Terreno Realty Corp
TRNO NYSE Real Estate Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$476M
24.5%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$403M
118.4%
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 $3.74 EPS (TTM)
What Terreno Realty Corp does
No business description yet.
- Legal name
- Terreno Realty Corp
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 4, 2026
- Accession · CIK
- 0001476150-26-000011
0001476150
Revenue and margins
Terreno Realty Corp had $476M of revenue in fiscal 2025, up 24.5% on the year before.
FY16
Revenue $108M
FY17
Revenue $132M
FY18
Revenue $152M
FY19
Revenue $171M
FY20
Revenue $187M
FY21
Revenue $222M
FY22
Revenue $276M
FY23
Revenue $324M
FY24
Revenue $383M
FY25
Revenue $476M
Q3 '23
Revenue $82.9M
Q4 '23
Revenue $86.5M
Q1 '24
Revenue $85.0M
Q2 '24
Revenue $94.2M
Q3 '24
Revenue $99.6M
Q4 '24
Revenue $104M
Q1 '25
Revenue $110M
Q2 '25
Revenue $112M
Q3 '25
Revenue $116M
Q4 '25
Revenue $137M
Q1 '26
Revenue $124M
Q2 '26
Revenue $125M
FY16
Gross —
Operating —
Net 13.9%
FCF —
FY17
Gross —
Operating —
Net 40.1%
FCF —
FY18
Gross —
Operating —
Net 41.7%
FCF —
FY19
Gross —
Operating —
Net 32.5%
FCF —
FY20
Gross —
Operating —
Net 42.7%
FCF —
FY21
Gross —
Operating —
Net 39.3%
FCF —
FY22
Gross —
Operating —
Net 71.7%
FCF —
FY23
Gross —
Operating —
Net 46.8%
FCF —
FY24
Gross —
Operating —
Net 48.2%
FCF —
FY25
Gross —
Operating —
Net 84.6%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net 36.6%
FCF —
Q4 '23
Gross —
Operating —
Net 66.6%
FCF —
Q1 '24
Gross —
Operating —
Net 42.4%
FCF —
Q2 '24
Gross —
Operating —
Net 37.9%
FCF —
Q3 '24
Gross —
Operating —
Net 36.8%
FCF —
Q4 '24
Gross —
Operating —
Net 73.4%
FCF —
Q1 '25
Gross —
Operating —
Net 43.6%
FCF —
Q2 '25
Gross —
Operating —
Net 83.1%
FCF —
Q3 '25
Gross —
Operating —
Net 88.9%
FCF —
Q4 '25
Gross —
Operating —
Net 115.1%
FCF —
Q1 '26
Gross —
Operating —
Net 55.8%
FCF —
Q2 '26
Gross —
Operating —
Net 46.2%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 35.1% a year. Loss periods are shown in red.
FY16
Net income $15.1M
FY17
Net income $53.1M
FY18
Net income $63.3M
FY19
Net income $55.5M
FY20
Net income $79.8M
FY21
Net income $87.3M
FY22
Net income $198M
FY23
Net income $151M
FY24
Net income $184M
FY25
Net income $403M
Q3 '23
Net income $30.3M
Q4 '23
Net income $57.6M
Q1 '24
Net income $36.1M
Q2 '24
Net income $35.7M
Q3 '24
Net income $36.6M
Q4 '24
Net income $76.1M
Q1 '25
Net income $48.1M
Q2 '25
Net income $93.3M
Q3 '25
Net income $103M
Q4 '25
Net income $158M
Q1 '26
Net income $69.4M
Q2 '26
Net income $57.6M
FY16
Diluted EPS $0.26
FY17
Diluted EPS $0.95
FY18
Diluted EPS $1.09
FY19
Diluted EPS $0.85
FY20
Diluted EPS $1.16
FY21
Diluted EPS $1.23
FY22
Diluted EPS $2.61
FY23
Diluted EPS $1.81
FY24
Diluted EPS $1.92
FY25
Diluted EPS $3.91
Q3 '23
Diluted EPS $0.36
Q4 '23
Diluted EPS $0.68
Q1 '24
Diluted EPS $0.40
Q2 '24
Diluted EPS $0.37
Q3 '24
Diluted EPS $0.37
Q4 '24
Diluted EPS $0.78
Q1 '25
Diluted EPS $0.47
Q2 '25
Diluted EPS $0.90
Q3 '25
Diluted EPS $1.00
Q4 '25
Diluted EPS $1.54
Q1 '26
Diluted EPS $0.66
Q2 '26
Diluted EPS $0.54
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 —
Return on equity 1.9%
Return on assets 1.2%
FY17
Return on capital —
Return on equity 5.8%
Return on assets 3.7%
FY18
Return on capital —
Return on equity 5.6%
Return on assets 3.8%
FY19
Return on capital —
Return on equity 4.0%
Return on assets 2.8%
FY20
Return on capital —
Return on equity 5.1%
Return on assets 3.8%
FY21
Return on capital —
Return on equity 4.8%
Return on assets 3.4%
FY22
Return on capital —
Return on equity 9.2%
Return on assets 6.5%
FY23
