Essential Properties Realty Trust, Inc.
EPRT NYSE Real Estate Investment Trusts Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$561M
24.8%
vs prior year
Operating margin
Operating income as a share of revenue.
64.1%
2.3 pts
Net income
Profit after all expenses, interest and tax.
$253M
24.6%
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.
5.4%
0.5 pts
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 $1.23 EPS (TTM)
What Essential Properties Realty Trust, Inc. does
No business description yet.
- Legal name
- ESSENTIAL PROPERTIES REALTY TRUST, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0001728951-26-000008
0001728951
Revenue and margins
Essential Properties Realty Trust, Inc. had $561M of revenue in fiscal 2025, up 24.8% on the year before.
FY17
Revenue $54.4M
FY18
Revenue $96.2M
FY19
Revenue $139M
FY20
Revenue $164M
FY21
Revenue $230M
FY22
Revenue $287M
FY23
Revenue $360M
FY24
Revenue $450M
FY25
Revenue $561M
Q4 '23
Revenue $97.7M
Q1 '24
Revenue $104M
Q2 '24
Revenue $109M
Q3 '24
Revenue $117M
Q4 '24
Revenue $120M
Q1 '25
Revenue $129M
Q2 '25
Revenue $137M
Q3 '25
Revenue $145M
Q4 '25
Revenue $150M
Q1 '26
Revenue $159M
Q2 '26
Revenue $162M
Q3 '26
Revenue $169M
FY17
Gross —
Operating 11.8%
Net 11.6%
FCF 41.2%
FY18
Gross —
Operating 52.0%
Net 16.2%
FCF 46.0%
FY19
Gross —
Operating 57.3%
Net 30.0%
FCF —
FY20
Gross —
Operating 44.4%
Net 25.8%
FCF —
FY21
Gross —
Operating 58.4%
Net 41.6%
FCF —
FY22
Gross —
Operating 61.2%
Net 46.8%
FCF —
FY23
Gross —
Operating 67.5%
Net 53.0%
FCF —
FY24
Gross —
Operating 61.9%
Net 45.2%
FCF —
FY25
Gross —
Operating 64.1%
Net 45.1%
FCF —
Gross
Operating
Net
FCF
Q4 '23
Gross —
Operating 66.1%
Net 50.2%
FCF —
Q1 '24
Gross —
Operating 60.3%
Net 45.4%
FCF —
Q2 '24
Gross —
Operating 61.1%
Net 47.1%
FCF —
Q3 '24
Gross —
Operating 59.7%
Net 42.0%
FCF —
Q4 '24
Gross —
Operating 66.1%
Net 46.3%
FCF —
Q1 '25
Gross —
Operating 61.6%
Net 43.4%
FCF —
Q2 '25
Gross —
Operating 64.1%
Net 46.1%
FCF —
Q3 '25
Gross —
Operating 64.7%
Net 45.3%
FCF —
Q4 '25
Gross —
Operating 65.9%
Net 45.4%
FCF —
Q1 '26
Gross —
Operating 56.5%
Net 37.7%
FCF —
Q2 '26
Gross —
Operating 64.5%
Net 45.9%
FCF —
Q3 '26
Gross —
Operating 56.0%
Net 35.7%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income $6.3M
FY18
Net income $15.6M
FY19
Net income $41.8M
FY20
Net income $42.3M
FY21
Net income $95.7M
FY22
Net income $134M
FY23
Net income $191M
FY24
Net income $203M
FY25
Net income $253M
Q4 '23
Net income $49.1M
Q1 '24
Net income $47.0M
Q2 '24
Net income $51.5M
Q3 '24
Net income $49.1M
Q4 '24
Net income $55.4M
Q1 '25
Net income $56.1M
Q2 '25
Net income $63.2M
Q3 '25
Net income $65.6M
Q4 '25
Net income $68.1M
Q1 '26
Net income $59.8M
Q2 '26
Net income $74.3M
Q3 '26
Net income $60.2M
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS $0.63
FY20
Diluted EPS $0.44
FY21
Diluted EPS $0.82
FY22
Diluted EPS $0.99
FY23
Diluted EPS $1.24
FY24
Diluted EPS $1.15
FY25
Diluted EPS $1.28
Q4 '23
Diluted EPS $0.31
Q1 '24
Diluted EPS $0.28
Q2 '24
Diluted EPS $0.29
Q3 '24
Diluted EPS $0.27
Q4 '24
Diluted EPS $0.31
Q1 '25
Diluted EPS $0.29
Q2 '25
Diluted EPS $0.32
Q3 '25
Diluted EPS $0.33
Q4 '25
Diluted EPS $0.34
Q1 '26
Diluted EPS $0.28
Q2 '26
Diluted EPS $0.34
Q3 '26
