Douglas Emmett Inc
DEI NYSE Real Estate Investment Trusts Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$1.0B
1.8%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$16.3M
30.8%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.15 EPS (TTM)
What Douglas Emmett Inc does
No business description yet.
- Legal name
- Douglas Emmett Inc
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001364250-26-000011
0001364250
Revenue and margins
Douglas Emmett Inc had $1.0B of revenue in fiscal 2025, up 1.8% on the year before.
FY16
Revenue $743M
FY17
Revenue $812M
FY18
Revenue $881M
FY19
Revenue $937M
FY20
Revenue $892M
FY21
Revenue $918M
FY22
Revenue $994M
FY23
Revenue $1.0B
FY24
Revenue $986M
FY25
Revenue $1.0B
Q3 '23
Revenue $255M
Q4 '23
Revenue $259M
Q1 '24
Revenue $245M
Q2 '24
Revenue $246M
Q3 '24
Revenue $251M
Q4 '24
Revenue $245M
Q1 '25
Revenue $252M
Q2 '25
Revenue $252M
Q3 '25
Revenue $251M
Q4 '25
Revenue $249M
Q1 '26
Revenue $251M
Q2 '26
Revenue $257M
FY16
Gross —
Operating 29.7%
Net 11.5%
FCF —
FY17
Gross —
Operating 29.7%
Net 11.6%
FCF —
FY18
Gross —
Operating 28.6%
Net 13.2%
FCF —
FY19
Gross —
Operating 25.9%
Net 38.8%
FCF —
FY20
Gross 65.7%
Operating —
Net 5.7%
FCF —
FY21
Gross 67.0%
Operating —
Net 7.1%
FCF —
FY22
Gross 66.4%
Operating —
Net 9.8%
FCF —
FY23
Gross 64.6%
Operating —
Net −4.2%
FCF —
FY24
Gross 64.5%
Operating —
Net 2.4%
FCF —
FY25
Gross 63.4%
Operating —
Net 1.6%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross 64.0%
Operating —
Net −5.2%
FCF —
Q4 '23
Gross 64.9%
Operating —
Net −15.6%
FCF —
Q1 '24
Gross 66.1%
Operating —
Net 3.6%
FCF —
Q2 '24
Gross 66.2%
Operating —
Net 4.4%
FCF —
Q3 '24
Gross 62.2%
Operating —
Net 1.8%
FCF —
Q4 '24
Gross 63.5%
Operating —
Net −0.4%
FCF —
Q1 '25
Gross 64.4%
Operating —
Net 15.8%
FCF —
Q2 '25
Gross 63.2%
Operating —
Net −2.3%
FCF —
Q3 '25
Gross 63.6%
Operating —
Net −4.3%
FCF —
Q4 '25
Gross 62.2%
Operating —
Net −2.7%
FCF —
Q1 '26
Gross 63.7%
Operating —
Net −1.0%
FCF —
Q2 '26
Gross 63.2%
Operating —
Net −1.0%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −18.2% a year. Loss periods are shown in red.
