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Phillips Edison & Company, Inc. is one of the nation's largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. PECO has generated strong results through its vertically integrated operating platform and national footprint of well-occupied shopping centers. PECO's centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO's top grocery anchors include Kroger, Publix, Albertsons and Ahold Delhaize. As of December 31, 2025, PECO managed 324 shopping centers, including 297 wholly owned centers comprising 33.5 million square feet across 31 states and 27 shopping centers owned in three institutional joint ventures. PECO is focused on creating great omni-channel, grocery-anchored shopping experiences and improving communities, one neighborhood shopping center at a time. Phillips Edison & Company, Inc. was incorporated in 1991.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $727M | $500M | $111M | $212M | 4.9% | 9.9% | 77.6% |
| 2024 | $661M | $418M | $63M | $240M | 2.7% | 8.4% | 10.3% |
| 2023 | $610M | $384M | $57M | $196M | 2.5% | 6.0% | 17.6% |
| 2022 | $575M | $362M | $48M | $186M | 2.2% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 575.37 | 610.12 | 661.39 | 726.59 |
| Cost Of Revenue | - | 163.22 | 175.12 | 190.32 | 209.74 |
| Gross Profit | - | 412.15 | 435 | 471.08 | 516.86 |
| Operating Expense | - | 281.46 | 280.81 | 300.45 | 319.32 |
| Operating Income | - | 130.69 | 154.20 | 170.63 | 197.54 |
| EBITDA | - | 361.95 | 384.44 | 418.41 | 499.59 |
| EBIT | - | 125.72 | 147.99 | 165.40 | 233.22 |
| Pretax Income | - | 54.53 | 63.76 | 69.70 | 122.97 |
| Tax Provision | 0.33 | - | - | - | - |
| Net Income | - | 48.32 | 56.85 | 62.68 | 111.30 |
| Net Income Common Stockholders | - | 48.32 | 56.85 | 62.68 | 111.30 |
| Total Expenses | - | 444.68 | 455.93 | 490.76 | 529.05 |
| Interest Expense | - | 71.20 | 84.23 | 95.70 | 110.25 |
| Selling General And Administration | - | 45.24 | 44.37 | 45.61 | 51.64 |
| Normalized EBITDA | - | 354.75 | 383.33 | 424.72 | 466.41 |
| Normalized Income | - | 42.64 | 55.97 | 67.67 | 85.09 |
| Market Cap | 4,970.63 | 4,970.63 | 4,970.63 | 4,970.63 | 4,970.63 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Phillips Edison & Company, Inc.this co. | PECO | $4.9B | 44.66↑ premium | 2.17 | 4.9% | 14.93 |
| Ryman Hospitality Properties, Inc. | RHP | $6.3B | 26.50 | 8.60 | 32.5% | 13.07 |
| Essential Properties Realty Trust, Inc. | EPRT | $6.2B | 26.85 | 1.62 | 6.0% | 17.94 |
| OUTFRONT Media Inc. | OUT | $5.3B | 35.95 | 7.44 | 20.7% | 20.56 |
| Millrose Properties, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| MRP |
| $4.8B |
| 13.43 |
| 0.87 |
| 6.5% |
| 14.59 |
| Tanger Inc. | SKT | $4.2B | 36.59 | 5.94 | 16.2% | 17.45 |
| The St. Joe Company | JOE | $4.1B | 35.34 | 5.33 | 15.1% | 19.43 |
| Broadstone Net Lease, Inc. | BNL | $3.8B | 39.75 | 1.32 | 3.3% | 17.58 |
| Acadia Realty Trust | AKR | $3.5B | 162.21 | 1.23 | 0.8% | 21.69 |
| Peer Median | - | 35.65 | 3.48 | 10.8% | 17.76 | |