Revenue growth remains modest at 5.7% as of 2026Q1, though NOI margins have shown extreme volatility, including an anomalous contraction to -172.6% 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 |
|---|
| Revenue | 778.07M | 768.27M | 763.15M | 739.57M | 707.01M | 607.86M | 609.23M | 731.34M | 731.51M | 712.47M | 678M | 657.63M | 635.33M | 311.85M | 260.29M | 294.79M | 246.54M | 232.31M |
| Revenue Growth % | 1.47% | 0.67% | 3.19% | 4.61% | 16.31% | -0.22% | -16.7% | -0.02% | 2.67% | 5.08% | 3.1% | 3.51% | 103.73% | 19.81% | -11.7% | 19.57% | 6.13% | - |
| Property Operating Expenses | 858.98M | 754.54M | 354.16M | 339.02M | 321.35M | 279.49M | 291.11M | 333.99M | 319.47M | 305.6M | 289.07M | 296.52M | 306.15M | 145.44M | 105.7M | 86.26M | 87.94M | 87.79M |
| Net Operating Income (NOI) | -80.91M | 13.73M | 408.99M | 400.56M | 385.65M | 328.38M | 318.12M | 397.36M | 412.04M | 406.87M | 388.93M | 361.11M | 329.17M | 166.41M | 154.59M | 208.53M | 158.6M | 144.53M |
| NOI Margin % | -10.4% | 1.79% | 53.59% | 54.16% | 54.55% | 54.02% | 52.22% | 54.33% | 56.33% | 57.11% | 57.36% | 54.91% | 51.81% | 53.36% | 59.39% | 70.74% | 64.33% | 62.21% |
| Operating Expenses | -219.78M | -121.92M | 250.28M | 253.85M | 258.63M | 249.25M | 259.45M | 242.65M | 221.18M | 211.03M | 204.29M | 209.55M | 184.47M | 107.97M | 65.9M | 97.43M | 75.55M | 62.75M |
| G&A Expenses | 74M | 72.84M | 70.23M | 63.94M | 61.77M | 55.95M | 62.24M | 61.06M | 52.67M | 50.31M | 49.08M | 38.07M | 39.04M | 42.57M | 23.21M | 18.53M | 14.73M | 33.43M |
| EBITDA | 335.52M | 330.41M | 343.53M | 336.62M | 343.92M | 280.94M | 249.67M | 347.19M | 359.37M | 356.56M | 339.75M | 322.84M | 286.75M | 2.78M | 131.38M | 147.01M | 119.08M | 112.64M |
| EBITDA Margin % | 43.12% | 43.01% | 45.01% | 45.52% | 48.64% | 46.22% | 40.98% | 47.47% | 49.13% | 50.05% | 50.11% | 49.09% | 45.13% | 0.89% | 50.47% | 49.87% | 48.3% | 48.48% |
| Depreciation & Amortization | 196.2M | 194.76M | 184.82M | 189.91M | 216.89M | 201.81M | 191.01M | 192.49M | 168.51M | 160.71M | 155.21M | 171.47M | 145.43M | 66.34M | 42.69M | 38.76M | 36.02M | 30.86M |
| D&A / Revenue % | 25.22% | 25.35% | 24.22% | 25.68% | 30.68% | 33.2% | 31.35% | 26.32% | 23.04% | 22.56% | 22.89% | 26.07% | 22.89% | 21.27% | 16.4% | 13.15% | 14.61% | 13.28% |
| Operating Income | 139.32M | 135.65M | 158.71M | 146.71M | 127.03M | 79.13M | 58.66M | 154.71M | 190.86M | 195.84M | 184.54M | 151.37M | 141.32M | -63.56M | 88.69M | 108.25M | 83.06M | 81.78M |
| Operating Margin % | 17.91% | 17.66% | 20.8% | 19.84% | 17.97% | 13.02% | 9.63% | 21.15% | 26.09% | 27.49% | 27.22% | 23.02% | 22.24% | -20.38% | 34.07% | 36.72% | 33.69% | 35.2% |
| Interest Expense | 4M | 103.78M | 109.71M | 101.48M | 101.21M | 94.39M | 89.91M | 79.25M | 79.62M | 68.47M | 71.15M | 65.74M | 66.46M | 63.81M | 54.39M | 54.75M | 52.26M | 50.74M |
| Interest Coverage | - | 1.73x | 1.45x | 1.86x | 1.64x | 0.84x | 0.67x | 2.09x | 2.53x | 2.82x | 2.58x | 2.30x | 2.13x | 3.43x | 1.63x | 2.05x | 1.57x | 1.61x |
