Revenue contraction remains a structural concern, with the most recent quarter showing a 3.7% year-over-year decline alongside a persistent negative net margin of -3.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 7.08B | 7.15B | 9.11B | 9.48B | 7.37B | 7.1B | 6.59B | 8.2B | 7.24B | 6.13B | 5.35B | 4.85B | 4.37B | 4.29B | 3.77B |
| Revenue Growth % | -17.06% | -21.56% | -3.92% | 28.76% | 3.73% | 7.69% | -19.63% | 13.32% | 18% | 14.63% | 10.28% | 10.98% | 2.01% | 13.77% | - |
| Cost of Goods Sold | 3.32B | 3.09B | 4.3B | 4.73B | 3.32B | 3.13B | 2.95B | 3.61B | 3.11B | 2.83B | 2.43B | 2.32B | 2.19B | 2.16B | 1.83B |
| COGS % of Revenue | - | 43.22% | 47.23% | 49.88% | 45.09% | 44.15% | 44.77% | 44% | 43% | 46.19% | 45.42% | 47.76% | 50.06% | 50.41% | 48.49% |
| Gross Profit | 3.77B | 4.06B | 4.81B | 4.75B | 4.04B | 3.96B | 3.64B | 4.59B | 4.13B | 3.3B | 2.92B | 2.54B | 2.28B | 2.13B | 1.94B |
| Gross Margin % | 53.18% | 56.78% | 52.77% | 50.12% | 54.91% | 55.85% | 55.23% | 56% | 57% | 53.81% | 54.58% | 52.24% | 52.23% | 49.59% | 51.51% |
| Gross Profit Growth % | - | -15.6% | 1.16% | 17.53% | 1.99% | 8.9% | -20.74% | 11.34% | 24.99% | 13.01% | 15.23% | 10.99% | 7.43% | 9.53% | - |
| Operating Expenses | 1.23B | 1.39B | 1.32B | 1.32B | 904M | 876M | 3.64B | 816M | 927M | 817M | 729M | 739M | 552M | 479M | 254M |
| OpEx % of Revenue | - | 19.38% | 14.51% | 13.96% | 12.27% | 12.34% | 55.23% | 9.95% | 12.81% | 13.32% | 13.62% | 15.23% | 12.62% | 11.17% | 6.74% |
| Selling, General & Admin | 622M | 0 | 1.32B | 1.32B | 904M | 876M | 792M | 816M | 619M | 542M | 489M | 559M | 404M | 317M | 150M |
| SG&A % of Revenue | - | - | 14.51% | 13.96% | 12.27% | 12.34% | 12.01% | 9.95% | 8.55% | 8.83% | 9.14% | 11.52% | 9.24% | 7.39% | 3.98% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 2.53B | 2.67B | 3.49B | 3.43B | 3.14B | 3.09B | 0 | 3.78B | 3.2B | 2.48B | 2.19B | 1.8B | 1.73B | 1.65B | 1.69B |
| Operating Margin % | 35.76% | 37.4% | 38.26% | 36.16% | 42.63% | 43.51% | - | 46.06% | 44.19% | 40.49% | 40.96% | 37.01% | 39.61% | 38.42% | 44.77% |
| Operating Income Growth % | - | -23.32% | 1.66% | 9.2% | 1.65% | - | -100% | 18.1% | 28.78% | 13.32% | 22.05% | 3.7% | 5.16% | -2.37% | - |
| EBITDA | 2.81B | 2.94B | 3.9B | 3.87B | 3.43B | 3.4B | 1.07B | 4.12B | 3.51B | 2.76B | 2.43B | 1.98B | 1.88B | 1.81B | 1.79B |
| EBITDA Margin % | 39.66% | 41.18% | 42.85% | 40.8% | 46.53% | 47.85% | 16.27% | 50.21% | 48.45% | 44.97% | 45.44% | 40.72% | 42.99% | 42.2% | 47.53% |
| EBITDA Growth % | -23.73% | -24.62% | 0.9% | 12.9% | 0.88% | 216.59% | -73.95% | 17.45% | 27.11% | 13.45% | 23.08% | 5.11% | 3.92% | 1% | - |
| D&A (Non-Cash Add-back) | 276M | 270M | 418M | 440M | 287M | 308M | 319M | 341M | 308M | 275M | 240M | 180M | 148M | 162M | 104M |
| EBIT | 3.47B | 3.38B | 3.06B | 2.56B | 3.96B | 6.58B | 754M | 6.28B | 6.2B | 4.63B | 3.82B | 5.39B | 6.85B | 3.35B | 4.15B |
| Net Interest Income | -3.21B | -3.12B | -4.76B | -4.82B | -2.68B | -2.59B | -2.59B | -2.92B | -2.46B | -1.97B | -1.68B | -1.53B | -1.26B | -1.09B | -1.02B |
| Interest Income | 205M | 412M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 53M | -148M | -1.71B | -2.27B | 1.28B | 3.99B | -1.84B | 3.35B | 3.73B | 2.66B | 2.14B | 3.87B | 5.6B | 2.26B | 3.13B |
| Pretax Margin % | 0.75% | -2.07% | -18.75% | -23.92% | 17.34% | 56.18% | -27.88% | 40.88% | 51.6% | 43.36% | 40.02% | 79.66% | 127.97% | 52.81% | 83.04% |
| Income Tax | 274M | 157M | 289M | -419M | 281M | 490M | 220M | 196M | 81M | 192M | -575M | 100M | 1.18B | 501M | 489M |
| Effective Tax Rate % | 516.98% | -106.08% | -16.92% | 18.47% | 22% | 12.28% | -11.97% | 5.85% | 2.17% | 7.22% | -26.84% | 2.59% | 21.02% | 22.13% | 15.63% |
| Net Income | -345M | -361M | -510M | -442M | -47M | 530M | -1.1B | 884M | 764M | 136M | 660M | 1.06B | 1.15B | 350M | 0 |
| Net Margin % | -4.87% | -5.05% | -5.6% | -4.66% | -0.64% | 7.46% | -16.65% | 10.78% | 10.55% | 2.22% | 12.33% | 21.92% | 26.39% | 8.16% | - |
| Net Income Growth % | 23.5% | 29.22% | -15.38% | -840.43% | -108.87% | 148.27% | -224.21% | 15.71% | 461.76% | -79.39% | -37.97% | -7.8% | 229.71% | - | - |
| Net Income (Continuing) | -221M | -305M | -2B | -1.85B | 996M | 3.5B | -2.06B | 3.16B | 3.65B | 2.47B | 2.72B | 3.77B | 4.42B | 1.76B | 2.64B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 33.19B | 33.55B | 29.83B | 39.8B | 32.82B | 35.5B | 29.11B | 31.24B | 34.38B | 13.22B | 26.62B | 23.5B | 21.71B | 22.46B | 10.84B |
