Revenue expanded 9.4% year-over-year to $231.0 million in 2026Q3 with typical NOI margins near 80%, though anomalous readings of 9.2% (2025Q4) and 100.0% (2026Q3) warrant verification against STAG's reported operating expense structure.
STAG Industrial, Inc. (STAG) annual income statement — 18-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 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Revenue | 900.52M | 845.18M | 767.38M | 707.84M | 657.35M | 562.16M | 483.41M | 405.95M | 350.99M | 301.09M | 250.24M | 218.63M | 173.82M | 133.89M | 84.05M | 44.06M | 25.92M | 30.17M | 31.27M |
| Revenue Growth % | 9.34% | 10.14% | 8.41% | 7.68% | 16.93% | 16.29% | 19.08% | 15.66% | 16.58% | 20.32% | 14.46% | 25.78% | 29.82% | 59.3% | 90.78% | 69.98% | -14.08% | -3.53% | - |
| Property Operating Expenses | 339.08M | 326.75M | 154.83M | 139.6M | 125.7M | 107.99M | 89.36M | 75.18M | 69.02M | 57.7M | 48.9M | 42.63M | 33.39M | 24.01M | 12.84M | 5.46M | 6.12M | 5.34M | 3.01M |
| Net Operating Income (NOI) | 561.44M | 518.44M | 612.56M | 568.24M | 531.64M | 454.17M | 394.05M | 330.77M | 281.97M | 243.39M | 201.34M | 176.01M | 140.43M | 109.88M | 71.21M | 38.6M | 19.8M | 24.82M | 28.26M |
| NOI Margin % | 62.35% | 61.34% | 79.82% | 80.28% | 80.88% | 80.79% | 81.51% | 81.48% | 80.34% | 80.84% | 80.46% | 80.5% | 80.79% | 82.07% | 84.72% | 87.6% | 76.38% | 82.29% | 90.38% |
| Operating Expenses | 222.13M | 200.09M | 342.28M | 325.94M | 322M | 287.33M | 254.81M | 221.4M | 201.67M | 184.23M | 158.84M | 139.17M | 114.1M | 85.42M | 57.04M | 28.22M | 9.8M | 14.4M | 16.02M |
| G&A Expenses | 55.78M | 51.93M | 49.2M | 47.49M | 46.96M | 48.63M | 40.07M | 35.95M | 34.05M | 33.35M | 33.4M | 28.75M | 26.4M | 17.84M | 14.55M | 5.49M | 874K | 1.08M | 1.11M |
| EBITDA | 657.52M | 620.14M | 563.35M | 520.75M | 484.33M | 407.6M | 358.32M | 299.69M | 252.08M | 214.62M | 167.94M | 147.26M | 114.03M | 95.06M | 57.64M | 31.79M | 19.59M | 21.41M | 24.29M |
| EBITDA Margin % | 73.02% | 73.37% | 73.41% | 73.57% | 73.68% | 72.51% | 74.12% | 73.82% | 71.82% | 71.28% | 67.11% | 67.35% | 65.61% | 70.99% | 68.58% | 72.15% | 75.59% | 70.99% | 77.69% |
| Depreciation & Amortization | 318.2M | 301.8M | 293.08M | 278.45M | 274.69M | 240.75M | 219.08M | 190.31M | 171.78M | 155.46M | 125.44M | 110.42M | 87.7M | 70.6M | 43.47M | 21.41M | 9.6M | 10.99M | 12.06M |
| D&A / Revenue % | 35.34% | 35.71% | 38.19% | 39.34% | 41.79% | 42.83% | 45.32% | 46.88% | 48.94% | 51.63% | 50.13% | 50.51% | 50.46% | 52.73% | 51.72% | 48.59% | 37.03% | 36.44% | 38.55% |
| Operating Income | 339.31M | 318.35M | 270.28M | 242.3M | 209.65M | 166.84M | 139.24M | 109.38M | 80.3M | 59.16M | 42.5M | 36.84M | 26.33M | 24.46M | 14.17M | 10.38M | 9.99M | 10.42M | 12.24M |
| Operating Margin % | 37.68% | 37.67% | 35.22% | 34.23% | 31.89% | 29.68% | 28.8% | 26.94% | 22.88% | 19.65% | 16.98% | 16.85% | 15.15% | 18.27% | 16.86% | 23.56% | 38.55% | 34.55% | 39.13% |
| Interest Expense | 4M | 137.18M | 113.17M | 94.58M | 78.02M | 63.48M | 62.34M | 54.65M | 48.82M | 42.47M | 42.92M | 36.1M | 25.11M | 20.32M | 16.11M | 15.58M | 14.85M | 14.33M | 15.06M |
