Regency Centers (REG) Q4 FY2025 earnings: revenue $404 million, up 8.5% on the year

Regency Centers Corp. (REG) reported revenue of $404 million for Q4 FY2025, the quarter ended 31 December 2025, up 8.5% on the same quarter a year earlier. Net income was $202 million, up 134.1% on the year, and diluted earnings per share $1.10. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.

Revenue

$404 million

+8.5% on the year · +4.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

71.0%

71.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$202 million

+134.1% on the year · +85.1% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.10

+144.4% on the year · +89.7% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 13 new.

Core Operating Earnings per share rose: Core Operating Earnings was $209.0 million, or $1.12 per diluted share, for the quarter, against $1.04 a year earlier. Full-year figure was $4.41 per diluted share against $4.13.
Nareit FFO per share grew: Full-year Nareit FFO was $855.7 million, or $4.64 per diluted share, against $4.30 in 2024. Quarterly Nareit FFO was $1.17 per diluted share, against $1.09 a year earlier.
Leased rate edged up sequentially: Same Property leased rate was 96.5%, up 10 basis points from September and down 10 basis points from a year earlier. Commenced rate was 94.1%, down 20 basis points sequentially.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	404	388	373	+4.3%	+8.5%
Operating income	287	282	265	+1.9%	+8.4%
Operating margin	71.0%	72.7%	71.1%
Interest expense	49.9	51.3	47.1	-2.7%	+6.1%
Pre-tax income	118	97.5	76.1	+21.0%	+55.0%
Net income	202	109	86.5	+85.1%	+134.1%
Net margin	50.1%	28.2%	23.2%
Diluted EPS	$1.10	$0.58	$0.45	+89.7%	+144.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	204	219	191	-6.7%	+6.6%
Capital expenditure	128	103	108	+24.6%	+18.3%
Free cash flow	76.1	116	83.3	-34.4%	-8.6%
Free cash flow margin	18.8%	29.9%	22.4%
Cash from investing	-16.4	-32.0	-118
Cash from financing	-272	-136	-127
Depreciation and amortisation	106	103	95.2	+3.1%	+11.3%
Share-based compensation	4.6	5.0	4.7	-6.3%	-0.7%
Dividends paid	128	128	121	+0.4%	+5.7%
Dividend per share	n/a	$0.70	n/a
Shares outstanding at period end	183m	182m	181m	+0.4%	+0.8%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	6,907	6,797	6,724	+1.6%	+2.7%
Non-controlling interest	275	263	176	+4.4%	+55.9%
Debt	4,739	4,916	4,409	-3.6%	+7.5%
Other liabilities	1,080	1,083	1,083	-0.2%	-0.2%
Total liabilities and equity	13,001	13,059	12,392	-0.4%	+4.9%
Fixed assets	12.7	10.0	8.0	+27.7%	+60.0%
Goodwill	167	167	167	0.0%	0.0%
Intangible assets	254	255	230	-0.3%	+10.5%
Cash and equivalents	121	206	61.9	-41.3%	+95.0%
Other assets	12,447	12,422	11,925	+0.2%	+4.4%
Total assets	13,001	13,059	12,392	-0.4%	+4.9%

Questions

What was Regency Centers' revenue in Q4 FY2025?

Regency Centers (REG) reported revenue of $404 million for Q4 FY2025, the quarter ended 31 December 2025, up 8.5% on the same quarter a year earlier.

How much did Regency Centers earn in Q4 FY2025?

Net income for Q4 FY2025 was $202 million, up 134.1% on the year, and diluted earnings per share $1.10.

When did Regency Centers report Q4 FY2025 results?

Regency Centers filed its 10-K for the year that ended with the quarter on 13 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	297	303	302	304	315	318	314	331	360	364	357	360	373	381	381	388	404	412	414	419
Operating income	114	121	120	115	116	121	111	119	116	263	258	261	265	274	281	282	287	296	300	303
Operating margin	38%	40%	40%	38%	37%	38%	35%	36%	32%	72%	72%	72%	71%	72%	74%	73%	71%	72%	73%	72%
Interest expense	36.4	36.7	36.7	36.4	36.4	36.4	37.0	38.8	42.1	42.9	43.2	47.0	47.1	48.0	50.3	51.3	49.9	52.2	53.6	53.5
Pre-tax income	48.2	184	82.1	77.6	84.4	86.6	76.3	79.7	77.8	101	92.6	90.1	76.1	97.4	94.6	97.5	118	110	104	68.0
Net income	67.9	195	105	87.6	95.3	97.3	86.8	90.7	89.8	110	103	101	86.5	110	106	109	202	129	116	78.5
Net margin	23%	64%	35%	29%	30%	31%	28%	27%	25%	30%	29%	28%	23%	29%	28%	28%	50%	31%	28%	19%
Diluted EPS	$0.40	$1.14	$0.61	$0.51	$0.55	$0.57	$0.51	$0.50	$0.46	$0.58	$0.54	$0.54	$0.45	$0.58	$0.56	$0.58	$1.10	$0.68	$0.61	$0.41
Operating cash flow	151	143	185	200	128	162	173	213	172	168	203	228	191	161	244	219	204	153	281	220
Capital expenditure	56.8	53.6	45.9	44.3	51.7	44.6	55.5	58.9	73.9	60.9	80.9	93.5	108	101	103	103	128	105	107	106
Free cash flow	94.1	89.3	139	156	75.9	118	117	154	98.0	107	123	134	83.3	59.6	141	116	76.1	47.7	174	114
Buybacks	n/a	n/a	n/a	3.5	n/a	20.0	0.0	0.0	0.0	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	101	107	107	108	107	111	111	110	120	124	124	122	121	128	128	128	128	276	0.0	138
Shares outstanding	171m	172m	171m	171m	171m	171m	171m	185m	185m	185m	181m	182m	181m	182m	182m	182m	183m	183m	183m	183m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 13 February 2026: the filing.