Revenue contracted 8.9% year-over-year in 2025Q3 and NOI margin swung from a stable 50% range in 2024 to -6.6% in 2026Q2, with NOI turning negative at -$8.5M, indicating property-level operations no longer cover direct expenses.
JBG SMITH Properties (JBGS) annual income statement — 12-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 508.41M | 498.6M | 547.31M | 604.2M | 605.82M | 634.36M | 602.72M | 646.38M | 644.18M | 543.01M | 478.52M | 470.61M | 472.92M |
| Revenue Growth % | -1.08% | -8.9% | -9.42% | -0.27% | -4.5% | 5.25% | -6.75% | 0.34% | 18.63% | 13.48% | 1.68% | -0.49% | - |
| Property Operating Expenses | 405.13M | 570.71M | 273.48M | 290.67M | 306.7M | 328.62M | 331.41M | 321.61M | 308.96M | 229.41M | 173.64M | 175.68M | 171.05M |
| Net Operating Income (NOI) | 103.28M | -72.11M | 273.83M | 313.53M | 299.12M | 305.74M | 271.31M | 324.76M | 335.22M | 313.61M | 304.88M | 294.93M | 301.87M |
| NOI Margin % | 20.31% | -14.46% | 50.03% | 51.89% | 49.37% | 48.2% | 45.01% | 50.24% | 52.04% | 57.75% | 63.71% | 62.67% | 63.83% |
| Operating Expenses | 101.78M | -65.67M | 266.97M | 265.58M | 277.44M | 306.45M | 271.31M | 88.98M | 281.19M | 238.04M | 185.61M | 192.33M | 163.25M |
| G&A Expenses | 42.18M | 59.17M | 58.79M | 55.39M | 63.67M | 70.14M | 78.31M | 88.98M | 69.76M | 76.38M | 52.27M | 47.35M | 51.21M |
| EBITDA | 190.27M | 183.63M | 214.44M | 263.58M | 239.52M | 239.75M | 213.52M | 426.57M | 671.78M | 545.3M | 479.11M | 249.58M | 251.82M |
| EBITDA Margin % | 37.43% | 36.83% | 39.18% | 43.62% | 39.54% | 37.79% | 35.43% | 65.99% | 104.28% | 100.42% | 100.12% | 53.03% | 53.25% |
| Depreciation & Amortization | 188.77M | 190.06M | 208.18M | 215.63M | 217.84M | 240.45M | 225.6M | 190.79M | 617.76M | 597.48M | 366.31M | 146.99M | 113.2M |
| D&A / Revenue % | 37.13% | 38.12% | 38.04% | 35.69% | 35.96% | 37.9% | 37.43% | 29.52% | 95.9% | 110.03% | 76.55% | 31.23% | 23.94% |
| Operating Income | 1.5M | -6.44M | 6.26M | 47.95M | 21.68M | -705K | 0 | 235.78M | 54.03M | -52.17M | 112.79M | 102.6M | 138.62M |
| Operating Margin % | 0.29% | -1.29% | 1.14% | 7.94% | 3.58% | -0.11% | 0% | 36.48% | 8.39% | -9.61% | 23.57% | 21.8% | 29.31% |
| Interest Expense | 4M | 151.66M | 116.58M | 91.06M | 75.93M | 67.96M | 62.95M | 52.7M | 74.45M | 58.14M | 50.05M | 50.82M | 55.98M |
| Interest Coverage | - | -0.13x | 0.05x | -0.01x | 2.35x | -0.33x | -0.19x | 0.84x | 1.57x | -0.56x | 2.26x | 1.98x | 2.46x |
| Non-Operating Income | 56.13M | 13.8M | 67.27M | 48.9M | -157.02M | 21.47M | 12.08M | 191.58M | -62.7M | -19.63M | -1.4M | 1.73M | 1.1M |
| Pretax Income | -190.22M | -171.89M | -176.99M | -92M | 100.25M | -86.18M | -71.53M | 72.84M | 45.88M | -89M | 63.06M | 46.71M | 81.54M |
| Pretax Margin % | -37.41% | -34.47% | -32.34% | -15.23% | 16.55% | -13.59% | -11.87% | 11.27% | 7.12% | -16.39% | 13.18% | 9.93% | 17.24% |
