Revenue growth reached 10.5% in 2026Q1, though core profitability remains distorted by extreme NOI margin volatility that saw a decline to -82.9% 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 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 | Jan'96 |
|---|
| Revenue | 227.24M | 221.73M | 203.39M | 185.85M | 165.59M | 155.41M | 147.35M | 140.66M | 136.11M | 120.15M | 115.27M | 110.73M | 99.87M | 102.46M | 102.17M | 112.88M | 88.33M | 84.54M | 81.16M | 78.46M | 72.41M | 71.38M | 66.33M | 68.31M | 69.64M | 70.47M | 63.86M | 61.34M | 89.84M | 888.2M | 820.6M |
| Revenue Growth % | 9.91% | 9.02% | 9.44% | 12.23% | 6.55% | 5.47% | 4.76% | 3.34% | 13.28% | 4.24% | 4.09% | 10.88% | -2.53% | 0.29% | -9.49% | 27.79% | 4.49% | 4.16% | 3.44% | 8.37% | 1.44% | 7.61% | -2.89% | -1.92% | -1.18% | 10.36% | 4.1% | -31.72% | -89.89% | 8.24% | 4.99% |
| Property Operating Expenses | 165.19M | 132.61M | 14.86M | 23.79M | 21.55M | 22.05M | 23.52M | 24.98M | 23.65M | 22.34M | 22.73M | 23.65M | 23.75M | 29.33M | 30.23M | 16.72M | 10.13M | 10.85M | 9.39M | 0 | 0 | 0 | 0 | 0 | 11.97M | 0 | 0 | 0 | 24.37M | 878.5M | 747.3M |
| Net Operating Income (NOI) | 62.05M | 89.11M | 188.53M | 162.06M | 144.03M | 133.36M | 123.83M | 115.68M | 112.46M | 97.81M | 92.54M | 87.08M | 76.11M | 73.14M | 71.94M | 96.15M | 78.2M | 73.69M | 71.77M | 78.46M | 72.41M | 71.38M | 66.33M | 68.31M | 57.67M | 70.47M | 63.86M | 61.34M | 65.47M | 9.7M | 73.3M |
| NOI Margin % | 27.31% | 40.19% | 92.69% | 87.2% | 86.98% | 85.81% | 84.04% | 82.24% | 82.62% | 81.4% | 80.28% | 78.64% | 76.22% | 71.38% | 70.41% | 85.18% | 88.53% | 87.16% | 88.43% | 100% | 100% | 100% | 100% | 100% | 82.81% | 100% | 100% | 100% | 72.87% | 1.09% | 8.93% |
| Operating Expenses | -71.4M | -32.72M | 78.76M | 70.91M | 26.74M | 46.9M | 48.54M | 48.91M | 43.48M | 36.27M | 35.45M | 41.18M | 34.34M | 30.61M | 42.43M | 59.46M | 23.34M | 17.82M | 25.99M | 44.52M | 28.71M | 27.38M | 28.34M | 30.74M | 21.38M | 36.47M | 12.13M | 12.91M | 49.68M | 48.9M | 48.8M |
| G&A Expenses | 29.4M | 27.27M | 25.27M | 23.73M | 20.62M | 20.15M | 17.29M | 15.38M | 14.66M | 13.88M | 14.15M | 16.93M | 15.78M | 5.07M | 29.12M | 29.41M | 13.61M | 6.85M | 6.83M | 6.67M | 5.61M | 4.92M | 5.01M | 4.07M | 12.36M | 4.94M | 5.64M | 6.13M | 15.21M | 25.4M | 25.6M |
| EBITDA | 196.85M | 183.76M | 170.19M | 142.49M | 158.47M | 123.61M | 107.3M | 94.83M | 134.59M | 111.87M | 108.94M | 51.26M | 39.51M | 48.54M | 35.72M | 27.05M | 64.6M | 56.91M | 57.57M | 43.73M | 51.58M | 52.25M | 45.48M | 45.98M | 45.31M | 43.29M | 62.16M | 57.85M | 25.85M | -47.6M | 41.4M |
| EBITDA Margin % | 86.62% | 82.88% | 83.68% | 76.67% | 95.7% | 79.54% | 72.82% | 67.42% | 98.88% | 93.11% | 94.51% | 46.3% | 39.57% | 47.38% | 34.96% | 23.97% | 73.13% | 67.31% | 70.93% | 55.74% | 71.23% | 73.21% | 68.57% | 67.31% | 65.06% | 61.43% | 97.34% | 94.31% | 28.77% | -5.36% | 5.05% |
| Depreciation & Amortization | 63.44M | 61.93M | 60.42M | 51.34M | 41.17M | 37.15M | 31.72M | 28.06M | 66.56M | 58.62M | 58.74M | 16.97M | 10.55M | 9.31M | 12.54M | 10.34M | 9.73M | 10.97M | 11.78M | 9.79M | 7.88M | 8.26M | 7.49M | 8.41M | 9.02M | 9.28M | 10.43M | 9.42M | 10.06M | -23.5M | -23.2M |
