Detailed financial statements for Brixmor Property Group Inc. (BRX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Brixmor (NYSE: BRX) is a prominent real estate investment trust (REIT) specializing in the ownership and management of a high-caliber, nationwide collection of open-air retail centers. Its extensive portfolio comprises 395 properties, collectively spanning approximately 69 million square feet of strategic commercial space situated within well-established trade zones.
Analysis Summary
Brixmor Property Group Inc. reported revenue of $1.37B in the most recent fiscal year, growing at a 5-year CAGR of 5.4%. Net income reached $386.2M, with a 26.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 60.2%, operating margin 36.8%, net margin 30.8%. Free cash flow grew at 8.0% CAGR over 5 years.
At the current price of $27.05, BRX trades at a P/E of 19.29 and an ROE of 14.39%. Market capitalisation stands at $8.3B.
Balance sheet quality for BRX: current ratio of 1.1, net debt of $5.51B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $652.0M represents 169% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.28B | $1.28B | $1.23B | $1.17B | $1.05B | $1.15B | $1.22B | $1.25B | $1.29B | $1.37B |
| Cost of Revenue | $307.9M | $315.2M | $313.6M | $295.9M | $280.6M | $297.8M | $311.8M | $320.0M | $317.1M | $340.5M |
| Gross Profit | $967.9M | $968.0M | $920.7M | $872.4M | $772.6M | $854.5M | $906.3M | $925.0M | $967.9M | $1.03B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $92.2M | $92.2M | $93.6M | $102.3M | $98.3M | $105.5M | $117.2M | $117.1M | $116.4M | $112.7M |
| Operating Expenses | $488.7M | $472.6M | $455.9M | $102.3M | $98.3M | $432.6M | $462.0M | $117.1M | $497.8M | $527.6M |
| Operating Income | $252.5M | $268.7M | $464.8M | $770.1M | $674.4M | $421.9M | $444.3M | $807.9M | $470.2M | $503.5M |
| EBITDA | $866.4M | $902.1M | $817.0M | $751.3M | $657.9M | $792.1M | $891.4M | $858.1M | $936.7M | $1.03B |
| Interest Expense | $226.7M | $226.7M | $215.0M | $189.8M | $200.0M | $194.8M | $192.4M | $190.7M | $216.0M | $224.7M |
| Pre-tax Income | $278.1M | $300.4M | $366.3M | $274.8M | $121.2M | $270.2M | $354.2M | $305.1M | $339.3M | $386.3M |
| Income Tax | $224.7M | $224.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $275.6M | $300.3M | $366.3M | $274.8M | $121.2M | $270.2M | $354.2M | $305.1M | $339.3M | $386.2M |
| EPS | $0.91 | $0.99 | $1.21 | $0.29 | $0.41 | $0.91 | $1.18 | $1.01 | $1.12 | $1.26 |
| EPS (Diluted) | $0.90 | $0.98 | $1.21 | $0.29 | $0.41 | $0.90 | $1.17 | $1.01 | $1.11 | $1.25 |
| Shares Outstanding (Diluted) | $305.1M | $305.3M | $302.3M | $299.3M | $297.9M | $298.8M | $301.7M | $302.4M | $304.0M | $307.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $340.8M | $353.8M | $354.8M | $354.2M |
| Gross Profit | $256.5M | $265.1M | $57.1M | $265.7M |
| Operating Income | $126.5M | $133.7M | $134.1M | $121.6M |
| EBITDA | $254.2M | $299.5M | $292.4M | $239.9M |
| Net Income | $94.2M | $137.1M | $127.8M | $73.7M |
| EPS | $0.31 | $0.45 | $0.42 | $0.24 |
