Revenue growth remains robust at 10.55% year-over-year, though the sharp decline in NOI margins to 15.3% in 2026Q1 suggests potential operational cost pressures.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 596.62M | 581.56M | 526.06M | 464.41M | 442.61M | 426.52M | 389.99M | 486.19M | 494.68M | 488.23M | 465.83M | 439.37M | 418.56M | 385.01M | 357M | 315.22M | 276.3M | 271.69M | 245.39M | 228.76M | 211.71M | 202.8M | 194.55M | 121.97M | 113.17M | 111.07M | 108.82M | 104.02M | 97.77M | 85.27M | 75.5M |
| Revenue Growth % | 10.88% | 10.55% | 13.28% | 4.92% | 3.77% | 9.37% | -19.79% | -1.72% | 1.32% | 4.81% | 6.02% | 4.97% | 8.71% | 7.85% | 13.25% | 14.09% | 1.7% | 10.72% | 7.27% | 8.06% | 4.39% | 4.24% | 59.51% | 7.78% | 1.89% | 2.06% | 4.62% | 6.39% | 14.65% | 12.94% | 10.06% |
| Property Operating Expenses | 342.36M | 478.45M | 158.73M | 145.55M | 143.94M | 140.74M | 137.13M | 131.71M | 160.46M | 155.24M | 152.02M | 146.5M | 137.42M | 121.05M | 111.16M | 100.25M | 93.34M | 87.88M | 81.9M | 74.38M | 68.7M | 64.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 254.26M | 103.11M | 367.33M | 318.86M | 298.68M | 285.79M | 252.86M | 354.48M | 334.22M | 333M | 313.82M | 292.87M | 281.14M | 263.96M | 245.84M | 214.98M | 182.96M | 183.81M | 163.49M | 154.38M | 143.01M | 138.71M | 194.55M | 121.97M | 113.17M | 111.07M | 108.82M | 104.02M | 97.77M | 85.27M | 75.5M |
| NOI Margin % | 42.62% | 17.73% | 69.83% | 68.66% | 67.48% | 67% | 64.84% | 72.91% | 67.56% | 68.2% | 67.37% | 66.66% | 67.17% | 68.56% | 68.86% | 68.2% | 66.22% | 67.65% | 66.63% | 67.48% | 67.55% | 68.4% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 135.29M | -72.25M | 216.71M | 185.02M | 183.44M | 175.82M | 252.86M | 75.44M | 175.89M | 171.75M | 162.05M | 148.41M | 146.9M | 134.87M | 136.13M | 114.31M | 102.59M | 113.88M | 166.49M | 157.2M | 142.61M | 126.58M | 124.03M | 78.92M | 74.46M | 71.44M | 69.01M | 62.71M | 57.93M | 50.85M | 45.48M |
| G&A Expenses | 79.82M | 78.72M | 78.02M | 76.13M | 71.53M | 65.82M | 47.73M | 75.44M | 71.23M | 73.05M | 74.6M | 73.61M | 69.9M | 63.15M | 60.5M | 30.13M | 24.55M | 33.38M | 22.26M | 19.01M | 16.71M | 13.85M | 12.82M | 9.56M | 9.23M | 8.23M | 7.37M | 7.3M | 6.67M | 6.14M | 5.47M |
| EBITDA | 273.15M | 326.34M | 289.31M | 242.73M | 227.15M | 219.97M | 142.27M | 390.08M | 429.86M | 487.71M | 465.83M | 248.4M | 234.29M | 223.64M | 208.27M | 181.95M | 157.67M | 145.23M | 141.23M | 135.52M | 126.42M | 125.1M | 122.53M | 72.75M | 68.09M | 68.2M | 66.03M | 66.13M | 59.29M | 52.86M | 46.47M |
| EBITDA Margin % | 45.78% | 56.11% | 55% | 52.27% | 51.32% | 51.57% | 36.48% | 80.23% | 86.9% | 99.89% | 100% | 56.53% | 55.98% | 58.09% | 58.34% | 57.72% | 57.06% | 53.45% | 57.55% | 59.24% | 59.71% | 61.69% | 62.98% | 59.64% | 60.17% | 61.4% | 60.68% | 63.58% | 60.65% | 61.99% | 61.55% |
| Depreciation & Amortization | 154.18M | 150.98M | 138.69M | 108.89M | 111.9M | 110.01M | 117.14M | 111.05M | 336.35M | 326.98M | 314.56M | 103.94M | 102.43M | 95.75M | 98.68M | 84.02M | 78.04M | 80.5M | 62.33M | 63.95M | 57.32M | 48.89M | 52M | 29.7M | 28.99M | 28.57M | 26.22M | 24.82M | 22.15M | 18.44M | 16.46M |