| D&A / Revenue % | 27.92% | 27.93% | 29.71% | 27.63% | 24.87% | 23.91% | 21.53% | 19.95% | 48.91% | 48.78% | 50.96% | 15.33% | 10.56% | 9.09% | 12.27% | 9.16% | 11.02% | 12.98% | 14.52% | 12.48% | 10.89% | 11.57% | 11.29% | 12.31% | 12.95% | 13.17% | 16.33% | 15.35% | 11.2% | -2.65% | -2.83% |
| Operating Income | 133.41M | 121.83M | 109.77M | 91.15M | 117.29M | 86.46M | 75.58M | 66.76M | 68.03M | 53.26M | 50.2M | 34.29M | 28.96M | 39.23M | 23.18M | 16.72M | 54.87M | 45.93M | 45.78M | 33.94M | 43.69M | 44M | 37.99M | 37.56M | 36.3M | 34.01M | 51.73M | 48.43M | 15.79M | -24.1M | 64.6M |
| Operating Margin % | 58.71% | 54.95% | 53.97% | 49.04% | 70.83% | 55.63% | 51.29% | 47.47% | 49.98% | 44.33% | 43.55% | 30.97% | 29% | 38.29% | 22.69% | 14.81% | 62.12% | 54.33% | 56.41% | 43.26% | 60.35% | 61.64% | 57.28% | 55% | 52.11% | 48.26% | 81.01% | 78.95% | 17.57% | -2.71% | 7.87% |
| Interest Expense | 4M | 46.37M | 39.27M | 31.53M | 27.66M | 24.67M | 26.09M | 24.63M | 22.34M | 17.77M | 16.56M | 14.49M | 9.81M | 11.67M | 9.93M | 5.13M | 5.05M | 5.09M | 7.03M | 7.76M | 3.53M | 1.62M | 127K | 128K | 132K | 1.93M | 2.75M | 2.73M | 5.01M | 6.8M | 43.9M |
| Interest Coverage | - | 2.71x | 2.81x | 2.91x | 3.79x | 3.08x | 2.89x | 3.02x | 3.13x | 3.66x | 3.40x | 3.72x | 3.08x | 3.35x | 2.39x | 6.16x | 9.86x | 9.18x | 6.45x | 4.62x | 12.27x | 26.11x | 459.53x | 451.04x | 440.46x | 35.47x | 18.83x | 17.77x | 10.27x | -5.76x | 0.56x |
| Non-Operating Income | -73.02M | -3.74M | -566K | -531K | 12.51M | 10.4M | 205K | -7.59M | -2.73M | -8.52M | -2.03M | -20.57M | -1.25M | 189K | -529K | -14.85M | 5.05M | -814K | 0 | -1.93M | 405K | 1.62M | -20.37M | -20.17M | -21.85M | -34.31M | 0 | 0 | -2.2M | 0 | 0 |
| Pretax Income | 91.03M | 79.19M | 71.06M | 60.15M | 90.04M | 62.86M | 69.39M | 49.72M | 48.41M | 45.05M | 42.08M | 40.37M | 20.53M | 27.67M | 13.81M | 11.61M | 50.11M | 45.38M | 39.16M | 28.1M | 42.02M | 43.95M | 39.48M | 37.44M | 36.16M | 32.08M | 26.11M | 12.84M | 13.71M | -14.1M | 21.5M |
| Pretax Margin % | 40.06% | 35.72% | 34.94% | 32.37% | 54.38% | 40.45% | 47.09% | 35.35% | 35.57% | 37.49% | 36.51% | 36.46% | 20.56% | 27% | 13.51% | 10.29% | 56.73% | 53.68% | 48.25% | 35.82% | 58.04% | 61.58% | 59.52% | 54.81% | 51.92% | 45.52% | 40.88% | 20.93% | 15.26% | -1.59% | 2.62% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.47M | 5.62M | 4.71M | 13.8M | 8.72M | -39.05M | 7.69M | 19.11M | -1.88M | -4.53M | -2.36M | -9.64M | -700K | -1.49M | -2.97M | 550K | 132K | -36.65M | 11.09M | 5.34M | 5.77M | -4.9M | 8.1M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5.09% | 12.48% | 11.19% | 34.18% | 42.49% | -141.14% | 55.69% | 164.63% | -3.76% | -9.97% | -6.03% | -34.29% | -1.67% | -3.4% | -7.52% | 1.47% | 0.37% | -114.23% | 42.49% | 41.57% | 42.06% | 34.75% | 37.67% |
| Net Income | 91.03M | 79.19M | 71.06M | 60.15M | 90.04M | 62.86M | 69.39M | 49.72M | 47.71M | 47.19M | 38.41M | 37.41M | 23.42M | 70.01M | 12.45M | 12.46M | 51.7M | 47.05M | 41.81M | 33.89M | 42.73M | 45.45M | 39.35M | 36.89M | 36.16M | 68.73M | 15.01M | 10.06M | 7.94M | -9.2M | 12.6M |