| Interest Coverage | - | 3.04x | 2.71x | 3.09x | 3.34x | 4.09x | 4.32x | 1.93x | 2.97x | 1.76x | 1.83x | 0.19x | 0.81x | 1.01x | 0.51x | 0.72x | 0.65x | 0.73x | 0.81x |
| Non-Operating Income | -87.23M | -98.1M | -36.16M | -49.48M | -50.61M | -93.07M | -129.9M | 4.06M | -64.76M | -15.51M | -36.01M | 30.08M | 5.91M | 4.04M | 5.87M | -763K | 266K | 0 | 0 |
| Pretax Income | 274.68M | 279.27M | 193.27M | 197.2M | 182.23M | 196.43M | 206.79M | 50.66M | 96.25M | 32.2M | 35.59M | -29.34M | -4.68M | 106K | -7.82M | 0 | -3.09M | 0 | 0 |
| Pretax Margin % | 30.5% | 33.04% | 25.19% | 27.86% | 27.72% | 34.94% | 42.78% | 12.48% | 27.42% | 10.69% | 14.22% | -13.42% | -2.7% | 0.08% | -9.3% | 0% | -11.93% | 0% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | 0% | - | - |
| Net Income | 269.11M | 273.48M | 189.22M | 192.84M | 178.33M | 192.33M | 202.15M | 49.28M | 92.93M | 31.26M | 34.52M | -27.38M | -3.69M | 5.52M | -6.48M | -4.54M | -2.95M | -5.56M | -7.68M |
| Net Margin % | 29.88% | 32.36% | 24.66% | 27.24% | 27.13% | 34.21% | 41.82% | 12.14% | 26.48% | 10.38% | 13.79% | -12.52% | -2.12% | 4.12% | -7.71% | -10.32% | -11.37% | -18.43% | -24.57% |
| Net Income Growth % | 11.68% | 44.53% | -1.88% | 8.14% | -7.28% | -4.85% | 310.19% | -46.97% | 197.28% | -9.44% | 226.06% | -641.48% | -166.88% | 185.23% | -42.55% | -54.28% | 47.01% | 27.64% | - |
| Funds From Operations (FFO) | 587.31M | 575.27M | 482.3M | 471.29M | 453.01M | 433.08M | 421.23M | 239.59M | 264.71M | 186.72M | 159.96M | 83.04M | 84.01M | 76.12M | 36.99M | 16.86M | 6.65M | 5.43M | 4.37M |
| FFO Margin % | 65.22% | 68.06% | 62.85% | 66.58% | 68.92% | 77.04% | 87.14% | 59.02% | 75.42% | 62.02% | 63.92% | 37.98% | 48.33% | 56.85% | 44.01% | 38.27% | 25.67% | 18.01% | 13.98% |
| FFO Growth % | 44.69% | 19.28% | 2.34% | 4.03% | 4.6% | 2.82% | 75.81% | -9.49% | 41.76% | 16.73% | 92.64% | -1.16% | 10.37% | 105.76% | 119.38% | 153.46% | 22.48% | 24.25% | - |
| FFO per Share | 3.04 | 3.06 | 2.64 | 2.61 | 2.53 | 2.64 | 2.82 | 1.91 | 2.55 | 2.07 | 2.26 | 1.25 | 1.55 | 1.80 | 1.48 | 1.06 | 0.47 | 0.39 | 0.31 |
| FFO Payout Ratio % | 42.1% | 49.36% | 57% | 56.77% | 58.9% | 56.74% | 53.25% | 79.13% | 60.02% | 75.52% | 73.42% | 127.52% | 100.75% | 99.63% | 104.36% | 60.66% | 58.15% | 46.41% | 0% |
| EPS (Diluted) | 1.40 | 1.46 | 1.04 | 1.07 | 1.00 | 1.15 | 1.32 | 0.35 | 0.90 | 0.23 | 0.29 | -0.44 | -0.07 | -0.10 | -0.26 | -0.29 | -0.21 | -0.40 | -0.55 |
| EPS Growth % | 8.46% | 40.38% | -2.8% | 7% | -13.04% | -12.88% | 277.14% | -61.11% | 291.3% | -20.69% | 165.91% | -491.4% | 25.6% | 61.54% | 10.34% | -38.1% | 47.5% | 27.27% | - |
| EPS (Basic) | - | 1.46 | 1.04 | 1.07 | 1.00 | 1.15 | 1.32 | 0.35 | 0.90 | 0.24 | 0.29 | -0.44 | -0.08 | -0.10 | -0.26 | -0.29 | -0.21 | -0.40 | -0.56 |
| Diluted Shares Outstanding | 192.91M | 188.18M | 182.4M | 180.56M | 178.94M | 164.09M | 149.22M | 125.68M | 103.81M | 90M | 70.85M | 66.31M | 54.09M | 42.36M | 25.05M | 15.9M | 14.03M | 14.03M | 14.03M |
Quick answers to the most common questions about buying STAG stock.
