Terreno Realty (TRNO) FY2025 results: revenue $476 million, up 24.5% on the year
Terreno Realty Corp. (TRNO) reported revenue of $476 million for fiscal 2025, the year ended 31 December 2025, up 24.5% on the year before. Net income was $403 million, up 118.4%, and diluted earnings per share $3.91. The figures are the company's own, from the 10-K it filed with the SEC on 4 February 2026.
Revenue
$476 million
+24.5% on the year
FY2018FY2025
Operating margin
40.3%
38.7% a year earlier
FY2018FY2025
Net income
$403 million
+118.4% on the year
FY2018FY2025
Diluted EPS
$3.91
+103.6% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ 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
272
233
180
+16.8%
Capital expenditure
63.4
46.4
53.1
+36.6%
Free cash flow
208
186
127
+11.9%
Free cash flow margin
43.8%
48.7%
39.1%
Cash from investing
-452
-915
-570
Cash from financing
188
535
529
-64.9%
Depreciation and amortisation
122
93.9
73.2
+29.5%
Share-based compensation
17.7
14.9
13.5
+18.7%
Buybacks
3.3
3.3
1.5
-1.7%
Dividends paid
204
175
136
+16.5%
Dividend per share
$2.02
$1.88
$1.70
+7.4%
Diluted shares, weighted
103m
96m
83m
+7.2%
Shares outstanding at period end
104m
99m
87m
+4.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
4,146
3,662
2,915
+13.2%
Debt
943
823
772
+14.6%
Other liabilities
298
284
218
+5.0%
Total liabilities and equity
5,388
4,770
3,905
+13.0%
Cash and equivalents
25.0
18.1
165
+38.5%
Other assets
5,363
4,752
3,739
+12.9%
Total assets
5,388
4,770
3,905
+13.0%
10-K for the year ended 31 December 2025, filed 4 February 2026: the filing.