| D&A / Revenue % | 25.84% | 25.96% | 26.36% | 23.45% | 25.28% | 25.79% | 30.04% | 22.84% | 67.99% | 66.97% | 67.53% | 23.66% | 24.47% | 24.87% | 27.64% | 26.65% | 28.24% | 29.63% | 25.4% | 27.96% | 27.07% | 24.11% | 26.73% | 24.35% | 25.62% | 25.72% | 24.09% | 23.87% | 22.66% | 21.62% | 21.8% |
| Operating Income | 118.97M | 175.36M | 150.62M | 133.84M | 115.24M | 109.96M | 0 | 279.03M | 93.51M | 160.72M | 151.28M | 144.46M | 131.86M | 127.89M | 109.58M | 97.94M | 79.63M | 64.73M | 78.9M | 71.56M | 69.1M | 76.22M | 70.53M | 43.05M | 39.1M | 39.63M | 39.81M | 41.31M | 37.14M | 34.42M | 30.02M |
| Operating Margin % | 19.94% | 30.15% | 28.63% | 28.82% | 26.04% | 25.78% | 0% | 57.39% | 18.9% | 32.92% | 32.47% | 32.88% | 31.5% | 33.22% | 30.7% | 31.07% | 28.82% | 23.82% | 32.15% | 31.28% | 32.64% | 37.58% | 36.25% | 35.3% | 34.55% | 35.68% | 36.59% | 39.71% | 37.99% | 40.36% | 39.76% |
| Interest Expense | 4M | 65.86M | 60.64M | 47.93M | 46.97M | 52.87M | 63.14M | 61.67M | 64.82M | 64.83M | 60.67M | 54.19M | 57.93M | 51.62M | 49.81M | 45.38M | 34.12M | 37.68M | 38.44M | 40.07M | 40.77M | 42.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.81x | 2.69x | 3.17x | 2.83x | 1.18x | 0.40x | 2.52x | 1.70x | 2.11x | 4.37x | 5.10x | 2.35x | 3.20x | 2.13x | 2.12x | 2.12x | 2.97x | 2.05x | 1.79x | 1.69x | 1.78x | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -79.22M | -10M | -12.77M | -17.97M | -17.56M | 47.54M | -25.13M | 123.31M | 47.95M | 24.02M | -113.72M | -131.9M | -4.22M | -37.23M | 0 | 1.56M | 7.17M | -41.96M | 3K | 0 | 157K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -111.26M | -95.58M | 0 |
| Pretax Income | 128.92M | 119.5M | 102.76M | 103.88M | 85.83M | 9.56M | -38.01M | 92.73M | 45.56M | 71.88M | 204.33M | 222.17M | 78.15M | 113.32M | 56.48M | 52.55M | 38.34M | 67.5M | 28.03M | 28.58M | 37.31M | 5.09M | 0 | 46.61M | 42.8M | 42.4M | 43.88M | 45.09M | 36.08M | 0 | 30.18M |
| Pretax Margin % | 21.61% | 20.55% | 19.53% | 22.37% | 19.39% | 2.24% | -9.75% | 19.07% | 9.21% | 14.72% | 43.86% | 50.57% | 18.67% | 29.43% | 15.82% | 16.67% | 13.88% | 24.84% | 11.42% | 12.49% | 17.62% | 2.51% | 0% | 38.22% | 37.82% | 38.17% | 40.32% | 43.35% | 36.9% | 0% | 39.97% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.65M | 0 | 0 | 0 | 0 | 0 | 49.77M | 56.03M | 0 | 11.91M | 60.63M | 0 | 0 | 0 | 63.48M | 30.2M | 27.7M | 32.51M | 35.5M | 25.72M | 28.01M | 21.59M | 18.82M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 113.35% | 0% | 0% | 0% | 0% | 0% | 88.12% | 106.62% | 0% | 17.64% | 216.3% | 0% | 0% | 0% | - | 64.79% | 64.73% | 76.69% | 80.91% | 57.04% | 77.64% | - | 62.39% |
| Net Income | 123.84M | 114.78M | 98.59M | 99.15M | 82.06M | 9.12M | -36.28M | 87.86M | -6.08M | 68M | 193.74M | 211.2M | 74.01M | 107.56M | 53.23M | 44.64M | 34.25M | 58.02M | 28.03M | 28.58M | 37.31M | 5.09M | 7.05M | 12.85M | 11.01M | 7.11M | 4.31M | 15.59M | 11.83M | 12.83M | 11.19M |
| Net Margin % | 20.76% | 19.74% | 18.74% | 21.35% | 18.54% | 2.14% | -9.3% | 18.07% | -1.23% | 13.93% | 41.59% | 48.07% | 17.68% | 27.94% | 14.91% | 14.16% | 12.4% | 21.36% | 11.42% | 12.49% | 17.62% | 2.51% | 3.62% | 10.53% | 9.73% | 6.4% | 3.96% | 14.99% | 12.1% | 15.04% | 14.82% |
