WPC financial statements

The full income statement, balance sheet, and cash-flow statement for W. P. Carey Inc. REIT (WPC), 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.

Shares outstanding (point-in-time)

2024-06 218.8M2024-09 218.8M2024-12 218.8M2025-03 219.0M2025-06 219.0M2025-09 219.1M2025-12 219.1M2026-03 222.7M2026-06 227.8M+4.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-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
	1.72B YoY+8.4%	1.58B YoY-9.1%	1.74B YoY+17.7%	1.48B YoY+11.1%	1.33B YoY+10.1%
Lease income	1.48B YoY+11.1%	1.33B YoY-6.7%	1.43B YoY+9.7%	1.30B YoY+10.5%	1.18B YoY+9.0%
Cost of revenue	—	—	368K YoY-85.4%	2.52M YoY-37.6%	4.04M YoY-54.4%
Selling, general & administrative	101M YoY+1.7%	99.0M YoY+2.7%	96.4M YoY+5.4%	91.5M YoY+11.7%	81.9M YoY+7.8%
General & administrative	101M YoY+1.7%	99.0M YoY+2.7%	96.4M YoY+5.4%	91.5M YoY+11.7%	81.9M YoY+7.8%
Amortization of intangibles	175M YoY-6.4%	187M YoY-24.6%	248M YoY+8.0%	229M YoY-3.1%	237M YoY+4.6%
Provision for credit losses	27.2M YoY-1.6%	27.6M YoY-5.0%	29.1M YoY+302.4%	-14.4M YoY-5499.6%	266K YoY-98.8%
Interest expense	291M YoY+5.0%	277M YoY-5.0%	292M YoY+33.2%	219M YoY+11.3%	197M YoY-6.3%
Other non-operating income	17.0M YoY-67.5%	52.2M YoY+143.6%	21.4M YoY-29.3%	30.3M YoY+118.7%	13.9M YoY+44.6%
Equity-method income	18.0M YoY+0.5%	17.9M YoY-8.4%	19.6M YoY-33.7%	29.5M YoY+372.5%	-10.8M YoY+41.6%
Pre-tax income	505M YoY+2.5%	492M YoY-34.6%	752M YoY+20.1%	626M YoY+42.8%	439M YoY-1.5%
Income tax	31.9M YoY+0.6%	31.7M YoY-28.0%	44.1M YoY+58.9%	27.7M YoY-2.7%	28.5M YoY+237.2%
	466M YoY+1.2%	461M YoY-34.9%	708M YoY+18.2%	599M YoY+46.1%	410M YoY-10.0%
Net income to non-controlling interest	6.56M YoY+3236.8%	-209K YoY-198.6%	-70.0K YoY+89.3%	-657K YoY-590.3%	134K YoY-98.7%
Net income to common	466M YoY+1.2%	461M YoY-34.9%	708M YoY+18.2%	599M YoY+46.1%	410M YoY-10.0%
	221M YoY+0.2%	220M YoY+2.2%	215M YoY+7.9%	200M YoY+9.4%	182M YoY+4.6%
	221M YoY+0.3%	221M YoY+2.2%	216M YoY+7.7%	200M YoY+9.4%	183M YoY+4.7%
Dividends per share	$3.62 YoY+3.7%	$3.49 YoY-14.2%	$4.07 YoY-4.1%	$4.24 YoY+0.9%	$4.21 YoY+0.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	155M YoY-75.7%	640M YoY+1.0%	634M YoY+277.3%	168M YoY+1.6%	165M YoY-33.5%
	18.0B YoY+2.6%	17.5B YoY-2.5%	18.0B YoY-0.7%	18.1B YoY+16.9%	15.5B YoY+5.3%
Operating lease right-of-use	—	—	—	—	166M YoY-8.2%
Goodwill	987M YoY+2.0%	968M YoY-1.1%	978M YoY-5.7%	1.04B YoY+15.1%	902M YoY-1.0%
	9.86B YoY+8.3%	9.10B YoY-1.8%	9.27B YoY+1.9%	9.09B YoY+15.1%	7.90B YoY+0.9%
Long-term debt	8.72B YoY+8.5%	8.04B YoY-1.3%	8.14B YoY+3.4%	7.88B YoY+16.0%	6.79B YoY+1.4%
Operating lease liability (total)	144M YoY+0.7%	143M YoY+3.3%	139M YoY-5.2%	146M YoY-0.1%	146M YoY-3.3%
Deferred tax liabilities	152M YoY+3.0%	147M YoY-18.4%	181M YoY+0.9%	179M YoY+22.9%	146M YoY-0.2%
	8.12B YoY-3.7%	8.43B YoY-3.1%	8.70B YoY-3.3%	8.99B YoY+18.6%	7.58B YoY+10.3%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	219K YoY+0.0%	219K YoY+0.0%	219K YoY+3.8%	211K YoY+11.1%	190K YoY+8.6%
Additional paid-in capital	11.8B YoY+0.2%	11.8B YoY+0.2%	11.8B YoY+0.7%	11.7B YoY+17.3%	9.98B YoY+11.8%