Return on capital —
Return on equity 5.9%
Return on assets 4.3%
FY24
Return on capital —
Return on equity 5.6%
Return on assets 4.3%
FY25
Return on capital —
Return on equity 10.3%
Return on assets 7.9%
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 $49.2M
Capital spending —
FY17
Cash from operations $69.5M
Capital spending —
FY18
Cash from operations $77.6M
Capital spending —
FY19
Cash from operations $94.7M
Capital spending —
FY20
Cash from operations $101M
Capital spending —
FY21
Cash from operations $132M
Capital spending —
FY22
Cash from operations $143M
Capital spending —
FY23
Cash from operations $180M
Capital spending —
FY24
Cash from operations $233M
Capital spending —
FY25
Cash from operations $272M
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $53.3M
Capital spending —
Q4 '23
Cash from operations $39.1M
Capital spending —
Q1 '24
Cash from operations $47.0M
Capital spending —
Q2 '24
Cash from operations $64.3M
Capital spending —
Q3 '24
Cash from operations $70.0M
Capital spending —
Q4 '24
Cash from operations $51.3M
Capital spending —
Q1 '25
Cash from operations $61.4M
Capital spending —
Q2 '25
Cash from operations $60.6M
Capital spending —
Q3 '25
Cash from operations $79.5M
Capital spending —
Q4 '25
Cash from operations $70.3M
Capital spending —
Q1 '26
Cash from operations $61.9M
Capital spending —
Q2 '26
Cash from operations $74.9M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Terreno Realty Corp returned $207M to shareholders in fiscal 2025. The diluted share count rose 7.2%.
FY16
Dividends $33.2M
Buybacks $1.6M
FY17
Dividends $41.9M
Buybacks $3.4M
FY18
Dividends $51.4M
Buybacks $3.9M
FY19
Dividends $63.6M
Buybacks $4.0M
FY20
Dividends $74.8M
Buybacks $9.8M
FY21
Dividends $84.6M
Buybacks $0.6M
FY22
Dividends $107M
Buybacks $1.0M
FY23
Dividends $136M
Buybacks $1.5M
FY24
Dividends $175M
Buybacks $3.3M
FY25
Dividends $204M
Buybacks $3.3M
Dividends
Buybacks
Q3 '23
Dividends $33.5M
Buybacks $0.8M
Q4 '23
Dividends $38.4M
Buybacks $0.0M
Q1 '24
Dividends $39.1M
Buybacks $1.0M
Q2 '24
Dividends $43.5M
Buybacks $0.1M
Q3 '24
Dividends $43.5M
Buybacks $2.3M
Q4 '24
Dividends $48.9M
Buybacks $0.0M
Q1 '25
Dividends $48.9M
Buybacks $1.9M
Q2 '25
Dividends $50.6M
Buybacks $0.1M
Q3 '25
Dividends $50.6M
Buybacks $1.3M
Q4 '25
Dividends $53.8M
Buybacks $0.0M
Q1 '26
Dividends $54.1M
Buybacks $2.3M
Q2 '26
Dividends $55.3M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.04B
FY17
Diluted shares 0.05B
FY18
Diluted shares 0.06B
FY19
Diluted shares 0.06B
FY20
Diluted shares 0.07B
FY21
Diluted shares 0.07B
FY22
Diluted shares 0.08B
FY23
Diluted shares 0.08B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably Terreno Realty Corp can carry it.
FY16
Cash $14.2M
Debt $415M
FY17
Cash $35.7M
Debt $462M
FY18
Cash $31.0M
Debt $462M
FY19
Cash $110M
Debt $492M
FY20
Cash $107M
Debt $459M
FY21
Cash $204M
Debt $721M
FY22
Cash $26.4M
Debt $771M
FY23
Cash $165M
Debt $772M
FY24
Cash $18.1M
Debt $823M
FY25
Cash $25.0M
Debt $943M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $204M | $26.4M | $165M | $18.1M | $25.0M |
| Debt incl. finance leases | $721M | $771M | $772M | $823M | $943M |
| Debt / equity | 0.4x | 0.3x | 0.3x | 0.2x | 0.2x |
| Total assets | $2.9B | $3.2B | $3.9B | $4.8B | $5.4B |
| Total liabilities | $866M | $935M | $990M | $1.1B | $1.2B |
| Shareholders' equity | $2.1B | $2.2B | $2.9B | $3.7B | $4.1B |
| Net debt (− = net cash) | $516M | $744M | $606M | $805M | $918M |
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
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ | ✓ |
| F-score | — / 3 | 5 / 7 | 5 / 7 | 4 / 7 | 6 / 7 | 3 / 7 | 5 / 7 | 4 / 7 | 4 / 7 | 4 / 7 |
