Revenue growth remains strong at 24.1% year-over-year as of 2026Q1, while the triple-net lease structure consistently sustains NOI margins at approximately 99.1%.
| Revenue | 593.09M | 561.89M | 449.61M | 359.6M | 286.51M | 230.23M | 164.01M | 139.36M | 96.22M | 54.5M | 15.53M |
| Revenue Growth % | 24.74% | 24.97% | 25.03% | 25.51% | 24.44% | 40.38% | 17.69% | 44.83% | 76.56% | 250.83% | - |
| Property Operating Expenses | 88.87M | 89.63M | 5M | 4.66M | 3.45M | 5.76M | 3.88M | 3.07M | 1.98M | 1.55M | 5.97M |
| Net Operating Income (NOI) | 504.21M | 472.26M | 444.61M | 354.93M | 283.05M | 224.47M | 160.13M | 136.29M | 94.24M | 52.95M | 9.56M |
| NOI Margin % | 85.02% | 84.05% | 98.89% | 98.7% | 98.8% | 97.5% | 97.63% | 97.8% | 97.94% | 97.16% | 61.56% |
| Operating Expenses | 74.65M | 109.8M | 166.42M | 112.18M | 107.63M | 90.05M | 87.3M | 56.48M | 45.11M | 28.45M | 13.57M |
| G&A Expenses | 41.65M | 40.87M | 35.16M | 30.68M | 29.46M | 24.33M | 24.44M | 21.75M | 13.76M | 8.94M | 0 |
| EBITDA | 547.56M | 516.05M | 400.35M | 344.7M | 263.99M | 203.16M | 132.25M | 123.09M | 67.4M | 54.88M | 10.59M |
| EBITDA Margin % | 92.32% | 91.84% | 89.04% | 95.86% | 92.14% | 88.24% | 80.63% | 88.33% | 70.05% | 100.7% | 68.19% |
| Depreciation & Amortization | 162.16M | 153.6M | 122.16M | 101.94M | 88.56M | 68.75M | 59.41M | 43.28M | 47.54M | 30.38M | 5.43M |
| D&A / Revenue % | 27.34% | 27.34% | 27.17% | 28.35% | 30.91% | 29.86% | 36.23% | 31.06% | 49.4% | 55.74% | 34.94% |
| Operating Income | 385.4M | 362.45M | 278.19M | 242.75M | 175.42M | 134.42M | 72.83M | 79.81M | 19.87M | 24.5M | 5.16M |
| Operating Margin % | 64.98% | 64.51% | 61.87% | 67.51% | 61.23% | 58.38% | 44.41% | 57.27% | 20.65% | 44.95% | 33.24% |
| Interest Expense | 4M | 115.28M | 78.54M | 52.6M | 40.37M | 33.61M | 29.65M | 27.04M | 30.19M | 22.57M | 0 |
| Interest Coverage | - | 3.17x | 3.60x | 4.75x | 4.09x | 3.90x | 2.44x | 2.79x | 1.69x | 1.29x | - |
| Non-Operating Income | 8.82M | -2.9M | -4.62M | -7.08M | 10.48M | 3.22M | 439K | 4.45M | -930K | -4.42M | 0 |
| Pretax Income | 258.04M | 254.37M | 204.27M | 192.05M | 135.74M | 96.44M | 42.74M | 48.33M | 20.81M | 6.46M | 3.75M |
| Pretax Margin % | 43.51% | 45.27% | 45.43% | 53.41% | 47.38% | 41.89% | 26.06% | 34.68% | 21.63% | 11.85% | 24.14% |
| Income Tax | 645K | 643K | 628K | 636K | 998K | 227K | 212K | 303K | 195K | 161K | 0 |
| Effective Tax Rate % | 0.25% | 0.25% | 0.31% | 0.33% | 0.74% | 0.24% | 0.5% | 0.63% | 0.94% | 2.49% | 0% |
| Net Income | 256.69M | 253.01M | 203M | 190.71M | 134.13M | 95.72M | 42.27M | 41.84M | 15.61M | 6.3M | 3.75M |
| Net Margin % | 43.28% | 45.03% | 45.15% | 53.03% | 46.82% | 41.58% | 25.77% | 30.03% | 16.23% | 11.55% | 24.14% |
| Net Income Growth % | 21% | 24.63% | 6.45% | 42.18% | 40.12% | 126.44% | 1.03% | 168.01% | 147.98% | 67.89% | - |
| Funds From Operations (FFO) | 418.86M | 406.61M | 325.17M | 292.65M | 222.69M | 164.47M | 101.69M | 85.12M | 63.15M | 36.67M | 9.18M |
| FFO Margin % | 70.62% | 72.37% | 72.32% | 81.38% | 77.73% | 71.44% | 62% | 61.08% | 65.63% | 67.29% | 59.08% |
| FFO Growth % | 92.86% | 25.05% | 11.11% | 31.42% | 35.4% | 61.74% | 19.46% | 34.79% | 72.19% | 299.59% | - |
| FFO per Share | 1.98 | 2.02 | 1.84 | 1.91 | 1.64 | 1.40 | 1.06 | 1.13 | 1.44 | 0.89 | 0.22 |
| FFO Payout Ratio % | 58.19% | 57.53% | 61.4% | 57.49% | 63.63% | 68.3% | 85.04% | 75.07% | 22.28% | 276% | 109.49% |
| EPS (Diluted) | 1.21 | 1.28 | 1.15 | 1.24 | 0.99 | 0.82 | 0.44 | 0.63 | 0.36 | 0.47 | 0.09 |
| EPS Growth % | 10.43% | 11.3% | -7.26% | 25.25% | 20.73% | 86.36% | -30.16% | 75% | -23.4% | 413.66% | - |
| EPS (Basic) | - | 1.29 | 1.16 | 1.25 | 0.99 | 0.82 | 0.44 | 0.65 | 0.37 | 0.47 | 0.09 |