| EPS (Diluted) | -0.82 | -0.92 | -1.58 | -1.51 | -0.30 | 1.63 | -2.21 | 1.74 | 2.26 | 0.48 | 2.24 | 3.60 | 5.31 | 1.41 | 0.00 |
| EPS Growth % | 35.92% | 41.77% | -4.64% | -403.33% | -118.4% | 173.76% | -227.01% | -23.01% | 370.83% | -78.57% | -37.78% | -32.2% | 276.6% | - | - |
| EPS (Basic) | - | -0.92 | -1.58 | -1.51 | -0.30 | 1.63 | -2.21 | 1.76 | 2.28 | 0.48 | 2.30 | 3.73 | 5.59 | 1.41 | 0.00 |
| Diluted Shares Outstanding | 419.53M | 410.49M | 351.21M | 321.05M | 298.99M | 298.99M | 505.2M | 508.1M | 396.2M | 329.17M | 366.3M | 370.5M | 247.4M | 83.8M | 80.2M |
| Basic Shares Outstanding | 419.53M | 410.49M | 351.21M | 321.05M | 298.99M | 298.99M | 505.2M | 501.4M | 377.7M | 327.2M | 339.12M | 341.62M | 217.44M | 83.8M | 80.2M |
| Dividend Payout Ratio | - | - | - | - | - | 75.85% | - | 66.52% | 138.61% | 221.32% | 120.61% | 70.96% | 57.45% | 124.86% | - |
Persistent negative net margins
As reported in recent financial statements, BPYPO has experienced a sustained revenue decline, with the most recent quarterly figures showing a -3.7% year-over-year contraction, following a period of significant double-digit revenue drops that suggest a shrinking operational footprint or reduced asset disposition activity across the portfolio.
The consistent downward trajectory in top-line performance suggests that the company is struggling to maintain its historical scale in a challenging interest rate environment. Investors should monitor whether this contraction reflects a strategic pruning of non-core assets or a more concerning erosion of the underlying lease-based revenue base.
Based on reported figures, BPYPO maintains gross margins fluctuating near 50%, yet the company consistently reports negative net margins, with the most recent quarter at -3.7%, indicating that high interest expenses and non-cash valuation adjustments continue to overwhelm the firm's core operational profitability.
While the gross margin profile suggests the portfolio retains some pricing power, the inability to translate this into positive net income highlights the heavy burden of the firm's capital structure. This persistent bottom-line weakness warrants further investigation into whether property-level cash flows are sufficient to cover debt service without reliance on parent-level support.
According to recent SEC filings, BPYPO's operating income has failed to scale efficiently, with operating margins hovering between 32% and 40% while net income remains consistently negative, suggesting that the company's high fixed-cost base and debt obligations are severely limiting its ability to generate bottom-line growth.
The lack of meaningful operating leverage implies that even when revenue stabilizes, the company remains highly sensitive to interest rate fluctuations and property-level expenses. This structure suggests that the firm may be trapped in a cycle where operational improvements are immediately offset by the costs of maintaining its trophy asset portfolio.
Data from the last ten quarters reveals a recurring pattern of negative net income, with losses reaching as high as -7.1% of revenue, which may indicate to short-sellers that the current business model is fundamentally unsustainable without continuous capital injections or favorable fair value adjustments.
The reliance on IFRS fair value accounting makes it difficult to discern whether these losses are purely non-cash or indicative of actual cash burn. Market participants should remain cautious, as the persistent negative net income suggests that the company's valuation may be disconnected from its ability to generate positive cash returns for stakeholders.
Quick answers to the most common questions about buying BPYPO stock.
For fiscal year 2025, Brookfield Property Partners L.P. (BPYPO) reported total revenue of $7.15B. This represents a 89.7% increase compared to $3.77B in 2012.
Brookfield Property Partners L.P. (BPYPO) reported a net loss of $361.0M for the fiscal year ending 2025.
Brookfield Property Partners L.P. (BPYPO) reported an operating income of $2.67B, resulting in an operating profit margin of 37.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Brookfield Property Partners L.P. (BPYPO) generated $4.06B in gross profit for the year, representing a gross profit margin of 56.8%. This demonstrates the company's core pricing power and production efficiency.