Revenue growth accelerated to 11.1% YoY in 2026Q2, but NOI margin volatility (100.0% vs. 27.1% in adjacent quarters) and FFO per share swings (from $0.89 to $1.90) suggest earnings quality is impacted by non-recurring items.
Terreno Realty Corporation (TRNO) annual income statement — 16-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 |
|---|
| Revenue | 502.88M | 476.38M | 382.62M | 323.59M | 276.21M | 221.93M | 186.88M | 171.02M | 151.66M | 132.48M | 108.42M | 95.89M | 68.88M | 45.53M | 31.17M | 17.5M | 4.03M |
| Revenue Growth % | 18.05% | 24.51% | 18.24% | 17.15% | 24.46% | 18.75% | 9.27% | 12.77% | 14.47% | 22.2% | 13.06% | 39.23% | 51.28% | 46.05% | 78.11% | 334.19% | - |
| Property Operating Expenses | 149.2M | 115.1M | 98.09M | 79.08M | 68.9M | 56.25M | 49.1M | 44.2M | 39.99M | 35.87M | 30.32M | 26.66M | 19.16M | 12.77M | 8.99M | 6.33M | 1.29M |
| Net Operating Income (NOI) | 353.68M | 361.28M | 284.53M | 244.5M | 207.31M | 165.68M | 137.79M | 126.82M | 111.67M | 96.61M | 78.09M | 69.24M | 49.71M | 32.76M | 22.19M | 11.17M | 2.74M |
| NOI Margin % | 70.33% | 75.84% | 74.36% | 75.56% | 75.05% | 74.66% | 73.73% | 74.15% | 73.63% | 72.92% | 72.03% | 72.2% | 72.18% | 71.95% | 71.17% | 63.83% | 68.07% |
| Operating Expenses | 139.93M | 168.85M | 136.5M | 111.15M | 96.95M | 77.65M | 23.49M | 23.92M | 62.32M | 57.55M | 53.72M | 50.87M | 28.67M | 20.9M | 15.54M | 10.31M | 5.38M |
| G&A Expenses | 49.45M | 47.27M | 42.59M | 37.94M | 31.19M | 26.96M | 23.49M | 23.92M | 21.5M | 19.68M | 19.32M | 14.85M | 9.5M | 8.42M | 6.4M | 5.41M | 4.12M |
| EBITDA | 347.36M | 314.01M | 241.94M | 206.57M | 176.12M | 138.72M | 154.75M | 142.23M | 183.93M | 163.31M | 115.34M | 58.34M | 35.38M | 24.47M | 19.07M | 4.29M | -3.31M |
| EBITDA Margin % | 69.07% | 65.92% | 63.23% | 63.84% | 63.76% | 62.51% | 82.81% | 83.16% | 121.28% | 123.27% | 106.39% | 60.84% | 51.37% | 53.75% | 61.17% | 24.5% | -82.24% |
| Depreciation & Amortization | 133.61M | 121.58M | 93.92M | 73.22M | 65.76M | 50.69M | 40.45M | 39.33M | 102.43M | 93.44M | 87.17M | 34.1M | 18.07M | 11.62M | 9.53M | 5.41M | 1.55M |
| D&A / Revenue % | 26.57% | 25.52% | 24.55% | 22.63% | 23.81% | 22.84% | 21.65% | 23% | 67.54% | 70.53% | 80.4% | 35.56% | 26.24% | 25.52% | 30.58% | 30.88% | 38.48% |
| Operating Income | 213.75M | 192.43M | 148.03M | 133.35M | 110.35M | 88.03M | 114.3M | 102.9M | 81.5M | 69.87M | 28.17M | 24.24M | 17.31M | 12.86M | 9.54M | -1.12M | -4.87M |
| Operating Margin % | 42.51% | 40.39% | 38.69% | 41.21% | 39.95% | 39.67% | 61.16% | 60.17% | 53.74% | 52.74% | 25.98% | 25.28% | 25.13% | 28.23% | 30.59% | -6.38% | -120.71% |
| Interest Expense | 3M | 32.86M | 20.92M | 24.8M | 23.85M | 18.05M | 16M | 16.34M | 18.21M | 16.78M | 13.05M | 9.64M | 6.59M | 6.21M | 5.47M | 2.61M | 524K |
| Interest Coverage | - | 13.27x | 9.82x | 7.11x | 9.30x | 5.83x | 4.28x | 3.60x | 4.48x | 4.16x | 2.16x | 2.51x | 3.19x | 1.91x | 0.22x | -1.22x | -5.04x |