| Diluted Shares Outstanding | 212.06M | 201.62M | 177.12M | 153.52M | 135.86M | 117.47M | 96.2M | 75.31M | 43.75M | 40.98M | 40.98M |
Middle-market tenant credit concentration
As reported in recent financial filings, EPRT achieved a 24.1% year-over-year revenue increase in 2026Q1, reflecting an aggressive acquisition strategy that consistently outpaces the broader net lease sector's organic growth rates while maintaining a high degree of revenue predictability through long-term, triple-net lease structures.
The consistent double-digit revenue growth suggests that the company is successfully deploying capital into its middle-market niche at attractive spreads. Investors should monitor whether this pace of expansion can be maintained without compromising the underwriting standards that define the company's competitive moat.
Based on the provided income statement data, EPRT maintains exceptionally high NOI margins, consistently hovering near 99% throughout the observed periods, which underscores the efficacy of the triple-net lease structure in shifting property-level operating expenses directly to the tenant base.
These margins appear to be a structural feature of the business model rather than operational outperformance, as the company effectively avoids the overhead associated with property management. The 2025Q4 margin dip appears to be an outlier that warrants further investigation into potential one-time accounting adjustments or non-recurring property-level costs.
According to the company's quarterly performance metrics, FFO per share has demonstrated a steady upward trajectory, rising from $0.45 in 2024Q1 to $0.49 in 2026Q1, even as the reported AFFO figures remain consistently negative, suggesting significant non-cash distortions or accounting adjustments impacting cash flow visibility.
The divergence between FFO growth and negative AFFO figures suggests that investors should exercise caution when evaluating dividend safety based solely on headline earnings. The persistent negative AFFO may indicate substantial recurring maintenance CAPEX or other capital-intensive adjustments that are not fully captured in the FFO metric.
Analysis of the provided financial statements reveals a persistent negative AFFO trend, which contradicts the company's reported FFO growth and raises questions regarding the true cash-generative capacity of the portfolio after accounting for necessary capital expenditures and lease-related adjustments.
The recurring negative AFFO figures appear to challenge the narrative of a self-funding growth model, suggesting that the company may be relying heavily on external capital to bridge the gap between accounting earnings and actual cash availability. This warrants further investigation into the specific nature of the adjustments being made to arrive at these figures.
Quick answers to the most common questions about buying EPRT stock.
For fiscal year 2025, Essential Properties Realty Trust, Inc. (EPRT) reported total revenue of $561.9M. This represents a 3517.2% increase compared to $15.5M in 2016.
Essential Properties Realty Trust, Inc. (EPRT) is profitable, generating $253.0M in net income for the fiscal year ending 2025 with a net profit margin of 45.0%.
Essential Properties Realty Trust, Inc. (EPRT) reported an operating income of $362.5M, resulting in an operating profit margin of 64.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Essential Properties Realty Trust, Inc. (EPRT) generated $472.3M in gross profit for the year, representing a gross profit margin of 84.0%. This demonstrates the company's core pricing power and production efficiency.