Revenue growth remains sensitive to strategic asset rotation, evidenced by a 66.3% surge in 2025Q3 followed by a more normalized 10.6% growth rate in 2026Q1.
| 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 |
|---|
| Revenue | 1.99B | 1.72B | 1.58B | 1.74B | 1.47B | 1.26B | 1.17B | 1.21B | 923.34M | 860.58M | 908.73M | 915.61M | 809.56M | 493.62M | 330.8M | 309.71M | 260.64M | 232.35M | 234.7M | 263.16M | 267.49M | 163.24M | 229.17M | 165.87M | 152.4M | 114.99M | 101.47M | 90.86M | 88.68M | 99.91M |
| Revenue Growth % | 24.45% | 8.89% | -9.22% | 17.89% | 16.63% | 7.88% | -3.43% | 31.31% | 7.29% | -5.3% | -0.75% | 13.1% | 64% | 49.22% | 6.81% | 18.82% | 12.18% | -1% | -10.81% | -1.62% | 63.86% | -28.77% | 38.17% | 8.83% | 32.53% | 13.33% | 11.67% | 2.46% | -11.24% | - |
| Property Operating Expenses | 632.43M | 1.22B | 120.54M | 139.59M | 77.81M | 57.75M | 53.97M | 77.56M | 42.92M | 47.3M | 62.24M | 63.6M | 59.48M | 21.11M | 22.34M | 74.16M | 76.15M | 14.42M | 14.69M | 21.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 1.35B | 491.49M | 1.46B | 1.6B | 1.4B | 1.21B | 1.12B | 1.13B | 880.42M | 813.28M | 846.49M | 852.01M | 750.07M | 472.51M | 308.46M | 235.55M | 184.49M | 217.93M | 220.01M | 241.68M | 267.49M | 163.24M | 229.17M | 165.87M | 152.4M | 114.99M | 101.47M | 90.86M | 88.68M | 99.91M |
| NOI Margin % | 68.16% | 28.63% | 92.35% | 91.96% | 94.72% | 95.43% | 95.39% | 93.6% | 95.35% | 94.5% | 93.15% | 93.05% | 92.65% | 95.72% | 93.25% | 76.06% | 70.78% | 93.79% | 93.74% | 91.84% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 493.08M | -271.43M | 139.86M | 130.9M | 124.31M | 106.77M | 93.36M | 101.66M | 95.87M | 103.41M | 114.01M | 135.3M | 127.16M | 107.66M | 167.72M | 235.55M | 184.49M | 217.93M | 220.01M | 241.68M | 267.49M | 163.24M | 229.17M | 165.87M | 152.4M | 114.99M | 101.47M | 90.86M | 88.68M | 99.91M |
| G&A Expenses | 105.87M | 100.67M | 139.86M | 130.9M | 124.31M | 106.77M | 93.36M | 101.66M | 95.87M | 103.41M | 114.51M | 136.1M | 128.16M | 108.36M | 95.37M | 93.6M | 73.43M | 111.35M | 103.77M | 98.07M | 41.38M | 44.98M | 35.6M | 43.7M | 42.59M | 29.33M | 16.47M | 7.29M | 6.24M | 5.28M |
| EBITDA | 1.4B | 1.28B | 1.83B | 2.07B | 1.83B | 1.65B | 1.53B | 1.58B | 1.13B | 1.02B | 1.03B | 1.03B | 906.86M | 522.43M | 221.73M | 151.09M | 117.2M | 108.61M | 120.35M | 145.39M | 156.04M | 113.77M | 304.92M | 213.45M | 87.89M | 174.8M | 151.1M | 127.93M | 116.13M | 141.8M |
| EBITDA Margin % | 70.38% | 74.81% | 116.01% | 119.41% | 124.5% | 130.33% | 130.89% | 130.16% | 122.13% | 118.31% | 113.24% | 112.64% | 112.02% | 105.84% | 67.03% | 48.78% | 44.96% | 46.75% | 51.28% | 55.25% | 58.34% | 69.7% | 133.05% | 128.69% | 57.67% | 152.01% | 148.91% | 140.8% | 130.95% | 141.93% |
| Depreciation & Amortization | 537.1M | 521.13M | 512.73M | 607.58M | 562.99M | 547.63M | 508.95M | 544.91M | 343.11M | 308.3M | 296.52M | 314.59M | 283.95M | 157.58M | 57.95M | 29.62M | 24.44M | 24.48M | 27.2M | 27.32M | 31.71M | 43.71M | 27.6M | 22.45M | 23.51M | 26.67M | 21.66M | 9.79M | 7.44M | 10.28M |