| Non-Operating Income | -201.72M | -243.41M | -57.39M | -42.9M | -111.51M | -17.28M | 45.88M | 44.02M | 8.67M | 7.06M | -3.8M | -5.87M | 0 | 0 | 4.46M | 1.98M | 0 |
| Pretax Income | 388.59M | 402.99M | 184.5M | 151.46M | 198.01M | 87.25M | 79.8M | 55.52M | 63.29M | 53.09M | 15.12M | 14.6M | 10.72M | 2.45M | -1.02M | -3.73M | -5.39M |
| Pretax Margin % | 77.27% | 84.59% | 48.22% | 46.81% | 71.69% | 39.32% | 42.7% | 32.46% | 41.73% | 40.08% | 13.94% | 15.23% | 15.56% | 5.38% | -3.28% | -21.31% | -133.71% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.21M | 16.78M | 13.05M | 9.64M | 6.59M | -4.19M | -5.09M | 3.73M | 5.39M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 28.77% | 31.6% | 86.34% | 66.02% | 61.49% | -170.95% | 497.75% | -100% | -100% |
| Net Income | 388.59M | 402.99M | 184.5M | 151.46M | 198.01M | 87.25M | 79.8M | 55.52M | 63.29M | 53.09M | 15.12M | 14.6M | 10.72M | 6.64M | 4.07M | -3.73M | -5.39M |
| Net Margin % | 77.27% | 84.59% | 48.22% | 46.81% | 71.69% | 39.32% | 42.7% | 32.46% | 41.73% | 40.08% | 13.94% | 15.23% | 15.56% | 14.59% | 13.04% | -21.31% | -133.71% |
| Net Income Growth % | 52.9% | 118.43% | 21.81% | -23.51% | 126.94% | 9.35% | 43.73% | -12.28% | 19.2% | 251.2% | 3.54% | 36.23% | 61.39% | 63.37% | 209.01% | 30.82% | - |
| Funds From Operations (FFO) | 522.2M | 524.57M | 278.41M | 224.68M | 263.78M | 137.94M | 120.25M | 94.85M | 165.72M | 146.53M | 102.29M | 48.7M | 28.79M | 18.26M | 13.6M | 1.68M | -3.84M |
| FFO Margin % | 103.84% | 110.12% | 72.76% | 69.43% | 95.5% | 62.16% | 64.34% | 55.46% | 109.27% | 110.6% | 94.35% | 50.79% | 41.8% | 40.1% | 43.62% | 9.58% | -95.24% |
| FFO Growth % | 219.83% | 88.42% | 23.92% | -14.82% | 91.22% | 14.71% | 26.78% | -42.77% | 13.1% | 43.25% | 110.03% | 69.17% | 57.68% | 34.28% | 711.28% | 143.66% | - |
| FFO per Share | 4.90 | 5.11 | 2.90 | 2.69 | 3.49 | 1.95 | 1.76 | 1.47 | 2.88 | 2.85 | 2.29 | 1.14 | 0.95 | 0.87 | 1.04 | 0.18 | -0.42 |
| FFO Payout Ratio % | 40.95% | 38.87% | 62.85% | 60.47% | 40.72% | 61.35% | 62.19% | 67.02% | 31.04% | 28.57% | 32.44% | 56.56% | 54.78% | 52.96% | 40.43% | 166.53% | 0% |
| EPS (Diluted) | 3.64 | 3.92 | 1.92 | 1.81 | 2.61 | 0.87 | 0.86 | 0.53 | 1.10 | 0.95 | 0.26 | 0.26 | 0.23 | 0.15 | 0.19 | -0.41 | -0.59 |
| EPS Growth % | 48.8% | 104.17% | 6.08% | -30.65% | 200% | 1.16% | 62.26% | -51.82% | 15.79% | 265.38% | 0% | 13.04% | 53.33% | -21.05% | 146.34% | 30.51% | - |
| EPS (Basic) | - | 3.93 | 1.92 | 1.81 | 2.61 | 0.87 | 0.86 | 0.54 | 1.10 | 0.95 | 0.26 | 0.26 | 0.23 | 0.15 | 0.19 | -0.41 | -0.59 |
| Diluted Shares Outstanding | 106.67M | 102.72M | 95.84M | 83.37M | 75.59M | 70.79M | 68.17M | 64.72M | 57.49M | 51.36M | 44.73M | 42.86M | 30.43M | 21.01M | 13.14M | 9.16M | 9.11M |
Quick answers to the most common questions about buying TRNO stock.
