NYSE · Financial Statements

Terreno Realty Corporation (TRNO) Financial Statements

$65.15 NYSE: TRNO Market Cap $7.10B

Terreno Realty Corporation most recently reported annual revenue of $476.0M, net profit of $403.0M. Revenue grew at an average annual rate of 20.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Terreno Realty Corporation: Revenue rose from $108.0M in 2016 to $476.0M in 2025, a change of +340.7% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 26.0% to 40.4%, a shift of +14.4 percentage points; the most recent year shows net profit of $403.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$108.0M$132.0M$152.0M$171.0M$187.0M$222.0M$276.0M$324.0M$383.0M$476.0M
Operating Expenses$80.0M$63.0M$70.0M$68.0M$73.0M$134.0M$166.0M$190.0M$235.0M$284.0M
Operating Profit$28.0M$70.0M$82.0M$103.0M$114.0M$88.0M$110.0M$133.0M$148.0M$192.0M
Operating Margin26.0%52.7%53.7%60.2%61.2%39.7%40.0%41.2%38.7%40.4%
Other Income$-9.0M$-24.0M$-27.0M$-47.0M$-35.0M$-1.0M$88.0M$18.0M$36.0M$211.0M
Interest$13.0M$17.0M$18.0M$16.0M$16.0M$18.0M$24.0M$25.0M$21.0M$33.0M
Depreciation$87.0M$93.0M$102.0M$39.0M$40.0M$51.0M$66.0M$73.0M$94.0M$122.0M
Profit Before Tax$15.0M$53.0M$63.0M$56.0M$80.0M$87.0M$198.0M$151.0M$184.0M$403.0M
Tax$86.3M$31.6M$28.8M$0$0$0$0$0$0$0
Net Profit$15.0M$53.0M$63.0M$56.0M$80.0M$87.0M$198.0M$151.0M$184.0M$403.0M
EPS$0.26$0.95$1.10$0.53$0.86$0.87$2.61$1.81$1.92$3.92
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$83.0M$86.0M$85.0M$94.0M$100.0M$104.0M$110.0M$112.0M$116.0M$137.0M$124.0M$125.0M
Operating Expenses$30.0M$31.0M$52.0M$57.0M$60.0M$64.0M$67.0M$68.0M$68.0M$80.0M$74.0M$73.0M
Operating Profit$53.0M$55.0M$33.0M$37.0M$39.0M$39.0M$43.0M$44.0M$48.0M$57.0M$51.0M$52.0M
Operating Margin64.3%63.9%38.5%39.2%39.4%37.8%38.9%39.2%41.3%41.8%40.7%41.8%
Interest$6.0M$6.0M$5.0M$6.0M$5.0M$5.0M$8.0M$7.0M$8.0M$10.0M$9.0M$8.0M
Profit Before Tax$30.0M$58.0M$36.0M$36.0M$37.0M$76.0M$48.0M$93.0M$103.0M$158.0M$69.0M$58.0M
Tax$0$0$0$0$0$0$0$0$0$0$0$0
Net Profit$30.0M$58.0M$36.0M$36.0M$37.0M$76.0M$48.0M$93.0M$103.0M$158.0M$69.0M$58.0M
EPS$0.36$0.65$0.40$0.37$0.37$0.76$0.47$0.90$1.00$1.52$0.66$0.54

Over the 10 years reported for Terreno Realty Corporation, borrowings increased from $415.0M in 2016 to $943.0M in 2025, cash stood at $25.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 0.08 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$1.3B$1.6B$1.8B$2.1B$2.1B$2.9B$3.2B$3.9B$4.8B$5.4B
Current Assets$18.0M$43.0M$89.0M$129.0M$108.0M$244.0M$75.0M$222.0M$25.0M$28.0M
Cash$14.0M$36.0M$31.0M$110.0M$107.0M$204.0M$26.0M$165.0M$18.0M$25.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$22.0M$23.0M$54.0M$16.0M$0$39.0M$47.0M$56.0M$63.0M$0
Fixed Assets$1.2B$1.5B$1.7B$0$0$2.6B$3.0B$3.5B$4.6B$0
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$0$0$0$0$0$0$0$0$0$0
Other Assets$0$0$0$0$0$0$0$0$0$0
Total Liabilities$467.0M$540.0M$549.0M$591.0M$552.0M$866.0M$935.0M$990.0M$1.1B$1.2B
Current Liabilities$90.0M$45.0M$71.0M$57.0M$54.0M$71.0M$80.0M$101.0M$210.0M$331.0M
Borrowings$415.0M$462.0M$462.0M$492.0M$459.0M$721.0M$771.0M$772.0M$823.0M$943.0M
Other Liabilities$52.0M$79.0M$87.0M$100.0M$93.0M$146.0M$164.0M$218.0M$284.0M$298.0M
Equity$0$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$812.0M$1.0B$1.2B$1.5B$1.6B$2.1B$2.2B$2.9B$3.7B$4.1B

For Terreno Realty Corporation, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $208.0M; free cash flow was positive in 10 of 10 years; financing activities used $4.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$49.0M$69.0M$78.0M$95.0M$101.0M$132.0M$143.0M$180.0M$233.0M$272.0M
Investing Cash Flow$-178.0M$-277.0M$-264.0M$-284.0M$-84.0M$-718.0M$-404.0M$-623.0M$-962.0M$-516.0M
Financing Cash Flow$-4.0M$-50.0M$-5.0M$-5.0M$-10.0M$-5.0M$-3.0M$-2.0M$-9.0M$-4.0M
Net Cash Flow$-8.0M$24.0M$-8.0M$78.0M$-5.0M$97.0M$-177.0M$138.0M$-148.0M$7.0M
Free Cash Flow$22.0M$42.0M$49.0M$63.0M$69.0M$81.0M$77.0M$127.0M$186.0M$208.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.36
EV / EBITDA14.30
FCF Yield2.71%
Quick Ratio1.04
Interest Coverage5.91
Return 1Y20.59%
Return 3Y27.72%
Return 5Y20.69%

Terreno Realty Corporation (TRNO) financials — frequently asked questions

What is Terreno Realty Corporation's annual revenue?

Terreno Realty Corporation (TRNO) reported annual revenue of $476.0M in its most recent fiscal year.

What is Terreno Realty Corporation's net profit?

Terreno Realty Corporation (TRNO) reported net profit of $403.0M in its most recent fiscal year.

What is TRNO EV/EBITDA?

Terreno Realty Corporation's enterprise value to EBITDA (EV/EBITDA) ratio is 14.30.

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