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ESSENTIAL PROPERTIES REALTY TRUST, INC.

EPRT Clue Score62
United States Fiscal year ends December CIK 0001728951
$25.37 +1.28% Close, 9 Oct 2026
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Price $25.37 −9.91% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 21 Jun 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue54.4Operating income6.4Net income6.3Fiscal year 2018Revenue96.2 +76.7%Operating income50.1Net income15.6 +148.0%Fiscal year 2019Revenue139.4 +44.8%Operating income79.8Net income41.8 +168.0%EPS, diluted0.63Fiscal year 2020Revenue164.0 +17.7%Operating income72.8Net income42.3 +1.0%EPS, diluted0.44 −30.2%Fiscal year 2021Revenue230.2 +40.4%Operating income134.4Net income95.7 +126.4%EPS, diluted0.82 +86.4%Fiscal year 2022Revenue286.5 +24.4%Operating income175.4Net income134.1 +40.1%EPS, diluted0.99 +20.7%Fiscal year 2023Revenue359.6 +25.5%Operating income242.8Net income190.7 +42.2%EPS, diluted1.24 +25.3%Fiscal year 2024Revenue449.6 +25.0%Operating income278.2Net income203.0 +6.4%EPS, diluted1.15 −7.3%Fiscal year 2025Revenue561.2 +24.8%Operating income359.9Net income253.0 +24.6%EPS, diluted1.28 +11.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 54.4 96.2 139.4 164.0 230.2 286.5 359.6 449.6 561.2
Growth +76.7% +44.8% +17.7% +40.4% +24.4% +25.5% +25.0% +24.8%
Operating income 6.4 50.1 79.8 72.8 134.4 175.4 242.8 278.2 359.9
Net income 6.3 15.6 41.8 42.3 95.7 134.1 190.7 203.0 253.0
Growth +148.0% +168.0% +1.0% +126.4% +40.1% +42.2% +6.4% +24.6%
EPS, diluted n/a n/a 0.63 0.44 0.82 0.99 1.24 1.15 1.28
Growth −30.2% +86.4% +20.7% +25.3% −7.3% +11.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin11.8%Net margin11.6%Free cash flow margin41.2%Fiscal year 2018Operating margin52.0%Net margin16.2%Free cash flow margin46.0%Fiscal year 2019Operating margin57.3%Net margin30.0%Fiscal year 2020Operating margin44.4%Net margin25.8%Fiscal year 2021Operating margin58.4%Net margin41.6%Fiscal year 2022Operating margin61.2%Net margin46.8%Fiscal year 2023Operating margin67.5%Net margin53.0%Fiscal year 2024Operating margin61.9%Net margin45.2%Fiscal year 2025Operating margin64.1%Net margin45.1%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 11.8% 52.0% 57.3% 44.4% 58.4% 61.2% 67.5% 61.9% 64.1%
Net margin 11.6% 16.2% 30.0% 25.8% 41.6% 46.8% 53.0% 45.2% 45.1%
Free cash flow margin 41.2% 46.0% n/a n/a n/a n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow22.5Capital expenditure−0.0Free cash flow22.4Fiscal year 2018Operating cash flow45.9Capital expenditure−1.7Free cash flow44.2 +97.2%Dividends paid−14.1Fiscal year 2019Operating cash flow88.6Dividends paid−63.9Fiscal year 2020Operating cash flow99.4Dividends paid−86.5Fiscal year 2021Operating cash flow167.4Dividends paid−112.3Fiscal year 2022Operating cash flow211.0Dividends paid−141.7Fiscal year 2023Operating cash flow254.6Dividends paid−168.2Fiscal year 2024Operating cash flow308.5Dividends paid−199.7Fiscal year 2025Operating cash flow381.1Dividends paid−233.9
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 22.5 45.9 88.6 99.4 167.4 211.0 254.6 308.5 381.1
Capital expenditure −0.0 −1.7 n/a n/a n/a n/a n/a n/a n/a
Free cash flow 22.4 44.2 n/a n/a n/a n/a n/a n/a n/a
Growth +97.2%
Dividends paid n/a −14.1 −63.9 −86.5 −112.3 −141.7 −168.2 −199.7 −233.9

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash7.3Shareholders’ equity181.4Fiscal year 2018Cash4.2Total debt515.1Net cash (debt)−510.9Shareholders’ equity562.2Debt to equity0.92Fiscal year 2019Cash8.3Total debt239.1Net cash (debt)−230.8Shareholders’ equity1,194.5Debt to equity0.20Fiscal year 2020Cash26.6Total debt821.2Net cash (debt)−794.6Shareholders’ equity1,574.8Debt to equity0.52Fiscal year 2021Cash59.8Total debt1,174.0Net cash (debt)−1,114.2Shareholders’ equity2,036.6Debt to equity0.58Fiscal year 2022Cash62.3Total debt1,430.0Net cash (debt)−1,367.7Shareholders’ equity2,488.3Debt to equity0.57Fiscal year 2023Cash39.8Total debt1,680.0Net cash (debt)−1,640.2Shareholders’ equity2,978.6Debt to equity0.56Fiscal year 2024Cash40.7Total debt2,130.0Net cash (debt)−2,089.3Shareholders’ equity3,563.7Debt to equity0.60Fiscal year 2025Cash60.2Total debt2,530.0Net cash (debt)−2,469.8Shareholders’ equity4,200.0Debt to equity0.60
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 7.3 4.2 8.3 26.6 59.8 62.3 39.8 40.7 60.2
Total debt n/a 515.1 239.1 821.2 1,174.0 1,430.0 1,680.0 2,130.0 2,530.0
Net cash (debt) n/a −510.9 −230.8 −794.6 −1,114.2 −1,367.7 −1,640.2 −2,089.3 −2,469.8
Shareholders’ equity 181.4 562.2 1,194.5 1,574.8 2,036.6 2,488.3 2,978.6 3,563.7 4,200.0
Debt to equity n/a 0.92 0.20 0.52 0.58 0.57 0.56 0.60 0.60

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
54.4 96.2 139.4 164.0 230.2 286.5 359.6 449.6 561.2
Growth +76.7% +44.8% +17.7% +40.4% +24.4% +25.5% +25.0% +24.8%
8.8 13.8 21.7 24.4 24.3 29.5 30.7 35.2 40.9
6.4 50.1 79.8 72.8 134.4 175.4 242.8 278.2 359.9
Growth +681.4% +59.4% −8.7% +84.6% +30.5% +38.4% +14.6% +29.4%
6.5 20.8 48.3 42.7 96.4 135.7 192.1 204.3 254.4
0.2 0.2 0.3 0.2 0.2 1.0 0.6 0.6 0.6
6.3 15.6 41.8 42.3 95.7 134.1 190.7 203.0 253.0
Growth +148.0% +168.0% +1.0% +126.4% +40.1% +42.2% +6.4% +24.6%
Per share
n/a n/a 0.65 0.44 0.82 0.99 1.25 1.16 1.29
n/a n/a 0.63 0.44 0.82 0.99 1.24 1.15 1.28
Growth −30.2% +86.4% +20.7% +25.3% −7.3% +11.3%
n/a n/a 64.1 95.3 116.4 134.9 152.1 173.9 196.1
n/a n/a 75.3 96.2 117.5 135.9 153.5 177.1 198.1
Growth +27.7% +22.1% +15.7% +13.0% +15.4% +11.8%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 27.9% a year over five years, and earnings per share grew 23.8% a year.
  • The diluted share count rose 105.9% in five years, which is dilution.
  • Operating margin is up 19.7 points on five years ago, at 64.1%.
  • Profitable in every one of the 9 years on file.