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Dec 31, 2025
Vesta Q4 2025 Earnings Report
Vesta reported strong fourth quarter 2025 results with double-digit revenue growth, higher EBITDA and a significant increase in comprehensive income driven by deferred tax gains.
Key Takeaways
In Q4 2025, Vesta delivered solid operational performance with total rental income up 17.2% year over year to $76.4 million and Adjusted EBITDA rising 18.2% to $61.1 million. Diluted EPS was $0.2008, while Vesta FFO per share reached $0.0458. Total comprehensive income was $172.4 million, compared to a loss in the prior-year quarter.
Total rental income increased 17.2% year over year to $76.4 million.
Adjusted EBITDA rose 18.2% to $61.1 million with an 83.3% margin.
Diluted EPS was $0.2008 compared to negative $0.0760 in Q4 2024.
Total portfolio occupancy reached 89.7% at quarter-end.
Revenue by Geographic Location
Forward Guidance
For 2026, Vesta expects rental revenues to increase between 10.0% and 11.0%, with an Adjusted NOI margin of approximately 93.5% and an Adjusted EBITDA margin of approximately 83%.
Positive Outlook
- Rental revenue growth expected between 10.0% and 11.0%.
- Adjusted NOI margin projected at approximately 93.5%.
- Adjusted EBITDA margin projected at approximately 83%.
- Strong leasing momentum and stable occupancy levels.
- Strengthened balance sheet after debt repayments.
Challenges Ahead
- Projected margins slightly below 2025 full-year levels.
- Exposure to foreign exchange impacts on tax expense.
- Potential interest rate volatility.
- Macroeconomic uncertainty affecting tenant demand.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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