Also trades as: FRT-PC (NYSE) · $vol 0M · 0IL1.L (LSE) · $vol 0M

$109.67

+0.44 (+0.40%)

After Hours: $109.99 (+0.32, +0.29%)

Weekly Expected Move ±2.4%

$104 $106 $109 $111 $114

NYSE · Real Estate · REIT - Retail · Tech Score Neutral · Power 56 · $9.5B mcap · 80M float · 1.09% daily turnover · Short 56% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $82.5M held by 142 funds, 53 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Revenue Segmentation

By Product / Service

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$1.3B +6.3% ▲

5Y CAGR: +8.9%

Gross Profit

$124M -84.7% ▼

5Y CAGR: -25.6%

Operating Income

$460M -2.7% ▼

5Y CAGR: +9.7%

Net Income

$411M +39.2% ▲

5Y CAGR: +25.6%

EPS (Diluted)

$4.79 +40.1% ▲

5Y CAGR: +24.2%

EBITDA

$973M +18.3% ▲

5Y CAGR: +13.0%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$951M	$1.1B	$1.1B	$1.2B	$1.3B
YoY Growth	+13.9%	+12.9%	+5.4%	+6.2%	+6.3%
Cost of Revenue	$317M	$357M	$363M	$392M	$1.2B
Gross Profit	$635M	$718M	$769M	$811M	$124M
Gross Margin	66.7%	66.8%	67.9%	67.4%	9.7%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$50M	$53M	$51M	$50M	$47M
Operating Expenses	$240M	$191M	$363M	$338M	-$335M
Operating Income	$395M	$526M	$406M	$472M	$460M
Operating Margin	41.5%	49.0%	35.9%	39.3%	35.9%
Interest Expense	$128M	$137M	$168M	$175M	$181M
Income Before Tax	$269M	$396M	$247M	$304M	$424M
Tax Expense	$0	$0	$0	$0	$0
Net Income	$261M	$385M	$237M	$295M	$411M
Net Margin	27.5%	35.9%	20.9%	24.6%	32.1%
EPS (Diluted)	$3.26	$4.71	$2.80	$3.42	$4.79
EBITDA	$677M	$835M	$737M	$822M	$973M
Shares Outstanding	77M	81M	81M	84M	86M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$304M	$311M	$309M	$312M	$323M	$336M	$341M	$336M
Cost of Revenue	$100M	$102M	$104M	$98M	$106M	$305M	$99M	$104M
Gross Profit	$204M	$209M	$205M	$213M	$217M	$31M	$242M	$232M
Gross Margin	67.1%	67.3%	66.2%	68.4%	67.3%	9.1%	70.9%	69.1%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$11M	$15M	$11M	$12M	$12M	$12M	$0	$13M
Operating Expenses	$98M	$100M	$97M	$10M	$107M	-$85M	$126M	$114M
Operating Income	$106M	$109M	$108M	$203M	$111M	$116M	$116M	$118M
Operating Margin	34.9%	35.1%	35.0%	65.1%	34.3%	34.4%	34.1%	35.2%
Interest Expense	$44M	$43M	$42M	$45M	$47M	$48M	$50M	$49M
Income Before Tax	$63M	$68M	$67M	$160M	$64M	$133M	$161M	$89M
Tax Expense	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	$61M	$66M	$64M	$156M	$62M	$130M	$159M	$86M
Net Margin	20.1%	21.0%	20.6%	50.0%	19.1%	38.6%	46.6%	25.5%
EPS (Diluted)	$0.70	$0.74	$0.72	$1.78	$0.69	$1.51	$1.83	$0.99
EBITDA	$195M	$199M	$196M	$294M	$206M	$278M	$310M	$239M
Shares Outstanding	84M	85M	85M	87M	86M	86M	87M	86M

FRT NYSE