| Accruals ratio | −2.7% | −1.2% | −0.9% | −2.0% | −1.0% | −1.8% | 1.8% | −0.8% | −1.1% | 2.6% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ 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 | $108M | $132M | $152M | $171M | $187M | $222M | $276M | $324M | $383M | $476M |
| Interest expense | $13.1M | $16.8M | $18.2M | $16.3M | $16.0M | $18.1M | $23.9M | $24.8M | $20.9M | $32.9M |
| Net income | $15.1M | $53.1M | $63.3M | $55.5M | $79.8M | $87.3M | $198M | $151M | $184M | $403M |
| Net income to common | $11.5M | $49.0M | $62.9M | $55.2M | $79.4M | $86.9M | $197M | $151M | $184M | $401M |
| Diluted EPS | $0.26 | $0.95 | $1.09 | $0.85 | $1.16 | $1.23 | $2.61 | $1.81 | $1.92 | $3.91 |
| Diluted shares | 0.04B | 0.05B | 0.06B | 0.06B | 0.07B | 0.07B | 0.08B | 0.08B | 0.10B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | $49.2M | $69.5M | $77.6M | $94.7M | $101M | $132M | $143M | $180M | $233M | $272M |
| Depreciation and amortization | $34.4M | $37.9M | $40.8M | $44.0M | $45.9M | $50.7M | $65.8M | $73.2M | $93.9M | $122M |
| Stock-based compensation | $9.4M | $8.7M | $9.3M | $10.6M | $9.8M | $9.6M | $10.2M | $13.5M | $14.9M | $17.7M |
| Share buybacks | $1.6M | $3.4M | $3.9M | $4.0M | $9.8M | $0.6M | $1.0M | $1.5M | $3.3M | $3.3M |
| Dividends paid | $33.2M | $41.9M | $51.4M | $63.6M | $74.8M | $84.6M | $107M | $136M | $175M | $204M |
| Dividends and buybacks | $34.7M | $45.3M | $55.3M | $67.5M | $84.6M | $85.2M | $108M | $137M | $178M | $207M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $14.2M | $35.7M | $31.0M | $110M | $107M | $204M | $26.4M | $165M | $18.1M | $25.0M |
| Total debt | $415M | $462M | $462M | $492M | $459M | $721M | $771M | $772M | $823M | $943M |
| Loans, net | — | $0.0M | $54.5M | $15.9M | — | — | — | — | — | — |
| Intangible assets | $18.1M | $4.1M | — | — | — | — | — | — | — | — |
| Total assets | $1.3B | $1.6B | $1.8B | $2.1B | $2.1B | $2.9B | $3.2B | $3.9B | $4.8B | $5.4B |
| Total liabilities | $467M | $540M | $549M | $591M | $552M | $866M | $935M | $990M | $1.1B | $1.2B |
| Preferred stock | $46.0M | — | — | — | — | — | — | — | — | — |
| Shareholders' equity | $812M | $1.0B | $1.2B | $1.5B | $1.6B | $2.1B | $2.2B | $2.9B | $3.7B | $4.1B |
| Margins | ||||||||||
| Net margin | 13.9% | 40.1% | 41.7% | 32.5% | 42.7% | 39.3% | 71.7% | 46.8% | 48.2% | 84.6% |
| Returns | ||||||||||
| Return on equity | 1.9% | 5.8% | 5.6% | 4.0% | 5.1% | 4.8% | 9.2% | 5.9% | 5.6% | 10.3% |
| Return on assets | 1.2% | 3.7% | 3.8% | 2.8% | 3.8% | 3.4% | 6.5% | 4.3% | 4.3% | 7.9% |
| Return on tangible equity | 1.4% | 4.8% | 5.0% | 3.6% | 5.0% | 4.2% | 8.8% | 5.2% | 5.0% | 9.7% |
| Growth | ||||||||||
| Revenue growth | — | 22.2% | 14.5% | 12.8% | 9.3% | 18.8% | 24.5% | 17.2% | 18.2% | 24.5% |
| Net income growth | — | 251.2% | 19.2% | −12.3% | 43.7% | 9.3% | 126.9% | −23.5% | 21.8% | 118.4% |
| EPS growth | — | 265.4% | 14.7% | −22.0% | 36.5% | 6.0% | 112.2% | −30.7% | 6.1% | 103.6% |
| Share count change | — | 14.8% | 11.9% | 12.6% | 5.3% | 3.8% | 6.8% | 10.3% | 15.0% | 7.2% |
| Financial health | ||||||||||
| Debt / equity | 0.5x | 0.4x | 0.4x | 0.3x | 0.3x | 0.4x | 0.3x | 0.3x | 0.2x | 0.2x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 8.7% | 6.6% | 6.1% | 6.2% | 5.3% | 4.3% | 3.7% | 4.2% | 3.9% | 3.7% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 5.0 | 4.0 | 6.0 | 3.0 | 5.0 | 4.0 | 4.0 | 4.0 |
| Accruals ratio | −2.7% | −1.2% | −0.9% | −2.0% | −1.0% | −1.8% | 1.8% | −0.8% | −1.1% | 2.6% |
Source: SEC EDGAR XBRL filings (CIK 0001476150). 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.