COPT DEFENSE PROPERTIES
Income Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | $763.9M | $753.3M | $685.0M | $739.0M | $664.4M | $582.4M | $611.8M |
| Cost of Revenue | — | — | — | — | — | $104.1M | $67.6M | $110.0M |
| Gross Profit | — | — | — | — | — | $560.4M | $514.7M | $501.9M |
| Gross Margin | — | — | — | — | — | 84.3% | 88.4% | 82.0% |
| Operating Expenses | ||||||||
| Research & Development | — | — | — | — | — | — | — | — |
| SG&A Expense | — | $47.8M | $47.0M | $42.8M | $39.0M | $40.8M | $33.0M | $35.4M |
| Operating Income | — | $157.7M | $143.8M | $-2.4M | $209.1M | $142.7M | $167.1M | $264.6M |
| Operating Margin | — | 20.6% | 19.1% | -0.3% | 28.3% | 21.5% | 28.7% | 43.2% |
| Interest Expense | — | — | — | $71.1M | $61.2M | $65.4M | $67.9M | $71.1M |
| Pretax Income | — | $157.7M | $143.8M | $-73.5M | $148.0M | $77.3M | $99.1M | $193.5M |
| Income Tax Expense | — | $947.0K | $288.0K | $588.0K | $447.0K | $145.0K | $353.0K | $-217.0K |
| Net Income | — | $159.5M | $143.9M | $-74.3M | $178.8M | $81.6M | $97.4M | $191.7M |
| Net Margin | — | 20.9% | 19.1% | -10.9% | 24.2% | 12.3% | 16.7% | 31.3% |
| EPS (Basic) | — | $1.35 | $1.23 | $-0.67 | $1.54 | $0.68 | $0.87 | $1.72 |
| EPS (Diluted) | — | $1.34 | $1.23 | $-0.67 | $1.53 | $0.68 | $0.87 | $1.71 |
| Shares Outstanding (Basic) | 113.2M | 112.5M | 112.3M | 112.2M | 112.1M | 112.0M | 111.8M | 111.2M |
| Shares Outstanding (Diluted) | 113.2M | 113.3M | 112.9M | 112.2M | 112.6M | 112.4M | 112.1M | 111.6M |
| Dividends Per Share | — | $1.22 | $1.18 | $1.14 | $1.10 | $1.10 | $1.10 | $1.10 |