| EPS (Diluted) | $0.31 | $0.44 | $0.41 | $0.24 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $51.4M | $56.9M | $41.7M | $19.1M | $368.7M | $296.6M | $16.5M | $866,000 | $377.6M | $361.5M |
| Short-term Investments | $25.6M | $28.0M | $30.2M | $18.1M | 0 | 0 | 0 | $19.9M | $20.3M | 0 |
| Receivables | $178.2M | $232.1M | $228.3M | $234.2M | $240.3M | $234.9M | $264.1M | $278.8M | $281.9M | $315.1M |
| Inventory | -$21.6M | -$24.4M | -$18.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $306.7M | $370.9M | $312.2M | $296.0M | $628.4M | $548.7M | $295.8M | $317.6M | $685.1M | $676.7M |
| Property, Plant & Equipment | $8.64B | $8.40B | $7.64B | 0 | $7.48B | $7.58B | $7.86B | $32.4M | 0 | $44.1M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $203.9M | $163.0M | $107.6M | 0 | $58.7M | $63.3M | $77.5M | $59.5M | $93.4M | $122.1M |
| Total Assets | $9.32B | $9.15B | $8.24B | $8.14B | $8.34B | $8.38B | $8.44B | $8.33B | $8.91B | $9.13B |
| Accounts Payable | 0 | 0 | 0 | 0 | $275.9M | $292.9M | $317.1M | $337.6M | $331.2M | $333.6M |
| Short-term Debt | 0 | 0 | 0 | $648.1M | $28.2M | $12.6M | 0 | $300.4M | $495.4M | $613.5M |
| Total Current Liabilities | $2.78B | $2.15B | $520.5M | $1.19B | $370.1M | $379.9M | $398.7M | $736.6M | $1.08B | $613.5M |
| Long-term Debt | $5.84B | $5.68B | $4.89B | $4.21B | $5.17B | $5.16B | $5.04B | $4.63B | $4.84B | $5.07B |
| Total Liabilities | $6.39B | $6.25B | $5.41B | $5.40B | $5.66B | $5.66B | $5.57B | $5.48B | $5.92B | $6.12B |
| Retained Earnings | -$426.6M | -$449.4M | -$416.2M | -$480.2M | 0 | 0 | 0 | -$460.6M | -$458.6M | -$432.8M |
| Total Equity | $2.92B | $2.91B | $2.84B | $2.74B | $2.68B | $2.72B | $2.87B | $2.85B | $2.98B | $3.01B |
| Total Debt | $5.84B | $5.68B | $4.89B | $4.86B | $5.23B | $5.21B | $5.08B | $4.93B | $5.34B | $5.87B |
| Net Debt | $5.76B | $5.59B | $4.81B | $4.82B | $4.87B | $4.91B | $5.06B | $4.91B | $4.94B | $5.51B |
| Working Capital | -$2.47B | -$1.78B | -$208.3M | -$889.5M | $258.3M | $168.8M | -$102.9M | -$419.0M | -$395.5M | $63.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $331.5M | $361.5M | $323.9M | $170.9M |
| Total Assets | $9.05B | $9.13B | $9.10B | $9.01B |
| Total Liabilities | $6.09B | $6.12B | $6.07B | $6.00B |
| Total Equity | $2.96B | $3.01B | $3.04B | $3.02B |
| Total Debt | $5.49B | $5.87B | $5.68B | $5.33B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $278.1M | $300.4M | $366.3M | $274.8M | $121.2M | $270.2M | $354.2M | $305.1M | $339.3M | $386.3M |
| Depreciation & Amortization | $349.6M | $345.4M | $352.2M | $313.6M | $319.1M | $327.2M | $332.6M | $349.5M | $370.2M | $398.1M |
| Stock-based Compensation | $11.6M | $10.5M | $9.4M | $12.7M | $11.0M | $17.1M | $23.4M | $20.8M | $17.9M | $17.6M |
| Change in Working Capital | -$38.6M | -$74.7M | -$48.3M | -$55.3M | -$31.3M | -$16.3M | -$46.3M | -$42.4M | -$42.0M | -$54.3M |
| Operating Cash Flow | $567.2M | $551.9M | $541.7M | $528.7M | $443.1M | $552.2M | $566.4M | $588.8M | $624.7M | $652.0M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -$2.8M | $12.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | -$5.9M | -$104.7M | -$14.6M | -$25.0M | 0 | 0 | 0 | 0 | -$449,000 |
