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WPC logoW. P. Carey Inc.(WPC)Earnings, Financials & Key Ratios

WPC•NYSE•REIT / Real Estate
$73.18
$16.05B mkt cap·34.7× P/E·Price updated May 6, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryNet Lease and Ground Lease REITs
AboutW. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $18 billion and a diversified portfolio of operationally-critical commercial real estate that includes 1,215 net lease properties covering approximately 142 million square feet as of September 30, 2020. For nearly five decades, the company has invested in high-quality single-tenant industrial, warehouse, office, retail and self-storage properties subject to long-term net leases with built-in rent escalators. Its portfolio is located primarily in the U.S. and Northern and Western Europe and is well-diversified by tenant, property type, geographic location and tenant industry.Show more
  • Revenue$1.72B+8.9%
  • FFO$987M+1.4%
  • FFO/Share4.47+1.2%
  • FFO Payout80%+1.8%
  • FFO per Share4.47+1.2%
  • NOI Margin28.63%-69.0%
  • FFO Margin57.53%-6.8%
  • ROE5.63%+4.7%
  • ROA2.63%+1.2%
  • Debt/Assets48.49%+3.9%
  • Net Debt/EBITDA6.67+61.8%
  • Book Value/Share36.79-3.8%
Analysis→Technical→

WPC Key Insights

W. P. Carey Inc. (WPC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 11.2% TTM
  • ✓Healthy dividend yield of 4.9%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Low NOI margin of 28.6%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

WPC Price & Volume

W. P. Carey Inc. (WPC) stock price & volume — 10-year historical chart

Loading chart...

WPC Growth Metrics

W. P. Carey Inc. (WPC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.49%
5 Years7.95%
3 Years5.23%
TTM24.45%

Profit CAGR

10 Years10.47%
5 Years0.48%
3 Years-8.01%
TTM20.91%

EPS CAGR

10 Years2.74%
5 Years-4.09%
3 Years-10.97%
TTM20.62%

Return on Capital

10 Years7.66%
5 Years7.29%
3 Years6.97%
Last Year4.58%

WPC Recent Earnings

W. P. Carey Inc. (WPC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 28, 2026
EPS
$1.30
Est $0.61
+113.8%
Revenue
$455M
Est $431M
+5.5%
Q1 2026
Feb 10, 2026
EPS
$1.27
Est $0.68
+87.6%
Revenue
$445M
Est $416M
+6.9%
Q4 2025
Oct 28, 2025
EPS
$1.25
Est $1.23
+1.6%
Revenue
$656M
Est $433M
+51.5%
Q3 2025
Jul 29, 2025
EPS
$1.28
Est $1.23
+4.1%
Revenue
$431M
Est $420M
+2.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 28, 2026
$1.30vs $0.61+113.8%
$455Mvs $431M+5.5%
Q1 2026Feb 10, 2026
$1.27vs $0.68+87.6%
$445Mvs $416M+6.9%
Q4 2025Oct 28, 2025
$1.25vs $1.23+1.6%
$656Mvs $433M+51.5%
Q3 2025Jul 29, 2025
$1.28vs $1.23+4.1%
$431Mvs $420M+2.5%
Based on last 12 quarters of dataView full earnings history →

WPC Peer Comparison

W. P. Carey Inc. (WPC) competitors in Net Lease and Ground Lease REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
NNN logoNNNNNN REIT, Inc.Direct Competitor8.45B44.4121.456.55%41.38%8.81%7.9%1.09
EPRT logoEPRTEssential Properties Realty Trust, Inc.Direct Competitor6.74B31.1824.3624.97%43.28%6.3%5.65%0.60
ADC logoADCAgree Realty CorporationDirect Competitor9.12B75.9542.9116.42%29.28%3.65%5.53%0.53
O logoORealty Income CorporationDirect Competitor59.37B63.5754.339.07%18.41%2.64%6.73%
VICI logoVICIVICI Properties Inc.Product Competitor30.22B28.2710.834.08%76.69%11.05%8.3%
MPW logoMPWMedical Properties Trust, Inc.Product Competitor3.37B5.65-17.12-2.36%-20.44%-4.31%6.84%0.03
GTY logoGTYGetty Realty Corp.Product Competitor1.99B32.9724.429.02%40.06%8.76%6.37%0.98
FCPT logoFCPTFour Corners Property Trust, Inc.Product Competitor2.76B25.1423.069.72%38.74%7.38%6.97%0.74