| Net Margin % | 40.06% | 35.72% | 34.94% | 32.37% | 54.38% | 40.45% | 47.09% | 35.35% | 35.05% | 39.27% | 33.32% | 33.78% | 23.45% | 68.33% | 12.18% | 11.04% | 58.53% | 55.65% | 51.51% | 43.2% | 59.01% | 63.67% | 59.33% | 54% | 51.92% | 97.53% | 23.51% | 16.39% | 8.84% | -1.04% | 1.54% |
| Net Income Growth % | 31.69% | 11.44% | 18.14% | -33.2% | 43.24% | -9.41% | 39.55% | 4.23% | 1.1% | 22.84% | 2.68% | 59.75% | -66.55% | 462.47% | -0.07% | -75.91% | 9.89% | 12.53% | 23.36% | -20.67% | -5.99% | 15.49% | 6.68% | 2% | -47.38% | 357.78% | 49.3% | 26.59% | 186.35% | -173.02% | 100% |
| Funds From Operations (FFO) | 154.47M | 141.13M | 131.49M | 111.49M | 131.22M | 100.01M | 101.11M | 77.79M | 114.27M | 105.8M | 97.15M | 54.38M | 33.97M | 79.32M | 24.99M | 22.79M | 61.43M | 58.02M | 53.59M | 43.69M | 50.61M | 53.7M | 46.84M | 45.3M | 45.18M | 78.01M | 25.44M | 19.47M | 18.01M | -32.7M | -10.6M |
| FFO Margin % | 67.98% | 63.65% | 64.65% | 59.99% | 79.24% | 64.35% | 68.62% | 55.3% | 83.96% | 88.06% | 84.28% | 49.11% | 34.01% | 77.42% | 24.46% | 20.19% | 69.55% | 68.64% | 66.03% | 55.68% | 69.9% | 75.24% | 70.62% | 66.32% | 64.87% | 110.69% | 39.84% | 31.75% | 20.04% | -3.68% | -1.29% |
| FFO Growth % | 81.8% | 7.33% | 17.93% | -15.03% | 31.2% | -1.08% | 29.98% | -31.93% | 8% | 8.91% | 78.63% | 60.11% | -57.18% | 217.44% | 9.63% | -62.9% | 5.87% | 8.27% | 22.67% | -13.67% | -5.76% | 14.65% | 3.41% | 0.26% | -42.09% | 206.66% | 30.63% | 8.14% | 155.07% | -208.49% | 31.61% |
| FFO per Share | 2.58 | 2.50 | 2.41 | 2.22 | 2.80 | 2.23 | 2.40 | 1.89 | 2.84 | 2.87 | 2.87 | 1.63 | 1.02 | 2.38 | 0.75 | 0.69 | 2.20 | 2.34 | 2.16 | 1.76 | 2.04 | 2.17 | 1.89 | 1.96 | 2.11 | 4.80 | 1.62 | 1.24 | 1.35 | -2.56 | -0.84 |
| FFO Payout Ratio % | 53.17% | 76.99% | 76.21% | 78% | 59.64% | 70.76% | 61.94% | 73.13% | 44.2% | 37.14% | 37.3% | 64.63% | 84.42% | 30.78% | 33.63% | 278.33% | 85.19% | 80.71% | 86.38% | 104.49% | 88.56% | 80.12% | 89.56% | 90.77% | 89.53% | 107.36% | 41.49% | 54.2% | 8.76% | -4.59% | 0% |
| EPS (Diluted) | 1.52 | 1.35 | 1.25 | 1.15 | 1.88 | 1.37 | 1.62 | 0.43 | 1.19 | 1.26 | 1.12 | 1.11 | 0.69 | 2.08 | 0.37 | 0.37 | 1.85 | 1.90 | 1.69 | 1.37 | 1.73 | 1.84 | 1.59 | 1.39 | 1.44 | 2.97 | 0.73 | 0.36 | 0.60 | -0.72 | 1.00 |
| EPS Growth % | 28.1% | 8% | 8.7% | -38.83% | 37.23% | -15.43% | 276.74% | -63.87% | -5.56% | 12.5% | 0.9% | 60.87% | -66.83% | 462.16% | 0% | -80% | -2.63% | 12.43% | 23.36% | -20.81% | -5.98% | 15.72% | 14.39% | -3.47% | -51.52% | 306.85% | 102.78% | -40% | 183.33% | -172% | 100% |
| EPS (Basic) | - | 1.35 | 1.26 | 1.16 | 1.88 | 1.37 | 1.62 | 0.43 | 1.19 | 1.26 | 1.12 | 1.11 | 0.69 | 2.08 | 0.37 | 0.37 | 1.85 | 1.90 | 1.69 | 1.37 | 1.73 | 1.84 | 1.59 | 1.39 | 1.69 | 3.21 | 0.73 | 0.36 | 0.60 | -0.72 | 1.00 |
| Diluted Shares Outstanding | 59.92M | 56.46M | 54.55M | 50.22M | 46.84M | 44.82M | 42.07M | 41.11M | 40.19M | 36.9M | 33.81M | 33.42M | 33.41M | 33.4M | 33.4M | 33.17M | 27.95M | 24.77M | 24.77M | 24.79M | 24.76M | 24.73M | 24.72M | 23.08M | 21.45M | 16.24M | 15.74M | 15.74M | 13.35M | 12.78M | 12.6M |
Environmental remediation cost volatility
As reported in recent financial statements, GTY experienced a dramatic collapse in NOI margin to negative 82.9% in 2025Q4, a sharp departure from the historical 90% plus range, suggesting that non-recurring environmental remediation charges or property-level write-downs may be significantly distorting core operating profitability metrics.
