FRT financial statements

The full income statement, balance sheet, and cash-flow statement for Federal Realty Investment Trust (FRT), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	1.28B YoY+6.4%	1.20B YoY+6.2%	1.13B YoY+5.4%	1.07B YoY+12.9%	951M YoY+13.9%
	834M YoY+6.3%	784M YoY+6.6%	736M YoY+3.3%	712M YoY+10.1%	646M YoY+10.2%
Selling, general & administrative	46.9M YoY-5.7%	49.7M YoY-1.9%	50.7M YoY-3.7%	52.6M YoY+5.6%	49.9M YoY+19.6%
General & administrative	46.9M YoY-5.7%	49.7M YoY-1.9%	50.7M YoY-3.7%	52.6M YoY+5.6%	49.9M YoY+19.6%
Selling & marketing	7.93M YoY+5.3%	7.54M YoY-5.5%	7.98M YoY+2.1%	7.81M YoY+4.5%	7.48M YoY+16.3%
Operating income	602M YoY+27.5%	472M YoY+16.2%	406M YoY-22.8%	526M YoY+33.4%	395M YoY+36.3%
Interest expense	184M YoY+4.6%	175M YoY+4.6%	168M YoY+22.5%	137M YoY+7.3%	128M YoY-6.3%
Equity-method income	1.92M YoY-39.2%	3.16M YoY-18.3%	3.87M YoY-25.2%	5.17M YoY+315.3%	1.25M YoY+115.4%
	411M YoY+39.2%	295M YoY+24.6%	237M YoY-38.5%	385M YoY+47.4%	261M YoY+98.5%
Net income to non-controlling interest	12.6M YoY+37.7%	9.13M YoY-10.8%	10.2M YoY+0.6%	10.2M YoY+34.1%	7.58M YoY+81.3%
Net income to common	403M YoY+40.3%	287M YoY+25.4%	229M YoY-39.3%	377M YoY+48.9%	253M YoY+105.0%
	$4.68 YoY+36.8%	$3.42 YoY+22.1%	$2.80 YoY-40.6%	$4.71 YoY+44.5%	$3.26 YoY+101.2%
EPS (basic)	$4.68 YoY+36.8%	$3.42 YoY+22.1%	$2.80 YoY-40.6%	$4.71 YoY+44.5%	$3.26 YoY+101.2%
	85.9M YoY+2.7%	83.6M YoY+2.8%	81.3M YoY+1.8%	79.9M YoY+3.3%	77.3M YoY+2.4%
	86.4M YoY+3.4%	83.6M YoY+2.8%	81.3M YoY+1.0%	80.5M YoY+4.1%	77.4M YoY+2.5%
Dividends per share	$4.46 YoY+1.8%	$4.38 YoY+0.9%	$4.34 YoY+0.9%	$4.30 YoY+0.9%	$4.26 YoY+0.9%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	107M YoY-13.0%	123M YoY-50.8%	251M YoY+193.2%	85.6M YoY-47.2%	162M YoY-79.7%
	9.13B YoY+7.1%	8.52B YoY+1.0%	8.44B YoY+2.5%	8.23B YoY+8.0%	7.62B YoY+0.2%
Operating lease right-of-use	83.1M YoY-3.1%	85.8M YoY-1.4%	87.0M YoY-8.0%	94.6M YoY+4.2%	90.7M YoY-1.6%
	5.63B YoY+10.4%	5.10B YoY-2.1%	5.21B YoY+3.8%	5.02B YoY+5.8%	4.75B YoY-3.6%
Long-term debt	4.96B YoY+10.4%	4.50B YoY-2.6%	4.62B YoY+6.2%	4.34B YoY+6.9%	4.06B YoY-5.7%
	3.25B YoY+2.4%	3.17B YoY+7.0%	2.96B YoY+0.3%	2.95B YoY+14.5%	2.58B YoY+4.7%
Common stock	869K YoY+0.8%	862K YoY+3.5%	833K YoY+1.8%	818K YoY+3.5%	790K YoY+2.5%
Additional paid-in capital	4.31B YoY+1.4%	4.25B YoY+7.3%	3.96B YoY+3.6%	3.82B YoY+9.5%	3.49B YoY+5.8%
Accumulated other comprehensive income	2.05M YoY-56.8%	4.74M YoY+17.0%	4.05M YoY-29.6%	5.76M YoY+381.2%	-2.05M YoY+63.7%
Non-controlling interest	70.3M YoY-3.2%	72.5M YoY-7.8%	78.7M YoY-1.7%	80.0M YoY-3.1%	82.5M YoY-2.4%
