Saul Centers, Inc. income statement
In fiscal 2025, Saul Centers, Inc. reported revenue of $290m, up 7.8% on the year before, operating income of $195m (a 67.4% margin) and net income of $37.5m, or $1.09 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 161 | 163 | 174 | 190 | 198 | 207 | 209 | 217 | 226 | 227 | 232 | 225 | 239 | 246 | 257 | 269 | 290 | 302 |
| Cost of revenue | — | — | — | — | — | — | — | 54 | 55 | 56 | 58 | 58 | 62 | 65 | 67 | — | — | — |
| Gross profit | — | 121 | 129 | 143 | 150 | 158 | 158 | 163 | 172 | 172 | 174 | 167 | 178 | 181 | 190 | — | — | — |
| General and administrative | 13 | 14 | 14 | 14 | 15 | 17 | 16 | 17 | 18 | 18 | 21 | 19 | 20 | 22 | 23 | 25 | 27 | 28 |
| Operating income | 45 | 44 | 31 | 35 | 35 | 52 | 53 | 56 | 61 | 63 | — | — | — | 181 | 189 | 204 | 195 | 203 |
| Interest expense | — | 41 | 46 | 48 | 46 | 45 | 46 | 47 | 47 | 45 | 42 | 47 | 45 | 44 | 49 | 54 | 71 | 77 |
| Provision for credit losses | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 5 | 1 | −0 | 1 | 1 | 2 | 2 |
| Net income | 37 | 37 | 27 | 33 | 31 | 47 | 42 | 45 | 48 | 51 | 52 | 40 | 48 | 50 | 53 | 51 | 38 | 35 |
| Diluted EPS | $1.20 | $1.18 | $0.61 | $0.93 | $0.57 | $1.54 | $1.42 | $1.52 | $1.63 | $1.60 | $1.57 | $1.25 | $1.57 | $1.63 | $1.73 | $1.63 | $1.09 | $1.43 |
| Diluted shares (average) | — | 18m | 19m | 20m | 20m | 21m | 21m | 22m | 22m | 22m | 23m | 23m | 24m | 24m | 24m | 24m | 24m | 24m |
| EBITDA | 73 | 73 | 67 | 75 | 84 | 93 | 96 | 100 | 106 | 108 | — | — | — | 229 | 238 | 254 | 254 | 265 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 67 | 68 | 72 | 71 | 72 | 75 | 78 | 77 |
| Cost of revenue | 18 | — | — | — | — | — | — | — |
| Gross profit | 50 | — | — | — | — | — | — | — |
| General and administrative | 6 | 8 | 6 | 6 | 7 | 8 | 6 | 7 |
| Operating income | 49 | 56 | 48 | 49 | 50 | 49 | 52 | 52 |
| Interest expense | 12 | 17 | 17 | 17 | 17 | 20 | 20 | 20 |
| Provision for credit losses | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| Net income | 14 | 8 | 10 | 11 | 10 | 7 | 9 | 9 |
| Diluted EPS | $0.48 | $0.21 | $0.29 | $0.33 | $0.32 | $0.16 | $0.26 | $0.24 |
| EBITDA | 61 | 71 | 62 | 63 | 64 | 65 | 68 | 68 |
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