NYSE$ESRT

Empire State Realty Trust Inc · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

Empire State Realty Trust reported Q4 2025, diluted EPS of $0.12.

For Q4 2025, Empire State Realty Trust reported diluted EPS was $0.12. Management discusses segment performance, capital allocation, and outlook in the earnings release.

  • Diluted EPS $0.12.
  • Empire State Realty Trust highlights liquidity, operations, and near-term priorities.
  • Empire State Realty Trust highlights liquidity, operations, and near-term priorities.

Headline financials

Total Revenue

$199M

Previous: $198M+0.8%
EPS (adj)

$0.12

Previous: $0.24-50.0%
Total commercial portfolio occupied

90.3%

Previous: 88.6%+1.9%
Total commercial portfolio leased

93.6%

Previous: 93.5%+0.1%
Office portfolio occupied

89.9%

Previous: 88.4%+1.7%
Office portfolio leased

93.5%

Previous: 93.5%+0.0%
Retail portfolio occupied

94.4%

Previous: 90.4%+4.4%
Retail portfolio leased

95.3%

Previous: 94.1%+1.3%
Total multifamily portfolio leased

97.8%

Previous: 98.5%-0.7%
Manhattan office blended leasing spreads

6.4%

No prior period
Observatory NOI

$24.4M

No prior period
Total leases signed square feet

458.5K

No prior period
Office leases signed square feet

333.5K

No prior period
Retail leases signed square feet

125.0K

No prior period
Total liquidity

$600M

No prior period
Total debt outstanding

$2.4B

No prior period
Weighted average interest rate

4.5%

No prior period
Net debt to adjusted EBITDA

6.3

No prior period
Net Income

$32.2M

Previous: $18.8M+71.2%
Operating Income

$35.4M

Previous: $42.9M-17.5%

Revenue & EPS history

Empire State Realty Trust · Revenue · Quarterly

$199M

Q4 2025+0.8%vs Q4 2024
Beat estimate in 11 of 14 quarters(79%)
ActualEstimate

Revenue by segment

Empire State Realty Trust · $21.3M total across 3 segments · Q2 2022

  • Lease termination fees
    $18.9M+464.8%
  • Other revenue and fees
    $2.13M+263.5%
  • Third-party management and other fees
    $326K-0.3%

Forward guidance

The release discusses Empire State Realty Trust's outlook for upcoming periods, including capital allocation, operating priorities, and market risks, without relying solely on numeric EPS bridges.

Tailwinds

  • Empire State Realty Trust cites operational execution and demand trends supporting the outlook.
  • Balance sheet and capital actions aim to fund growth and shareholder returns.

Headwinds

  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

-0.1%

Avg return

Earnings day

+0.1%

Avg return

5 days after

-1.2%

Avg return

30 days after

49%

25 / 51 earnings

Positive

+8.6%

Q2 2022

Best reaction

-6.8%

Q3 2021

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-0.9%-1.6%+2.0%
Q4 2025-3.0%-5.6%-20.5%
Q3 2025-5.8%-4.1%-7.7%
Q2 2025+0.4%-0.9%+6.9%
Q1 2025+2.3%+6.5%+10.1%
Q4 2024-2.9%-3.7%-11.5%
Q3 2024-2.0%-4.5%-5.5%
Q2 2024-5.2%-3.9%-6.3%
Q1 2024-3.8%-2.0%-4.7%
Q4 2023-2.5%+0.8%+0.7%
Q3 2023+4.8%+7.2%+11.6%
Q2 2023+7.1%+12.7%+1.6%
Q1 2023-0.5%+0.9%+0.7%
Q4 2022+2.5%-0.6%-23.3%
Q3 2022-2.0%+3.2%+7.6%
Q2 2022+8.6%+10.6%-4.6%
Q1 2022+0.2%-1.6%-6.3%
Q4 2021+3.0%+1.0%+5.1%
Q3 2021-6.8%-9.2%-10.3%
Q2 2021-2.0%-4.0%-11.3%
Q1 2021+1.1%+3.3%+4.9%
Q4 2020-3.3%+8.3%+14.6%
Q3 2020-4.8%-1.7%+67.8%
Q2 2020-1.5%-5.9%-5.8%
Q1 2020+0.1%+1.8%-12.1%
Q4 2019+1.0%-3.0%-41.7%
Q3 2019+1.8%-0.1%-3.3%
Q2 2019-3.0%-4.2%-8.6%
Q1 2019+1.1%+1.3%+3.7%
Q4 2018-1.1%+0.1%+1.5%
Q3 2018+0.7%+0.4%+2.7%
Q2 2018-0.7%-1.9%+4.7%
Q1 2018+2.1%+2.2%-2.9%
Q4 2017-3.0%-5.0%-10.1%
Q3 2017-0.2%-0.3%+1.0%
Q2 2017+3.5%+4.2%+2.0%
Q1 2017-3.2%-3.0%-3.5%
Q4 2016+1.3%+2.0%-2.7%
Q3 2016-2.4%-0.2%+2.6%
Q2 2016+1.8%+2.9%+1.4%
Q1 2016+1.5%
Q4 2015+1.1%
Q3 2015+1.4%
Q2 2015+0.5%
Q1 2015-0.4%
Q4 2014-0.2%
Q3 2014+0.0%
Q2 2014-1.0%
Q1 2014+3.2%
Q4 2013+1.9%
Q3 2013+3.9%
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010

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