Detailed financial statements for Kimco Realty Corporation (KIM): 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.
Kimco Realty Corporation (NYSE:KIM), headquartered in Jericho, N.Y., operates as a real estate investment trust (REIT). It stands as one of North America's preeminent publicly traded entities dedicated to the ownership and operation of open-air, grocery-anchored shopping centers and diverse mixed-use developments. With a substantial portfolio reported as of September 30, 2020, Kimco held interests in 400 properties across the U.S.
Analysis Summary
Kimco Realty Corporation reported revenue of $2.14B in the most recent fiscal year, growing at a 5-year CAGR of 15.1%. Net income reached $584.1M, with a -10.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 55.2%, operating margin 39.9%, net margin 34.1%. Free cash flow grew at 5.5% CAGR over 5 years.
At $24.52 (closing price, October 30, 2026), KIM trades at a P/E of 22.29 and an ROE of 7.27%. Market capitalisation stands at $16.4B, placing it among large-cap names.
Balance sheet quality for KIM: debt-to-equity ratio of 0.85, current ratio of 2.68 over the last 12 months, net debt of $8.43B at the end of the last fiscal year. 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 $772.4M represents 132% 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 | $1.17B | $1.20B | $1.16B | $1.16B | $1.06B | $1.36B | $1.73B | $1.78B | $2.04B | $2.14B |
| Cost of Revenue | $298.5M | $311.1M | $328.6M | $337.0M | $343.0M | $417.9M | $530.9M | $556.7M | $637.7M | $970.4M |
| Gross Profit | $872.3M | $889.7M | $836.2M | $821.9M | $714.9M | $946.7M | $1.20B | $1.23B | $1.40B | $1.17B |
| Research & Development | 0 | 0 | 0 | 0 | $3.2M | 0 | $3.5M | 0 | 0 | 0 |
| Selling, General & Admin | $117.3M | $118.5M | $87.8M | $96.9M | $93.2M | $104.1M | $120.1M | $136.8M | $138.1M | $170.2M |
| Operating Expenses | $448.1M | $431.9M | $253.8M | $344.3M | $382.3M | $522.4M | $631.3M | $587.9M | $770.3M | $417.1M |
| Operating Income | $393.6M | $431.0M | $582.4M | $477.6M | $332.6M | $424.3M | $565.5M | $638.8M | $629.1M | $752.6M |
| EBITDA | $708.7M | $792.6M | $893.1M | $767.3M | $621.7M | $1.34B | $1.08B | $1.40B | $1.26B | $1.60B |
| Interest Expense | $192.5M | $192.0M | $183.3M | $177.4M | $186.9M | $204.1M | $226.8M | $250.2M | $307.8M | $407.5M |
| Pre-tax Income | $464.7M | $438.8M | $500.1M | $410.2M | $1.00B | $853.1M | $171.2M | $726.9M | $444.9M | $595.6M |
| Income Tax | $72.5M | -$880,000 | $1.6M | -$3.3M | $978,000 | $3.4M | $56.7M | $61.0M | $25.4M | $2.8M |
| Net Income | $378.9M | $426.1M | $497.8M | $410.6M | $1.00B | $844.1M | $126.0M | $654.3M | $410.8M | $584.1M |
| EPS | $0.79 | $0.87 | $1.18 | $0.75 | $2.26 | $1.61 | $0.16 | $1.02 | $0.55 | $0.83 |
| EPS (Diluted) | $0.79 | $0.87 | $1.18 | $0.75 | $2.25 | $1.60 | $0.16 | $1.02 | $0.55 | $0.83 |
| Shares Outstanding (Diluted) | 419.7 M | 424.0 M | 421.4 M | 421.8 M | 431.6 M | 511.4 M | 617.9 M | 618.2 M | 672.1 M | 674.1 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $542.5M | $558.0M | $550.8M | $546.1M |
| Gross Profit | $61.5M | $385.8M | $380.4M | $384.5M |
| Operating Income | $179.0M | $207.8M | $209.0M | $280.0M |