| Net Income Growth % | 29.83% | 16.41% | -0.56% | 20.82% | 800.01% | 125.13% | -141.29% | 1544.03% | -108.95% | -64.9% | -8.27% | 185.36% | -31.19% | 102.07% | 19.24% | 30.34% | -40.97% | 106.97% | -1.9% | -23.41% | 633.13% | -27.77% | -45.16% | 16.73% | 54.77% | 64.94% | -72.34% | 31.8% | -7.8% | 14.62% | -0.08% |
| Funds From Operations (FFO) | 278.02M | 265.75M | 237.28M | 208.04M | 193.97M | 119.13M | 80.86M | 198.9M | 330.26M | 394.99M | 508.3M | 315.14M | 176.44M | 203.3M | 151.91M | 128.66M | 112.29M | 138.52M | 90.36M | 92.53M | 94.63M | 53.98M | 59.05M | 42.55M | 40M | 35.68M | 30.53M | 40.41M | 33.98M | 31.27M | 27.65M |
| FFO Margin % | 46.6% | 45.7% | 45.11% | 44.8% | 43.82% | 27.93% | 20.74% | 40.91% | 66.76% | 80.9% | 109.12% | 71.72% | 42.16% | 52.8% | 42.55% | 40.81% | 40.64% | 50.99% | 36.82% | 40.45% | 44.7% | 26.62% | 30.35% | 34.88% | 35.34% | 32.13% | 28.06% | 38.85% | 34.76% | 36.67% | 36.62% |
| FFO Growth % | 68.68% | 12% | 14.06% | 7.26% | 62.83% | 47.31% | -59.34% | -39.77% | -16.39% | -22.29% | 61.3% | 78.61% | -13.21% | 33.83% | 18.08% | 14.58% | -18.94% | 53.3% | -2.35% | -2.22% | 75.31% | -8.58% | 38.78% | 6.38% | 12.08% | 16.88% | -24.45% | 18.93% | 8.68% | 13.08% | 4.34% |
| FFO per Share | 2.43 | 2.32 | 2.14 | 1.95 | 1.84 | 1.17 | 0.87 | 2.14 | 3.54 | 4.18 | 5.33 | 3.33 | 1.88 | 2.16 | 1.64 | 1.53 | 1.40 | 1.92 | 1.45 | 1.46 | 1.53 | 0.95 | 1.09 | 0.98 | 1.17 | 1.12 | 0.95 | 1.28 | 1.06 | 0.94 | 0.84 |
| FFO Payout Ratio % | 48.56% | 49.75% | 50.67% | 49.88% | 43.42% | 60.8% | 82.31% | 66.7% | 39.74% | 32.95% | 27.76% | 33.28% | 51.26% | 42.9% | 50.62% | 51.71% | 61.21% | 42.84% | 58.59% | 54.01% | 49.45% | 67.29% | 57.27% | 59% | 54.9% | 59.09% | 68.74% | 51.72% | 60.03% | 54.37% | 78.94% |
| EPS (Diluted) | 1.08 | 1.00 | 0.88 | 0.92 | 0.77 | 0.08 | -1.10 | 0.23 | -0.07 | 0.71 | 2.01 | 2.20 | 0.77 | 1.13 | 0.57 | 0.52 | 0.32 | 0.72 | 0.31 | 0.36 | 0.52 | 0.08 | 0.13 | 0.30 | 0.27 | 0.17 | 0.08 | 0.44 | 0.31 | 0.39 | 0.34 |
| EPS Growth % | 28.57% | 13.64% | -4.35% | 19.48% | 844.79% | 107.41% | -578.26% | 452.76% | -109.18% | -64.68% | -8.64% | 185.71% | -31.86% | 98.25% | 9.62% | 62.5% | -55.56% | 132.26% | -13.89% | -30.77% | 550% | -38.46% | -56.67% | 11.11% | 58.82% | 126.67% | -82.95% | 41.94% | -20.51% | 14.71% | 0% |
| EPS (Basic) | - | 1.02 | 0.89 | 0.94 | 0.78 | 0.08 | -1.10 | 0.23 | -0.07 | 0.71 | 2.02 | 2.20 | 0.77 | 1.14 | 0.57 | 0.53 | 0.32 | 0.72 | 0.32 | 0.37 | 0.52 | 0.08 | 0.13 | 0.30 | 0.28 | 0.17 | 0.08 | 0.44 | 0.32 | 0.39 | 0.34 |
| Diluted Shares Outstanding | 114.57M | 114.57M | 111.08M | 106.53M | 105.64M | 101.98M | 92.62M | 92.81M | 93.31M | 94.52M | 95.34M | 94.76M | 93.84M | 94.25M | 92.66M | 84.13M | 80.39M | 72.02M | 62.44M | 63.34M | 61.9M | 56.89M | 54.2M | 43.56M | 34.21M | 31.89M | 32.15M | 31.47M | 32.02M | 33.25M | 32.84M |
Retail tenant concentration risk
As reported in recent financial filings, Tanger Inc. achieved a 10.55% year-over-year revenue growth rate, suggesting that the company's strategic transition toward open-air lifestyle centers is successfully capturing consumer demand despite broader retail headwinds and the inherent volatility of the apparel-heavy tenant base.
