Saul Centers (BFS) FY2025 results: revenue $290 million, up 7.8% on the year
Saul Centers, Inc. (BFS) reported revenue of $290 million for fiscal 2025, the year ended 31 December 2025, up 7.8% on the year before. Net income was $38 million, down 25.9%, and diluted earnings per share $1.09. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$290 million
+7.8% on the year
FY2018FY2025
Operating margin
67.4%
75.8% a year earlier
FY2018FY2025
Net income
$38 million
-25.9% on the year
FY2018FY2025
Diluted EPS
$1.09
-33.1% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Revenue rose while net income fell: The company reported quarterly total revenue of $75.1 million, up from $67.9 million, and net income of $8.2 million, down from $10.4 million.
Hampden House reduced quarterly net income: Initial operations of Hampden House reduced quarterly net income by $5.1 million, including $2.8 million of lower capitalized interest, and reduced FFO by $3.6 million.
Same-property NOI fell on prior payment: Same property NOI fell 11.2% in the quarter, mainly because the 2024 Quarter included an $8.7 million non-recurring rental payment. Excluding that payment, same property NOI rose 4.2%.
Mixed-Use NOI up excluding prior payment: Mixed-Use same property NOI was $14.2 million, down 32.2%. Excluding the 2024 non-recurring rental payment, it was $22.9 million, up 9.2%.
Hampden House apartments still filling: As of February 23, 2026, 130 of the 366 Hampden House apartments, or 35.5%, were leased and occupied. Revenue is described as growing as occupancy increases.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
99.8
121
118
-17.7%
Capital expenditure
52.8
152
177
-65.2%
Free cash flow
47.0
-30.5
-59.8
Free cash flow margin
16.2%
-11.3%
-23.2%
Cash from investing
-95.8
-189
-204
Cash from financing
-5.5
69.4
81.1
Depreciation and amortisation
58.8
50.5
48.4
+16.4%
Share-based compensation
2.0
1.7
1.4
+15.1%
Dividends paid
57.1
56.9
56.7
+0.4%
Dividend per share
$2.36
$2.36
$2.36
0.0%
Diluted shares, weighted
24m
24m
24m
+0.4%
Shares outstanding at period end
25m
24m
24m
+1.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
308
336
348
-8.3%
Non-controlling interest
169
165
156
+2.5%
Debt
1,347
1,334
1,310
+1.0%
Other liabilities
338
291
180
+16.2%
Total liabilities and equity
2,163
2,126
1,994
+1.7%
Cash and equivalents
8.7
10.3
8.4
-15.1%
Other assets
2,154
2,116
1,986
+1.8%
Total assets
2,163
2,126
1,994
+1.7%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.