25.13% | 30.45% | 26.82% | 28.53% | 28.6% | 28.67% | 28.25% | 25.61% | 28% |
| Operating Income | 407.46M | 376.97M | 315.67M | 306.4M | 310.96M | 278.81M | 95.98M | 317.71M | 467.66M | 240.81M | 233.16M | 182.39M | 184.28M | 159.82M | 148.96M | 102.56M | 117.77M | -11.91M | 100.58M | 100.65M | 176.45M | 69.06M | 53.71M | 37.59M | 31.16M | 23.58M | 24.17M | 23.2M | 19.2M | 1.4M |
| Operating Margin % | 58.19% | 52.48% | 49.25% | 46.44% | 50.92% | 54.36% | 23.67% | 48.73% | 66.74% | 41.81% | 47.27% | 43.32% | 47.86% | 46.58% | 46.29% | 44.6% | 49.43% | -6.01% | 28.01% | 56.89% | 118.29% | 56.09% | 61.33% | 61.64% | 63.91% | 64.54% | 66.26% | 65.54% | 67.37% | 56% |
| Interest Expense | 4M | 133.08M | 130.81M | 122.08M | 131.18M | 140.58M | 153.89M | 142M | 135.51M | 133.12M | 0 | 79.92M | 81.27M | 81.06M | 72.5M | 71.68M | 74.8M | 72.72M | 60.51M | 60.51M | 47.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.08x | 2.08x | 2.43x | 2.30x | 1.71x | 0.25x | 2.04x | 2.62x | 2.67x | - | 3.38x | 3.16x | 2.94x | 2.96x | 1.87x | 1.72x | -0.18x | 2.06x | 1.61x | 1.68x | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -2.07M | -33.54M | 43.72M | 9.55M | 9.03M | 38.02M | 57.06M | 44.01M | 59.92M | 84.77M | 7.63M | 6.13M | 4.27M | -1.67M | 7.23M | 70.6M | -10.83M | -92.63M | 0 | 3.52M | 0 | 0 | 26.66M | 53.95M | 45.07M | 34.03M | 34.63M | 33.2M | 26.5M | 700K |
| Pretax Income | 274.72M | 277.43M | 147.5M | 174.77M | 177.47M | 100.2M | -114.97M | 151.52M | 269.27M | 265.37M | 225.53M | 194.81M | 179.98M | 161.46M | 133.87M | 115.23M | 114.87M | 8.01M | 104.66M | 104.66M | 82.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | 39.23% | 38.62% | 23.01% | 26.49% | 29.06% | 19.54% | -28.35% | 23.24% | 38.43% | 46.07% | 45.73% | 46.27% | 46.74% | 47.06% | 41.6% | 50.1% | 48.21% | 4.04% | 29.15% | 59.16% | 55.17% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 2.97M | 2.5M | 1.43M | 1.73M | 1.24M | 1.6M | 16.76M | -3.04M | 2.29M | 2.4M | 553K | 482K | 4.23M | -14.18M | 85.84M | 12.66M | -2.9M | 19.91M | 4.08M | 4.02M | -94.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 1.08% | 0.9% | 0.97% | 0.99% | 0.7% | 1.59% | -14.57% | -2% | 0.85% | 0.9% | 0.25% | 0.25% | 2.35% | -8.78% | 64.12% | 10.99% | -2.52% | 248.69% | 3.9% | 3.84% | -114.43% | - | - | - | - | - | - | - | - | - |
| Net Income | 271.74M | 274.94M | 146.07M | 173.05M | 176.23M | 98.61M | -131.73M | 154.56M | 266.98M | 262.97M | 224.98M | 194.53M | 179.63M | 180.23M | 121.56M | 115.23M | 114.87M | 8.01M | 129.98M | 104.66M | 82.29M | 69.06M | 53.71M | 37.59M | 31.16M | 23.58M | 24.17M | 23.2M | 19.2M | 1.4M |
| Net Margin % | 38.81% | 38.27% | 22.79% | 26.23% | 28.86% | 19.23% | -32.48% | 23.71% | 38.1% | 45.65% | 45.61% | 46.21% | 46.65% | 52.53% | 37.78% | 50.1% | 48.21% | 4.04% | 36.2% | 59.16% | 55.17% | 56.09% | 61.33% | 61.64% | 63.91% | 64.54% | 66.26% | 65.54% | 67.37% | 56% |
| Net Income Growth % | 82.18% | 88.23% | -15.59% | -1.81% | 78.72% | 174.86% | -185.23% | -42.11% | 1.53% | 16.88% | 15.65% | 8.29% | -0.33% | 48.27% | 5.49% | 0.31% | 1334.67% | -93.84% | 24.18% | 27.19% | 19.16% | 28.57% | 42.88% | 20.65% | 32.14% | -2.45% | 4.19% | 20.83% | 1271.43% | - |
