Revenue
63.3 million USD
2026 Q2 · USD
Exact inputs and evidence
- Revenue: 63315000 USD Source
Fundies. English
Innovative Industrial Properties, Inc.
EDGARAnnual consolidated revenue for 2025: about USD 266M, using the latest reported figures. The previous period, 2024, was about USD 308.5M.
Latest quarter
Operating margin
65.46%
2026 Q2 · %
Operating cash flow
44.9 million USD
2026 Q2 · USD
- Cash and cash equivalents
- 205 million USD Source
Exact value
204734000 USD
- Long-term debt including current maturities
- 394 million USD Source
Exact value
393715000 USD
- Shares outstanding
- 27.6 million shares Source
Exact value
27571349 shares
Reported share-count change
-1.59% · -446 thousand shares
Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.
Includes later revisions to earlier periods. Annual charts exclude incomplete years.
Latest filing recorded: 2026-10-27.
Financial data available through: 2025-12-31.
Coverage by financial measure
- Revenue: 5 of 11 periods available· newest 2025-12-31
- Operating income: 5 of 11 periods available· newest 2025-12-31
- Net income: 5 of 11 periods available· newest 2025-12-31
- Operating cash flow: 5 of 11 periods available· newest 2025-12-31
- capital expenditure: No compatible figures in this window
- Total assets: 4 of 11 periods available· newest 2025-12-31
- Total liabilities: 4 of 11 periods available· newest 2025-12-31
- current assets: No compatible figures in this window
- current liabilities: No compatible figures in this window
- Cash and cash equivalents: 4 of 11 periods available· newest 2025-12-31
- Long-term debt including current maturities: 1 of 11 periods available· newest 2025-12-31
- Shares outstanding: 4 of 11 periods available· newest 2025-12-31
Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.
What changed year over year
Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.
Revenue
-13.8%Prior period
USD 308.52 million
–
Current period
USD 265.96 million
–
Exact inputs and evidence
265955000 − 308517000 = -42562000 USD
308517000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source265955000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Net income
-26.9%Prior period
USD 161.66 million
–
Current period
USD 118.25 million
–
Exact inputs and evidence
118247000 − 161661000 = -43414000 USD
161661000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source118247000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Operating cash flow
-23.3%Prior period
USD 258.45 million
–
Current period
USD 198.19 million
–
Exact inputs and evidence
198189000 − 258446000 = -60257000 USD
258446000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source198189000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current sourceShare or cite
The citation records this snapshot. The page link may show a newer release later.
Comparable inputs unavailable for: Capital expenditure.
Where revenue goes
How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.
2025 2025-01-01 – 2025-12-31
- Revenue USD 265.96 million 100% of revenue
- Operating costs Derived USD 141.83 million 53% of revenue
- Operating income USD 124.12 million 47% of revenue
- Tax, interest and other Derived USD 5.88 million 2.2% of revenue
- Net income USD 118.25 million 44% of revenue
Cash
- Operating cash flow USD 198.19 million 75% of revenue
- Capital expenditure Unavailable An input is unavailable.
- Free cash flow Derived Unavailable An input is unavailable.
Share of revenue by period
- Net income
- Tax, interest and other
- Operating costs
- 2017 Operating loss: operating costs were 103% of revenue.
- 2018 Net income was higher than operating income, so the split is not drawn.
- 2023 54%44%
- 2024 52%45%
- 2025 44%53%
Values and sources
| Period | Revenue | Operating costs | Operating income | Tax, interest and other | Net income | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| 2017 2017-01-01 – 2017-12-31 | 6420000 | 6643000 Derived | -223000 | -151000 Derived | -72000 | Unavailable | Source
|
| 2018 2018-01-01 – 2018-12-31 | 14787000 | 9449000 Derived | 5338000 | -1647000 Derived | 6985000 | Unavailable | Source
|
| 2023 2023-01-01 – 2023-12-31 | 309506000 | 134919000 Derived | 174587000 | 8999000 Derived | 165588000 | Unavailable | Source
|
| 2024 2024-01-01 – 2024-12-31 | 308517000 | 140172000 Derived | 168345000 | 6684000 Derived | 161661000 | Unavailable | Source
|
| 2025 2025-01-01 – 2025-12-31 | 265955000 | 141833000 Derived | 124122000 | 5875000 Derived | 118247000 | Unavailable | Source
|
Amounts are exact, in USD.
