Empire State Realty Trust, Inc.

ESRTNYSEReal Estate● Active

$5.35

+$0.08(+1.52%)

Market Cap$917311000

P/E Ratio—

52W High$8.76

52W Low$4.87

Avg Volume1.5M

Open$5.32

Beta1.36

Free Cash Flow Financials Revenue

Empire State Realty Trust, Inc. (ESRT) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ESRT · free cash flow · updated Jun 8, 2026

Core FCF metrics

ESRT · FCF · TTM · margin & CAGR

Free cash flow was $50.6M for FY2025 (fiscal year ending 2025-12-31), down 80.6% year-over-year The FCF margin was 6.6%. Five-year CAGR stands at +5.2%.

FY2025 Free Cash Flow$50.6M▼ -80.6% YoY

Trailing 12M (TTM)$60.2Mtrailing 4 quarters sum

FCF Margin6.6%$50.6M ÷ revenue

3-Year CAGR-15.9%FY2022 → FY2025

5-Year CAGR+5.2%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ESRT · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$249.1M(198M)$50.6M▼ 80.6%6.6%

FY2024$260.9M(0M)$260.9M▲ +12.2%34.2%

FY2023$232.5M(0M)$232.5M▲ +173.8%31.4%

FY2022$211.2M(126M)$84.9M▼ 27.7%12.0%

FY2021$212.5M(95M)$117.4M▲ +199.8%19.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ESRT · P/FCF · FCF yield · FCF per share

Empire State Realty Trust, Inc. (ESRT) trades at a FCF yield of 6.56% and a price-to-free-cash-flow ratio of 14.9x. FCF per share stands at $0.36, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

6.56%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.36

TTM FCF ÷ Shares Outstanding

Price / FCF

x14.9

Share Price ÷ FCF per Share

EV / FCF (TTM)

x53.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ESRT · cash flow statement · operating / investing / financing

For FY2025, Empire State Realty Trust, Inc. generated $249.1M in operating cash flow and spent 198M in capital expenditures, yielding $50.6M in free cash flow.

Operating Activities

+$249.1M

Cash from core business operations

2025-12-31

Investing Activities

−$550.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$38.2M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($249.1M) − |CapEx| (198M) = FCF ($50.6M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

ESRT vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Empire State Realty Trust, Inc.YOU

ESRT

$50.6M-80.6%6.6%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Empire State Realty Trust, Inc. (ESRT) reported free cash flow of $50.6M for FY2025 (fiscal year ending 2025-12-31), down 80.6% year-over-year. The FCF margin was 6.6%.

Based on available data, Empire State Realty Trust, Inc. has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $260.9M in FY2024. The 5-year CAGR stands at +5.2%.

Empire State Realty Trust, Inc.'s FCF yield is 6.56% and price-to-FCF ratio is 14.9x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ESRT free cash flow · 8 questions

Empire State Realty Trust, Inc. free cash flow was $50.6M for FY2025, down 80.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $60.2M.

ESRT free cash flowESRT FCFESRT FCF 2025ESRT free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Empire State Realty Trust, Inc. · Empire State Realty Trust, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026