Granite Real Estate Investment Trust
TSX:GRT-UN.TO · Toronto Stock Exchange
+$0.56 today
Vol 0.11M · Avg 0.10M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Stock Ticker Earnings Waterfall
TSX:GRT-UN.TO · Revenue to Net Income
Key Ratios
Analysis
$629.9M of revenue converted into $389.7M of net income for the selected period. Gross margin is 82.2% and net margin is 61.7%, showing how much revenue survives after costs and taxes. EPS is $6.38, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $618.7M +8.7% | $569.1M +9.2% | $521.3M +14.4% | $455.6M +15.8% | $393.5M | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $111.6M +14.9% | $97.2M +13.0% | $86.0M +14.3% | $75.2M +23.7% | $60.8M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $507.1M +7.4% | $472.0M +8.4% | $435.2M +14.4% | $380.4M +14.3% | $332.7M | $8.9B | $7.6B | $6.2B |
| Gross Margin | 82.0% -1.0pp | 82.9% -0.6pp | 83.5% +0.0pp | 83.5% -1.1pp | 84.5% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 -100.0% | $0 -94.9% | $4 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $45.5M +25.1% | $36.3M -10.2% | $40.4M +41.4% | $28.6M -24.3% | $37.8M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $43.5M +18.6% | $36.7M -9.2% | $40.4M +30.2% | $31.1M -21.8% | $39.7M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $1.2M -7.4% | $1.3M +1.3% | $1.3M -98.7% | $94.9M -6.7% | $101.7M | $374.2M | $1.2B | $631.8M |
| EBITDA | $459.4M -4.4% | $480.5M +136.5% | $203.1M -41.4% | $346.7M +18.1% | $293.5M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 74.3% -10.2pp | 84.4% +45.4pp | 39.0% -37.1pp | 76.1% +1.5pp | 74.6% | 5.6% | 46.3% | 42.0% |
| Operating Income | $463.5M +6.5% | $435.3M +10.2% | $394.8M +14.4% | $345.1M +18.1% | $292.2M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 74.9% -1.6pp | 76.5% +0.7pp | 75.7% -0.0pp | 75.8% +1.5pp | 74.3% | 16.6% | 24.1% | 22.0% |
| Interest Income | $3.1M -55.7% | $7.1M -8.2% | $7.7M +374.3% | $1.6M -47.7% | $3.1M | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $96.9M +12.1% | $86.4M +18.6% | $72.9M +61.3% | $45.2M +14.7% | $39.4M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$102.2M -140.5% | -$42.5M +84.0% | -$265.8M -3.4% | -$257.1M -120.5% | $1.3B | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $361.3M -8.0% | $392.8M +204.4% | $129.0M +40.0% | $92.2M -94.1% | $1.6B | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 58.4% -10.6pp | 69.0% +44.3pp | 24.7% +4.5pp | 20.2% -373.9pp | 394.1% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $18.5M -40.1% | $30.9M +425.4% | -$9.5M +85.1% | -$63.7M -126.5% | $240.6M | $1.3B | -$1.6B | $745.2M |
| Net Income | $342.3M -5.1% | $360.6M +163.9% | $136.7M -12.3% | $155.8M -88.1% | $1.3B | $4.9B | $4.8B | $4.7B |
| Net Margin | 55.3% -8.0pp | 63.4% +37.1pp | 26.2% -8.0pp | 34.2% -298.7pp | 332.9% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $6 -2.1% | $6 +164.8% | $2 -9.6% | $2 -88.3% | $20 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $6 -2.3% | $6 +164.4% | $2 -9.6% | $2 -88.3% | $20 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $61.1M -2.6% | $62.7M -1.0% | $63.4M -2.8% | $65.2M +1.9% | $64.0M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $61.4M -2.1% | $62.7M -1.0% | $63.4M -3.0% | $65.3M +2.0% | $64.0M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Chartwell Retirement Residences
TSX:CSH-UN.TO
$6.85B
RioCan Real Estate Investment Trust
TSX:REI-UN.TO
$6.60B
Canadian Apartment Properties Real Estate Investment Trust
TSX:CAR-UN.TO
$5.36B
Choice Properties Real Estate Investment Trust
TSX:CHP-UN.TO
$5.31B
First Capital Real Estate Investment Trust
TSX:FCR-UN.TO
$4.88B
CT Real Estate Investment Trust
TSX:CRT-UN.TO
$4.36B
SmartCentres Real Estate Investment Trust
TSX:SRU-UN.TO
$4.34B
Dream Industrial Real Estate Investment Trust
TSX:DIR-UN.TO
$3.92B
Boardwalk Real Estate Investment Trust
TSX:BEI-UN.TO
$3.07B
H&R Real Estate Investment Trust
TSX:HR-UN.TO
$2.92B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does GRT-UN.TO generate?
Granite Real Estate Investment Trust (GRT-UN.TO) reported $618.70M of revenue in fiscal 2025.
Is GRT-UN.TO profitable?
Granite Real Estate Investment Trust (GRT-UN.TO) reported $342.34M of net income, with a net margin of 55.3%.
Explore More
Continue the stock analysis
Jump to another research area for this company.