Compare WPC vs Peers

W. P. Carey Inc. (WPC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NNN

Most directly comparable listed peer for WPC.

Scale Benchmark

vs PLD

Larger-name benchmark to compare WPC against a more recognizable public peer.

Peer Set

Compare Top 5

vs NNN, EPRT, ADC, O

WPC Income Statement

W. P. Carey Inc. (WPC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue860.58M923.34M1.21B1.17B1.26B1.47B1.74B1.58B1.72B1.99B
Revenue Growth %-5.3%7.29%31.31%-3.43%7.88%16.63%17.89%-9.22%8.89%24.45%
Property Operating Expenses47.3M42.92M77.56M53.97M57.75M77.81M139.59M120.54M1.22B632.43M
Net Operating Income (NOI)
813.28M▲ 0%
880.42M▲ 8.3%
1.13B▲ 28.9%
1.12B▼ 1.6%
1.21B▲ 7.9%
1.4B▲ 15.8%
1.6B▲ 14.5%
1.46B▼ 8.8%
491.49M▼ 66.2%
1.35B▲ 0%
NOI Margin %94.5%95.35%93.6%95.39%95.43%94.72%91.96%92.35%28.63%68.16%
Operating Expenses103.41M95.87M101.66M93.36M106.77M124.31M130.9M139.86M-271.43M493.08M
G&A Expenses103.41M95.87M101.66M93.36M106.77M124.31M130.9M139.86M100.67M105.87M
EBITDA1.02B1.13B1.58B1.53B1.65B1.83B2.07B1.83B1.28B1.4B
EBITDA Margin %118.31%122.13%130.16%130.89%130.33%124.5%119.41%116.01%74.81%70.38%
Depreciation & Amortization308.3M343.11M544.91M508.95M547.63M562.99M607.58M512.73M521.13M537.1M
D&A / Revenue %35.82%37.16%44.94%43.47%43.36%38.22%34.99%32.53%30.36%27.04%
Operating Income
709.87M▲ 0%
784.55M▲ 10.5%
1.03B▲ 31.7%
1.02B▼ 0.9%
1.1B▲ 7.3%
1.27B▲ 15.7%
1.47B▲ 15.4%
1.32B▼ 10.2%
762.92M▼ 42.0%
860.76M▲ 0%
Operating Margin %82.49%84.97%85.22%87.42%86.97%86.28%84.42%83.48%44.45%43.34%
Interest Expense165.78M178.38M233.32M210.09M196.83M219.16M291.85M277.37M291.18M4M
Interest Coverage2.65x2.65x2.40x2.55x3.12x3.33x2.86x2.87x2.73x-
Non-Operating Income270.31M312.59M473.16M488.26M484.75M541.52M631.78M519.14M-33.08M71.54M
Pretax Income
253.92M▲ 0%
438.75M▲ 72.8%
332.75M▼ 24.2%
445.2M▲ 33.8%
438.61M▼ 1.5%
626.21M▲ 42.8%
752.32M▲ 20.1%
492.34M▼ 34.6%
504.82M▲ 2.5%
558.5M▲ 0%
Pretax Margin %29.51%47.52%27.45%38.03%34.73%42.51%43.32%31.23%29.41%28.12%
Income Tax2.71M14.41M26.21M-20.76M28.49M27.72M44.05M31.71M31.91M34.91M
Effective Tax Rate %1.07%3.28%7.88%-4.66%6.49%4.43%5.86%6.44%6.32%6.25%
Net Income
277.29M▲ 0%
411.57M▲ 48.4%
305.24M▼ 25.8%
455.36M▲ 49.2%
409.99M▼ 10.0%
599.14M▲ 46.1%
708.33M▲ 18.2%
460.84M▼ 34.9%
466.36M▲ 1.2%
516.84M▲ 0%
Net Margin %32.22%44.57%25.18%38.89%32.46%40.67%40.79%29.23%27.17%26.02%
Net Income Growth %3.56%48.42%-25.83%49.18%-9.96%46.14%18.23%-34.94%1.2%20.91%
Funds From Operations (FFO)
585.59M▲ 0%
754.68M▲ 28.9%
850.15M▲ 12.7%
964.3M▲ 13.4%
957.62M▼ 0.7%
1.16B▲ 21.4%
1.32B▲ 13.2%
973.57M▼ 26.0%
987.49M▲ 1.4%
1.05B▲ 0%
FFO Margin %68.05%81.73%70.12%82.36%75.82%78.89%75.78%61.76%57.53%53.06%
FFO Growth %3.78%28.88%12.65%13.43%-0.69%21.36%13.23%-26.02%1.43%69.45%
FFO per Share5.426.414.965.525.235.806.104.414.474.76
FFO Payout Ratio %73.63%58.36%82.86%75.39%79.81%71.87%69.65%78.59%80%56.45%
EPS (Diluted)
2.56▲ 0%
3.50▲ 36.7%
1.78▼ 49.1%
2.60▲ 46.1%
2.24▼ 13.8%
2.99▲ 33.5%
3.28▲ 9.7%
2.09▼ 36.3%
2.11▲ 1.0%
2.33▲ 0%
EPS Growth %2.81%36.72%-49.14%46.07%-13.85%33.48%9.7%-36.28%0.96%20.62%
EPS (Basic)2.563.501.782.612.253.003.292.092.11-
Diluted Shares Outstanding108.04M117.71M171.3M174.84M183.13M200.43M215.76M220.52M221.11M221.62M