FY16
Net income $85.4M
FY17
Net income $94.4M
FY18
Net income $116M
FY19
Net income $364M
FY20
Net income $50.4M
FY21
Net income $65.3M
FY22
Net income $97.1M
FY23
Net income −$42.7M
FY24
Net income $23.5M
FY25
Net income $16.3M
Q3 '23
Net income −$13.4M
Q4 '23
Net income −$40.5M
Q1 '24
Net income $8.9M
Q2 '24
Net income $10.9M
Q3 '24
Net income $4.6M
Q4 '24
Net income −$0.9M
Q1 '25
Net income $39.8M
Q2 '25
Net income −$5.8M
Q3 '25
Net income −$10.9M
Q4 '25
Net income −$6.8M
Q1 '26
Net income −$2.5M
Q2 '26
Net income −$2.7M
FY16
Diluted EPS $0.55
FY17
Diluted EPS $0.58
FY18
Diluted EPS $0.68
FY19
Diluted EPS $2.09
FY20
Diluted EPS $0.28
FY21
Diluted EPS $0.37
FY22
Diluted EPS $0.55
FY23
Diluted EPS −$0.26
FY24
Diluted EPS $0.13
FY25
Diluted EPS $0.09
Q3 '23
Diluted EPS −$0.08
Q4 '23
Diluted EPS −$0.24
Q1 '24
Diluted EPS $0.05
Q2 '24
Diluted EPS $0.06
Q3 '24
Diluted EPS $0.03
Q4 '24
Diluted EPS −$0.01
Q1 '25
Diluted EPS $0.24
Q2 '25
Diluted EPS −$0.04
Q3 '25
Diluted EPS −$0.07
Q4 '25
Diluted EPS −$0.04
Q1 '26
Diluted EPS −$0.02
Q2 '26
Diluted EPS −$0.02
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 2.8%
Return on equity 4.4%
Return on assets 1.1%
FY17
Return on capital 3.0%
Return on equity 4.3%
Return on assets 1.2%
FY18
Return on capital 3.1%
Return on equity 4.8%
Return on assets 1.4%
FY19
Return on capital 2.7%
Return on equity 14.2%
Return on assets 4.1%
FY20
Return on capital —
Return on equity 2.0%
Return on assets 0.5%
FY21
Return on capital —
Return on equity 2.7%
Return on assets 0.7%
FY22
Return on capital —
Return on equity 3.9%
Return on assets 1.0%
FY23
Return on capital —
Return on equity −1.8%
Return on assets −0.4%
FY24
Return on capital —
Return on equity 1.1%
Return on assets 0.2%
FY25
Return on capital —
Return on equity 0.8%
Return on assets 0.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $339M
Capital spending —
FY17
Cash from operations $403M
Capital spending —
FY18
Cash from operations $433M
Capital spending —
FY19
Cash from operations $470M
Capital spending —
FY20
Cash from operations $420M
Capital spending —
FY21
Cash from operations $447M
Capital spending —
FY22
Cash from operations $497M
Capital spending —
FY23
Cash from operations $427M
Capital spending —
FY24
Cash from operations $409M
Capital spending —
FY25
Cash from operations $387M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $90.5M
Capital spending —
Q4 '23
Cash from operations $94.8M
Capital spending —
Q1 '24
Cash from operations $139M
Capital spending —
Q2 '24
Cash from operations $91.9M
Capital spending —
Q3 '24
Cash from operations $104M
Capital spending —
Q4 '24
Cash from operations $74.1M
Capital spending —
Q1 '25
Cash from operations $133M
Capital spending —
Q2 '25
Cash from operations $81.3M
Capital spending —
Q3 '25
Cash from operations $110M
Capital spending —
Q4 '25
Cash from operations $63.2M
Capital spending —
Q1 '26
Cash from operations $117M
Capital spending —
Q2 '26
Cash from operations $96.1M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Douglas Emmett Inc returned $127M to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY16
Dividends $131M
Buybacks —
FY17
Dividends $146M
Buybacks —
FY18
Dividends $170M
Buybacks —
FY19
Dividends $180M
Buybacks —
FY20
Dividends $196M
Buybacks —
FY21
Dividends $197M
Buybacks $0.0M
FY22
Dividends $197M
Buybacks $0.0M
FY23
Dividends $130M
Buybacks $109M
FY24
Dividends $127M
Buybacks $0.0M
FY25
Dividends $127M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $31.7M
Buybacks $0.0M
Q4 '23
Dividends $31.7M
Buybacks $0.0M
Q1 '24
Dividends $31.8M
Buybacks $0.0M
Q2 '24
Dividends $31.8M
Buybacks $0.0M
Q3 '24
Dividends $31.8M
Buybacks $0.0M
Q4 '24
Dividends $31.8M
Buybacks $0.0M
Q1 '25
Dividends $31.8M
Buybacks —
Q2 '25
Dividends $31.8M
Buybacks —
Q3 '25
Dividends $31.8M
Buybacks —
Q4 '25
Dividends $31.8M
Buybacks —
Q1 '26
Dividends $31.8M
Buybacks —
Q2 '26
Dividends $31.8M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.15B
FY17
Diluted shares 0.16B
FY18
Diluted shares 0.17B
FY19
Diluted shares 0.17B
FY20
Diluted shares 0.18B
FY21
Diluted shares 0.18B
FY22
Diluted shares 0.18B
FY23
Diluted shares 0.17B
FY24
Diluted shares 0.17B
FY25
Diluted shares 0.17B
Balance sheet
Cash, debt and the ratios that show how comfortably Douglas Emmett Inc can carry it.