| Non-Operating Income | -27.33M | -43.67M | 0 | -41.9M | -38.94M | -490K | -1.39M | 0 | 12.1M | 2.94M | 0 | 0 | 0 | -282.44M | 0 | -3.89M | 0 | 0 |
| Pretax Income | 62.31M | 75.54M | 83.05M | 87.12M | 64.76M | -14.77M | -29.86M | 86.72M | 121.89M | 124.93M | 113.4M | 83.88M | 74.86M | 155.07M | 48.64M | 57.4M | 45.31M | 31.04M |
| Pretax Margin % | 8.01% | 9.83% | 10.88% | 11.78% | 9.16% | -2.43% | -4.9% | 11.86% | 16.66% | 17.53% | 16.73% | 12.75% | 11.78% | 49.73% | 18.69% | 19.47% | 18.38% | 13.36% |
| Income Tax | 2.12M | 2.56M | 2.69M | 2.71M | 1.55M | -1.73M | -6.97M | 2.43M | 4.64M | 6.67M | 6.15M | 3.95M | 4.66M | -1.13M | 0 | 0 | -15.32M | -10.8M |
| Effective Tax Rate % | 3.39% | 3.39% | 3.24% | 3.12% | 2.39% | 11.74% | 23.35% | 2.8% | 3.81% | 5.34% | 5.42% | 4.71% | 6.22% | -0.73% | 0% | 0% | -33.82% | -34.8% |
| Net Income | 39.62M | 47.6M | 51.64M | 53.24M | 40.64M | -6.51M | -12.52M | 51.19M | 66.54M | 63.58M | 52.39M | 34.67M | 27.14M | 38.01M | 48.64M | 57.4M | 46.12M | 41.84M |
| Net Margin % | 5.09% | 6.2% | 6.77% | 7.2% | 5.75% | -1.07% | -2.05% | 7% | 9.1% | 8.92% | 7.73% | 5.27% | 4.27% | 12.19% | 18.69% | 19.47% | 18.71% | 18.01% |
| Net Income Growth % | -28.23% | -7.83% | -3.01% | 31.01% | 724.32% | 47.98% | -124.45% | -23.07% | 4.65% | 21.36% | 51.13% | 27.72% | -28.6% | -21.85% | -15.25% | 24.46% | 10.23% | - |
| Funds From Operations (FFO) | 235.82M | 242.36M | 236.46M | 243.16M | 257.54M | 195.3M | 178.49M | 243.68M | 235.05M | 224.29M | 207.6M | 206.14M | 172.57M | 104.35M | 91.33M | 96.16M | 82.14M | 72.7M |
| FFO Margin % | 30.31% | 31.55% | 30.98% | 32.88% | 36.43% | 32.13% | 29.3% | 33.32% | 32.13% | 31.48% | 30.62% | 31.35% | 27.16% | 33.46% | 35.09% | 32.62% | 33.32% | 31.29% |
| FFO Growth % | -11.3% | 2.5% | -2.75% | -5.58% | 31.87% | 9.41% | -26.75% | 3.67% | 4.79% | 8.04% | 0.71% | 19.45% | 65.38% | 14.25% | -5.02% | 17.06% | 12.99% | - |
| FFO per Share | 0.88 | 0.90 | 0.88 | 0.92 | 0.95 | 0.71 | 0.63 | 0.82 | 0.79 | 0.75 | 0.75 | 0.77 | 0.68 | 1.09 | 1.00 | 1.05 | 0.90 | 0.79 |
| FFO Payout Ratio % | 7.57% | 9.79% | 9.82% | 9.33% | 8.97% | 9.27% | 20.83% | 30.86% | 30.14% | 29.78% | 26.88% | 19.01% | 19.47% | 155.93% | 68.87% | 48.56% | 49.52% | 67.16% |
| EPS (Diluted) | 0.15 | 0.18 | 0.28 | 0.30 | 0.22 | -0.05 | -0.10 | 0.28 | 0.39 | 0.21 | 0.38 | 0.29 | 0.27 | 0.79 | 0.53 | 0.66 | 0.49 | 0.46 |
| EPS Growth % | -41.22% | -35.71% | -6.67% | 36.36% | 564.13% | 52.6% | -135.71% | -28.21% | 85.71% | -44.74% | 31.03% | 7.41% | -65.82% | 49.06% | -19.7% | 34.69% | 6.52% | - |
| EPS (Basic) | - | 0.26 | 0.29 | 0.30 | 0.22 | -0.08 | -0.13 | 0.28 | 0.39 | 0.40 | 0.38 | 0.30 | 0.27 | 0.79 | 0.53 | 0.66 | 0.49 | 0.46 |
| Diluted Shares Outstanding | 269.35M | 270.04M | 269.02M | 265.63M | 269.95M | 274.98M | 283.84M | 297.8M | 297.26M | 298.05M | 277.57M | 266.62M | 254.51M | 95.61M | 91.66M | 91.66M | 91.66M | 91.66M |
NYC Office Market Concentration