The consistent revenue growth indicates that the company's repositioning efforts are gaining traction with both tenants and consumers. Investors should monitor whether this top-line momentum can be sustained as the company moves further away from its traditional outlet-only model into more capital-intensive lifestyle formats.
Based on the provided quarterly data, NOI margins experienced a sharp contraction to 15.3% in 2026Q1 from historical levels exceeding 67%, which may indicate significant operational cost pressures or a fundamental shift in how property-level expenses are being recognized within the company's reporting structure.
The sudden drop in NOI margin is highly anomalous and suggests that either non-recurring expenses were recognized or that the company is facing a structural increase in operating costs. Analysts should investigate whether this margin compression is a temporary accounting artifact or a sign of rising property-level maintenance and security expenses.
According to the latest earnings data, FFO per share reached $0.60 in 2026Q1, demonstrating a 21.8% growth rate that significantly outperforms GAAP net income, reinforcing the necessity of using FFO as the primary metric for evaluating the company's true recurring cash-generating capacity.
The divergence between FFO and GAAP net income highlights the distortive impact of depreciation on the company's bottom line. The consistent FFO growth suggests that the underlying business remains healthy, though investors should remain wary of potential dilution if the company continues to rely on equity-based financing for its expansion projects.
As evidenced by the quarterly financial statements, AFFO has shown significant fluctuations, dropping to $46.2M in 2026Q1 from $67.8M in 2025Q3, which may indicate that recurring maintenance capital expenditures are becoming more volatile and potentially impacting the long-term safety of the dividend payout.
The inconsistency in AFFO suggests that the company's capital expenditure requirements are not as predictable as the base rent revenue stream might imply. This volatility warrants further investigation into whether the company is under-investing in its properties or if the recent lifestyle center pivot is creating lumpy, unpredictable maintenance costs.
Quick answers to the most common questions about buying SKT stock.
For fiscal year 2025, Tanger Inc. (SKT) reported total revenue of $581.6M. This represents a 670.3% increase compared to $75.5M in 1996.
Tanger Inc. (SKT) is profitable, generating $114.8M in net income for the fiscal year ending 2025 with a net profit margin of 19.7%.
Tanger Inc. (SKT) reported an operating income of $175.4M, resulting in an operating profit margin of 30.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Tanger Inc. (SKT) generated $103.1M in gross profit for the year, representing a gross profit margin of 17.7%. This demonstrates the company's core pricing power and production efficiency.