Terreno Realty Financials
This page shows Terreno Realty (TRNO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Asset growth financed with discipline defines the story: the balance sheet expanded to $5.4B while leverage stayed modest and flexible.
Operating cash flow reached$271.9M , but cash ended at only$25.0M because investing outflows again ran above internally generated cash and were bridged by financing. That makes this a capital recycler rather than a cash accumulator: cash is moved into assets quickly, and financing acts as the balancing item when investment outruns operations.
As assets climbed to
The latest year also showed a wider earnings-quality gap: net income was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Terreno Realty's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Terreno Realty's revenue surged 24.5% year-over-year to $476.4M, reflecting rapid business expansion. This strong growth earns a score of 69/100.
Terreno Realty carries a low D/E ratio of 0.23, meaning only $0.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
Terreno Realty generates a 9.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is up from 5.0% the prior year.
Terreno Realty passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Terreno Realty generates $0.67 in operating cash flow ($271.9M OCF vs $403.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Terreno Realty generated $476.4M in revenue in fiscal year 2025. This represents an increase of 24.5% from the prior year.
Terreno Realty reported $403.0M in net income in fiscal year 2025. This represents an increase of 118.4% from the prior year.
Terreno Realty earned $3.91 per diluted share (EPS) in fiscal year 2025. This represents an increase of 103.6% from the prior year.
Cash & Balance Sheet
Terreno Realty held $25.0M in cash against $943.3M in long-term debt as of fiscal year 2025.
Terreno Realty paid $2.02 per share in dividends in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Terreno Realty had 104M shares outstanding in fiscal year 2025. This represents an increase of 4.4% from the prior year.
Margins & Returns
Terreno Realty's net profit margin was 84.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 36.4 percentage points from the prior year.
Terreno Realty's ROE was 9.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.7 percentage points from the prior year.
Capital Allocation
Terreno Realty spent $3.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 1.7% from the prior year.
TRNO Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $124.4M-9.5% | $137.5M+18.3% | $116.2M+3.6% | $112.2M+1.6% | $110.4M+6.5% | $103.7M+4.1% | $99.6M+5.7% | $94.2M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $12.4M+7.1% | $11.6M+0.2% | $11.6M-6.2% | $12.3M+5.2% | $11.7M+9.1% | $10.8M-0.1% | $10.8M+2.2% | $10.5M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $9.0M-5.7% | $9.5M+13.9% | $8.4M+18.9% | $7.0M-11.2% | $7.9M+50.7% | $5.3M+7.4% | $4.9M-11.2% | $5.5M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $69.4M-56.1% | $158.2M+53.1% | $103.4M+10.8% | $93.3M+93.8% | $48.1M-36.8% | $76.1M+107.7% | $36.6M+2.6% | $35.7M |
| EPS (Diluted) | $0.66 | N/A | $1.00+11.1% | $0.90+91.5% | $0.47 | N/A | $0.370.0% | $0.37 |
TRNO Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.6B+3.0% | $5.4B+1.1% | $5.3B+7.0% | $5.0B+1.5% | $4.9B+2.9% | $4.8B+4.4% | $4.6B+2.3% | $4.5B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $87.9M+251.2% | $25.0M-4.3% | $26.2M-79.6% | $128.4M-18.0% | $156.5M+766.1% | $18.1M-92.6% | $243.7M+33.9% | $182.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.3B+1.2% | $1.2B-6.9% | $1.3B+28.3% | $1.0B+2.8% | $1.0B-8.7% | $1.1B+17.9% | $939.6M-8.4% | $1.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $942.0M-0.1% | $943.3M-7.8% | $1.0B+37.8% | $742.4M+0.1% | $741.9M-9.9% | $823.4M+22.5% | $672.2M-12.9% | $772.0M |
