Revenue growth has moderated to 5.7% as of 2026Q1, while NOI margins have exhibited extreme instability, swinging from a negative 172.6% in 2025Q4 to a positive 83.2% in 2025Q3.
| 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 | 1.76x | 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 | -34.05M | -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 % | 10.12% | 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 |
Manhattan office demand volatility
According to the provided quarterly data, ESRT's revenue growth has fluctuated significantly, reaching a peak of 10.1% in 2024Q1 before moderating to 5.7% by 2026Q1, suggesting that the company's top-line performance remains highly sensitive to the cyclical nature of its Manhattan office and tourism-driven revenue streams.
The inconsistency in revenue growth highlights the challenge of balancing a legacy office portfolio with the high-frequency, transactional nature of the Observatory. Investors should monitor whether the recent 5.7% growth in 2026Q1 represents a sustainable recovery or merely a seasonal anomaly in tourism-related income.
As reported in the financial statements, NOI margins have exhibited extreme instability, swinging from a negative 172.6% in 2025Q4 to a positive 83.2% in 2025Q3, which indicates that the company's property-level operating expenses are highly susceptible to irregular maintenance costs and potential regulatory compliance expenditures.
The dramatic margin swings suggest that the company's cost structure is not yet optimized for the current environment, potentially due to heavy investment in energy efficiency or non-recurring property expenses. This volatility warrants further investigation into whether these costs are structural or if they represent temporary spikes in capital-intensive asset management.
Based on the company's reported figures, FFO per share has remained relatively stagnant, moving from $0.21 in 2023Q4 to $0.19 in 2026Q1, which suggests that the company is struggling to generate meaningful per-share earnings growth despite its unique competitive position in the Manhattan commercial real estate market.
The decline in FFO growth, particularly the 11.1% contraction observed in 2026Q1, implies that the core office business may be facing persistent headwinds that offset the profitability of the Observatory. Analysts should consider whether the current dividend yield is adequately supported by the underlying cash flow generation or if it remains at risk of further compression.
Data from the provided income statement shows that AFFO has experienced extreme volatility, including a negative $25.3 million in 2025Q2, which suggests that heavy tenant improvement and leasing commission requirements are significantly eroding the cash available for distribution to shareholders after accounting for necessary property-level capital expenditures.
The disparity between FFO and AFFO highlights the significant capital burden required to maintain the competitiveness of the company's older office assets. This suggests that the headline FFO figures may be overstating the company's true economic earnings power, as the cash required to retain tenants remains a substantial and recurring drain on liquidity.
Quick answers to the most common questions about buying ESRT stock.
For fiscal year 2025, Empire State Realty Trust, Inc. (ESRT) reported total revenue of $768.3M. This represents a 230.7% increase compared to $232.3M in 2009.
Empire State Realty Trust, Inc. (ESRT) 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 Trust, Inc. (ESRT) 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 Trust, Inc. (ESRT) 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.