WPC Balance Sheet

W. P. Carey Inc. (WPC) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets8.23B14.18B14.06B14.71B15.48B18.1B17.98B17.54B17.99B18.2B
Asset Growth %-2.63%72.3%-0.86%4.6%5.26%16.93%-0.69%-2.46%2.6%11.05%
Real Estate & Other Assets6.98B12.64B325.3M347.16M444.47M16.51B560.28M646.3M-15.89B0
PP&E (Net)009.02B9.9B10.58B011.96B12.43B00
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets267.53M292.49M1.39B1.13B1.07B225.94M2.26B1.51B155.33M239.27M
Cash & Equivalents162.31M217.64M196.03M248.66M165.43M168M633.86M640.37M155.33M239.27M
Receivables1000K1000K1000K1000K1000K919K1000K1000K1000K0
Other Current Assets00284.07M136.24M84.88M57.02M109.39M73.65M-1.17B0
Intangible Assets1.85B2.94B1.92B1.8B1.7B1.04B1.46B1.4B2.47B2.47B
Total Liabilities4.82B7.35B7.11B7.83B7.9B9.09B9.27B9.1B9.86B9.84B
Total Debt4.27B6.38B6.15B6.85B6.94B7.88B8.28B8.18B8.72B0
Net Debt4.1B6.16B5.95B6.6B6.77B7.71B7.65B7.54B8.57B-239.27M
Long-Term Debt4.27B6.38B6.05B6.7B6.79B7.88B8.14B7.37B8.72B0
Short-Term Borrowings004.59M5.86M908K01.68M670.31M00
Capital Lease Obligations0087.66M151.47M146.44M0138.73M143.27M01.5M
Total Current Liabilities372.82M576.05M575.34M632.4M624.27M852.1M664.24M1.33B877.52M0
Accounts Payable263.05M403.9M387.82M424.9M418.2M623.84M465.98M449.91M670.04M0
Deferred Revenue965K000000000
Other Liabilities114.92M225.13M395.81M349.4M183.29M184.58M136.87M119.83M104.06M9.84B
Total Equity
3.41B▲ 0%
6.83B▲ 100.2%
6.95B▲ 1.7%
6.88B▼ 1.0%
7.58B▲ 10.3%
9.01B▲ 18.8%
8.71B▼ 3.3%
8.43B▼ 3.1%
8.13B▼ 3.6%
8.36B▲ 0%
Equity Growth %-0.4%100.21%1.73%-1%10.25%18.79%-3.35%-3.13%-3.56%-13.24%
Shareholders Equity3.19B6.82B6.94B6.88B7.58B8.99B8.7B8.43B8.12B8.34B
Minority Interest219.12M5.78M6.24M1.66M1.67M15M6.56M4.43M15.88M16.01M
Common Stock107K165K172K175K190K211K219K219K219K223K
Additional Paid-in Capital4.43B8.19B8.72B8.93B9.98B11.71B11.78B11.81B11.83B0
Retained Earnings-1.05B-1.14B-1.56B-1.85B-2.22B-2.49B-2.89B-3.2B-3.54B0
Preferred Stock0000000000
Return on Assets (ROA)3.32%3.67%2.16%3.17%2.72%3.57%3.93%2.6%2.63%2.86%
Return on Equity (ROE)8.11%8.04%4.43%6.59%5.67%7.22%8%5.38%5.63%6.29%
Debt / Assets51.82%44.97%43.71%46.6%44.82%43.52%46.09%46.67%48.49%0%
Debt / Equity1.25x0.93x0.88x1.00x0.92x0.87x0.95x0.97x1.07x1.07x
Net Debt / EBITDA4.03x5.46x3.77x4.31x4.11x4.20x3.69x4.12x6.67x6.67x
