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Federal Realty Investment Trust

FRT Clue Score53
United States Fiscal year ends December CIK 0000034903
$106.42 +0.24% Close, 12 Oct 2026
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Price $106.42 −13.02% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. 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 2016Revenue801.6Operating income321.0Net income249.9EPS, diluted3.50Fiscal year 2017Revenue857.3 +7.0%Operating income410.2Net income289.9 +16.0%EPS, diluted3.97 +13.4%Fiscal year 2018Revenue915.4 +6.8%Operating income361.6Net income241.9 −16.6%EPS, diluted3.18 −19.9%Fiscal year 2019Revenue935.8 +2.2%Operating income470.9Net income353.9 +46.3%EPS, diluted4.61 +45.0%Fiscal year 2020Revenue835.5 −10.7%Operating income289.5Net income131.7 −62.8%EPS, diluted1.62 −64.9%Fiscal year 2021Revenue951.2 +13.9%Operating income394.7Net income261.5 +98.5%EPS, diluted3.26 +101.2%Fiscal year 2022Revenue1,074.4 +12.9%Operating income526.4Net income385.5 +47.4%EPS, diluted4.71 +44.5%Fiscal year 2023Revenue1,132.2 +5.4%Operating income406.5Net income237.0 −38.5%EPS, diluted2.80 −40.6%Fiscal year 2024Revenue1,202.5 +6.2%Operating income472.4Net income295.2 +24.6%EPS, diluted3.42 +22.1%Fiscal year 2025Revenue1,279.0 +6.4%Operating income602.2Net income411.1 +39.2%EPS, diluted4.68 +36.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 801.6 857.3 915.4 935.8 835.5 951.2 1,074.4 1,132.2 1,202.5 1,279.0
Growth +7.0% +6.8% +2.2% −10.7% +13.9% +12.9% +5.4% +6.2% +6.4%
Operating income 321.0 410.2 361.6 470.9 289.5 394.7 526.4 406.5 472.4 602.2
Net income 249.9 289.9 241.9 353.9 131.7 261.5 385.5 237.0 295.2 411.1
Growth +16.0% −16.6% +46.3% −62.8% +98.5% +47.4% −38.5% +24.6% +39.2%
EPS, diluted 3.50 3.97 3.18 4.61 1.62 3.26 4.71 2.80 3.42 4.68
Growth +13.4% −19.9% +45.0% −64.9% +101.2% +44.5% −40.6% +22.1% +36.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin40.0%Net margin31.2%Fiscal year 2017Operating margin47.8%Net margin33.8%Fiscal year 2018Operating margin39.5%Net margin26.4%Fiscal year 2019Operating margin50.3%Net margin37.8%Fiscal year 2020Operating margin34.7%Net margin15.8%Fiscal year 2021Operating margin41.5%Net margin27.5%Fiscal year 2022Operating margin49.0%Net margin35.9%Fiscal year 2023Operating margin35.9%Net margin20.9%Fiscal year 2024Operating margin39.3%Net margin24.6%Fiscal year 2025Operating margin47.1%Net margin32.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 40.0% 47.8% 39.5% 50.3% 34.7% 41.5% 49.0% 35.9% 39.3% 47.1%
Net margin 31.2% 33.8% 26.4% 37.8% 15.8% 27.5% 35.9% 20.9% 24.6% 32.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow427.7Fiscal year 2017Operating cash flow458.8Fiscal year 2018Operating cash flow516.7Fiscal year 2019Operating cash flow461.9Fiscal year 2020Operating cash flow369.9Fiscal year 2021Operating cash flow471.4Fiscal year 2022Operating cash flow516.8Fiscal year 2023Operating cash flow555.8Fiscal year 2024Operating cash flow574.6Fiscal year 2025Operating cash flow622.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 427.7 458.8 516.7 461.9 369.9 471.4 516.8 555.8 574.6 622.4

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash23.4Total debt2,740.8Net cash (debt)−2,717.4Shareholders’ equity1,976.7Debt to equity1.39Fiscal year 2017Cash15.2Total debt3,231.6Net cash (debt)−3,216.4Shareholders’ equity2,266.7Debt to equity1.43Fiscal year 2018Cash64.1Total debt3,173.9Net cash (debt)−3,109.8Shareholders’ equity2,345.9Debt to equity1.35Fiscal year 2019Cash127.4Total debt3,370.3Net cash (debt)−3,242.9Shareholders’ equity2,535.3Debt to equity1.33Fiscal year 2020Cash798.3Total debt4,308.5Net cash (debt)−3,510.2Shareholders’ equity2,464.2Debt to equity1.75Fiscal year 2021Cash162.1Total debt4,063.4Net cash (debt)−3,901.3Shareholders’ equity2,580.6Debt to equity1.57Fiscal year 2022Cash85.6Total debt4,344.5Net cash (debt)−4,258.9Shareholders’ equity2,954.0Debt to equity1.47Fiscal year 2023Cash250.8Total debt4,615.7Net cash (debt)−4,364.9Shareholders’ equity2,963.5Debt to equity1.56Fiscal year 2024Cash123.4Total debt4,496.7Net cash (debt)−4,373.3Shareholders’ equity3,171.6Debt to equity1.42Fiscal year 2025Cash107.4Total debt4,963.6Net cash (debt)−4,856.2Shareholders’ equity3,248.7Debt to equity1.53
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 23.4 15.2 64.1 127.4 798.3 162.1 85.6 250.8 123.4 107.4
Total debt 2,740.8 3,231.6 3,173.9 3,370.3 4,308.5 4,063.4 4,344.5 4,615.7 4,496.7 4,963.6
Net cash (debt) −2,717.4 −3,216.4 −3,109.8 −3,242.9 −3,510.2 −3,901.3 −4,258.9 −4,364.9 −4,373.3 −4,856.2
Shareholders’ equity 1,976.7 2,266.7 2,345.9 2,535.3 2,464.2 2,580.6 2,954.0 2,963.5 3,171.6 3,248.7
Debt to equity 1.39 1.43 1.35 1.33 1.75 1.57 1.47 1.56 1.42 1.53

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

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 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
Margins
40.0% 47.8% 39.5% 50.3% 34.7% 41.5% 49.0% 35.9% 39.3% 47.1%
31.2% 33.8% 26.4% 37.8% 15.8% 27.5% 35.9% 20.9% 24.6% 32.1%
Spending
4.2% 4.2% 3.7% 4.6% 5.0% 5.2% 4.9% 4.5% 4.1% 3.7%
Returns
12.6% 12.8% 10.3% 14.0% 5.3% 10.1% 13.0% 8.0% 9.3% 12.7%
4.6% 4.6% 3.8% 5.2% 1.7% 3.4% 4.7% 2.8% 3.5% 4.5%
Balance and payout
1.39 1.43 1.35 1.33 1.75 1.57 1.47 1.56 1.42 1.53
59.1% 59.6% 58.6% 59.1% 64.7% 62.3% 61.0% 61.8% 59.8% 61.7%