EPR earnings analysis
What we found in EPR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
EPR Properties reported a robust quarter with total revenue of $181.3 million, surpassing analyst estimates of $174.4 million. The company registered EPS of $1.26, exceeding expectations, while FFOAA per share also rose to $1.26, yielding a solid growth trajectory despite a slight decline in net income per share. Management expressed confidence about future investment prospects and sustained operational momentum in their segment reports.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat
- Total revenue reached $181.3 million, beating estimates of $174.4 million by 4.4%.
- EPS Surpass
- Reported EPS of $1.26 exceeded the consensus estimate of $1.21, indicating a positive surprise of 4.1%.
- Segment Growth in Experiential
- Experiential revenue increased by $9.2 million due to new property acquisitions and developments, reflecting management's strategic focus.
- FFOAA Growth
- FFOAA per diluted share stood at $1.26, showing a year-over-year increase of 5.9% from $1.19.
- Investment Spending Increased
- Investment spending totaled $51.3 million in Q1 2026, up from $37.7 million in Q1 2025, highlighting growth initiatives.
- Strong Operating Cash Flow
- Net cash from operating activities was $113.4 million, up from $99.4 million the previous year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Net Income Decline
- Net income available to common shareholders decreased by 5.1%, down to $0.74 from $0.78 year-over-year.
- Increased Debt Levels
- Total debt increased to $2.9 billion from $2.79 billion year-over-year, raising financial leverage concerns.
- Retirement and Severance Expenses
- A new retirement and severance expense of $1.4 million was recognized due to leadership changes, impacting net income.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.26
- Segment
- Experiential
- Segment
- Education
What they said about what is next.
FFOAA per diluted share guidance increased to $5.37-$5.53; further numeric guidance deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-K · February 26, 2026
- EPR reiterates its strategy to be a specialist experiential REIT, concentrating on out-of-home leisure assets and pursuing diversification away from theatres into eat & play, attractions, ski, lodging and fitness. The…
- 10-Q · October 30, 2025
- EPR reported total revenue of $182,306 (dollars in thousands) for Q3 2025, up modestly from $180,507 in Q3 2024, while diluted EPS increased to $0.79 from $0.53 in the prior-year quarter. Operating income improved to…
- 10-Q · July 31, 2025
- EPR reported total revenue of $178,068,000 and diluted EPS of $0.91 for the quarter ended June 30, 2025. Operating performance improved materially year-over-year — income from operations rose to $111,251,000 (operating…
- 10-Q · May 8, 2025
- EPR reported total revenue of $175,033,000 for the quarter ended March 31, 2025, up from $167,232,000 in Q1 2024, with net income available to common shareholders of $59,771,000 (diluted EPS $0.78 vs $0.75 in Q1 2024).…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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