Revenue growth remains robust at 20.3% in 2026Q1, though NOI margins have fluctuated significantly, peaking at 114.5% in 2025Q4 before normalizing to 88.5% in the most recent quarter.
| Revenue | 100.32M | 95.82M | 76.37M | 63.71M | 53.33M | 39.94M | 24.44M | 11.29M | 7.69M | 6.73M |
| Revenue Growth % | 23.49% | 25.47% | 19.87% | 19.47% | 33.53% | 63.39% | 116.52% | 46.9% | 14.25% | - |
| Property Operating Expenses | 9.29M | 11.33M | 18.97M | 15.37M | 12.79M | 9.39M | 5.02M | 2.57M | 1.88M | 1.55M |
| Net Operating Income (NOI) | 91.04M | 84.5M | 57.4M | 48.34M | 40.54M | 30.55M | 19.43M | 8.71M | 5.81M | 5.18M |
| NOI Margin % | 90.74% | 88.18% | 75.16% | 75.87% | 76.01% | 76.5% | 79.47% | 77.2% | 75.58% | 76.95% |
| Operating Expenses | 44.79M | 50.16M | 36.22M | 34.34M | 30.84M | 24.63M | 17.39M | 8.65M | 3.23M | 3.12M |
| G&A Expenses | 17.64M | 17.19M | 16.01M | 14.65M | 13.11M | 10.64M | 8.23M | 4.85M | 1.4M | 1.46M |
| EBITDA | 62.06M | 58.33M | 43.38M | 33.68M | 27.43M | 19.91M | 9.92M | 3.33M | 4.12M | 3.48M |
| EBITDA Margin % | 61.86% | 60.87% | 56.8% | 52.87% | 51.43% | 49.85% | 40.59% | 29.52% | 53.55% | 51.67% |
| Depreciation & Amortization | 24.77M | 23.99M | 22.2M | 19.69M | 17.73M | 13.99M | 7.89M | 3.26M | 1.54M | 1.42M |
| D&A / Revenue % | 24.69% | 25.03% | 29.07% | 30.9% | 33.24% | 35.03% | 32.28% | 28.91% | 20.05% | 21.04% |
| Operating Income | 37.3M | 34.34M | 21.18M | 14M | 9.7M | 5.92M | 2.03M | 68.53K | 2.57M | 2.06M |
| Operating Margin % | 37.18% | 35.83% | 27.73% | 21.97% | 18.19% | 14.82% | 8.31% | 0.61% | 33.49% | 30.63% |
| Interest Expense | 1000K | 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 | 799K | 974K | 699K | 2K | -434K | 513K | 0 | 0 | 8.05K | 0 |
| Pretax Income | 20.32M | 18.13M | 8.44M | 4.66M | 4.76M | 2.67M | -552K | -1.45M | 1.09M | 568.81K |
| Pretax Margin % | 20.25% | 18.92% | 11.05% | 7.31% | 8.92% | 6.68% | -2.26% | -12.87% | 14.15% | 8.46% |
| Income Tax | -10K | 27K | 116K | 72K | 12K | 111K | 89K | 39.75K | -60.76K | -543.29K |
| Effective Tax Rate % | -0.05% | 0.15% | 1.37% | 1.55% | 0.25% | 4.16% | -16.12% | -2.74% | -5.59% | -95.51% |
| Net Income | 15.89M | 14.15M | 6.6M | 3.71M | 3.85M | 2.06M | -352K | -1.03M | 1.14M | 1.1M |
| Net Margin % | 15.84% | 14.77% | 8.64% | 5.82% | 7.23% | 5.15% | -1.44% | -9.16% | 14.78% | 16.38% |
| Net Income Growth % | 87.59% | 114.51% | 77.84% | -3.76% | 87.54% | 683.81% | 65.95% | -191% | 3.07% | - |
| Funds From Operations (FFO) | 40.66M | 38.14M | 28.8M | 23.4M | 21.58M | 16.05M | 7.54M | 2.23M | 2.68M | 2.52M |
| FFO Margin % | 40.53% | 39.8% | 37.71% | 36.72% | 40.47% | 40.17% | 30.84% | 19.76% | 34.84% | 37.43% |
| FFO Growth % | 136.87% | 32.43% | 23.08% | 8.41% | 34.5% | 112.85% | 237.96% | -16.69% | 6.35% | - |
| FFO per Share | 1.49 | 1.57 | 1.28 | 1.16 | 1.16 | 1.17 | 1.07 | 0.43 | 0.50 | 0.47 |
| FFO Payout Ratio % | 57.48% | 80.63% | 97.18% | 104.12% | 81.24% | 93.74% | 79.62% | 141.47% | 197.38% | 210.46% |
| EPS (Diluted) | 0.58 | 0.47 | 0.21 | 0.12 | 0.21 | 0.15 | -0.09 | -0.29 | 0.21 | 0.21 |
| EPS Growth % | 86.65% | 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 | 27.31M | 24.35M | 22.57M | 20.15M | 18.55M | 13.69M | 7.01M | 5.16M | 5.31M | 5.31M |
USPS facility consolidation risk
As reported in recent financial filings, PSTL achieved a 20.3% year-over-year revenue increase in 2026Q1, reflecting a consistent strategy of acquiring fragmented postal assets to scale its national footprint while maintaining high occupancy levels across its specialized, government-backed property portfolio throughout the observed ten-quarter period.
The consistent double-digit revenue growth suggests that management is successfully executing its consolidation thesis by absorbing smaller, individual-owned postal facilities. Investors should monitor whether this rapid acquisition pace can continue to generate accretive returns without compromising the quality of the underlying asset base or over-leveraging the balance sheet.
Based on the provided quarterly data, FFO per share has demonstrated a volatile but generally upward trend, reaching $0.37 in 2026Q1, which suggests that the company is managing to grow its core earnings despite the potential for equity dilution inherent in its aggressive acquisition-led growth model.
The divergence between FFO growth and EPS highlights the necessity of focusing on FFO as the primary performance metric, as GAAP net income remains heavily obscured by non-cash depreciation charges. Analysts should scrutinize the sustainability of this FFO trajectory to ensure that the company is not merely growing the top line at the expense of per-share value.
According to the income statement data, NOI margins have largely stabilized in the high 70% to mid-80% range, with a notable outlier in 2025Q4, indicating that the company maintains strong control over property-level operating expenses despite the geographic dispersion of its 1,000-plus asset portfolio.
The ability to maintain these margins suggests that the majority of leases are structured to pass through significant operational costs to the USPS. However, any shift in lease terms during renewals that forces the landlord to absorb more maintenance or capital expenditure could lead to a structural compression of these margins.
Analysis of the provided figures reveals that while FFO remains strong, the gap between FFO and AFFO, as seen in the 2025 periods, warrants caution regarding the actual cash available for distribution after accounting for recurring maintenance capital expenditures on aging postal facilities.
The reliance on AFFO is critical here, as the physical nature of these older assets may necessitate higher-than-anticipated capital outlays to maintain their essential status. Investors should be wary of whether the current dividend payout is adequately covered by cash flow after these necessary, non-discretionary property investments are fully accounted for.
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.