The extreme fluctuation in NOI margins indicates that investors should look past headline figures to understand the underlying property-level expense structure. This volatility suggests that environmental remediation costs are not merely incidental but can periodically overwhelm the cash-generating capacity of the portfolio.
Based on GTY's reported figures, FFO per share reached $0.72 in 2026Q1, demonstrating a 39.2% growth rate that appears decoupled from the recent instability in property-level NOI, indicating that corporate-level financial management and interest income may be providing a necessary buffer against operational property-level headwinds.
The divergence between FFO growth and NOI volatility warrants further investigation into the sustainability of earnings. It appears that the company's ability to maintain FFO per share despite significant margin compression suggests a reliance on non-operating income streams or effective tax and interest management.
According to SEC filings, the significant discrepancy between GAAP net income and FFO, coupled with the erratic NOI performance, suggests that GTY's earnings quality is heavily influenced by the accounting treatment of long-term environmental remediation liabilities which may mask the true cash-generating potential of the assets.
Investors should monitor whether these remediation costs are truly recurring maintenance or if they represent a structural underestimation of the capital required to maintain the portfolio. The reliance on non-cash adjustments to reconcile FFO suggests that the company's reported earnings may be more sensitive to accounting estimates than to actual rental cash flows.
As indicated by the 10.5% revenue growth in 2026Q1, GTY continues to expand its top line, yet the inconsistent NOI performance suggests that the company's aggressive acquisition strategy into new asset classes like car washes may be introducing unforeseen operational complexities that impact overall portfolio efficiency.
The consistent revenue growth appears to be driven by external acquisitions rather than organic same-store rent increases. This trajectory implies that management is prioritizing scale, which may be necessary to offset the rising costs associated with managing a legacy portfolio of environmentally sensitive retail sites.
Quick answers to the most common questions about buying GTY stock.
For fiscal year 2025, Getty Realty Corp. (GTY) reported total revenue of $221.7M. This represents a 73.0% decline compared to $820.6M in 1995.
Getty Realty Corp. (GTY) is profitable, generating $79.2M in net income for the fiscal year ending 2025 with a net profit margin of 35.7%.
Getty Realty Corp. (GTY) reported an operating income of $121.8M, resulting in an operating profit margin of 54.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Getty Realty Corp. (GTY) generated $89.1M in gross profit for the year, representing a gross profit margin of 40.2%. This demonstrates the company's core pricing power and production efficiency.