| Income Tax | -16.83M | -3.83M | 762K | -296K | 1.26M | 3.54M | -4.26M | -1.3M | -738K | -9.91M | 1.08M | 420K | 242K |
| Effective Tax Rate % | 8.85% | 2.23% | -0.43% | 0.32% | 1.26% | -4.11% | 5.96% | -1.79% | -1.61% | 11.14% | 1.72% | 0.9% | 0.3% |
| Net Income | -151.95M | -139.06M | -143.53M | -79.98M | 85.37M | -79.26M | -62.3M | 65.57M | 39.92M | -71.75M | 61.97M | 46.29M | 81.3M |
| Net Margin % | -29.89% | -27.89% | -26.22% | -13.24% | 14.09% | -12.49% | -10.34% | 10.14% | 6.2% | -13.21% | 12.95% | 9.84% | 17.19% |
| Net Income Growth % | -0.08% | 3.11% | -79.46% | -193.68% | 207.71% | -27.21% | -195.02% | 64.24% | 155.64% | -215.78% | 33.88% | -43.06% | - |
| Funds From Operations (FFO) | 36.82M | 51M | 64.65M | 135.65M | 303.21M | 161.2M | 163.29M | 256.36M | 657.68M | 525.73M | 428.29M | 193.28M | 194.5M |
| FFO Margin % | 7.24% | 10.23% | 11.81% | 22.45% | 50.05% | 25.41% | 27.09% | 39.66% | 102.1% | 96.82% | 89.5% | 41.07% | 41.13% |
| FFO Growth % | 602.52% | -21.12% | -52.34% | -55.26% | 88.1% | -1.28% | -36.3% | -61.02% | 25.1% | 22.75% | 121.6% | -0.63% | - |
| FFO per Share | 0.63 | 0.76 | 0.73 | 1.29 | 2.55 | 1.23 | 1.22 | 1.96 | 5.52 | 4.99 | 3.61 | 1.63 | 1.64 |
| FFO Payout Ratio % | 85.9% | 94.97% | 95.91% | 69.3% | 35.52% | 73.27% | 73.49% | 50.65% | 16.33% | 5.05% | 0.88% | 0% | 32.55% |
| EPS (Diluted) | -2.61 | -2.09 | -1.65 | -0.78 | 0.70 | -0.63 | -0.49 | 0.48 | 0.34 | -0.68 | 0.52 | 0.42 | 0.69 |
| EPS Growth % | -38.83% | -26.67% | -111.54% | -211.43% | 211.11% | -28.57% | -202.08% | 41.18% | 150% | -230.77% | 23.81% | -39.13% | - |
| EPS (Basic) | - | -2.09 | -1.65 | -0.78 | 0.70 | -0.63 | -0.49 | 0.48 | 0.34 | -0.68 | 0.52 | 0.42 | 0.69 |
| Diluted Shares Outstanding | 58.28M | 67.36M | 88.33M | 105.09M | 119M | 130.84M | 133.45M | 130.69M | 119.18M | 105.36M | 118.5M | 118.5M | 118.5M |
Quick answers to the most common questions about buying JBGS stock.
For fiscal year 2025, JBG SMITH Properties (JBGS) reported total revenue of $498.6M. This represents a 5.4% increase compared to $472.9M in 2014.
JBG SMITH Properties (JBGS) reported a net loss of $139.1M for the fiscal year ending 2025.
JBG SMITH Properties (JBGS) reported an operating income of $-6.4M, resulting in an operating profit margin of -1.3%. This margin reflects the operational efficiency of the business before interest and taxes.
JBG SMITH Properties (JBGS) generated $-72.1M in gross profit for the year, representing a gross profit margin of -14.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative margins and FFO
Metrics are mathematically derived from official filings.
Revenue Decline Reflects Portfolio Pruning
Revenue fell 8.9% year-over-year in 2025Q3, with the latest quarter showing a modest 2.3% uptick, suggesting the portfolio contraction may be stabilizing but not yet reversing.
