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Brandywine Realty Trust (BDN) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - OFFICE · DATA UPDATED 2026-11-04

Brandywine Realty Trust (BDN) operates in the REIT - OFFICE industry and is headquartered in Philadelphia, United States with about 268 employees. Its market capitalization is roughly $522 million. In the fiscal year ended 2025-12-31, BDN reported $484M in revenue and ($179M) in net income.

Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX.

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BDN Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$498M	$484M	$506M	$515M	$506M	$487M	$535M	$580M	$544M	$520M	$525M	$603M	$597M	$562M	$536M	$539M	$540M	$575M	$581M	$623M	$663M
Gross Profit	$110M	($54M)	$318M	$325M	$312M	$299M	$329M	$355M	$326M	$314M	$316M	$365M	$361M	$340M	$339M	$348M	$319M	$345M	$356M	$384M	$581M
Gross Margin %	22.1%	-11.1%	62.9%	63.1%	61.6%	61.3%	61.6%	61.1%	60.0%	60.4%	60.1%	60.5%	60.5%	60.6%	63.4%	64.6%	59.1%	60.0%	61.3%	61.7%	87.6%
Operating Income (EBIT)	$67M	$81M	$55M	($22M)	$120M	$93M	$400M	$115M	$57M	$135M	$59M	$116M	$124M	$116M	$111M	$94M	$93M	$118M	$123M	$133M	$127M
Operating Margin %	13.4%	16.7%	10.9%	-4.2%	23.7%	19.2%	74.9%	19.8%	10.4%	26.0%	11.3%	19.3%	20.8%	20.6%	20.7%	17.5%	17.2%	20.6%	21.2%	21.3%	19.1%
Net Income	($143M)	($179M)	($196M)	($197M)	$54M	$12M	$306M	$34M	$135M	$115M	$40M	($30M)	$7M	$43M	$7M	($4M)	($17M)	$8M	$37M	$56M	$10M
Net Margin %	-28.7%	-37.0%	-38.8%	-38.2%	10.6%	2.5%	57.1%	5.9%	24.7%	22.1%	7.6%	-5.0%	1.2%	7.6%	1.2%	-0.8%	-3.2%	1.4%	6.4%	9.1%	1.6%
EBITDA	$193M	$138M	$103M	$91M	$304M	$256M	$572M	$329M	$393M	$385M	$318M	$305M	$334M	$313M	$301M	$331M	$313M	$353M	$351M	$364M	$387M
Earnings Per Share (EPS)	$-0.82	$-1.03	$-1.14	$-1.14	$0.31	$0.07	$1.77	$0.19	$0.76	$0.65	$0.23	$-0.17	$0.04	$0.28	$0.05	$-0.03	$-0.13	$0.07	$0.42	$0.65	$0.12
Shares Outstanding (M)	174M	173M	173M	172M	172M	172M	172M	177M	177M	177M	176M	178M	166M	154M	143M	135M	132M	112M	88M	87M	90M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BDN Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$129M	$127M	$121M	$121M	$121M	$122M	$122M	$132M
Gross Profit	($19M)	($23M)	$77M	$76M	$75M	$74M	$75M	$86M
Gross Margin %	-14.8%	-18.5%	63.6%	62.6%	62.4%	60.8%	61.2%	64.9%
Operating Income (EBIT)	$19M	$13M	$9M	$25M	($41M)	$15M	$22M	($9M)
Operating Margin %	15.0%	10.6%	7.3%	20.8%	-34.3%	12.5%	18.0%	-7.2%
Net Income	($31M)	($49M)	($37M)	($26M)	($89M)	($27M)	($44M)	($165M)
Net Margin %	-24.4%	-38.3%	-30.6%	-21.3%	-73.8%	-22.2%	-36.5%	-125.6%
EBITDA	$60M	$43M	$39M	$51M	($12M)	$50M	$32M	($90M)
Earnings Per Share (EPS)	$-0.18	$-0.28	$-0.21	$-0.15	$-0.51	$-0.16	$-0.26	$-0.96
Shares Outstanding (M)	174M	174M	174M	174M	174M	173M	173M	173M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BDN Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$138M	$117M	$181M	$177M	$209M	$191M	$226M	$234M	$227M	$182M	$172M	$195M	$189M	$183M	$157M	$179M	$185M	$220M	$231M	$220M	$242M
Capital Expenditures (CapEx)	$86M	$113M	$130M	$156M	$263M	$135M	$160M	$198M	$213M	$162M	$254M	$326M	$237M	$121M	$99M	$172M	$232M	$233M	$176M	$447M	$707M
Free Cash Flow (FCF)	$52M	$3M	$51M	$21M	($54M)	$56M	$66M	$36M	$15M	$20M	($82M)	($131M)	($48M)	$62M	$58M	$7M	($46M)	($13M)	$56M	($227M)	($465M)
FCF Margin %	10.4%	0.7%	10.2%	4.0%	-10.6%	11.5%	12.3%	6.2%	2.7%	3.8%	-15.7%	-21.8%	-8.0%	11.1%	10.9%	1.3%	-8.6%	-2.2%	9.6%	-36.4%	-70.2%
Dividends Paid	$69M	$93M	$104M	$124M	$131M	$130M	$131M	$135M	$130M	$116M	$117M	$114M	$105M	$97M	$96M	$90M	$87M	$71M	$169M	$162M	$151M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BDN Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-09-30	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$38M	$42M	$10M	$39M	$47M	$34M	$6M	$57M	$52M
Capital Expenditures (CapEx)	$36M	$15M	$33M	$20M	$18M	$29M	$33M	$36M	$40M
Free Cash Flow (FCF)	$3M	$27M	($23M)	$19M	$29M	$5M	($26M)	$21M	$12M
FCF Margin %	—	20.6%	-17.8%	15.6%	23.9%	4.4%	-21.8%	17.0%	9.3%
Dividends Paid	—	$14M	$14M	$14M	$26M	$26M	$26M	$26M	$26M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BDN Balance Sheet History

