Revenue growth remains steady at 7.0% as of 2026Q1, supported by consistent property-level operating efficiency with NOI margins sustained at approximately 71.1%.
| 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 |
|---|
| Revenue | 739.02M | 732.3M | 661.39M | 610.12M | 575.37M | 532.85M | 498.02M | 536.71M | 430.39M | 311.54M | 257.73M | 242.1M | 188.22M | 73.17M | 17.55M |
| Revenue Growth % | 8.94% | 10.72% | 8.4% | 6.04% | 7.98% | 6.99% | -7.21% | 24.7% | 38.15% | 20.88% | 6.46% | 28.63% | 157.25% | 316.89% | - |
| Property Operating Expenses | 213.78M | 742.48M | 190.32M | 175.12M | 163.22M | 158.29M | 154.51M | 161.06M | 132.54M | 97.28M | 78.52M | 79.09M | 75.61M | 40.33M | 8.99M |
| Net Operating Income (NOI) | 525.25M | -10.19M | 471.07M | 435M | 412.15M | 374.55M | 343.51M | 375.64M | 297.85M | 214.26M | 179.21M | 163.01M | 112.6M | 32.84M | 8.56M |
| NOI Margin % | 71.07% | -1.39% | 71.22% | 71.3% | 71.63% | 70.29% | 68.98% | 69.99% | 69.2% | 68.77% | 69.54% | 67.33% | 59.83% | 44.88% | 48.76% |
| Operating Expenses | 247.63M | -209.03M | 45.61M | 44.37M | 45.23M | 48.82M | 41.38M | 48.52M | 50.41M | 60.91M | 36.31M | 15.83M | 36.48M | 4.35M | 9.81M |
| G&A Expenses | 51.49M | 51.64M | 45.61M | 44.37M | 45.23M | 48.82M | 41.38M | 48.52M | 50.41M | 60.91M | 36.31M | 15.83M | 36.48M | 4.35M | 1.72M |
| EBITDA | 542.12M | 465.22M | 663.99M | 616.78M | 591.85M | 543.58M | 523.63M | 559.8M | 434.77M | 281.42M | 244.98M | 244.73M | 152.76M | 58.27M | 6.99M |
| EBITDA Margin % | 73.36% | 63.53% | 100.39% | 101.09% | 102.86% | 102.02% | 105.14% | 104.3% | 101.02% | 90.33% | 95.05% | 101.09% | 81.16% | 79.64% | 39.83% |
| Depreciation & Amortization | 264.5M | 266.37M | 238.52M | 226.14M | 224.93M | 217.85M | 221.51M | 232.69M | 187.33M | 128.07M | 102.07M | 97.55M | 76.64M | 29.78M | 8.24M |
| D&A / Revenue % | 35.79% | 36.38% | 36.06% | 37.06% | 39.09% | 40.88% | 44.48% | 43.35% | 43.53% | 41.11% | 39.61% | 40.29% | 40.72% | 40.7% | 46.98% |
| Operating Income | 277.62M | 198.85M | 425.46M | 390.64M | 366.91M | 325.73M | 302.13M | 327.12M | 247.44M | 153.35M | 142.91M | 147.18M | 76.12M | 28.49M | -1.25M |
| Operating Margin % | 37.57% | 27.15% | 64.33% | 64.03% | 63.77% | 61.13% | 60.67% | 60.95% | 57.49% | 49.22% | 55.45% | 60.79% | 40.44% | 38.94% | -7.15% |
| Interest Expense | 2M | 110.25M | 95.7M | 83.86M | 71.2M | 76.37M | 85.3M | 103.17M | 72.64M | 45.66M | 32.46M | 32.39M | 20.36M | 10.51M | 0 |
| Interest Coverage | - | 2.17x | 1.80x | 1.84x | 1.84x | 1.37x | 0.91x | 0.87x | 0.77x | 0.50x | 1.13x | 1.41x | -0.15x | -0.19x | - |
| Non-Operating Income | 39.48M | -40.53M | 253.02M | 236.44M | 236.22M | 221.43M | 224.68M | 236.87M | 191.28M | 130.67M | 106.09M | 101.48M | 79.16M | 30.51M | 0 |
| Pretax Income | 124.91M | 124.28M | 71.52M | 64.2M | 54.53M | 17.23M | 5.46M | -72.83M | 46.98M | -41.72M | 9.04M | 13.56M | -22.64M | -12.35M | -4.27M |
| Pretax Margin % | 16.9% | 16.97% | 10.81% | 10.52% | 9.48% | 3.23% | 1.1% | -13.57% | 10.91% | -13.39% | 3.51% | 5.6% | -12.03% | -16.88% | -24.35% |
| Income Tax | 453K | 1.31M | 1.82M | 438K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.36% | 1.05% | 2.55% | 0.68% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 115.35M | 111.3M | 62.69M | 56.85M | 48.32M | 15.12M | 4.77M | -63.53M | 39.14M | -38.39M | 8.93M | 13.36M | -22.64M | -12.4M | -3.35M |
| Net Margin % | 15.61% | 15.2% | 9.48% | 9.32% | 8.4% | 2.84% | 0.96% | -11.84% | 9.09% | -12.32% | 3.47% | 5.52% | -12.03% | -16.95% | -19.07% |
| Net Income Growth % | 61.72% | 77.56% | 10.27% | 17.64% | 219.58% | 216.87% | 107.51% | -262.33% | 201.95% | -529.81% | -33.14% | 159.02% | -82.48% | -270.71% | - |
| Funds From Operations (FFO) | 379.85M | 377.68M | 301.21M | 282.99M | 273.26M | 232.97M | 226.28M | 169.15M | 226.47M | 89.68M | 111.01M | 110.91M | 54M | 17.37M | 4.9M |
| FFO Margin % | 51.4% | 51.57% | 45.54% | 46.38% | 47.49% | 43.72% | 45.44% | 31.52% | 52.62% | 28.79% | 43.07% | 45.81% | 28.69% | 23.75% | 27.91% |
| FFO Growth % | 87.74% | 25.39% | 6.44% | 3.56% | 17.29% | 2.96% | 33.77% | -25.31% | 152.53% | -19.21% | 0.09% | 105.37% | 210.83% | 254.64% | - |
| FFO per Share | 3.04 | 2.72 | 2.20 | 2.13 | 2.10 | 2.00 | 2.04 | 1.55 | 2.81 | 1.37 | 1.78 | 1.79 | 0.90 | 0.74 | 2.26 |