The revenue trajectory shows a clear downward trend from $145.2M in 2024Q1 to $123.9M in 2025Q3, a 14.7% decline, before a slight recovery to $129.4M in 2026Q2. This pattern likely reflects deliberate asset sales and lease expirations in the office portfolio, consistent with the company's capital recycling strategy. The recent uptick may indicate that the pace of disposals is slowing, but the overall revenue base remains significantly smaller than two years ago, implying that growth will need to come from new developments or improved occupancy rather than the existing portfolio.
NOI Margin Collapse Signals Distress
NOI margin swung from a stable 50% range in 2024 to -6.6% in 2026Q2, with NOI turning negative, indicating property-level operations are no longer covering direct expenses.
The NOI margin deterioration is stark: from 50.8% in 2024Q1 to -6.6% in 2026Q2, with NOI dropping from $73.8M to -$8.5M. This suggests that either significant properties are being taken offline for redevelopment, or that operating expenses have surged due to vacancy and carrying costs. The negative NOI implies that the core portfolio is not generating sufficient rental income to cover property taxes, insurance, and maintenance, which is unsustainable and may force further asset sales or capital raises. Investors should monitor whether this is a temporary transition cost or a structural shift in the portfolio's earning power.
FFO Volatility Masks Underlying Weakness
FFO per share swung from $0.45 in 2026Q1 to -$0.25 in 2026Q2, with AFFO consistently negative for six consecutive quarters, indicating dividend coverage is under severe pressure.
FFO has been highly erratic, ranging from -$0.10 to $0.45 per share, with no clear trend. More concerning is AFFO, which has been negative every quarter since 2024Q1, reaching -$37.6M in 2026Q2. This suggests that recurring capital expenditures and leasing costs are exceeding operating cash flow, meaning the dividend is not covered by AFFO. The company's dividend yield of 1.2% is low, but even that may be at risk if AFFO remains negative. The FFO volatility may be driven by one-time items such as gains on asset sales or impairment charges, which do not reflect sustainable earnings power.
Same-Store Performance Likely Deteriorating
With NOI margin falling from 50% to negative, same-store NOI appears to be contracting sharply, though the data does not isolate same-store metrics from portfolio changes.
The overall NOI decline from $73.8M to -$8.5M over the period suggests that same-store properties are experiencing significant rent declines or occupancy losses, unless the drop is entirely due to asset sales. Given the company's concentration in DC office assets, where federal and private tenants are downsizing, it is plausible that same-store NOI is under pressure. The negative NOI in 2026Q2 implies that even the remaining portfolio is not covering its operating costs, which may indicate that the company is holding vacant or under-utilized properties. Investors should seek same-store disclosures to distinguish between portfolio pruning and organic deterioration.
2026Q2 Marks a Critical Turning Point
The 2026Q2 quarter saw NOI turn negative for the first time, with FFO per share at -$0.25, marking a potential inflection point where the portfolio's income base has eroded below operating costs.
The transition from positive NOI in 2025Q4 ($62.1M) to negative NOI in 2026Q1 and Q2 (-$11.3M and -$8.5M) is a dramatic shift that cannot be explained by seasonal factors alone. This suggests that either major tenants have vacated, or the company has reclassified certain properties as non-operating. The negative FFO in 2026Q2, despite a positive FFO in 2026Q1, indicates that the earnings power is highly unstable. This inflection point may reflect the culmination of the office market downturn in DC, and investors should assess whether the company can stabilize NOI through leasing or asset repositioning.
Earnings Quality Questioned by Non-Cash Items
The 2026Q2 EPS beat of $0.18 versus -$0.41 consensus appears driven by non-cash gains or impairments, as underlying NOI and FFO remain deeply negative, raising doubts about earnings sustainability.
The reported EPS of $0.18 in 2026Q2, despite negative NOI and FFO, suggests that net income includes significant non-cash items such as gains on asset sales or changes in fair value of derivatives. This disconnect between GAAP earnings and operating metrics indicates that the market should focus on FFO and AFFO rather than EPS. The persistent negative AFFO implies that the company is not generating enough cash to cover its capital expenditures, which may lead to increased leverage or equity dilution. Investors should scrutinize the components of net income to determine if the EPS beat is a one-time event or a sign of underlying improvement.