Getty Realty

GTY · NYSE · Real Estate · Financials, fiscal 2016 to 2025

GTY · Last close · November 6, 2026

$28.56

Getty Realty's revenue rose 9.0% to $222 million in fiscal 2025. Its operating margin was 57.2%, up from 54.0% a year earlier. Free cash flow was $127 million, down 2.0%. It paid out $109 million in dividends and buybacks, 86% of free cash flow. The diluted share count rose 3.5%.

GETTY REALTY CORP. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001193125-26-048965 Updated November 5, 2026

Revenue

$222M

9.0%

Operating margin

57.2%

3.2 pts

Net income

$79M

11.4%

Free cash flow

$127M

2.0%

Return on capital

5.1%

0.2 pts

Market cap

$1.8B

Nov 6 close

P/E

17.3x

On $1.65 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Getty Realty does

Getty Realty is a real estate investment trust, or REIT, that owns and leases single-tenant retail properties. These include convenience stores, express tunnel car washes, automotive service centers, drive-thru quick service restaurants and other freestanding retail properties. Its predecessor was founded in 1955. It has 1,174 properties in 44 states and Washington, D.C.

It earns money from rent paid under net leases, in which tenants operate under national and regional retail brands. It acquires properties, finances them and funds the development of new ones. It says its approach rests on the view that cars will remain the main way people travel in the United States. As a REIT it must pay out most of its taxable income to shareholders.

Getty is run by its own management team, based in New York, and it has few employees. In 2025 it paid for more properties by selling stock, borrowing and issuing new senior notes.

Its biggest risks, as it describes them

Depending on tenants to pay rent, renew leases and re-lease or buy back properties.
Having tenants that depend on the same industry for their revenue.
Tenants whose credit quality is hard to judge because they are not rated.
Costs and liabilities under environmental laws.
Having a material portion of properties concentrated in certain states.

From Getty Realty's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 2.1% a year and net income 8.4% a year, as new shares raised the share count by 67% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	25	9	3	10	8
Debt incl. finance leases	583	693	755	905	995
Net debt (negative means net cash)	558	684	752	895	987
Net debt to EBITDA	4.6x	4.3x	5.5x	5.4x	5.2x
Debt to equity	0.8x	0.9x	0.8x	0.9x	0.9x
Interest coverage	3.5x	4.2x	2.9x	2.8x	2.7x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Getty Realty's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Getty Realty's projections

What Getty Realty says to expect

Full year 2026: AFFO per diluted shareThe Company is increasing its 2026 AFFO guidance to a range of $2.53 to $2.54 per diluted share from the prior range of $2.52 to $2.54 per diluted share.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 21, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

No officer, director or 10% owner of Getty Realty reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	68.7%	73.2%	66.3%
Altman Z''	—	—	—
Accruals ratio	−2.7%	−3.1%	−2.3%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Getty Realty side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Getty Realty	FY25	9.0%	57.2%	57.3%	5.1%	5.2x	—
NETSTREIT	FY25	19.8%	—	56.1%	2.5%	7.5x	—	Compare
Curbline Properties	FY25	51.3%	—	—	3.1%	1.1x	—	Compare
Saul Centers	FY25	7.8%	67.4%	—	16.4%	1.8x	—	Compare
InvenTrust Properties	FY25	9.2%	20.1%	37.1%	2.4%	4.2x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	115	120	136	141	147	155	166	186	203	222
Revenue growth	4.1%	4.2%	13.3%	3.3%	4.8%	5.5%	6.5%	12.2%	9.4%	9.0%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	54	56	67	67	76	86	117	91	110	127
Net income	38	47	48	50	69	63	90	60	71	79
Diluted EPS (US$)	1.12	1.26	1.17	1.19	1.62	1.37	1.88	1.15	1.25	1.35
Diluted shares (millions)	34	37	40	41	42	45	47	50	55	56
Cash flow
Cash from operations	37	59	66	77	83	87	93	105	130	127
Capital expenditure	0	0	4	0	0	0	—	0	1	0
Free cash flow	37	59	63	77	83	87	—	105	130	127
Dividends paid	36	39	50	57	63	71	78	87	100	109
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	1	1	2	2	3	4	5	6	6	7
Balance sheet at fiscal year end
Cash and short-term investments	12	20	47	22	55	25	9	3	10	8
Debt incl. finance leases	298	379	442	471	551	583	693	755	905	995
Total assets	877	1,073	1,162	1,212	1,350	1,467	1,562	1,822	1,974	2,173
Total liabilities	446	519	581	622	690	722	802	867	1,012	1,101
Shareholders' equity	431	554	581	589	660	745	760	956	962	1,072
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	47.2%	47.0%	49.5%	47.5%	51.3%	55.6%	70.8%	49.0%	54.0%	57.2%
Net margin	33.3%	39.3%	35.0%	35.4%	47.1%	40.5%	54.4%	32.4%	34.9%	35.7%
Free cash flow margin	31.7%	49.0%	46.0%	54.6%	56.0%	55.7%	—	56.5%	63.7%	57.3%
Rule of 40 (growth + FCF margin)	35.8%	53.2%	59.2%	57.9%	60.8%	61.2%	—	68.7%	73.2%	66.3%
Return on capital	—	5.5%	5.6%	5.2%	5.4%	5.5%	6.7%	4.6%	4.9%	5.1%
Return on equity	9.2%	9.6%	8.4%	8.5%	11.1%	8.9%	12.0%	7.0%	7.4%	7.8%
Return on assets	4.3%	4.8%	4.3%	4.2%	5.4%	4.5%	5.9%	3.5%	3.7%	3.8%
Net debt to EBITDA	3.9x	4.8x	4.3x	4.9x	4.7x	4.6x	4.3x	5.5x	5.4x	5.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Getty Realty's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Getty Realty.