| Funds From Operations (FFO) | 444.77M | 444.1M | 311.47M | 341.08M | 339.88M | 262.38M | 38.13M | 475.76M | 493.73M | 471.71M | 400.57M | 284.15M | 246.37M | 234.17M | 171.81M | 163.16M | 166.97M | 55.73M | 173.81M | 144.99M | 116.16M | 100M | 80.38M | 53.95M | 45.07M | 34.03M | 34.63M | 33.2M | 26.5M | 2.1M |
| FFO Margin % | 63.52% | 61.82% | 48.59% | 51.7% | 55.66% | 51.16% | 9.4% | 72.97% | 70.46% | 81.9% | 81.21% | 67.49% | 63.98% | 68.26% | 53.39% | 70.94% | 70.08% | 28.13% | 48.41% | 81.96% | 77.87% | 81.23% | 91.78% | 88.46% | 92.43% | 93.14% | 94.93% | 93.79% | 92.98% | 84% |
| FFO Growth % | 298.55% | 42.58% | -8.68% | 0.35% | 29.54% | 588.2% | -91.99% | -3.64% | 4.67% | 17.76% | 40.97% | 15.33% | 5.21% | 36.3% | 5.3% | -2.29% | 199.63% | -67.94% | 19.87% | 24.82% | 16.15% | 24.42% | 48.98% | 19.71% | 32.44% | -1.74% | 4.31% | 25.28% | 1161.9% | - |
| FFO per Share | 5.81 | 5.81 | 4.09 | 4.50 | 4.53 | 3.51 | 0.50 | 6.20 | 6.64 | 6.62 | 6.31 | 4.87 | 4.53 | 4.86 | 3.65 | 3.48 | 3.67 | 1.54 | 5.57 | 5.34 | 4.36 | 3.92 | 3.40 | 2.83 | 2.54 | 2.30 | 2.34 | 2.28 | 1.91 | 0.15 |
| FFO Payout Ratio % | 49.44% | 65.46% | 89.86% | 79.82% | 78.16% | 44.79% | 452.35% | 77.21% | 69.33% | 66.08% | 66.32% | 82.02% | 84.28% | 84.52% | 94.74% | 96.74% | 87.63% | 227.73% | 71.88% | 67.46% | 70.6% | 71.09% | 67.64% | 78.95% | 74.95% | 77.56% | 74.76% | 72.29% | 72.08% | 0% |
| EPS (Diluted) | 3.55 | 3.28 | 1.60 | 1.97 | 2.03 | 1.00 | -1.73 | 2.01 | 3.59 | 3.29 | 3.17 | 2.93 | 2.86 | 3.24 | 1.98 | 1.80 | 1.86 | -0.61 | 3.26 | 2.99 | 2.65 | 2.26 | 2.07 | 1.77 | 1.64 | 1.60 | 1.63 | 1.59 | 1.38 | 0.10 |
| EPS Growth % | 98.77% | 105% | -18.78% | -2.96% | 103% | 157.8% | -186.07% | -44.01% | 9.12% | 3.79% | 8.19% | 2.45% | -11.73% | 63.64% | 10% | -3.23% | 404.92% | -118.71% | 9.03% | 12.83% | 17.26% | 9.18% | 16.95% | 7.93% | 2.5% | -1.84% | 2.52% | 15.22% | 1280% | - |
| EPS (Basic) | - | 3.30 | 1.61 | 1.98 | 2.03 | 1.00 | -1.73 | 2.01 | 3.59 | 3.29 | 3.17 | 2.94 | 2.87 | 3.26 | 1.99 | 1.81 | 1.87 | -0.61 | 3.29 | 3.04 | 2.69 | 2.31 | 2.12 | 1.81 | 1.66 | 1.60 | 1.63 | 1.60 | 1.39 | 0.10 |
| Diluted Shares Outstanding | 76.57M | 76.5M | 76.19M | 75.72M | 75.04M | 74.76M | 75.99M | 76.78M | 74.34M | 71.25M | 63.47M | 58.33M | 54.44M | 48.21M | 47.05M | 46.9M | 45.55M | 36.23M | 31.18M | 27.17M | 26.63M | 25.53M | 23.66M | 19.05M | 17.76M | 14.78M | 14.81M | 14.55M | 13.88M | 14M |
Tenant Concentration and Cyclicality
As reported in recent financial filings, EPR Properties achieved a revenue increase to $181.3 million in 2026Q1, representing a 10.9% year-over-year growth rate, though this trajectory appears heavily influenced by the ongoing strategic pivot away from traditional cinema assets toward more diversified experiential and educational real estate holdings.
