JBG Smith Properties (JBGS) FY2025 results: revenue $499 million, down 8.9% on the year
JBG Smith Properties (JBGS) reported revenue of $499 million for fiscal 2025, the year ended 31 December 2025, down 8.9% on the year before. Net income was -$139 million, and diluted earnings per share $-2.09. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.
Revenue
$499 million
-8.9% on the year
FY2018FY2025
Operating margin
-1.6%
0.3% a year earlier
FY2018FY2025
Net income
-$139 million
FY2018FY2025
Diluted EPS
-$2.09
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Annualized NOI rose quarter over quarter: Annualized NOI excluding sold and recently acquired assets rose from the prior quarter, with lower utilities expense and real estate tax appeals cited as main drivers.
Same Store NOI fell on occupancy: Same Store NOI declined mainly on lower occupancy and higher utilities in the commercial portfolio, and lower occupancy in multifamily. Lower commercial real estate taxes partly offset the decline.
DC metro lost federal jobs: The DC metro area shed 48,500 jobs from November 2024 to November 2025, and federal government losses were 52,400 jobs. Congress has begun restoring funding for some agencies.
Defense and technology tenants dominate leasing: Defense and technology tenants made up 90% of fourth-quarter leasing and 93% for 2025. Management described SCIF-capable space as a major differentiator in tenant discussions.
Multifamily NOI fell on occupancy and costs: Multifamily Same Store NOI fell 5.1% in the quarter and 2.4% for the year. Lower occupancy and higher operating expenses drove the decline, partly offset by higher rents.
$ 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
73.3
129
183
-43.4%
Cash from investing
357
144
-98.2
+147.9%
Cash from financing
-510
-291
-159
Depreciation and amortisation
197
215
216
-8.1%
Share-based compensation
24.9
29.5
32.1
-15.8%
Buybacks
444
171
335
+159.8%
Dividends paid
48.4
62.0
94.0
-21.9%
Dividend per share
$0.70
$0.88
$0.68
-20.0%
Diluted shares, weighted
67m
88m
105m
-23.7%
Shares outstanding at period end
n/a
84m
94m
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,158
1,809
2,223
-36.0%
Non-controlling interest
n/a
n/a
29.0
Redeemable equity
511
424
441
+20.7%
Debt
2,547
2,589
2,580
-1.6%
Other liabilities
173
199
246
-13.3%
Total liabilities and equity
4,388
5,021
5,519
-12.6%
Intangible assets
30.3
47.0
56.6
-35.5%
Cash and equivalents
75.3
146
165
-48.4%
Other assets
4,283
4,828
5,297
-11.3%
Total assets
4,388
5,021
5,519
-12.6%
10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.