Total equity incl. non-controlling	3.32B YoY+2.3%	3.24B YoY+6.6%	3.04B YoY+0.3%	3.03B YoY+13.9%	2.66B YoY+4.5%
Total liabilities & equity	9.13B YoY+7.1%	8.52B YoY+1.0%	8.44B YoY+2.5%	8.23B YoY+8.0%	7.62B YoY+0.2%
	86.3M YoY+0.7%	85.7M YoY+3.5%	82.8M YoY+1.8%	81.3M YoY+3.5%	78.6M YoY+2.4%
	86.3M YoY+0.7%	85.7M YoY+3.5%	82.8M YoY+1.8%	81.3M YoY+3.5%	78.6M YoY+2.4%
	86.3M YoY+0.7%	85.7M YoY+3.2%	83.0M YoY+2.0%	81.4M YoY+3.5%	78.6M YoY+2.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	622M YoY+8.3%	575M YoY+3.4%	556M YoY+7.6%	517M YoY+9.6%	471M YoY+27.4%
Depreciation & amortization	368M YoY+7.4%	343M YoY+6.5%	322M YoY+6.4%	302M YoY+8.0%	280M YoY+9.8%
Share-based compensation	14.6M YoY-10.7%	16.4M YoY+14.3%	14.3M YoY+4.4%	13.7M YoY+5.3%	13.0M YoY+9.1%
	-743M YoY-66.3%	-447M YoY-24.7%	-358M YoY+54.4%	-786M YoY-19.1%	-660M YoY-79.2%
Capital expenditure	735M YoY+168.4%	274M YoY+351.8%	60.6M YoY-86.2%	438M YoY+19.7%	366M YoY+3721.7%
Free cash flow	-113M YoY-137.6%	301M YoY-39.3%	495M YoY+532.6%	78.3M YoY-25.4%	105M YoY-70.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	103M YoY+140.8%	-252M YoY-645.4%	-33.8M YoY-117.8%	190M YoY+142.0%	-453M YoY-168.5%
Long-term debt issued	0.00 YoY-100.0%	472M YoY+36.4%	346M	0.00	0.00 YoY-100.0%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	54.5M YoY-82.1%	304M YoY+130.5%	132M YoY-57.1%	307M YoY+77.6%	173M YoY+74.4%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Net change in cash	-17.7M YoY+85.8%	-125M YoY-176.1%	164M YoY+307.6%	-78.8M YoY+87.7%	-642M YoY-196.8%
Interest paid	172M YoY+1.5%	169M YoY+6.6%	159M YoY+21.3%	131M YoY+5.9%	124M YoY-5.1%
Income taxes paid	369K YoY+108.5%	177K YoY-37.7%	284K YoY-54.5%	624K YoY+61.7%	386K YoY-33.4%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	8.70B YoY-9.3%	9.59B YoY+14.0%	8.41B YoY+2.5%	8.21B YoY-23.4%	10.7B YoY+64.1%
P/E	21.2× YoY-34.9%	32.5× YoY+11.5%	29.1× YoY+36.7%	21.3× YoY-48.0%	41.0× YoY-17.4%
P/S	6.8× YoY-14.8%	8.0× YoY+6.3%	7.5× YoY-4.1%	7.8× YoY-30.5%	11.3× YoY+44.1%
P/B	2.7× YoY-11.5%	3.0× YoY+3.6%	2.9× YoY+3.2%	2.8× YoY-31.9%	4.2× YoY+56.6%
P/FCF	—	31.9× YoY+83.1%	17.4× YoY-82.0%	97.0× YoY-5.1%	102.2× YoY+463.6%
	4.7% YoY+53.6%	3.1% YoY-10.3%	3.4% YoY-26.8%	4.7% YoY+92.2%	2.4% YoY+21.0%
	—	3.1% YoY-45.4%	5.7% YoY+456.4%	1.0% YoY+5.4%	0.98% YoY-82.3%
	4.4% YoY+13.1%	3.9% YoY-7.1%	4.2% YoY-1.0%	4.3% YoY+36.2%	3.1% YoY-37.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: FRT's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all FRT filings on SEC EDGAR → Not investment advice.