Accumulated other comprehensive income	-253M YoY-1.2%	-250M YoY+1.8%	-255M YoY+10.2%	-284M YoY-28.0%	-222M YoY+7.6%
Non-controlling interest	15.9M YoY+258.7%	4.43M YoY-32.5%	6.56M YoY-56.2%	15.0M YoY+800.2%	1.67M YoY+0.6%
Total equity incl. non-controlling	8.13B YoY-3.6%	8.43B YoY-3.1%	8.71B YoY-3.3%	9.01B YoY+18.8%	7.58B YoY+10.3%
Total liabilities & equity	18.0B YoY+2.6%	17.5B YoY-2.5%	18.0B YoY-0.7%	18.1B YoY+16.9%	15.5B YoY+5.3%
	219M YoY+0.1%	219M YoY+0.1%	219M YoY+3.8%	211M YoY+10.8%	190M YoY+8.3%
	219M YoY+0.1%	219M YoY+0.1%	219M YoY+3.8%	211M YoY+10.8%	190M YoY+8.3%
	219M YoY+0.1%	219M YoY+0.1%	219M YoY+3.8%	211M YoY+10.5%	191M YoY+8.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.28B YoY-30.0%	1.83B YoY+70.8%	1.07B YoY+7.0%	1.00B YoY+8.3%	926M YoY+15.6%
Depreciation & amortization	538M YoY+6.0%	507M YoY-14.7%	594M YoY+14.3%	520M YoY+5.9%	491M YoY+7.6%
Intangible amortization	175M YoY-6.4%	187M YoY-24.6%	248M YoY+8.0%	229M YoY-3.1%	237M YoY+4.6%
Deferred income taxes	-10.9M YoY-156.4%	-4.25M YoY-2033.2%	-199K YoY+97.5%	-8.07M YoY-71.6%	-4.70M YoY+90.4%
	-960M YoY+15.3%	-1.13B YoY-25.2%	-906M YoY+13.9%	-1.05B YoY+32.8%	-1.57B YoY-190.2%
Capital expenditure	1.66B YoY+46.8%	1.13B YoY-6.8%	1.21B YoY+5.7%	1.15B YoY-12.3%	1.31B YoY+99.1%
Free cash flow	-375M YoY-153.2%	704M YoY+610.5%	-138M YoY+3.0%	-142M YoY+62.6%	-380M YoY-361.9%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Other investing activities	-8.82M YoY-92.6%	-4.58M YoY-135.8%	12.8M YoY-35.3%	19.8M YoY+0.7%	19.6M YoY+1785.1%
	-762M YoY-10.6%	-688M YoY-335.3%	293M YoY+405.4%	57.9M YoY-89.6%	557M YoY+364.4%
Long-term debt issued	396M YoY-77.0%	1.73B	0.00 YoY-100.0%	335M YoY-75.8%	1.39B YoY+179.5%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00 YoY-100.0%	218M YoY-35.9%	340M YoY+215069.6%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	790M YoY+3.3%	765M YoY-16.5%	917M YoY+9.7%	835M YoY+9.3%	764M YoY+5.1%
Other financing activities	3.11M YoY+124.3%	-12.8M YoY-764.1%	1.93M YoY-78.2%	8.84M YoY+91.9%	4.61M YoY-48.3%
FX effect on cash	21.2M YoY+276.5%	-12.0M YoY-255.7%	7.72M YoY+383.7%	-2.72M YoY+74.4%	-10.6M YoY-213.5%
Net change in cash	-418M YoY-32837.7%	-1.27M YoY-100.3%	468M YoY+7456.6%	6.19M YoY+106.6%	-93.8M YoY-255.7%
Income taxes paid	40.1M YoY+10.5%	36.3M YoY-6.0%	38.6M YoY-9.4%	42.6M YoY-3.8%	44.3M YoY+1.8%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	14.1B YoY+18.3%	11.9B YoY-15.9%	14.2B YoY-11.0%	15.9B YoY+4.0%	15.3B YoY+26.3%
P/E	30.2× YoY+16.9%	25.9× YoY+41.2%	18.3× YoY-43.7%	32.6× YoY-12.9%	37.4× YoY+40.3%
P/S	8.2× YoY+9.1%	7.5× YoY-8.0%	8.2× YoY-25.4%	11.0× YoY-4.6%	11.5× YoY+14.7%
P/B	1.7× YoY+22.8%	1.4× YoY-8.8%	1.6× YoY-14.3%	1.8× YoY-10.4%	2.0× YoY+14.6%
P/FCF	—	16.9× YoY-91.2%	192.4×	—	—
	3.3% YoY-14.5%	3.9% YoY-29.2%	5.5% YoY+77.7%	3.1% YoY+14.8%	2.7% YoY-28.7%
	—	5.9% YoY+1036.5%	0.52%	—	—
	5.6% YoY-12.2%	6.4% YoY+2.1%	6.3% YoY+13.2%	5.5% YoY+5.9%	5.2% YoY-13.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WPC'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 WPC filings on SEC EDGAR → Not investment advice.