| D&A / Revenue % | 27.04% | 30.36% | 32.53% | 34.99% | 38.22% | 43.36% | 43.47% | 44.94% | 37.16% | 35.82% | 32.63% | 34.36% | 35.07% | 31.92% | 17.52% | 9.56% | 9.38% | 10.53% | 11.59% | 10.38% | 11.86% | 26.78% | 12.04% | 13.54% | 15.43% | 23.19% | 21.35% | 10.78% | 8.39% | 10.29% |
| Operating Income | 860.76M | 762.92M | 1.32B | 1.47B | 1.27B | 1.1B | 1.02B | 1.03B | 784.55M | 709.87M | 732.48M | 716.71M | 622.91M | 364.85M | 163.78M | 121.47M | 92.76M | 84.14M | 93.16M | 118.07M | 124.33M | 70.06M | 277.32M | 191M | 64.38M | 148.13M | 129.43M | 118.14M | 108.69M | 131.52M |
| Operating Margin % | 43.34% | 44.45% | 83.48% | 84.42% | 86.28% | 86.97% | 87.42% | 85.22% | 84.97% | 82.49% | 80.61% | 78.28% | 76.94% | 73.91% | 49.51% | 39.22% | 35.59% | 36.21% | 39.69% | 44.87% | 46.48% | 42.92% | 121.01% | 115.16% | 42.24% | 128.81% | 127.56% | 130.02% | 122.56% | 131.64% |
| Interest Expense | 4M | 291.18M | 277.37M | 291.85M | 219.16M | 196.83M | 210.09M | 233.32M | 178.38M | 165.78M | 183.41M | 194.33M | 178.12M | 103.73M | 46.45M | 18.21M | 15.64M | 15.19M | 18.6M | 20.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.73x | 2.87x | 2.86x | 3.33x | 3.12x | 2.55x | 2.40x | 2.65x | 2.65x | 2.42x | 2.21x | 2.13x | 2.21x | 3.53x | 11.45x | 8.01x | 6.79x | 6.04x | 6.76x | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 71.54M | -33.08M | 519.14M | 631.78M | 541.52M | 484.75M | 488.26M | 473.16M | 312.59M | 270.31M | 288.33M | 286.44M | 244.22M | 135.14M | 0 | -86.99M | -32.53M | -18.98M | -19.16M | -23.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 558.5M | 504.82M | 492.34M | 752.32M | 626.21M | 438.61M | 445.2M | 332.75M | 438.75M | 253.92M | 206.78M | 216.36M | 228.78M | 95.24M | 86.15M | 178.62M | 105.4M | 83.23M | 97.39M | 120.34M | 133.04M | 64.08M | 114.48M | 73.29M | 49.9M | 35M | -8.54M | 34.79M | 39.5M | 0 |
| Pretax Margin % | 28.12% | 29.41% | 31.23% | 43.32% | 42.51% | 34.73% | 38.03% | 27.45% | 47.52% | 29.51% | 22.75% | 23.63% | 28.26% | 19.29% | 26.04% | 57.67% | 40.44% | 35.82% | 41.5% | 45.73% | 49.74% | 39.25% | 49.95% | 44.19% | 32.74% | 30.43% | -8.42% | 38.29% | 44.55% | 0% |
| Income Tax | 34.91M | 31.91M | 31.71M | 44.05M | 27.72M | 28.49M | -20.76M | 26.21M | 14.41M | 2.71M | 3.29M | 37.62M | 17.61M | 1.25M | 6.77M | 37.21M | 25.82M | 22.79M | 23.52M | 51.74M | 45.49M | 19.39M | 52.97M | 19.12M | 18.2M | 8.52M | 4.16M | 752K | 419K | -18.55M |
| Effective Tax Rate % | 6.25% | 6.32% | 6.44% | 5.86% | 4.43% | 6.49% | -4.66% | 7.88% | 3.28% | 1.07% | 1.59% | 17.39% | 7.7% | 1.31% | 7.86% | 20.83% | 24.5% | 27.39% | 24.15% | 42.99% | 34.19% | 30.26% | 46.28% | 26.08% | 36.47% | 24.34% | -48.74% | 2.16% | 1.06% | - |
| Net Income | 516.84M | 466.36M | 460.84M | 708.33M | 599.14M | 409.99M | 455.36M | 305.24M | 411.57M | 277.29M | 267.75M | 172.26M | 237.24M | 98.88M | 62.13M | 139.08M | 73.97M | 69.02M | 78.05M | 79.25M | 86.3M | 48.6M | 65.84M | 62.88M | 46.59M | 35.76M | -9.28M | 34.04M | 38.46M | 40.56M |
| Net Margin % | 26.02% | 27.17% | 29.23% | 40.79% | 40.67% | 32.46% | 38.89% | 25.18% | 44.57% | 32.22% | 29.46% | 18.81% | 29.3% | 20.03% | 18.78% | 44.91% | 28.38% | 29.71% | 33.25% | 30.12% | 32.26% | 29.77% | 28.73% | 37.91% | 30.57% | 31.1% | -9.14% | 37.46% | 43.37% | 40.6% |
