Empire State Realty OP, L.P. (ESBA) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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ESBA Revenue Growth
Revenue Breakdown (FY 2025)
ESBA's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
ESBA Revenue Analysis (2014–2025)
As of May 8, 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.
Looking at the longer-term picture, ESBA's 5-year compound annual growth rate (CAGR) stands at +4.7%, indicating moderate growth over time. The company achieved its highest annual revenue of $768.3 million in 2025, representing a new all-time high.
Revenue diversification analysis shows ESBA's business is primarily driven by Real Estate, Segment (85%), and Observatory, Segment (15%). With over half of revenue concentrated in Real Estate, Segment, the company maintains significant focus in this area while developing other growth vectors.
When compared to Real Estate sector peers including ESRT (-0.0% YoY), SLG (+38.9% YoY), and VNO (-0.3% YoY), ESBA has underperformed the peer group in terms of 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 | -0.0% | +4.7% | 17.7% | |
 SLG | $1.0B | +38.9% | -0.5% | 15.4% | |
 VNO | $1.8B | -0.3% | +3.5% | 15.0% | |
 PGRE | $757M | -5.3% | -0.3% | 19.6% | |
 BXP | $3.5B | +2.2% | +4.7% | 55.7% |
ESBA Historical Revenue Data (2014–2025)
| 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% |
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Start ComparisonESBA — Frequently Asked Questions
Quick answers to the most common questions about buying ESBA stock.
Is ESBA's revenue growth accelerating or slowing?
ESBA maintains +5.7% revenue growth, in line with its 5-year CAGR of +4.7%. TTM revenue stands at $778M. Growth rate remains consistent with historical average.
What is ESBA's long-term revenue growth rate?
Empire State Realty OP, L.P.'s 5-year revenue CAGR of +4.7% reflects the sustained expansion pattern. Current YoY growth of +5.7% is near this long-term average.
How is ESBA's revenue distributed by segment?
ESBA reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.