The recent revenue expansion suggests that management's efforts to diversify the portfolio are beginning to gain traction, yet the sustainability of this growth remains tethered to the performance of discretionary leisure spending. Investors should monitor whether these new acquisitions can maintain long-term rent coverage ratios that justify the capital deployment in a high-interest-rate environment.
Based on the provided quarterly data, EPR's NOI margin experienced a notable contraction to 41.9% in 2026Q1 from levels exceeding 90% in previous quarters, which may indicate significant shifts in property-level cost structures or changes in the accounting treatment of operating expenses for specialized experiential assets.
This sharp decline in reported NOI margin suggests that the company may be absorbing higher property-level costs that were previously either non-existent or structured differently under legacy leases. Such volatility in property-level profitability warrants further investigation into whether this represents a permanent shift in the cost structure or a temporary accounting anomaly related to recent portfolio restructuring.
According to the company's reported figures, FFO per share reached $1.40 in 2026Q1, reflecting a modest 0.7% growth, yet the historical data reveals significant quarterly fluctuations, including a sharp drop to $0.43 in 2024Q4, highlighting the inherent sensitivity of EPR's earnings to tenant-specific credit events and restructuring.
The inconsistency in FFO generation suggests that while the core portfolio provides a baseline of income, the company remains vulnerable to the operational health of its primary theater tenants. Analysts should interpret these FFO trends as a reflection of the ongoing difficulty in stabilizing cash flows within the specialized experiential niche.
As indicated by the divergence between GAAP net income and FFO, EPR's earnings quality appears susceptible to non-cash adjustments, as evidenced by the 2024Q4 period where net income turned negative while FFO remained positive, suggesting that straight-line rent and impairment charges may be distorting the true cash-generating capacity.
The reliance on non-cash accounting adjustments to bridge the gap between GAAP and FFO may mask underlying weaknesses in cash collection from distressed theater operators. Investors should remain skeptical of headline earnings figures until there is clearer evidence of sustained, cash-based rent collection across the entire experiential portfolio.
Quick answers to the most common questions about buying EPR stock.
For fiscal year 2025, EPR Properties (EPR) reported total revenue of $718.4M. This represents a 28634.3% increase compared to $2.5M in 1997.
EPR Properties (EPR) is profitable, generating $274.9M in net income for the fiscal year ending 2025 with a net profit margin of 38.3%.
EPR Properties (EPR) reported an operating income of $377.0M, resulting in an operating profit margin of 52.5%. This margin reflects the operational efficiency of the business before interest and taxes.
EPR Properties (EPR) generated $320.9M in gross profit for the year, representing a gross profit margin of 44.7%. This demonstrates the company's core pricing power and production efficiency.