Revenue grew 67% from $18.1M to $30.3M over six quarters, but NOI margins were erratic, ranging from 30.9% in 2026Q1 to 114.5% in 2025Q4, which suggests timing or classification effects rather than a clean operating trend.
Postal Realty Trust, Inc. (PSTL) annual income statement — 9-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 |
|---|
| Revenue | 111.6M | 95.82M | 76.37M | 63.71M | 53.33M | 39.94M | 24.44M | 11.29M | 7.69M | 6.73M |
| Revenue Growth % | 22.38% | 25.47% | 19.87% | 19.47% | 33.53% | 63.39% | 116.52% | 46.9% | 14.25% | - |
| Property Operating Expenses | 24.22M | 11.33M | 18.97M | 15.37M | 12.79M | 9.39M | 5.02M | 2.57M | 1.88M | 1.55M |
| Net Operating Income (NOI) | 87.38M | 84.5M | 57.4M | 48.34M | 40.54M | 30.55M | 19.43M | 8.71M | 5.81M | 5.18M |
| NOI Margin % | 78.3% | 88.18% | 75.16% | 75.87% | 76.01% | 76.5% | 79.47% | 77.2% | 75.58% | 76.95% |
| Operating Expenses | 44.76M | 50.16M | 36.22M | 34.34M | 30.84M | 24.63M | 17.39M | 8.65M | 3.23M | 3.12M |
| G&A Expenses | 14M | 17.19M | 16.01M | 14.65M | 13.11M | 10.64M | 8.23M | 4.85M | 1.4M | 1.46M |
| EBITDA | 68.33M | 58.33M | 43.38M | 31.27M | 25.24M | 19.91M | 9.93M | 3.87M | 4.12M | 3.48M |
| EBITDA Margin % | 61.22% | 60.87% | 56.8% | 49.08% | 47.33% | 49.85% | 40.64% | 34.27% | 53.55% | 51.67% |
| Depreciation & Amortization | 25.7M | 23.99M | 22.2M | 17.28M | 15.54M | 13.99M | 7.9M | 3.8M | 1.54M | 1.42M |
| D&A / Revenue % | 23.03% | 25.03% | 29.07% | 27.12% | 29.14% | 35.03% | 32.32% | 33.66% | 20.05% | 21.04% |
| Operating Income | 42.62M | 34.34M | 21.18M | 14M | 9.7M | 5.92M | 2.03M | 68.53K | 2.57M | 2.06M |
| Operating Margin % | 38.19% | 35.83% | 27.73% | 21.97% | 18.19% | 14.82% | 8.31% | 0.61% | 33.49% | 30.63% |
| Interest Expense | 4M | 15.24M | 12.04M | 9.34M | 5.38M | 2.74M | 0 | 0 | 1.49M | 1.49M |
| Interest Coverage | - | 2.19x | 1.70x | 1.50x | 1.88x | 1.97x | - | - | 1.73x | 1.38x |
| Non-Operating Income | -285K | 974K | 699K | 2K | -434K | 513K | 0 | 0 | 8.05K | 0 |
| Pretax Income | 24.17M | 18.13M | 8.44M | 4.66M | 4.76M | 2.67M | -552K | -1.45M | 1.09M | 568.81K |
| Pretax Margin % | 21.66% | 18.92% | 11.05% | 7.31% | 8.92% | 6.68% | -2.26% | -12.87% | 14.15% | 8.46% |
| Income Tax | 61K | 27K | 116K | 72K | 12K | 111K | 89K | 39.75K | -60.76K | -543.29K |
| Effective Tax Rate % | 0.25% | 0.15% | 1.37% | 1.55% | 0.25% | 4.16% | -16.12% | -2.74% | -5.59% | -95.51% |
| Net Income | 20.48M | 14.15M | 6.6M | 3.71M | 3.85M | 2.06M | -352K | -1.03M | 1.14M | 1.1M |
| Net Margin % | 18.35% | 14.77% | 8.64% | 5.82% | 7.23% | 5.15% | -1.44% | -9.16% | 14.78% | 16.38% |
| Net Income Growth % | 46.17% | 114.51% | 77.84% | -3.76% | 87.54% | 683.81% | 65.95% | -191% | 3.07% | - |
| Funds From Operations (FFO) | 46.18M | 38.14M | 28.8M | 20.99M | 19.4M | 16.05M | 7.55M | 2.77M | 2.68M | 2.52M |
| FFO Margin % | 41.38% | 39.8% | 37.71% | 32.94% | 36.37% | 40.17% | 30.88% | 24.5% | 34.84% | 37.43% |
| FFO Growth % | 124.61% | 32.43% | 37.22% | 8.2% | 20.89% | 112.54% | 172.9% | 3.32% | 6.35% | - |
| FFO per Share | 1.51 | 1.57 | 1.28 | 1.04 | 1.05 | 1.17 | 1.08 | 0.54 | 0.50 | 0.47 |
| FFO Payout Ratio % | 75.38% | 80.63% | 97.18% | 93.86% | 90.39% | 74.9% | 79.51% | 114.07% | 197.38% | 210.46% |
| EPS (Diluted) | 0.67 | 0.47 | 0.21 | 0.12 | 0.21 | 0.15 | -0.09 | -0.29 | 0.21 | 0.21 |
| EPS Growth % | 20.83% | 123.81% | 75% | -42.86% | 40% | 264.11% | 68.48% | -238.1% | 0% | - |
| EPS (Basic) | - | 0.47 | 0.21 | 0.12 | 0.21 | 0.15 | -0.09 | -0.29 | 0.21 | 0.21 |
| Diluted Shares Outstanding | 30.59M | 24.35M | 22.57M | 20.15M | 18.55M | 13.69M | 7.01M | 5.16M | 5.31M | 5.31M |
Quick answers to the most common questions about buying PSTL stock.