| EBITDA | $392.8M | $375.1M | $340.4M | $451.7M |
| Net Income | $151.2M | $164.9M | $153.3M | $279.1M |
| EPS | $0.22 | $0.23 | $0.24 | $0.41 |
| EPS (Diluted) | $0.22 | $0.23 | $0.24 | $0.41 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $142.5M | $238.5M | $143.6M | $123.9M | $293.0M | $325.6M | $147.0M | $780.5M | $688.6M | $212.8M |
| Short-term Investments | $8.1M | $13.3M | 0 | $9.4M | $707.0M | $1.21B | $597.7M | $330.1M | $2.3M | 0 |
| Receivables | $181.8M | $189.8M | $184.5M | $218.7M | $219.2M | $254.7M | $304.2M | $307.6M | $340.5M | $752.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $355.6M | $463.4M | $328.1M | $352.0M | $1.22B | $1.80B | $1.05B | $1.42B | $1.03B | $965.7M |
| Property, Plant & Equipment | $9.39B | $9.90B | $9.27B | $99.1M | $102.4M | $147.5M | $133.7M | $128.3M | $126.4M | $127.6M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $403.7M | 0 |
| Total Assets | $11.23B | $11.76B | $11.00B | $11.00B | $11.61B | $18.46B | $17.83B | $18.27B | $20.31B | $19.69B |
| Accounts Payable | $145.8M | $185.7M | $174.9M | $170.1M | $146.5M | $220.3M | $207.8M | $216.2M | $281.9M | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $893.7M |
| Total Current Liabilities | $270.3M | $314.6M | $305.2M | $296.4M | $151.8M | $225.7M | $213.1M | $221.5M | $288.3M | $893.7M |
| Long-term Debt | $5.07B | $5.48B | $4.87B | $5.32B | $5.36B | $7.48B | $7.16B | $7.62B | $8.46B | $7.30B |
| Total Liabilities | $5.74B | $6.23B | $5.56B | $6.05B | $5.93B | $8.34B | $8.09B | $8.55B | $9.46B | $9.12B |
| Retained Earnings | -$676.9M | -$761.3M | -$787.7M | -$904.7M | -$162.8M | $299.1M | -$119.5M | -$122.6M | -$398.8M | -$528.7M |
| Total Equity | $5.26B | $5.39B | $5.33B | $4.86B | $5.61B | $9.90B | $9.52B | $9.53B | $10.65B | $10.39B |
| Total Debt | $5.07B | $5.48B | $4.87B | $5.41B | $5.45B | $7.60B | $7.27B | $7.73B | $8.58B | $8.64B |
| Net Debt | $4.92B | $5.23B | $4.73B | $5.28B | $4.45B | $6.06B | $6.53B | $6.62B | $7.89B | $8.43B |
| Working Capital | $85.3M | $148.8M | $22.9M | $55.6M | $1.07B | $1.58B | $838.6M | $1.20B | $744.2M | $71.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $212.8M | $169.6M | $700.4M | $544.9M |
| Total Assets | $19.69B | $19.59B | $20.03B | $19.72B |
| Total Liabilities | $9.12B | $9.04B | $9.61B | $9.40B |
| Total Equity | $10.39B | $10.39B | $10.27B | $10.16B |
| Total Debt | $8.64B | $8.31B | $8.74B | $8.59B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $386.1M | $439.7M | $498.5M | $413.6M | $1.00B | $849.7M | $114.5M | $665.9M | $419.4M | $581.5M |
| Depreciation & Amortization | $355.3M | $360.8M | $310.4M | $277.9M | $289.0M | $395.3M | $505.0M | $507.3M | $603.7M | $596.3M |
| Stock-based Compensation | $19.1M | $21.6M | $18.2M | $20.2M | $23.7M | $23.1M | $26.6M | $33.1M | $34.9M | 0 |
| Change in Working Capital | -$56.3M | -$43.5M | -$55.2M | -$93.2M | -$20.7M | -$100.4M | $4.3M | $4.4M | -$38.1M | -$18.1M |
| Operating Cash Flow | $592.1M | $614.2M | $637.9M | $583.6M | $589.9M | $618.9M | $861.1M | $1.07B | $1.01B | $1.12B |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$264.4M | -$324.5M | -$347.6M |
| Acquisitions | $177.1M | $20.5M | -$15.0M | -$5.9M | -$11.4M | -$228.7M | -$49.7M | -$10.8M | -$126.2M | $143,000 |