| FFO Payout Ratio % | 27.83% | 41.64% | 44.49% | 47.97% | 46.51% | 45.8% | 21.8% | 72.8% | 35.65% | 82.73% | 57.9% | 53.55% | 104.83% | 111.09% | 47.95% |
| EPS (Diluted) | 0.92 | 0.89 | 0.51 | 0.48 | 0.42 | 0.13 | 0.05 | -0.67 | 0.59 | -0.64 | 0.15 | 0.22 | -0.39 | -0.54 | -1.54 |
| EPS Growth % | 61.44% | 74.51% | 6.25% | 14.29% | 223.08% | 164.77% | 107.33% | -213.56% | 192.19% | -526.67% | -31.82% | 156.41% | 27.78% | 64.94% | - |
| EPS (Basic) | - | 0.90 | 0.51 | 0.48 | 0.42 | 0.15 | 0.05 | -0.67 | 0.60 | -0.63 | 0.15 | 0.22 | -0.38 | -0.53 | -1.54 |
| Diluted Shares Outstanding | 125M | 138.9M | 136.82M | 132.97M | 130.33M | 116.67M | 111.16M | 109.04M | 80.46M | 65.5M | 62.22M | 62.13M | 59.76M | 23.41M | 2.17M |
Tight liquidity and leverage
According to the provided quarterly financial data, PECO has demonstrated consistent top-line growth, with revenue reaching $190.7 million in 2026Q1, representing a steady upward trajectory that underscores the effectiveness of their grocery-anchored leasing strategy and the successful capture of contractual rent escalations across the portfolio.
The consistent growth in both revenue and NOI suggests that the company is successfully navigating the current retail environment by leveraging its necessity-based tenant mix. Investors should monitor whether this growth is primarily driven by organic rent increases or if it relies on acquisition-led expansion, as the latter carries higher integration risks.
As reported in the financial statements, PECO maintains a robust NOI margin profile, consistently hovering around the 71% mark over the last ten quarters, which indicates a high degree of operational discipline in managing property-level expenses and successfully passing through recoverable costs to the tenant base.
The stability of these margins suggests that the company's NNN lease structure is effectively insulating the bottom line from inflationary pressures in property taxes and maintenance costs. This level of efficiency appears to be a core competitive advantage, allowing the firm to maintain profitability even as it scales its footprint.
Based on the reported figures, FFO per share has shown a positive trend, reaching $0.77 in 2026Q1, which provides a solid foundation for dividend coverage and suggests that the company is generating sufficient recurring cash flow to support its capital allocation priorities without excessive reliance on external financing.
The divergence between GAAP net income and FFO highlights the necessity of focusing on the latter to understand the true cash-generating capacity of the portfolio. While FFO growth appears healthy, investors should remain cautious regarding the potential for future equity dilution if the company continues to utilize ATM programs to fund its growth initiatives.
Data from the most recent filings reveals a notably low cash position of approximately $3.5 million, which warrants further investigation into the company's reliance on revolving credit facilities to manage short-term liquidity needs and fund ongoing capital-intensive property re-developments in a volatile interest rate environment.
This thin cash buffer suggests that the company may be vulnerable to sudden disruptions in credit markets or unexpected capital requirements. While the operational performance remains strong, the lack of significant liquid reserves implies a high-wire act in capital management that could limit the firm's flexibility during a downturn.
Quick answers to the most common questions about buying PECO stock.
For fiscal year 2025, Phillips Edison & Company, Inc. (PECO) reported total revenue of $732.3M. This represents a 4072.6% increase compared to $17.6M in 2012.
Phillips Edison & Company, Inc. (PECO) is profitable, generating $111.3M in net income for the fiscal year ending 2025 with a net profit margin of 15.2%.
Phillips Edison & Company, Inc. (PECO) reported an operating income of $198.8M, resulting in an operating profit margin of 27.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Phillips Edison & Company, Inc. (PECO) generated $-10.2M in gross profit for the year, representing a gross profit margin of -1.4%. This demonstrates the company's core pricing power and production efficiency.