Diluted EPS $0.27
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity 3.5%
Return on assets 0.7%
FY18
Return on capital 4.6%
Return on equity 4.2%
Return on assets 1.3%
FY19
Return on capital 5.6%
Return on equity 4.8%
Return on assets 2.5%
FY20
Return on capital 3.1%
Return on equity 3.1%
Return on assets 1.9%
FY21
Return on capital 4.3%
Return on equity 5.3%
Return on assets 3.3%
FY22
Return on capital 4.5%
Return on equity 5.9%
Return on assets 3.7%
FY23
Return on capital 5.2%
Return on equity 7.0%
Return on assets 4.3%
FY24
Return on capital 4.9%
Return on equity 6.2%
Return on assets 3.8%
FY25
Return on capital 5.4%
Return on equity 6.5%
Return on assets 4.0%
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.
FY17
Free cash flow $22.4M
FY18
Free cash flow $44.2M
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 —
FY17
Cash from operations $22.5M
Capital spending $0.0M
FY18
Cash from operations $45.9M
Capital spending $1.7M
FY19
Cash from operations $88.6M
Capital spending —
FY20
Cash from operations $99.4M
Capital spending —
FY21
Cash from operations $167M
Capital spending —
FY22
Cash from operations $211M
Capital spending —
FY23
Cash from operations $255M
Capital spending —
FY24
Cash from operations $308M
Capital spending —
FY25
Cash from operations $381M
Capital spending —
Cash from operations
Capital spending
Q4 '23
Cash from operations $72.6M
Capital spending —
Q1 '24
Cash from operations $66.8M
Capital spending —
Q2 '24
Cash from operations $81.1M
Capital spending —
Q3 '24
Cash from operations $73.5M
Capital spending —
Q4 '24
Cash from operations $87.1M
Capital spending —
Q1 '25
Cash from operations $77.2M
Capital spending —
Q2 '25
Cash from operations $99.8M
Capital spending —
Q3 '25
Cash from operations $99.0M
Capital spending —
Q4 '25
Cash from operations $105M
Capital spending —
Q1 '26
Cash from operations $99.8M
Capital spending —
Q2 '26
Cash from operations $110M
Capital spending —
Q3 '26
Cash from operations $118M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Essential Properties Realty Trust, Inc. returned $234M to shareholders in fiscal 2025. The diluted share count rose 11.8%.
FY17
Dividends —
Buybacks —
FY18
Dividends $14.1M
Buybacks —
FY19
Dividends $63.9M
Buybacks —
FY20
Dividends $86.5M
Buybacks —
FY21
Dividends $112M
Buybacks —
FY22
Dividends $142M
Buybacks —
FY23
Dividends $168M
Buybacks —
FY24
Dividends $200M
Buybacks —
FY25
Dividends $234M
Buybacks —
Dividends
Buybacks
Q4 '23
Dividends $43.9M
Buybacks —
Q1 '24
Dividends $47.2M
Buybacks —
Q2 '24
Dividends $50.2M
Buybacks —
Q3 '24
Dividends $51.1M
Buybacks —
Q4 '24
Dividends $51.1M
Buybacks —
Q1 '25
Dividends $55.6M
Buybacks —
Q2 '25
Dividends $58.7M
Buybacks —
Q3 '25
Dividends $59.8M
Buybacks —
Q4 '25
Dividends $59.8M
Buybacks —
Q1 '26
Dividends $65.4M
Buybacks —
Q2 '26
Dividends $67.6M
Buybacks —
Q3 '26
Dividends $70.2M
Buybacks —
Dividends
Buybacks
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares 0.08B
FY20
Diluted shares 0.10B
FY21
Diluted shares 0.12B
FY22
Diluted shares 0.14B
FY23
Diluted shares 0.15B
FY24
Diluted shares 0.18B
FY25
Diluted shares 0.20B
Balance sheet
Cash, debt and the ratios that show how comfortably Essential Properties Realty Trust, Inc. can carry it.