| Total Equity | $4.3B+3.6% | $4.1B+3.8% | $4.0B+1.3% | $3.9B+1.2% | $3.9B+6.4% | $3.7B+0.9% | $3.6B+5.5% | $3.4B |
| Retained Earnings | $303.3M+4.9% | $289.1M+56.2% | $185.0M+36.6% | $135.4M+46.0% | $92.8M-2.6% | $95.3M+40.0% | $68.1M-15.2% | $80.3M |
TRNO Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $61.9M-11.9% | $70.3M-11.6% | $79.5M+31.2% | $60.6M-1.3% | $61.4M+19.7% | $51.3M-26.7% | $70.0M+8.8% | $64.3M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$73.7M-480.3% | $19.4M+104.7% | -$409.7M-971.1% | -$38.2M-60.5% | -$23.8M+92.3% | -$310.0M-431.6% | -$58.3M+88.3% | -$498.5M |
| Financing Cash Flow | $74.7M+182.3% | -$90.8M-139.8% | $228.1M+550.1% | -$50.7M-150.1% | $101.2M+205.4% | $33.1M-33.5% | $49.8M+213.7% | -$43.8M |
| Dividends Paid | $54.1M+0.7% | $53.8M+6.2% | $50.6M0.0% | $50.6M+3.6% | $48.9M0.0% | $48.9M+12.3% | $43.5M0.0% | $43.5M |
| Share Buybacks | $2.3M | $0-100.0% | $1.3M+2435.3% | $51K-97.4% | $1.9M | $0-100.0% | $2.3M+4092.7% | $55K |
TRNO Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 55.8%-59.3pp | 115.1%+26.2pp | 88.9%+5.8pp | 83.1%+39.5pp | 43.6%-29.8pp | 73.4%+36.6pp | 36.8%-1.1pp | 37.9% |
| Return on Equity | 1.6%-2.2pp | 3.8%+1.2pp | 2.6%+0.2pp | 2.4%+1.1pp | 1.2%-0.8pp | 2.1%+1.1pp | 1.0%-0.0pp | 1.0% |
| Return on Assets | 1.3%-1.7pp | 2.9%+1.0pp | 1.9%+0.1pp | 1.9%+0.9pp | 1.0%-0.6pp | 1.6%+0.8pp | 0.8%0.0pp | 0.8% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.220.0 | 0.23-0.0 | 0.26+0.1 | 0.190.0 | 0.19-0.0 | 0.22+0.0 | 0.19-0.0 | 0.22 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Terreno Realty's annual revenue?
Terreno Realty (TRNO) reported $476.4M in total revenue for fiscal year 2025. This represents a 24.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Terreno Realty's revenue growing?
Terreno Realty (TRNO) revenue grew by 24.5% year-over-year, from $382.6M to $476.4M in fiscal year 2025.
Is Terreno Realty profitable?
Yes, Terreno Realty (TRNO) reported a net income of $403.0M in fiscal year 2025, with a net profit margin of 84.6%.
How much debt does Terreno Realty have?
As of fiscal year 2025, Terreno Realty (TRNO) had $25.0M in cash and equivalents against $943.3M in long-term debt.
What is Terreno Realty's net profit margin?
Terreno Realty (TRNO) had a net profit margin of 84.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Terreno Realty pay dividends?
Yes, Terreno Realty (TRNO) paid $2.02 per share in dividends during fiscal year 2025.
What is Terreno Realty's return on equity (ROE)?
Terreno Realty (TRNO) has a return on equity of 9.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Terreno Realty's operating cash flow?
Terreno Realty (TRNO) generated $271.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Terreno Realty's total assets?
Terreno Realty (TRNO) had $5.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Terreno Realty's debt-to-equity ratio?
Terreno Realty (TRNO) had a debt-to-equity ratio of 0.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Terreno Realty's return on assets (ROA)?
Terreno Realty (TRNO) had a return on assets of 7.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Terreno Realty's Piotroski F-Score?
Terreno Realty (TRNO) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Terreno Realty's earnings high quality?
Terreno Realty (TRNO) has an earnings quality ratio of 0.67x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Terreno Realty?
Terreno Realty (TRNO) scores 32 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.