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Kilroy Realty

KRC NYSE Office REITs Financials FY2016–FY2025

Kilroy Realty's revenue fell 2.0% to $1.1 billion in fiscal 2025. Its net margin was 27.2%, up from 20.5% a year earlier. Free cash flow was $450 million, up 2.1%. It paid out $258 million in dividends and buybacks, 57% of free cash flow. The diluted share count rose 0.6%.

Last close · Oct 23, 2026

$37.27

3.6%
Value it Compare
Revenue Total sales reported in the income statement.
$1.1B
2.0% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$303M
29.9%
Free cash flow Cash from operations minus capital spending.
$450M
2.1%
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.
$4.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.4x
On $1.83 EPS (TTM)

About these figures. Interest coverage for 2025 is left blank: Kilroy's 2025 filing has no pre-tax income line to measure it from.

What Kilroy Realty does

No business description yet.

Legal name
KILROY REALTY CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-007051
0001025996

Revenue and margins

Kilroy Realty had $1.1B of revenue in fiscal 2025, down 2.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −2.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $450M in fiscal 2025, 40.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Kilroy Realty returned $258M to shareholders in fiscal 2025, 57% of free cash flow. The diluted share count rose 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Kilroy Realty yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 118.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.4x · peers — · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably Kilroy Realty can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $414M$347M$510M$166M$179M
Interest coverage 9.4x4.1x3.1x2.6x—
Total assets $10.6B$10.8B$11.4B$10.9B$10.9B
Total liabilities $4.9B$5.1B$5.7B$5.3B$5.3B
Shareholders' equity $5.4B$5.4B$5.4B$5.4B$5.4B
Net debt (− = net cash) —————

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

$2.6M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 29, 2026 Jolie A. HuntDirector Sold 15,800 $37.79 $0.6M Form 4
Jun 24, 2026 Paratte A. RobertSee Remarks Sold 8,000 $37.34 $0.3M Form 4
Jun 9, 2026 Justin William SmartPresident Sold 10,848 $38.71 $0.4M Form 4
May 7, 2026 Heidi Rena RothSee Remarks Sold 19,541 $35.22 $0.7M Form 4
May 6, 2026 Lauren N StadlerSee Remarks Sold 3,000 $34.65 $0.1M Form 4
Apr 30, 2026 Paratte A. RobertSee Remarks Sold 10,000 $33.11 $0.3M Form 4
Oct 31, 2025 Heidi Rena RothSee Remarks Sold 3,944 $41.99 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 — / 9— / 9— / 9
Accruals ratio −3.3%−2.8%−2.4%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Kilroy Realty KRC $4.4B −2.0% — 40.5% — 20.4x —
Cousins Properties CUZ $4.8B 16.0% 67.8% 13.6% 6.7% — — Compare →
COPT Defense Properties CDP $3.9B 1.4% — 37.8% 6.1% 23.6x — Compare →
Vornado Realty Trust VNO $6.8B 1.3% — 53.1% 17.4% — — Compare →
Alexandria Real Estate Equities ARE $7.3B −2.9% — −15.1% — — — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $643M $719M $747M $838M $898M $955M $1.1B $1.1B $1.1B $1.1B
Interest expense $55.8M $66.0M $49.7M $48.5M $70.8M $78.6M $84.3M $114M $145M $126M
Pretax income $294M $165M $258M $195M $207M $659M $260M $238M $233M —
Income tax $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M —
Net income $294M $165M $258M $195M $207M $659M $260M $238M $233M $303M
Diluted EPS $2.97 $1.51 $2.55 $1.86 $1.63 $5.36 $1.97 $1.80 $1.77 $2.32
Diluted shares 0.09B 0.10B 0.10B 0.10B 0.11B 0.12B 0.12B 0.12B 0.12B 0.12B
Cash flow
Cash from operations $345M $347M $410M $387M $456M $516M $592M $603M $541M $566M
Capital expenditure $112M $88.4M $166M $148M $130M $121M $92.8M $97.4M $100M $116M
Free cash flow $233M $259M $244M $239M $326M $396M $499M $505M $441M $450M
Depreciation and amortization $213M $242M $250M $268M $290M $304M $351M $348M $350M $349M
Stock-based compensation $21.1M $19.0M $27.9M $27.0M $30.2M $33.8M $28.3M $36.9M $17.7M $19.1M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $137M $341M $179M $196M $225M $237M $248M $255M $256M $258M
Dividends and buybacks $137M $341M $179M $196M $225M $237M $248M $255M $256M $258M
Balance sheet
Cash and short-term investments $193M $57.6M $51.6M $60.0M $732M $414M $347M $510M $166M $179M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $6.7B $6.8B $7.8B $8.9B $10.0B $10.6B $10.8B $11.4B $10.9B $10.9B
Total liabilities $2.9B $2.8B $3.6B $4.3B $4.7B $4.9B $5.1B $5.7B $5.3B $5.3B
Shareholders' equity $3.5B $3.7B $3.9B $4.3B $5.0B $5.4B $5.4B $5.4B $5.4B $5.4B
Margins
EBITDA margin 87.6% 65.7% 74.7% 61.1% 63.3% 109.0% 63.3% 62.0% 64.1% —
Net margin 45.7% 22.9% 34.6% 23.3% 23.1% 69.0% 23.7% 21.1% 20.5% 27.2%
FCF margin 36.3% 36.0% 32.6% 28.5% 36.3% 41.4% 45.5% 44.7% 38.8% 40.5%
Returns
Return on equity 8.8% 4.5% 6.8% 4.8% 4.5% 12.6% 4.8% 4.4% 4.3% 5.6%
Return on assets 4.7% 2.4% 3.6% 2.4% 2.2% 6.4% 2.4% 2.2% 2.1% 2.8%
Growth
Revenue growth — 11.9% 3.9% 12.1% 7.3% 6.3% 14.9% 3.0% 0.5% −2.0%
Net income growth 25.5% −44.0% 57.0% −24.4% 6.1% 217.9% −60.6% −8.2% −2.2% 29.9%
EPS growth 22.7% −49.2% 68.9% −27.1% −12.4% 228.8% −63.3% −8.6% −1.7% 31.1%
FCF growth 35.2% 10.9% −5.8% −2.0% 36.5% 21.4% 26.2% 1.2% −12.7% 2.1%
Share count change 2.9% 6.1% 1.8% 3.4% 9.5% 2.8% 0.2% 0.2% 0.6% 0.6%
Financial health
Interest coverage 6.3x 3.5x 6.2x 5.0x 3.9x 9.4x 4.1x 3.1x 2.6x —
Capital allocation
Capex / revenue 17.4% 12.3% 22.3% 17.6% 14.4% 12.6% 8.5% 8.6% 8.8% 10.4%
Stock comp / revenue 3.3% 2.7% 3.7% 3.2% 3.4% 3.5% 2.6% 3.3% 1.6% 1.7%
Payouts / FCF 59.0% 131.8% 73.7% 82.2% 68.9% 60.0% 49.6% 50.6% 58.1% 57.3%
Quality scores
Accruals ratio −0.8% −2.7% −2.1% −2.3% −2.6% 1.4% −3.1% −3.3% −2.8% −2.4%

Source: SEC EDGAR XBRL filings (CIK 0001025996). Data updated October 17, 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.

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