| Net Income Growth % | 20.91% | 1.2% | -34.94% | 18.23% | 46.14% | -9.96% | 49.18% | -25.83% | 48.42% | 3.56% | 55.43% | -27.39% | 139.94% | 59.14% | -55.33% | 88.02% | 7.17% | -11.56% | -1.52% | -8.17% | 77.56% | -26.18% | 4.71% | 34.97% | 30.28% | 485.44% | -127.26% | -11.5% | -5.17% | - |
| Funds From Operations (FFO) | 1.05B | 987.49M | 973.57M | 1.32B | 1.16B | 957.62M | 964.3M | 850.15M | 754.68M | 585.59M | 564.26M | 486.85M | 521.19M | 256.46M | 120.08M | 168.69M | 98.42M | 93.5M | 105.24M | 106.57M | 118.01M | 92.32M | 93.44M | 85.33M | 70.1M | 62.43M | 12.38M | 43.83M | 45.91M | 50.84M |
| FFO Margin % | 53.06% | 57.53% | 61.76% | 75.78% | 78.89% | 75.82% | 82.36% | 70.12% | 81.73% | 68.05% | 62.09% | 53.17% | 64.38% | 51.95% | 36.3% | 54.47% | 37.76% | 40.24% | 44.84% | 40.5% | 44.12% | 56.55% | 40.77% | 51.44% | 45.99% | 54.29% | 12.21% | 48.24% | 51.77% | 50.89% |
| FFO Growth % | 69.45% | 1.43% | -26.02% | 13.23% | 21.36% | -0.69% | 13.43% | 12.65% | 28.88% | 3.78% | 15.9% | -6.59% | 103.23% | 113.58% | -28.82% | 71.41% | 5.26% | -11.16% | -1.25% | -9.69% | 27.84% | -1.2% | 9.5% | 21.73% | 12.28% | 404.09% | -71.75% | -4.51% | -9.71% | - |
| FFO per Share | 4.76 | 4.47 | 4.41 | 6.10 | 5.80 | 5.23 | 5.52 | 4.96 | 6.41 | 5.42 | 5.27 | 4.57 | 5.23 | 3.68 | 2.50 | 4.21 | 2.46 | 2.35 | 2.62 | 2.67 | 3.02 | 2.37 | 2.40 | 2.23 | 1.93 | 1.78 | 0.41 | 1.71 | 1.85 | 1.98 |
| FFO Payout Ratio % | 56.45% | 80% | 78.59% | 69.65% | 71.87% | 79.81% | 75.39% | 82.86% | 58.36% | 73.63% | 73.84% | 82.89% | 66.75% | 85.94% | 94.83% | 50.87% | 94.79% | 90.12% | 83.33% | 67.19% | 58.14% | 72.58% | 69.64% | 73.81% | 86.6% | 92.98% | 403.37% | 102.36% | 72.58% | 85.8% |
| EPS (Diluted) | 2.33 | 2.11 | 2.09 | 3.28 | 2.99 | 2.24 | 2.60 | 1.78 | 3.50 | 2.56 | 2.49 | 1.61 | 2.40 | 1.41 | 1.28 | 3.42 | 1.86 | 1.74 | 1.95 | 2.05 | 2.22 | 1.25 | 1.69 | 1.64 | 1.28 | 1.02 | -0.31 | 1.33 | 1.55 | 1.58 |
| EPS Growth % | 20.62% | 0.96% | -36.28% | 9.7% | 33.48% | -13.85% | 46.07% | -49.14% | 36.72% | 2.81% | 54.66% | -32.92% | 70.21% | 10.16% | -62.57% | 83.87% | 6.9% | -10.77% | -4.88% | -7.66% | 77.6% | -26.04% | 3.05% | 28.13% | 25.49% | 429.03% | -123.31% | -14.19% | -1.9% | - |
| EPS (Basic) | - | 2.11 | 2.09 | 3.29 | 3.00 | 2.25 | 2.61 | 1.78 | 3.50 | 2.56 | 2.50 | 1.62 | 2.40 | 1.43 | 1.30 | 3.44 | 1.86 | 1.74 | 1.98 | 2.08 | 2.29 | 1.29 | 1.76 | 1.72 | 1.31 | 1.04 | -0.31 | 1.33 | 1.55 | 1.58 |
| Diluted Shares Outstanding | 221.62M | 221.11M | 220.52M | 215.76M | 200.43M | 183.13M | 174.84M | 171.3M | 117.71M | 108.04M | 107.07M | 106.51M | 99.57M | 69.71M | 48.08M | 40.1M | 40.01M | 39.71M | 40.22M | 39.87M | 39.09M | 39.02M | 38.96M | 38.34M | 36.27M | 35.06M | 29.93M | 25.6M | 24.87M | 25.67M |
Portfolio transition execution risk
According to the provided financial data, WPC experienced a notable revenue surge of 66.3% in 2025Q3, though this appears to be an outlier compared to the more modest 10.6% growth reported in 2026Q1, suggesting that external growth drivers remain highly sensitive to the company's ongoing strategic asset rotation.