As reported in quarterly financial statements, FFO per share fluctuated between $0.19 and $0.26 over the last ten quarters, suggesting that while core earnings remain resilient, the company faces periodic pressure from operational costs that may temporarily obscure the true cash-generating capacity of the portfolio.
The variance in FFO suggests that the company's reliance on both office leasing and observatory tourism creates a complex earnings profile. Investors should monitor whether the recent FFO volatility reflects seasonal tourism patterns or structural challenges in maintaining office occupancy levels.
According to the provided income statement data, the NOI margin experienced a significant, anomalous contraction to -172.6% in 2025Q4, indicating that property-level operating expenses may have spiked or that specific accounting adjustments were applied to the net operating income calculation during that period.
The extreme swing in NOI margins suggests that the company's property-level cost structure is highly sensitive to non-recurring expenses or potential accounting reclassifications. This instability warrants further investigation into whether these costs are structural or merely timing-related anomalies in the reporting cycle.
Based on reported figures, the company consistently generates positive net income, yet the significant gap between GAAP earnings and FFO highlights how heavy depreciation charges on landmark assets mask the actual cash flow generated by the Empire State Building and its associated office portfolio.
The reliance on GAAP net income as a performance metric appears misleading given the substantial non-cash depreciation inherent in high-value real estate. Analysts should prioritize FFO and AFFO to better understand the company's ability to cover dividends and fund necessary capital improvements.
As indicated by the erratic AFFO performance, which dipped to negative $25.3M in 2025Q2, the company's true economic yield is frequently constrained by significant cash outflows for tenant improvements and maintenance capital expenditures that are not captured in standard FFO metrics.
The discrepancy between FFO and AFFO suggests that the company may be forced to reinvest a large portion of its cash flow to maintain the competitiveness of its older office assets. This capital intensity may limit the company's flexibility to pursue external growth or deleveraging initiatives.
Quick answers to the most common questions about buying ESBA stock.
For fiscal year 2025, Empire State Realty OP, L.P. (ESBA) reported total revenue of $768.3M. This represents a 230.7% increase compared to $232.3M in 2009.
Empire State Realty OP, L.P. (ESBA) is profitable, generating $47.6M in net income for the fiscal year ending 2025 with a net profit margin of 6.2%.
Empire State Realty OP, L.P. (ESBA) reported an operating income of $135.6M, resulting in an operating profit margin of 17.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Empire State Realty OP, L.P. (ESBA) generated $13.7M in gross profit for the year, representing a gross profit margin of 1.8%. This demonstrates the company's core pricing power and production efficiency.