For fiscal year 2025, STAG Industrial, Inc. (STAG) reported total revenue of $845.2M. This represents a 2602.9% increase compared to $31.3M in 2008.
STAG Industrial, Inc. (STAG) is profitable, generating $273.5M in net income for the fiscal year ending 2025 with a net profit margin of 32.4%.
STAG Industrial, Inc. (STAG) reported an operating income of $318.3M, resulting in an operating profit margin of 37.7%. This margin reflects the operational efficiency of the business before interest and taxes.
STAG Industrial, Inc. (STAG) generated $518.4M in gross profit for the year, representing a gross profit margin of 61.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Single-tenant rollover concentration risk
Metrics are mathematically derived from official filings.
Acquisition-Led Revenue Growth Steadies
STAG's revenue expanded 9.4% year-over-year to $231.0 million in 2026Q3, continuing a multi-quarter pattern of high-single-digit growth consistent with an acquisition-driven external growth model. As reported in STAG's income statements, this pace has held between 6.4% and 10.8% across all ten quarters observed.
The consistency of revenue growth suggests STAG's mid-market acquisition pipeline continues to convert into stabilized rent, rather than growth relying on a single outsized deal. However, because single-tenant assets contribute rent on an all-or-nothing basis, the durability of this trajectory depends heavily on retention at lease rollover, which investors should monitor as e-commerce demand normalizes and secondary-market vacancy economics may differ from gateway hubs.
NOI Margin Stability Clouded by Anomalies
STAG's NOI margin typically holds near 80%, but two reported quarters — 2025Q4 at 9.2% and 2026Q3 at 100.0% — break sharply from this pattern. Per STAG's reported figures, these outliers appear inconsistent with the operating expense structure of a triple-net industrial portfolio and warrant verification.
Stripping those two quarters, NOI margin has been tightly range-bound between 78.8% and 80.5%, suggesting cost recovery through tenant reimbursements remains disciplined and that property tax and insurance inflation is being passed through to tenants. This genuine stability in the 80% band indicates limited exposure to unreimbursed operating expense spikes — a meaningful structural contrast to multi-tenant industrial peers carrying gross-lease exposure.
FFO Growth Volatility Clouds Per-Share Trend
STAG's quarterly FFO growth has swung from -14.9% to +53.0% over ten quarters, yet FFO per share has remained range-bound between $0.63 and $0.89. Based on STAG's reported results, this divergence suggests equity issuance via ATM programs may be absorbing part of the absolute FFO gains.
The 2026Q2 FFO of $0.71 per share was only modestly above the $0.67 recorded a year earlier despite 8.1% revenue growth, implying acquisition yields are not yet clearing the blended cost of the capital funding them with meaningful margin. With AFFO at $104.3 million trailing FFO of $135.2 million in that quarter, the roughly $31 million gap reflects recurring leasing capital and tenant improvements that the single-tenant model structurally generates, tempering cash available for the monthly dividend.
Depreciation Gap Signals Modest Economic Wear
STAG's 2026Q2 GAAP net income of $52.9 million compares to FFO of $135.2 million, a $82.3 million gap largely attributable to depreciation. According to STAG's reported figures, this spread appears moderate relative to the scale of its depreciable industrial base, suggesting book depreciation may not overstate economic wear materially.
The implied depreciation-to-revenue ratio has stayed broadly consistent across the ten-quarter window, which for industrial assets is expected given long-lived concrete and steel structures with limited near-term capital needs. Critically, the $30.9 million shortfall between FFO and AFFO in 2026Q2 is the more informative gauge of true maintenance capital, since recurring tenant improvements — not accounting depreciation — are what actually consume cash in STAG's single-tenant leasing cycle.
Straight-Line Rent and ATM Dilution Merit Scrutiny
STAG's AFFO has been persistently below FFO — $109.2 million versus $151.2 million in 2026Q3 — a gap that suggests non-cash straight-line rent inflating headline FFO while leasing capital consumes real cash. Per recent SEC filings, this pattern warrants scrutiny of the quality of reported earnings growth.
The 2026Q3 FFO of $151.2 million and EPS of $0.37 both step up sharply from the prior quarter, but with AFFO lagging by $41.9 million in the same period, the incremental earnings appear weighted toward non-cash adjustments rather than distributable cash. Additionally, STAG's reliance on at-the-market equity to fund acquisitions means that even if property-level yields are attractive, per-share accretion may be diluted if issuance outpaces the immediate FFO contribution of new assets — a dynamic the flat FFO-per-share trajectory appears consistent with.