FY17
Cash $7.3M
Debt —
FY18
Cash $4.2M
Debt $515M
FY19
Cash $8.3M
Debt $239M
FY20
Cash $26.6M
Debt $821M
FY21
Cash $59.8M
Debt $1.2B
FY22
Cash $62.3M
Debt $1.4B
FY23
Cash $39.8M
Debt $1.7B
FY24
Cash $40.7M
Debt $2.1B
FY25
Cash $60.2M
Debt $2.5B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $59.8M | $62.3M | $39.8M | $40.7M | $60.2M |
| Debt incl. finance leases | $1.2B | $1.4B | $1.7B | $2.1B | $2.5B |
| Net debt / EBITDA | 5.7x | 5.3x | 4.8x | 5.3x | 4.9x |
| Debt / equity | 0.6x | 0.6x | 0.6x | 0.6x | 0.6x |
| Interest coverage | 4.0x | 4.3x | 4.6x | 3.5x | 3.3x |
| Total assets | $3.3B | $4.0B | $4.8B | $5.8B | $6.9B |
| Total liabilities | $1.3B | $1.5B | $1.8B | $2.2B | $2.7B |
| Shareholders' equity | $2.0B | $2.5B | $3.0B | $3.6B | $4.2B |
| Net debt (− = net cash) | $1.1B | $1.4B | $1.6B | $2.1B | $2.5B |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | — | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 5 | — / 6 | 3 / 7 | 5 / 7 | 5 / 7 | 6 / 7 | 4 / 7 | 5 / 7 |
| Accruals ratio | −1.7% | −2.6% | −2.8% | −2.6% | −2.5% | −2.1% | −1.5% | −2.0% | −2.0% |
| Altman Z'' | — | — | — | — | — | — | — | — | — |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $54.4M | $96.2M | $139M | $164M | $230M | $287M | $360M | $450M | $561M |
| Provision for credit losses | — | $0.0M | $0.0M | $0.8M | −$0.2M | $0.1M | −$0.1M | — | — |
| Operating income | $6.4M | $50.1M | $79.8M | $72.8M | $134M | $175M | $243M | $278M | $360M |
| Interest expense | $22.6M | $30.2M | $27.0M | $29.7M | $33.6M | $40.4M | $52.6M | $78.5M | $108M |
| Pretax income | $6.5M | $20.8M | $48.3M | $42.7M | $96.4M | $136M | $192M | $204M | $254M |
| Income tax | $0.2M | $0.2M | $0.3M | $0.2M | $0.2M | $1.0M | $0.6M | $0.6M | $0.6M |
| Net income | $6.3M | $15.6M | $41.8M | $42.3M | $95.7M | $134M | $191M | $203M | $253M |
| Net income to common | — | — | $41.4M | $41.9M | $95.4M | $134M | $190M | $203M | $252M |
| Diluted EPS | — | — | $0.63 | $0.44 | $0.82 | $0.99 | $1.24 | $1.15 | $1.28 |
| Diluted shares | — | — | 0.08B | 0.10B | 0.12B | 0.14B | 0.15B | 0.18B | 0.20B |
| Cash flow | |||||||||
| Cash from operations | $22.5M | $45.9M | $88.6M | $99.4M | $167M | $211M | $255M | $308M | $381M |
| Capital expenditure | $0.0M | $1.7M | — | — | — | — | — | — | — |
| Free cash flow | $22.4M | $44.2M | — | — | — | — | — | — | — |
| Depreciation and amortization | $19.5M | $24.8M | $36.4M | $51.7M | $61.2M | $80.6M | $95.5M | $115M | $148M |
| Stock-based compensation | — | $2.4M | $6.2M | $6.1M | $5.7M | $9.5M | $9.0M | $10.8M | $13.2M |
| Dividends paid | — | $14.1M | $63.9M | $86.5M | $112M | $142M | $168M | $200M | $234M |
| Dividends and buybacks | — | $14.1M | $63.9M | $86.5M | $112M | $142M | $168M | $200M | $234M |