Balance sheet	2026-09-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$3.3B	$3.6B	$3.5B	$3.7B	$3.9B	$3.8B	$3.9B	$4.1B	$5.7B	$4.0B	$4.1B	$4.6B	$4.9B	$4.8B	$4.5B	$4.6B	$4.7B	$4.7B	$4.7B	$5.2B	$5.5B
Cash & Cash Equivalents	$313M	$32M	$90M	$58M	$18M	$27M	$46M	$90M	$23M	$202M	$194M	$57M	$258M	$263M	$2M	$0M	$17M	$2M	$4M	$6M	$25M
Total Liabilities	$2.6B	$2.8B	$2.4B	$2.4B	$2.2B	$2.1B	$2.1B	$2.4B	$3.9B	$2.1B	$2.2B	$2.6B	$2.7B	$2.8B	$2.7B	$2.7B	$2.7B	$2.7B	$3.0B	$3.4B	$3.5B
Total Debt (Short + Long-Term)	$2.4B	$2.7B	$2.2B	$2.5B	$2.1B	$1.9B	$1.8B	$2.2B	$2.0B	$1.9B	$2.0B	$2.4B	$2.5B	$2.6B	$2.5B	$2.4B	$2.4B	$3.1B	$3.1B	$3.0B	$3.1B
Total Shareholders' Equity	$646M	$793M	$1.0B	$1.3B	$1.6B	$1.7B	$1.8B	$1.7B	$1.7B	$1.8B	$1.9B	$2.0B	$2.2B	$1.9B	$1.8B	$1.9B	$2.0B	$1.9B	$1.7B	$1.7B	$1.9B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive BDN viewer.

Other Companies in REIT - OFFICE

PDM · Piedmont Office Realty Trust Inc — $1 billion
DEA · Eerly Govt Ppty Inc — $1 billion
PSTL · Postal Realty Trust Inc — $859 million
HPP · Hudson Pacific Properties Inc — $572 million
VNO · Vornado Realty Trust — $7 billion
CUZ · Cousins Properties Incorporated — $5 billion
KRC · Kilroy Realty Corp — $4 billion
SLG · SL Green Realty Corp — $4 billion

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