Book Value per Share31.5858.0340.5639.3441.4144.9540.3638.2536.7937.73

WPC Cash Flow Statement

W. P. Carey Inc. (WPC) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations516.07M509.17M812.08M801.54M926.48M1B1.07B1.83B1.28B1.28B
Operating CF Growth %-5.62%-1.34%59.49%-1.3%15.59%8.32%6.96%70.77%-30.05%96.48%
Operating CF / Revenue %59.97%55.14%66.98%68.46%73.36%68.13%61.81%116.29%74.71%64.56%
Net Income285.08M424.34M306.54M465.95M410.12M598.48M708.26M460.63M472.92M516.84M
Depreciation & Amortization316.47M349.3M544.91M508.95M547.63M562.99M628.12M531.58M543.63M545.81M
Stock-Based Compensation18.92M18.29M18.79M15.94M24.88M32.84M34.5M40.89M39.89M38.19M
Other Non-Cash Items-82.65M-240.42M-50.93M-146.06M-37.2M-168.42M-267.86M801.72M227.93M188.85M
Working Capital Changes2.86M-36.07M-16.49M5.83M-14.25M-14.27M-29.4M2.53M8.84M6.19M
Cash from Investing225.9M-266.13M-522.77M-539.93M-1.57B-1.05B-905.88M-1.13B-960.14M-1.25B
Acquisitions (Net)8.79M110.16M31.77M15.23M-93.6M-509.75M-27.73M-15.73M-2.85M217K
Purchase of Investments000-95.51M000000
Sale of Investments0000000000
Other Investing220.56M-376.29M-554.54M-459.65M-1.47B-542.78M-878.15M-1.12B-957.29M-1.25B
Cash from Financing-745.47M-24.29M-457.78M-210.71M557.05M57.89M292.56M-688.47M-761.71M30.47M
Dividends Paid-431.18M-440.43M-704.4M-726.96M-764.28M-835.26M-916.53M-765.15M-790.03M-594.98M
Common Dividends-431.18M-440.43M-704.4M-726.96M-764.28M-835.26M-916.53M-765.15M-790.03M-594.98M
Debt Issuance (Net)-1000K1000K-1000K1000K1000K1000K1000K1000K1000K3M
Share Repurchases0-1.18M00000-6.95M00
Other Financing43.96M-40.8M-17.77M183.73M686.39M283.73M-26M-29M-14.84M203.77M
Net Change in Cash
-1.05M▲ 0%
214.39M▲ 20421.0%
-172.54M▼ 180.5%
60.26M▲ 134.9%
-93.83M▼ 255.7%
6.19M▲ 106.6%
467.83M▲ 7456.6%
-1.27M▼ 100.3%
-418.31M▼ 32837.7%
70.08M▲ 0%
Exchange Rate Effect9.51M-4.36M-4.07M9.37M-10.63M-2.72M7.72M-12.02M21.22M-3.7M
Cash at Beginning210.73M209.68M424.06M251.52M311.78M217.95M224.14M691.97M690.7M272.39M
Cash at End209.68M424.06M251.52M311.78M217.95M224.14M691.97M690.7M272.39M287.71M
Free Cash Flow
437.15M▲ 0%
401.48M▼ 8.2%
646.59M▲ 61.1%
594.28M▼ 8.1%
812.86M▲ 36.8%
899.12M▲ 10.6%
951.81M▲ 5.9%
1.7B▲ 78.4%
1.09B▼ 35.7%
1.13B▲ 0%
FCF Growth %-14.09%-8.16%61.05%-8.09%36.78%10.61%5.86%78.37%-35.73%21.61%
FCF / Revenue %50.8%43.48%53.33%50.76%64.36%61.04%54.81%107.7%63.57%56.81%