FY16
Cash $113M
Debt $4.4B
FY17
Cash $177M
Debt $4.1B
FY18
Cash $146M
Debt $4.1B
FY19
Cash $154M
Debt $4.6B
FY20
Cash $172M
Debt $4.7B
FY21
Cash $336M
Debt $5.0B
FY22
Cash $269M
Debt $5.2B
FY23
Cash $523M
Debt $5.5B
FY24
Cash $445M
Debt $5.5B
FY25
Cash $341M
Debt $5.5B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $336M | $269M | $523M | $445M | $341M |
| Debt incl. finance leases | $5.0B | $5.2B | $5.5B | $5.5B | $5.5B |
| Debt / equity | 2.1x | 2.0x | 2.5x | 2.7x | 2.9x |
| Total assets | $9.4B | $9.7B | $9.6B | $9.4B | $9.3B |
| Total liabilities | $5.4B | $5.5B | $5.8B | $5.7B | $5.8B |
| Shareholders' equity | $2.4B | $2.6B | $2.2B | $2.1B | $1.9B |
| Net debt (− = net cash) | $4.7B | $4.9B | $5.0B | $5.1B | $5.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Gross margin rose | — | — | — | — | — | ✓ | ✕ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 6 / 7 | 5 / 7 | 5 / 7 | 3 / 7 | 6 / 8 | 6 / 8 | 4 / 8 | 5 / 8 | 4 / 8 |
| Accruals ratio | −3.3% | −3.9% | −3.8% | −1.2% | −4.0% | −4.1% | −4.2% | −4.8% | −4.0% | −4.0% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $743M | $812M | $881M | $937M | $892M | $918M | $994M | $1.0B | $986M | $1.0B |
| Gross profit | — | — | — | — | $586M | $615M | $660M | $659M | $636M | $636M |
| Operating income | $221M | $241M | $252M | $243M | — | — | — | — | — | — |
| Interest expense | $146M | $145M | $133M | $143M | $143M | $147M | $150M | $209M | $229M | $267M |
| Net income | $85.4M | $94.4M | $116M | $364M | $50.4M | $65.3M | $97.1M | −$42.7M | $23.5M | $16.3M |
| Net income to common | — | — | — | — | — | $64.4M | $96.2M | −$43.9M | $22.1M | $14.8M |
| Diluted EPS | $0.55 | $0.58 | $0.68 | $2.09 | $0.28 | $0.37 | $0.55 | −$0.26 | $0.13 | $0.09 |
| Diluted shares | 0.15B | 0.16B | 0.17B | 0.17B | 0.18B | 0.18B | 0.18B | 0.17B | 0.17B | 0.17B |
| Cash flow | ||||||||||
| Cash from operations | $339M | $403M | $433M | $470M | $420M | $447M | $497M | $427M | $409M | $387M |
| Depreciation and amortization | $249M | $277M | $310M | $358M | $385M | $371M | $373M | $460M | $384M | $399M |
| Stock-based compensation | $17.4M | $18.5M | $22.3M | $18.4M | $21.4M | $20.9M | $21.0M | $19.8M | $21.0M | $21.2M |
| Share buybacks | — | — | — | — | — | $0.0M | $0.0M | $109M | $0.0M | $0.0M |
| Dividends paid | $131M | $146M | $170M | $180M | $196M | $197M | $197M | $130M | $127M | $127M |
| Dividends and buybacks | $131M | $146M | $170M | $180M | $196M | $197M | $197M | $239M | $127M | $127M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $113M | $177M | $146M | $154M | $172M | $336M | $269M | $523M | $445M | $341M |