For fiscal year 2025, Terreno Realty Corporation (TRNO) reported total revenue of $476.4M. This represents a 11718.0% increase compared to $4.0M in 2010.
Terreno Realty Corporation (TRNO) is profitable, generating $403.0M in net income for the fiscal year ending 2025 with a net profit margin of 84.6%.
Terreno Realty Corporation (TRNO) reported an operating income of $192.4M, resulting in an operating profit margin of 40.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Terreno Realty Corporation (TRNO) generated $361.3M in gross profit for the year, representing a gross profit margin of 75.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
FFO volatility from dispositions
Metrics are mathematically derived from official filings.
Revenue Growth Driven by Acquisitions
TRNO's revenue grew 11.1% year-over-year in 2026Q2, reaching $124.7M, according to the latest quarterly report, reflecting continued portfolio expansion and strong leasing demand.
The revenue trajectory shows consistent acceleration, with growth rates climbing from 13.9% in 2024Q1 to 32.6% in 2025Q4 before settling at 11.1% in 2026Q2. This pattern suggests a mix of acquisitions and organic rent growth, though the deceleration in the most recent quarter may indicate a pause in acquisition activity or tougher comparables. Investors should monitor whether the growth is sustainable through internal leasing or if it relies on external expansion.
NOI Margin Volatility Raises Questions
NOI margin swung from 100.0% in 2026Q2 to 27.1% in 2026Q1, as per financial statements, indicating significant non-cash adjustments or one-time items affecting property-level profitability.
The extreme margin fluctuation—from 100% to 27.1% within two quarters—is atypical for a stabilized industrial REIT and suggests that reported NOI is being distorted by gains on property sales or other non-operating items. The underlying property-level profitability appears stable, with margins around 74-78% in recent quarters, but the reported figures warrant careful adjustment to assess true operating performance.
FFO Per Share Shows High Volatility
FFO per share swung from $0.89 in 2026Q2 to $1.90 in 2025Q4, based on reported data, reflecting significant non-recurring gains and potential dilution from capital markets activity.
The wide range in FFO per share—from $0.61 to $1.90—indicates that reported FFO is heavily influenced by one-time items such as gains on property sales or acquisition-related costs. The negative FFO growth of -21.6% in 2026Q2, following a 92.6% surge in 2025Q4, underscores the difficulty in assessing core earnings power. Investors should focus on AFFO, which appears more stable, to gauge recurring cash flow and dividend sustainability.
Depreciation Distorts Net Income
Net income of $57.6M in 2026Q2 is significantly lower than FFO of $95.1M, as reported, highlighting the substantial non-cash depreciation charges typical of REITs.
The gap between net income and FFO—roughly $37.5M in 2026Q2—represents depreciation and amortization, which is a non-cash expense that overstates the economic cost of maintaining the portfolio. However, the recurring capital expenditure required to maintain properties is not fully captured, and investors should compare depreciation to maintenance capex to assess whether the portfolio is being adequately maintained.
Same-Store Performance Implied by Stable NOI
Despite revenue growth, same-store NOI appears stable, with margins around 74-78% in recent quarters, according to financial statements, suggesting organic growth is modest.
The consistent NOI margins in the mid-70s range imply that same-store performance is steady, but the lack of explicit same-store metrics makes it difficult to isolate organic growth from acquisition-driven growth. The revenue growth rates are high, but if acquisitions are the primary driver, the organic portfolio may be growing at a slower pace, which could impact long-term valuation.
Earnings Quality Under Scrutiny
The wide swings in FFO and NOI margins, as per reported figures, suggest that earnings quality may be compromised by non-recurring items, warranting a closer look at recurring cash flows.
The extreme volatility in FFO per share—from $0.61 to $1.90—and the anomalous NOI margin of 100% in 2026Q2 raise concerns about the reliability of reported earnings. These fluctuations could stem from property sales, acquisition-related costs, or changes in accounting estimates. Investors should adjust for these items to assess the underlying earnings power and determine if the dividend is well-covered by recurring AFFO.