WPC Key Ratios

W. P. Carey Inc. (WPC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share5.426.414.965.525.235.86.14.414.474.76
FFO Payout Ratio73.63%58.36%82.86%75.39%79.81%71.87%69.65%78.59%80%56.45%
NOI Margin94.5%95.35%93.6%95.39%95.43%94.72%91.96%92.35%28.63%68.16%
Net Debt / EBITDA4.03x5.46x3.77x4.31x4.11x4.20x3.69x4.12x6.67x6.67x
Debt / Assets51.82%44.97%43.71%46.6%44.82%43.52%46.09%46.67%48.49%0%
Interest Coverage2.65x2.65x2.40x2.55x3.12x3.33x2.86x2.87x2.73x-
Book Value / Share31.5858.0340.5639.3441.4144.9540.3638.2536.7937.73
Revenue Growth-5.3%7.29%31.31%-3.43%7.88%16.63%17.89%-9.22%8.89%24.45%

WPC SEC Filings & Documents

W. P. Carey Inc. (WPC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 28, 2026·SEC

Material company update

Mar 31, 2026·SEC

Material company update

Feb 24, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 12, 2025·SEC

FY 2024

Feb 9, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 30, 2025·SEC

WPC Frequently Asked Questions

W. P. Carey Inc. (WPC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

W. P. Carey Inc. (WPC) reported $1.99B in revenue for fiscal year 2025. This represents a 1888% increase from $99.9M in 1997.

W. P. Carey Inc. (WPC) grew revenue by 8.9% over the past year. This is steady growth.

Yes, W. P. Carey Inc. (WPC) is profitable, generating $516.8M in net income for fiscal year 2025 (27.2% net margin).

Dividend & Returns

Yes, W. P. Carey Inc. (WPC) pays a dividend with a yield of 4.88%. This makes it attractive for income-focused investors.

W. P. Carey Inc. (WPC) has a return on equity (ROE) of 5.6%. This is below average, suggesting room for improvement.

Industry Metrics

W. P. Carey Inc. (WPC) generated Funds From Operations (FFO) of $1.05B in the trailing twelve months. FFO is the primary profitability metric for REITs.

W. P. Carey Inc. (WPC) offers a 4.88% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More WPC

W. P. Carey Inc. (WPC) financial analysis — history, returns, DCA and operating performance tools

Full WPC Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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