For fiscal year 2025, Postal Realty Trust, Inc. (PSTL) reported total revenue of $95.8M. This represents a 1324.5% increase compared to $6.7M in 2017.
Postal Realty Trust, Inc. (PSTL) is profitable, generating $14.1M in net income for the fiscal year ending 2025 with a net profit margin of 14.8%.
Postal Realty Trust, Inc. (PSTL) reported an operating income of $34.3M, resulting in an operating profit margin of 35.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Postal Realty Trust, Inc. (PSTL) generated $84.5M in gross profit for the year, representing a gross profit margin of 88.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Acquisition-dependent growth and USPS restructuring
Metrics are mathematically derived from official filings.
Top-Line Growth Driven by Consolidation
Based on reported figures, PSTL's revenue rose from $18.1M in 2024Q2 to $30.3M in 2026Q3, with year-over-year growth running between 16.8% and 29.4%, pointing to acquisition-led expansion rather than organic rent escalation.
The consistency of double-digit top-line growth across ten quarters suggests the portfolio is expanding primarily through acquisitions of small USPS-leased properties, which is consistent with the company's consolidation strategy. Because the data does not isolate organic rent spreads or occupancy changes, the degree of same-property growth cannot be confirmed from these figures. Investors should monitor whether growth remains acquisition-dependent once the pace of external deployment slows.
NOI Margin Volatility Obscures Underlying Trend
As reported in the quarterly figures, PSTL's NOI margin swung from 30.9% in 2026Q1 to 114.5% in 2025Q4, a range too wide to reflect operating performance alone and suggesting timing or classification effects in reported NOI.
Margins in the 75% to 80% range through most of 2024 and 2025 appear to represent the underlying property-level profitability, while the outlier quarters likely reflect reimbursement timing, expense accruals, or reclassification rather than economic change. A margin above 100% is not a sustainable operating result and warrants reconciliation to the filed NOI definition. Analysts should rely on trailing averages rather than single-quarter NOI when assessing the cost structure.
FFO Per Share Growth Versus Equity Dilution
According to reported quarterly data, FFO per share advanced from $0.28 in 2024Q2 to $0.41 in 2026Q3, while management raised $110 million of equity year-to-date, a combination that requires deployment to be accretive.
The rise in FFO per share suggests that acquisition yields have so far exceeded the dilutive effect of new shares. However, the 2026Q1 dip to $0.38 and the 2025Q4 reading of $0.45 show that per-share results remain sensitive to timing. The dividend yield of roughly 1.3% to 2.2% appears well covered by AFFO, though its safety depends on continued accretive deployment of the recently raised capital.
Net Income Understates Cash Earnings
Based on reported figures, PSTL's net income of $5.6M in 2026Q3 compares with FFO of $12.6M, a gap of roughly $7M per quarter that is driven largely by real estate depreciation rather than cash economic loss.
The persistent gap between net income and FFO across the period is consistent with a depreciation-heavy real estate asset base, so GAAP EPS of $0.02 to $0.17 understates the earnings power of the portfolio. Analysts should not treat low EPS as evidence of weak profitability. Whether maintenance capital expenditure on older postal facilities absorbs a meaningful share of AFFO remains a question the provided data does not answer.
Late 2025 Earnings Spike Warrants Scrutiny
As reported in the income statement, PSTL's 2025Q4 net income rose to $4.6M and FFO to $11.0M, followed by a sharp 2026Q1 NOI contraction to $8.3M, a pattern that suggests a single-period inflection worth investigating further.
The sequence of a strong 2025Q4 followed by a weak 2026Q1 may indicate lumpy reimbursement or expense recognition rather than a durable change in earnings power. Based on the figures alone, it is not possible to determine whether the swing reflects one-time items, accrual timing, or portfolio transactions. Investors should review the filed reconciliation of NOI to net income for these quarters before extrapolating either trend.
Earnings Quality Depends on Reconciliation
Based on reported figures, PSTL's quarterly NOI margins range from 30.9% to 114.5%, a volatility that could mean reported property-level earnings are less reliable than headline FFO growth implies.
If the NOI swings reflect accrual timing or classification changes rather than economic performance, the apparent FFO per share acceleration may overstate the durable earnings base. The 2026Q3 reading of $12.6M in FFO against $24.0M in NOI also leaves unclear how much of the period's growth depends on non-recurring items. Investors should verify whether capitalized leasing costs and maintenance capital are being excluded from AFFO before treating the current dividend coverage as secure.