10-K · March 2, 2026
Empire State Realty Trust reported full-year 2025 total revenue of $768.27 million and Core FFO of $234.2 million, driven by leasing activity (1,009,009 rentable sq ft signed) and two acquisitions (130 Mercer for $386.0…
Earnings analysis · 10-Q
ESRT earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Empire State Realty Trust reported a revenue of $166.1 million for Q1 2026, representing a 7.5% increase from $154.5 million in Q1 2025. However, diluted EPS was $0.20, a sequential decline from both the previous…
Read full summary
Empire State Realty Trust reported a revenue of $166.1 million for Q1 2026, representing a 7.5% increase from $154.5 million in Q1 2025. However, diluted EPS was $0.20, a sequential decline from both the previous quarter and the prior year’s Q1, impacted by lower observatory revenue due to decreased tourism. The company continues to focus on its diverse income streams, despite economic headwinds.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.2
What stood out
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Revenue Growth
Total revenue increased by 7.5% to $166.1 million from $154.5 million in the prior year.
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Stable EPS
Reported EPS remained at $0.20, unchanged sequentially but lower than average annual expectations.
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Core FFO Strength
Core FFO attributable to common stockholders increased to $53.2 million, an uptick from $52.0 million in the prior year.
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Leasing Activity
Signed 113,484 square feet of new and renewal leases during the quarter, reflecting steady leasing demand.
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Cash Liquidity Strength
As of March 31, 2026, cash and cash equivalents were $68.8 million, remaining adequate for operational needs.
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Debt Maturity Management
No unsecured term loans due until March 2029, providing solid debt maturity management.
What to watch
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Declining Observatory Revenue
Observatory revenue fell by 20.1%, from $23.2 million to $18.5 million, due to lower international tourism.
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Higher Operating Costs
Operating expenses increased by 6.0% to $47.7 million from $45.1 million YoY, impacting margins.
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Interest Rate Risk Exposure
Facing potential increased costs due to current floating rate debt of $40 million, representing 1.7% of total debt.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-K · February 28, 2025
Empire State Realty Trust reports total revenues of $767.9 million in 2024 driven by $614.6 million of rental revenue and $136.4 million from Observatory operations, with Core FFO of $256.2 million and net income…
10-K · February 28, 2024
Empire State Realty Trust reported total revenues of $739.6 million for 2023 (up $12.5 million, or 1.7% vs. 2022) and Core FFO of $245.8 million. Observatory operations meaningfully recovered (2023 observatory revenue…
10-Q · November 8, 2023
Empire State Realty Trust, Inc. reported total revenues of $191.526 million for Q3 2023, reflecting a year-over-year increase of 4.7% compared to $183.712 million in the prior year. Diluted EPS improved significantly to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.