| Balance sheet | |||||||||
| Cash and short-term investments | $7.3M | $4.2M | $8.3M | $26.6M | $59.8M | $62.3M | $39.8M | $40.7M | $60.2M |
| Total debt | — | $515M | $239M | $821M | $1.2B | $1.4B | $1.7B | $2.1B | $2.5B |
| Loans, net | — | — | — | $152M | $189M | $240M | $224M | $352M | $401M |
| Intangible assets | $53.0M | $52.8M | $60.5M | $57.4M | $59.0M | $53.2M | $47.9M | $47.6M | $48.1M |
| Total assets | $942M | $1.4B | $2.0B | $2.5B | $3.3B | $4.0B | $4.8B | $5.8B | $6.9B |
| Total liabilities | $761M | $570M | $773M | $907M | $1.3B | $1.5B | $1.8B | $2.2B | $2.7B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $181M | $562M | $1.2B | $1.6B | $2.0B | $2.5B | $3.0B | $3.6B | $4.2B |
| Margins | |||||||||
| Operating margin | 11.8% | 52.0% | 57.3% | 44.4% | 58.4% | 61.2% | 67.5% | 61.9% | 64.1% |
| EBITDA margin | 47.6% | 77.9% | 83.4% | 76.0% | 85.0% | 89.4% | 94.1% | 87.5% | 90.4% |
| Net margin | 11.6% | 16.2% | 30.0% | 25.8% | 41.6% | 46.8% | 53.0% | 45.2% | 45.1% |
| FCF margin | 41.2% | 46.0% | — | — | — | — | — | — | — |
| Returns | |||||||||
| Return on capital | — | 4.6% | 5.6% | 3.1% | 4.3% | 4.5% | 5.2% | 4.9% | 5.4% |
| Return on equity | 3.5% | 4.2% | 4.8% | 3.1% | 5.3% | 5.9% | 7.0% | 6.2% | 6.5% |
| Return on assets | 0.7% | 1.3% | 2.5% | 1.9% | 3.3% | 3.7% | 4.3% | 3.8% | 4.0% |
| Return on tangible equity | 4.9% | 3.1% | 3.6% | 2.8% | 4.8% | 5.5% | 6.5% | 5.8% | 6.1% |
| Growth | |||||||||
| Revenue growth | — | 76.7% | 44.8% | 17.7% | 40.4% | 24.4% | 25.5% | 25.0% | 24.8% |
| Net income growth | — | 148.0% | 168.0% | 1.0% | 126.4% | 40.1% | 42.2% | 6.4% | 24.6% |
| EPS growth | — | — | — | −30.2% | 86.4% | 20.7% | 25.3% | −7.3% | 11.3% |
| FCF growth | — | 97.2% | — | — | — | — | — | — | — |
| Share count change | — | — | — | 27.7% | 22.1% | 15.7% | 13.0% | 15.4% | 11.8% |
| Financial health | |||||||||
| Net debt / EBITDA | — | 6.8x | 2.0x | 6.4x | 5.7x | 5.3x | 4.8x | 5.3x | 4.9x |
| Debt / equity | — | 0.9x | 0.2x | 0.5x | 0.6x | 0.6x | 0.6x | 0.6x | 0.6x |
| Interest coverage | 0.3x | 1.7x | 3.0x | 2.5x | 4.0x | 4.3x | 4.6x | 3.5x | 3.3x |
| Provision / loans | — | — | — | 0.5% | −0.1% | 0.0% | −0.0% | — | — |
| Capital allocation | |||||||||
| Capex / revenue | 0.1% | 1.8% | — | — | — | — | — | — | — |
| Stock comp / revenue | — | 2.5% | 4.5% | 3.7% | 2.5% | 3.3% | 2.5% | 2.4% | 2.3% |
| Payouts / FCF | — | 31.8% | — | — | — | — | — | — | — |
| Quality scores | |||||||||
| Piotroski F-score | — | — | — | 3.0 | 5.0 | 5.0 | 6.0 | 4.0 | 5.0 |
| Accruals ratio | −1.7% | −2.6% | −2.8% | −2.6% | −2.5% | −2.1% | −1.5% | −2.0% | −2.0% |
Source: SEC EDGAR XBRL filings (CIK 0001728951). 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.