Innovative Industrial Properties, Inc. (IIPR) Earnings History
Profitable10 years of earnings data (2016–2025) · Positive TTM net income
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Innovative Industrial Properties, Inc. (IIPR) Earnings Overview
As of June 21, 2026, Innovative Industrial Properties, Inc. (IIPR) reported trailing twelve-month net income of $120M, reflecting -28.8% year-over-year growth. The company earned $4.21 per diluted share over the past four quarters, with a net profit margin of 43.0%.
Looking at the long-term picture, IIPR's 5-year EPS compound annual growth rate (CAGR) stands at +3.7%, reflecting modest earnings expansion. The company achieved its highest annual net income of $166M in fiscal 2023.
Innovative Industrial Properties, Inc. maintains industry-leading profitability with a gross margin of 88.7%, operating margin of 46.7%, and net margin of 43.0%. This margin structure demonstrates strong pricing power and operational efficiency. View revenue history →
Compared to peers including REFI ($31M net income, 57.1% margin), SACH (-$673,000 net income, 13.4% margin), O ($1.12B net income, 18.4% margin), IIPR has room to improve margins relative to the peer group. Compare IIPR vs REFI →
IIPR Earnings vs Peers
Earnings metrics vs comparable public companies
IIPR Historical Earnings Data (2016–2025)
10 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $114M | -29.2% | $124M | $3.93 | 43.0% | 46.7% |
| 2024 | $162M | -2.4% | $168M | $5.52 | 52.4% | 54.6% |
| 2023 | $166M | +7.3% | $175M | $5.77 | 53.5% | 56.4% |
| 2022 | $154M | +35.4% | $170M | $5.52 | 55.9% | 61.4% |
| 2021 | $114M | +73.4% | $135M | $4.55 | 55.7% | 66.2% |
| 2020 | $66M | +180.0% | $70M | $3.27 | 56.2% | 59.7% |
| 2019 | $23M | +236.1% | $25M | $1.61 | 52.6% | 55.8% |
| 2018 | $7M | +9801.4% | $5M | $0.96 | 47.2% | 36.1% |
| 2017 | $-72,000 | +98.4% | $-223,000 | $-0.02 | -1.1% | -3.5% |
| 2016 | -$4M | - | -$4M | $-4.56 | -1368.2% | -1368.2% |
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IIPR — Frequently Asked Questions
Quick answers to the most common questions about buying IIPR stock.
What is IIPR earnings per share (EPS)?
IIPR trailing twelve-month (TTM) diluted EPS is $4.21, reflecting -28.8% year-over-year growth. The 5-year EPS CAGR is +3.7%. Complete EPS history from 2016 to 2025 is available in the table on this page.
What is Innovative Industrial Properties, Inc.'s net income?
Innovative Industrial Properties, Inc. (IIPR) trailing twelve-month net income is $120M as of 2025. Earnings declined -28.8% year-over-year. Innovative Industrial Properties, Inc. has been profitable for 8 consecutive years.
Is IIPR profitable?
Yes, IIPR is profitable with a TTM net income of $120M and a net profit margin of +43.0%. Innovative Industrial Properties, Inc. has generated profits for 8 consecutive years.
What is IIPR's earnings growth rate?
IIPR compound annual EPS growth rates (CAGR): 1-Year: -28.8%, 3-Year: -10.7%, 5-Year: +3.7%, 10-Year: N/A. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 2016 to 2025.
What are IIPR's profit margins?
Innovative Industrial Properties, Inc. net profit margin is +43.0%, operating margin is +46.7%, and gross margin is +88.7%. Above-average net margins reflect strong pricing power and competitive moat. Return on Equity is +6.0%.
Is IIPR growing earnings?
IIPR earnings are declining — EPS fell -28.8% year-over-year. TTM net income dropped to $120M. This contrasts with the 5-year CAGR of +3.7%.
What was IIPR's best earnings year?
Innovative Industrial Properties, Inc.'s highest annual net income on record is $166M, achieved in fiscal year 2023. Earnings history on this page spans 2016 to 2025 and includes all annual and quarterly figures.
What were IIPR's earnings last quarter?
IIPR's most recent reported quarter was Q1 2026. Net income was $33M with diluted EPS of $1.02. For a full breakdown of all quarters, see the quarterly earnings table on this page.