TRNO

MKT CAP:$7B

Terreno Realty Corporation

Market Cap

$7B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Real Estate·REIT - Industrial·🇺🇸·NYSE

Stock Price

$65.28+$6.26 (+10.61%)

Apr 24, 2026

Company Details

{Terreno Realty Corporation and together with its subsidiaries, the Company) acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seatt...

CEO

W. Blake Baird

IPO Date

Feb 10, 2010

Website

www.terreno.com

Key Metrics TTM

Revenue

$476M

+24.5% YoY

Net Income

$403M

EPS (Diluted)

$3.89

Free Cash Flow

$208M

Revenue / Share

$4.60

Gross Margin

75.8%

Operating Margin

40.4%

Net Margin

84.6%

FCF Margin

43.8%

P/S

14.5x

P/E

17.2x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 4, 2026

$476M+24.5%EPS $3.92

Q4 2025

Feb 4, 2026

$137M+32.6%EPS $1.52

Q3 2025

Nov 5, 2025

$116M+16.7%EPS $1.00

Q2 2025

Aug 6, 2025

$112M+19.1%EPS $0.90

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$64M	$47M	$40M
Q2 22	$65M	$49M	$41M
Q3 22	$71M	$54M	$45M
Q4 22	$76M	$58M	$50M
Q1 23	$75M	$56M	$47M
Q2 23	$80M	$61M	$51M
Q3 23	$83M	$62M	$53M
Q4 23	$86M	$65M	$55M
Q1 24	$85M	$64M	$33M
Q2 24	$94M	$70M	$37M
Q3 24	$100M	$74M	$39M
Q4 24	$104M	$76M	$39M
Q1 25	$110M	$82M	$43M
Q2 25	$112M	$84M	$44M
Q3 25	$116M	$88M	$48M
Q4 25	$137M	$107M	$57M

Valuation

Quarter	P/S	P/E
Q1 22	29.4x	76.4x
Q2 22	28.0x	40.7x
Q3 22	26.6x	40.4x
Q4 22	25.1x	35.0x
Q1 23	24.2x	34.4x
Q2 23	23.0x	47.8x
Q3 23	22.1x	45.3x
Q4 23	21.4x	45.7x
Q1 24	20.7x	42.2x
Q2 24	19.9x	43.4x
Q3 24	19.0x	41.7x
Q4 24	18.1x	37.6x
Q1 25	17.0x	35.2x
Q2 25	16.3x	27.3x
Q3 25	15.7x	21.6x
Q4 25	14.5x	17.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$28M	$9M
Q2 22	$35M	$23M
Q3 22	$46M	$25M
Q4 22	$34M	$18M
Q1 23	$39M	$25M
Q2 23	$49M	$36M
Q3 23	$53M	$41M
Q4 23	$39M	$25M
Q1 24	$47M	$7M
Q2 24	$64M	$16M
Q3 24	$70M	$56M
Q4 24	$51M	$36M
Q1 25	$61M	$43M
Q2 25	$61M	$51M
Q3 25	$80M	$65M
Q4 25	$70M	$50M

Capital Expenditures

Quarter	CapEx
Q1 22	$19M
Q2 22	$12M
Q3 22	$20M
Q4 22	$16M
Q1 23	$14M
Q2 23	$13M
Q3 23	$12M
Q4 23	$14M
Q1 24	$40M
Q2 24	$48M
Q3 24	$14M
Q4 24	$16M
Q1 25	$19M
Q2 25	$10M
Q3 25	$14M
Q4 25	$20M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+26.3%	+28.0%
Q2 22	+22.7%	+19.9%
Q3 22	+23.6%	+20.5%
Q4 22	+25.3%	+14.3%
Q1 23	+16.6%	+13.6%
Q2 23	+21.7%	+17.4%
Q3 23	+17.1%	+17.1%
Q4 23	+13.8%	+19.4%
Q1 24	+13.9%	+88.6%
Q2 24	+18.5%	+102.0%
Q3 24	+20.2%	+103.9%
Q4 24	+19.9%	+106.4%
Q1 25	+29.9%	+28.8%
Q2 25	+19.1%	+19.1%
Q3 25	+16.7%	+12.8%
Q4 25	+32.6%	+24.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	4.4%
Q2 22	$2M	3.1%
Q3 22	$3M	3.8%
Q4 22	$3M	3.5%
Q1 23	$3M	4.1%
Q2 23	$4M	4.8%
Q3 23	$3M	4.0%
Q4 23	$3M	3.9%
Q1 24	$3M	3.9%
Q2 24	$4M	4.2%
Q3 24	$4M	3.8%
Q4 24	$4M	3.7%
Q1 25	$4M	3.9%
Q2 25	$5M	4.3%
Q3 25	$4M	3.7%
Q4 25	$4M	3.1%

OpEx Breakdown

Quarter	G&A
Q1 22	$8M
Q2 22	$7M
Q3 22	$8M
Q4 22	$8M
Q1 23	$9M
Q2 23	$10M
Q3 23	$9M
Q4 23	$10M
Q1 24	$11M
Q2 24	$11M
Q3 24	$11M
Q4 24	$11M
Q1 25	$12M
Q2 25	$12M
Q3 25	$12M
Q4 25	$12M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$106M	$0	$106M
Q2 22	$7M	$0	$7M
Q3 22	$10M	$0	$10M
Q4 22	$26M	$0	$26M
Q1 23	$11M	$0	$11M
Q2 23	$59M	$0	$59M
Q3 23	$96M	$0	$96M
Q4 23	$165M	$0	$165M
Q1 24	$650M	$0	$650M
Q2 24	$182M	$0	$182M
Q3 24	$244M	$0	$244M
Q4 24	$18M	$0	$18M
Q1 25	$157M	$0	$157M
Q2 25	$128M	$0	$128M
Q3 25	$26M	$0	$26M
Q4 25	$25M	$0	$25M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	75M	+6.4%	+9.3%
Q2 22	75M	+0.1%	+7.9%
Q3 22	76M	+0.3%	+6.8%
Q4 22	76M	+0.7%	+7.6%
Q1 23	80M	+5.5%	+6.7%
Q2 23	83M	+3.4%	+10.3%
Q3 23	84M	+1.4%	+11.5%
Q4 23	87M	+3.8%	+14.9%
Q1 24	89M	+2.2%	+11.3%
Q2 24	96M	+7.8%	+16.0%
Q3 24	98M	+1.5%	+16.1%
Q4 24	99M	+1.4%	+13.4%
Q1 25	101M	+1.8%	+13.0%
Q2 25	103M	+1.9%	+6.9%
Q3 25	103M	+0.1%	+5.4%
Q4 25	104M	+0.4%	+4.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$2M	34
Q2 22	$2M	34
Q3 22	$2M	34
Q4 22	$2M	40
Q1 23	$2M	40
Q2 23	$2M	40
Q3 23	$2M	40
Q4 23	$2M	42
Q1 24	$2M	42
Q2 24	$2M	42
Q3 24	$2M	42
Q4 24	$2M	49
Q1 25	$2M	49
Q2 25	$2M	49
Q3 25	$2M	49
Q4 25	$3M	47

Revenue / Employee