Empire State Realty OP, L.P. (ESBA) Revenue History
Annual and quarterly revenue from 2009 to present
ESBA Revenue Over Time (2009–2025)
ESBA Revenue Growth History
12 of 16 years with positive growth- FY2009 revenue growth
- N/A
- FY2010 revenue growth
- +6.1%
- FY2011 revenue growth
- +19.6%
- FY2012 revenue growth
- -11.7%
- FY2013 revenue growth
- +19.8%
- FY2014 revenue growth
- +103.7%
- FY2015 revenue growth
- +3.5%
- FY2016 revenue growth
- +3.1%
- FY2017 revenue growth
- +5.1%
- FY2018 revenue growth
- +2.7%
- FY2019 revenue growth
- -0.0%
- FY2020 revenue growth
- -16.7%
- FY2021 revenue growth
- -0.2%
- FY2022 revenue growth
- +16.3%
- FY2023 revenue growth
- +4.6%
- FY2024 revenue growth
- +3.2%
- FY2025 revenue growth
- +0.7%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $190.3M | +5.7% |
| Q4 2025 | $199.2M | +0.8% |
| Q3 2025 | $197.7M | -0.9% |
| Q2 2025 | $190.8M | +0.7% |
| Q1 2025 | $180.1M | -0.6% |
| Q4 2024 | $197.6M | +2.4% |
| Q3 2024 | $199.6M | +4.2% |
| Q2 2024 | $189.5M | -0.5% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
ESBA's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
ESBA Revenue Analysis (2009–2025)
Current Revenue & Growth
As of June 28, 2026, Empire State Realty OP, L.P. (ESBA) generated trailing twelve-month (TTM) revenue of $778.1 million, reflecting solid growth of +5.7% year-over-year. The most recent quarter (Q1 2026) recorded $190.3 million in revenue, down 4.5% sequentially.
Historical Growth Trajectory
ESBA's 5-year compound annual growth rate (CAGR) stands at +4.7%, indicating moderate growth over time. The 3-year CAGR of +2.8% is below the 5-year average, signalling a growth deceleration in recent years. Empire State Realty OP, L.P.'s highest annual revenue of $768.3 million was recorded in 2025, an all-time high.
Revenue by Segment
ESBA's revenue is primarily driven by Real Estate, Segment (85%), and Observatory, Segment (15%). With over half of revenue concentrated in Real Estate, Segment, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Real Estate sector peers — including ESRT (+1.5% YoY), SLG (+53.2% YoY), and VNO (-0.3% YoY) — ESBA has underperformed the peer group in revenue growth. Compare ESBA vs ESRT →
ESBA Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ESBACurrent | $778M | +5.7% | +4.7% | 17.7% | |
 ESRT | $768M | +1.5% | +4.7% | 17.7% | |
 SLG | $1.0B | +53.2% | -0.5% | 15.4% | |
 VNO | $1.8B | -0.3% | +3.5% | 15.0% | |
 PGRE | $757M | -5.3% | -0.3% | 19.6% | |
 BXP | $3.5B | +1.6% | +4.7% | 55.7% |
ESBA Historical Revenue Data (2009–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $768.3M | +0.7% | $13.7M | 1.8% | $135.6M | 17.7% |
| 2024 | $763.2M | +3.2% | $409.0M | 53.6% | $158.7M | 20.8% |
| 2023 | $739.6M | +4.6% | $400.6M | 54.2% | $146.7M | 19.8% |
| 2022 | $707.0M | +16.3% | $385.7M | 54.5% | $127.0M | 18.0% |
| 2021 | $607.9M | -0.2% | $328.4M | 54.0% | $79.1M | 13.0% |
| 2020 | $609.2M | -16.7% | $318.1M | 52.2% | $58.7M | 9.6% |
| 2019 | $731.3M | -0.0% | $397.4M | 54.3% | $154.7M | 21.2% |
| 2018 | $731.5M | +2.7% | $412.0M | 56.3% | $190.9M | 26.1% |
| 2017 | $712.5M | +5.1% | $406.9M | 57.1% | $195.8M | 27.5% |
| 2016 | $678.0M | +3.1% | $388.9M | 57.4% | $184.5M | 27.2% |
| 2015 | $657.6M | +3.5% | $361.1M | 54.9% | $151.4M | 23.0% |
| 2014 | $635.3M | +103.7% | $329.2M | 51.8% | $141.3M | 22.2% |
| 2013 | $311.9M | +19.8% | $166.4M | 53.4% | $-63,557,000 | -20.4% |
| 2012 | $260.3M | -11.7% | $154.6M | 59.4% | $88.7M | 34.1% |
| 2011 | $294.8M | +19.6% | $208.5M | 70.7% | $108.3M | 36.7% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
17+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
ESBA — Frequently Asked Questions
Quick answers to the most common questions about buying ESBA stock.
Is ESBA's revenue growth accelerating or slowing?
ESBA revenue growth is holding steady at +5.7% year-over-year. TTM revenue is $778M. The current growth rate closely tracks the 5-year CAGR of +4.7%, signalling consistent execution.
What is ESBA's revenue history from 2009 to 2026?
Empire State Realty OP, L.P. (ESBA) revenue history spans 2009 to 2026. TTM revenue as of 2026 is $778M, growing at +5.7% YoY. The 5-year CAGR is +4.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is ESBA's long-term revenue growth rate (CAGR)?
Empire State Realty OP, L.P.'s 5-year revenue CAGR of +4.7% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +5.7% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for ESBA.
Why does ESBA's quarterly revenue fluctuate?
ESBA quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Empire State Realty OP, L.P.'s revenue data from 2009 to 2026 shows full historical quarterly detail on this page.
How is ESBA's revenue distributed by segment?
ESBA reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does ESBA's revenue compare to industry peers?
Empire State Realty OP, L.P. (ESBA) with TTM revenue of $778M and +5.7% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.