Empire State Realty Trust, Inc. (ESRT) Revenue History
Annual and quarterly revenue from 2009 to present
ESRT Revenue Over Time (2009–2025)
ESRT 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 |
|---|---|---|
| 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% |
| Q1 2024 | $181.2M | +10.1% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
ESRT's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
ESRT Revenue Analysis (2009–2025)
Current Revenue & Growth
As of June 23, 2026, Empire State Realty Trust, Inc. (ESRT) generated trailing twelve-month (TTM) revenue of $767.8 million, reflecting modest growth of +0.8% year-over-year. The most recent quarter (Q4 2025) recorded $199.2 million in revenue, up 0.8% sequentially.
Historical Growth Trajectory
ESRT'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 Trust, Inc.'s highest annual revenue of $768.3 million was recorded in 2025, an all-time high.
Revenue by Segment
ESRT'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 SLG (+53.2% YoY), VNO (-0.3% YoY), and BXP (+2.2% YoY) — ESRT has underperformed the peer group in revenue growth. Compare ESRT vs SLG →
ESRT Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ESRTCurrent | $768M | +0.8% | +4.7% | 17.7% | |
 SLG | $1.0B | +53.2% | -0.5% | 15.4% | |
 VNO | $1.8B | -0.3% | +3.5% | 15.0% | |
 BXP | $3.5B | +2.2% | +4.7% | 55.7% | |
 HIW | $806M | +0.4% | +1.8% | 26.0% | |
 PDM | $565M | -25.7% | +1.1% | 14.1% |
ESRT 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
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Peer Comparison
Compare growth, multiples, and margins vs sector.
ESRT — Frequently Asked Questions
Quick answers to the most common questions about buying ESRT stock.
Is ESRT's revenue growth accelerating or slowing?
ESRT revenue growth is slowing. TTM revenue is $768M, up +0.8% year-over-year — below the 5-year CAGR of +4.7%. The deceleration suggests maturing end-markets or increased competition.
What is ESRT's revenue history from 2009 to 2026?
Empire State Realty Trust, Inc. (ESRT) revenue history spans 2009 to 2026. TTM revenue as of 2026 is $768M, growing at +0.8% 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 ESRT's long-term revenue growth rate (CAGR)?
Empire State Realty Trust, Inc.'s 5-year revenue CAGR of +4.7% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of +0.8% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for ESRT.
Why does ESRT's quarterly revenue fluctuate?
ESRT 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 Trust, Inc.'s revenue data from 2009 to 2026 shows full historical quarterly detail on this page.
How is ESRT's revenue distributed by segment?
ESRT 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 ESRT's revenue compare to industry peers?
Empire State Realty Trust, Inc. (ESRT) with TTM revenue of $768M and +0.8% 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.