| Dividends Paid | -$295.2M | -$317.4M | -$333.4M | -$334.9M | -$170.4M | -$257.2M | -$289.6M | -$315.3M | -$331.2M | -$354.2M |
| Free Cash Flow | $567.5M | $551.9M | $541.7M | $528.7M | $443.1M | $552.2M | $566.4M | $588.8M | $624.7M | $652.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $168.3M | $172.2M | $141.2M | $203.7M |
| Capital Expenditure | 0 | 0 | 0 | -$52.5M |
| Free Cash Flow | $168.3M | $172.2M | $141.2M | $151.2M |
| Dividends Paid | -$88.3M | -$88.3M | -$96.9M | -$94.6M |
| Stock-based Compensation | $4.1M | $4.6M | $2.4M | $3.6M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.6% | -3.8% | -5.4% | -9.8% | +9.4% | +5.7% | +2.2% | +3.2% | +6.7% | |
| Net Income Growth (YoY) | +8.9% | +22.0% | -25.0% | -55.9% | +123.0% | +31.1% | -13.9% | +11.2% | +13.8% | |
| EPS Growth (YoY) | +8.8% | +22.2% | -76.0% | +41.4% | +122.0% | +29.7% | -14.4% | +10.9% | +12.5% | |
| Shares Change (YoY) | +0.1% | -1.0% | -1.0% | -0.5% | +0.3% | +1.0% | +0.2% | +0.5% | +1.3% | |
| FCF Growth (YoY) | -2.7% | -1.9% | -2.4% | -16.2% | +24.6% | +2.6% | +4.0% | +6.1% | +4.4% | |
| Gross Margin | 75.9% | 75.4% | 74.6% | 74.7% | 73.4% | 74.2% | 74.4% | 74.3% | 75.3% | 75.2% |
| Operating Margin | 19.8% | 20.9% | 37.7% | 65.9% | 64.0% | 36.6% | 36.5% | 64.9% | 36.6% | 36.7% |
| EBITDA Margin | 67.9% | 70.3% | 66.2% | 64.3% | 62.5% | 68.7% | 73.2% | 68.9% | 72.9% | 74.8% |
| Net Margin | 21.6% | 23.4% | 29.7% | 23.5% | 11.5% | 23.4% | 29.1% | 24.5% | 26.4% | 28.2% |
| FCF Margin | 44.5% | 43.0% | 43.9% | 45.3% | 42.1% | 47.9% | 46.5% | 47.3% | 48.6% | 47.5% |
| Effective Tax Rate | 80.8% | 74.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.86 | $1.81 | $1.79 | $1.77 | $1.49 | $1.85 | $1.88 | $1.95 | $2.05 | $2.12 |
| Dividends Per Share | $0.97 | $1.04 | $1.10 | $1.12 | $0.57 | $0.86 | $0.96 | $1.04 | $1.09 | $1.15 |
| Shares Outstanding (Basic) | $301.6M | $304.8M | $302.1M | $298.2M | $297.0M | $297.4M | $299.9M | $301.0M | $303.1M | $307.2M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 14.39% |
| Return on Invested Capital | 6.16% |
| Return on Assets | 4.80% |
| Gross Margin | 60.16% |
| Operating Margin | 36.75% |
| Net Margin | 30.83% |
Financial Health
| Debt / Equity | 1.76 |
| Current Ratio | 1.07 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.06 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 26.84 | 18.85 | 12.14 | 74.52 | 40.37 | 27.92 | 19.21 | 23.04 | 24.86 | 20.81 |
| P/B | 2.52 | 1.96 | 1.56 | 2.35 | 1.83 | 2.78 | 2.37 | 2.46 | 2.83 | 2.68 |
| P/S | 5.77 | 4.43 | 3.60 | 5.52 | 4.67 | 6.56 | 5.58 | 5.63 | 6.57 | 5.87 |
| Gross Margin | 75.9% | 75.4% | 74.6% | 74.7% | 73.4% | 74.2% | 74.4% | 74.3% | 75.3% | 75.2% |
| Operating Margin | 19.8% | 20.9% | 37.7% | 65.9% | 64.0% | 36.6% | 36.5% | 64.9% | 36.6% | 36.7% |
| Net Margin | 21.6% | 23.4% | 29.7% | 23.5% | 11.5% | 23.4% | 29.1% | 24.5% | 26.4% | 28.2% |
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Explore sector: Real Estate · REIT - Retail
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