| Stock Repurchased | 0 | -$225.0M | -$75.1M | -$575.0M | 0 | 0 | -$3.4M | -$1.5M | 0 | -$123.8M |
| Dividends Paid | -$474.0M | -$506.2M | -$529.8M | -$531.6M | -$379.9M | -$382.1M | -$544.7M | -$657.5M | -$685.9M | -$714.6M |
| Free Cash Flow | $592.1M | $614.2M | $637.9M | $583.6M | $589.9M | $618.9M | $861.1M | $807.2M | $681.2M | $772.4M |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $258.4M | $243.0M | $345.3M | $389.5M |
| Capital Expenditure | -$115.6M | 0 | -$112.2M | -$100.3M |
| Free Cash Flow | $142.7M | $243.0M | $233.1M | $289.2M |
| Dividends Paid | -$183.4M | -$182.9M | -$182.9M | -$194.4M |
| Stock-based Compensation | 0 | 0 | $6.1M | $8.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.6% | -3.0% | -0.5% | -8.7% | +29.0% | +26.6% | +3.2% | +14.2% | +5.1% | |
| Net Income Growth (YoY) | +12.5% | +16.8% | -17.5% | +143.7% | -15.7% | -85.1% | +419.4% | -37.2% | +42.2% | |
| EPS Growth (YoY) | +10.1% | +35.6% | -36.4% | +201.3% | -28.8% | -90.1% | +537.5% | -46.1% | +50.9% | |
| Shares Change (YoY) | +1.0% | -0.6% | +0.1% | +2.3% | +18.5% | +20.8% | +0.1% | +8.7% | +0.3% | |
| FCF Growth (YoY) | +3.7% | +3.9% | -8.5% | +1.1% | +4.9% | +39.1% | -6.3% | -15.6% | +13.4% | |
| Gross Margin | 74.5% | 74.1% | 71.8% | 70.9% | 67.6% | 69.4% | 69.3% | 68.8% | 68.7% | 54.7% |
| Operating Margin | 33.6% | 35.9% | 50.0% | 41.2% | 31.4% | 31.1% | 32.7% | 35.8% | 30.9% | 35.2% |
| EBITDA Margin | 60.5% | 66.0% | 76.7% | 66.2% | 58.8% | 98.5% | 62.3% | 78.6% | 62.0% | 74.7% |
| Net Margin | 32.4% | 35.5% | 42.7% | 35.4% | 94.6% | 61.9% | 7.3% | 36.7% | 20.2% | 27.3% |
| FCF Margin | 50.6% | 51.1% | 54.8% | 50.4% | 55.8% | 45.4% | 49.8% | 45.3% | 33.4% | 36.1% |
| Effective Tax Rate | 15.6% | -0.2% | 0.3% | -0.8% | 0.1% | 0.4% | 33.1% | 8.4% | 5.7% | 0.5% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.41 | $1.45 | $1.51 | $1.38 | $1.37 | $1.21 | $1.39 | $1.31 | $1.01 | $1.15 |
| Dividends Per Share | $1.13 | $1.19 | $1.26 | $1.26 | $0.88 | $0.75 | $0.88 | $1.06 | $1.02 | $1.06 |
| Shares Outstanding (Basic) | 418.4 M | 423.6 M | 420.6 M | 420.4 M | 429.9 M | 506.2 M | 615.5 M | 616.9 M | 671.6 M | 673.9 M |
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 (<=15x (<=20x borderline)) — REIT P/E equivalent. As with the P/E, the lower, the cheaper.
Profitability
| Return on Equity | 7.27% |
| Return on Invested Capital | 88.01% |
| Return on Assets | 3.80% |
| Gross Margin | 55.16% |
| Operating Margin | 39.86% |
| Net Margin | 34.06% |
Financial Health
| Debt / Equity | 0.85 |
| Current Ratio | 2.68 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 31.85 | 20.86 | 12.42 | 27.61 | 6.64 | 15.31 | 132.38 | 20.89 | 42.60 | 24.42 |
| P/B | 2.00 | 1.43 | 1.16 | 1.79 | 1.15 | 1.26 | 1.37 | 1.38 | 1.48 | 1.31 |
| P/S | 8.99 | 6.40 | 5.29 | 7.51 | 6.10 | 9.14 | 7.55 | 7.37 | 7.72 | 6.38 |
| Gross Margin | 74.5% | 74.1% | 71.8% | 70.9% | 67.6% | 69.4% | 69.3% | 68.8% | 68.7% | 54.7% |
| Operating Margin | 33.6% | 35.9% | 50.0% | 41.2% | 31.4% | 31.1% | 32.7% | 35.8% | 30.9% | 35.2% |
| Net Margin | 32.4% | 35.5% | 42.7% | 35.4% | 94.6% | 61.9% | 7.3% | 36.7% | 20.2% | 27.3% |
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