| Total debt | $4.4B | $4.1B | $4.1B | $4.6B | $4.7B | $5.0B | $5.2B | $5.5B | $5.5B | $5.5B |
| Property and equipment, net | $1.1M | $1.2M | $1.1M | $2.4M | $2.4M | $2.5M | $7.1M | $7.0M | $6.8M | $7.0M |
| Intangible assets | $5.1M | $4.3M | $3.3M | $6.4M | $5.1M | $4.2M | $3.5M | $3.0M | $2.5M | $4.7M |
| Total assets | $7.6B | $8.3B | $8.3B | $9.3B | $9.3B | $9.4B | $9.7B | $9.6B | $9.4B | $9.3B |
| Total liabilities | $4.6B | $4.4B | $4.4B | $5.0B | $5.3B | $5.4B | $5.5B | $5.8B | $5.7B | $5.8B |
| Shareholders' equity | $1.9B | $2.4B | $2.4B | $2.7B | $2.4B | $2.4B | $2.6B | $2.2B | $2.1B | $1.9B |
| Margins | ||||||||||
| Gross margin | — | — | — | — | 65.7% | 67.0% | 66.4% | 64.6% | 64.5% | 63.4% |
| Operating margin | 29.7% | 29.7% | 28.6% | 25.9% | — | — | — | — | — | — |
| EBITDA margin | 63.3% | 63.8% | 63.7% | 64.1% | — | — | — | — | — | — |
| Net margin | 11.5% | 11.6% | 13.2% | 38.8% | 5.7% | 7.1% | 9.8% | −4.2% | 2.4% | 1.6% |
| Returns | ||||||||||
| Return on capital | 2.8% | 3.0% | 3.1% | 2.7% | — | — | — | — | — | — |
| Return on equity | 4.4% | 4.3% | 4.8% | 14.2% | 2.0% | 2.7% | 3.9% | −1.8% | 1.1% | 0.8% |
| Return on assets | 1.1% | 1.2% | 1.4% | 4.1% | 0.5% | 0.7% | 1.0% | −0.4% | 0.2% | 0.2% |
| Return on tangible equity | 4.5% | 3.9% | 4.8% | 13.4% | 2.1% | 2.7% | 3.8% | −2.0% | 1.1% | 0.8% |
| Growth | ||||||||||
| Revenue growth | — | 9.4% | 8.5% | 6.3% | −4.8% | 3.0% | 8.2% | 2.7% | −3.3% | 1.8% |
| Net income growth | — | 10.6% | 22.9% | 213.3% | −86.1% | 29.4% | 48.8% | −144.0% | — | −30.8% |
| EPS growth | — | 5.5% | 17.2% | 207.4% | −86.6% | 32.1% | 48.6% | −147.3% | — | −30.8% |
| Share count change | — | 5.2% | 5.4% | 2.0% | 1.2% | 0.1% | 0.2% | −3.5% | −1.3% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 9.1x | 7.6x | 7.1x | 7.4x | — | — | — | — | — | — |
| Debt / equity | 2.3x | 1.7x | 1.7x | 1.7x | 1.9x | 2.1x | 2.0x | 2.5x | 2.7x | 2.9x |
| Interest coverage | 1.5x | 1.7x | 1.9x | 1.7x | — | — | — | — | — | — |
| Capital allocation | ||||||||||
| Stock comp / revenue | 2.3% | 2.3% | 2.5% | 2.0% | 2.4% | 2.3% | 2.1% | 1.9% | 2.1% | 2.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 5.0 | 5.0 | 3.0 | 6.0 | 6.0 | 4.0 | 5.0 | 4.0 |
| Accruals ratio | −3.3% | −3.9% | −3.8% | −1.2% | −4.0% | −4.1% | −4.2% | −4.8% | −4.0% | −4.0% |
Source: SEC EDGAR XBRL filings (CIK 0001364250). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.