JBG Smith Properties (JBGS) FY2024 results: revenue $547 million, down 9.4% on the year

JBG Smith Properties (JBGS) reported revenue of $547 million for fiscal 2024, the year ended 31 December 2024, down 9.4% on the year before. Net income was -$144 million, and diluted earnings per share $-1.65. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2025.

Revenue

$547 million

-9.4% on the year

FY2017FY2024

Operating margin

0.3%

6.5% a year earlier

FY2017FY2024

Net income

-$144 million

FY2017FY2024

Diluted EPS

-$1.65

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	547	604	606	-9.4%
Operating income	1.5	39.2	16.2	-96.1%
Operating margin	0.3%	6.5%	2.7%
Interest expense	134	109	75.9	+23.4%
Pre-tax income	-177	-92.0	100
Income tax	0.8	-0.3	1.3
Effective tax rate	n/a	n/a	1.3%
Net income	-144	-80.0	85.4
Net margin	-26.2%	-13.2%	14.1%
Diluted EPS	-$1.65	-$0.78	$0.70

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	129	183	178	-29.4%
Cash from investing	144	-98.2	524
Cash from financing	-291	-159	-730
Depreciation and amortisation	215	216	218	-0.3%
Share-based compensation	29.5	32.1	41.3	-8.0%
Buybacks	171	335	361	-49.1%
Dividends paid	62.0	94.0	108	-34.0%
Dividend per share	$0.88	$0.68	$0.90	+29.6%
Diluted shares, weighted	88m	105m	119m	-16.0%
Shares outstanding at period end	84m	94m	114m	-10.4%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	1,809	2,223	2,682	-18.6%
Non-controlling interest	n/a	29.0	32.2
Redeemable equity	424	441	481	-3.9%
Debt	2,589	2,580	2,452	+0.3%
Other liabilities	199	246	256	-19.0%
Total liabilities and equity	5,021	5,519	5,903	-9.0%
Intangible assets	47.0	56.6	68.2	-17.0%
Cash and equivalents	146	165	241	-11.5%
Other assets	4,828	5,297	5,594	-8.9%
Total assets	5,021	5,519	5,903	-9.0%

10-K for the year ended 31 December 2024, filed 18 February 2025: the filing.