The significant revenue volatility observed over the last ten quarters reflects the impact of the office portfolio spin-off and subsequent reinvestment efforts. Investors should monitor whether the current growth trajectory can stabilize as the company pivots toward a more concentrated industrial and warehouse footprint.
As reported in the quarterly financial statements, WPC's NOI margin experienced a sharp contraction to 24.5% in 2025Q4 from historical levels typically exceeding 90%, which may indicate significant non-recurring operational costs or accounting adjustments related to the recent strategic exit from the office sector.
The dramatic fluctuation in property-level profitability suggests that the underlying cost structure is currently in flux. Analysts should investigate whether this margin compression is a temporary byproduct of the portfolio transition or a sign of increased operational intensity within the newly acquired self-storage and industrial assets.
Based on the reported figures, FFO per share has demonstrated significant instability, ranging from a low of 0.79 in 2024Q4 to a high of 1.41 in 2026Q1, highlighting the challenges management faces in maintaining consistent earnings quality during a major portfolio restructuring and dividend reset period.
The erratic FFO trajectory suggests that the earnings base is still adjusting to the removal of office-related cash flows. The recent recovery in FFO per share warrants further investigation to determine if this represents a sustainable earnings floor or merely a temporary benefit from capital recycling activities.
Data from the income statement indicates that GAAP net income remains a poor proxy for operational performance, as evidenced by the divergence between the 176.3M net income and 312.5M FFO reported in 2026Q1, which underscores the persistent impact of non-cash depreciation charges on the company's bottom line.
The reliance on FFO as the primary performance metric is essential given the capital-intensive nature of the portfolio. However, the discrepancy between FFO and AFFO in recent periods suggests that recurring maintenance CAPEX may be exerting more pressure on cash flow than the headline FFO figures imply.
Quick answers to the most common questions about buying WPC stock.
For fiscal year 2025, W. P. Carey Inc. (WPC) reported total revenue of $1.72B. This represents a 1618.0% increase compared to $99.9M in 1997.
W. P. Carey Inc. (WPC) is profitable, generating $466.4M in net income for the fiscal year ending 2025 with a net profit margin of 27.2%.
W. P. Carey Inc. (WPC) reported an operating income of $762.9M, resulting in an operating profit margin of 44.4%. This margin reflects the operational efficiency of the business before interest and taxes.
W. P. Carey Inc. (WPC) generated $491.5M in gross profit for the year, representing a gross profit margin of 28.6%. This demonstrates the company's core pricing power and production efficiency.