Growth
Sales over time and how quickly they are changing.
Revenue
Revenue reported for each complete financial period.
USD 266M 2025
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2017 | Revenue | 6420000 |
|
| 2018 | Revenue | 14787000 |
|
| 2023 | Revenue | 309506000 |
|
| 2024 | Revenue | 308517000 |
|
| 2025 | Revenue | 265955000 |
|
Revenue growth
Change in revenue from the same financial period one year earlier.
-13.8% 2025
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2017 | Year over year | No prior comparable period |
|
| 2018 | Year over year | 130.3% |
|
| 2023 | Year over year | No prior comparable period |
|
| 2024 | Year over year | -0.3% |
|
| 2025 | Year over year | -13.8% |
|
Profit and cash
How much revenue becomes profit, and how much cash operations generate.
Profit margins
Operating income, net income and free cash flow as a share of revenue.
Operating margin 46.7% 2025
Net margin 44.5% 2025
- Operating margin
- Net margin
- Free cash flow margin
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2017 | Operating margin | -3.5% |
|
| 2018 | Operating margin | 36.1% |
|
| 2023 | Operating margin | 56.4% |
|
| 2024 | Operating margin | 54.6% |
|
| 2025 | Operating margin | 46.7% |
|
| 2017 | Net margin | -1.1% |
|
| 2018 | Net margin | 47.2% |
|
| 2023 | Net margin | 53.5% |
|
| 2024 | Net margin | 52.4% |
|
| 2025 | Net margin | 44.5% |
|
| 2017 | Free cash flow margin | Not reported |
|
| 2018 | Free cash flow margin | Not reported |
|
| 2023 | Free cash flow margin | Not reported |
|
| 2024 | Free cash flow margin | Not reported |
|
| 2025 | Free cash flow margin | Not reported |
|
Operating cash flow
Cash generated by the company’s normal business operations.
USD 198.2M 2025
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2017 | Operating cash flow | 5015000 |
|
| 2018 | Operating cash flow | 15693000 |
|
| 2023 | Operating cash flow | 255543000 |
|
| 2024 | Operating cash flow | 258446000 |
|
| 2025 | Operating cash flow | 198189000 |
|
Free cash flow
Operating cash flow minus capital expenditure for the same period and unit.
Not enough comparable data to show this history.
Values and sources
| Period | Series | Value(USD) | Source evidence |
|---|---|---|---|
| 2017 | Free cash flow | Unavailable |
|
| 2018 | Free cash flow | Unavailable |
|
| 2023 | Free cash flow | Unavailable |
|
| 2024 | Free cash flow | Unavailable |
|
| 2025 | Free cash flow | Unavailable |
|
Balance sheet
Liabilities and short-term ability to meet obligations at each period end.
Liabilities to assets
Total liabilities as a share of total assets.
22.1% 2025
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2017 | Liabilities / assets | 8.1% |
|
| 2018 | Liabilities / assets | 6.1% |
|
| 2023-12-31 | Liabilities / assets | Not reported | No source recorded |
| 2024 | Liabilities / assets | 18.6% |
|
| 2025 | Liabilities / assets | 22.1% |
|
Current assets to current liabilities
Current assets divided by current liabilities.
Not enough comparable data to show this history.
Values and sources
| Period | Series | Value | Source evidence |
|---|---|---|---|
| 2017-12-31 | Current assets / current liabilities | Not reported | No source recorded |
| 2018-12-31 | Current assets / current liabilities | Not reported | No source recorded |
| 2023-12-31 | Current assets / current liabilities | Not reported | No source recorded |
| 2024-12-31 | Current assets / current liabilities | Not reported | No source recorded |
| 2025-12-31 | Current assets / current liabilities | Not reported | No source recorded |
Cash generation
Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.
| Period | Net income | Operating cash flow | Capital expenditure | Free cash flow |
|---|---|---|---|---|
| 2017 2017-01-01 – 2017-12-31 | −USD 72,000 Exact valueExact value: -72000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 5.02 million Exact valueExact value: 5015000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2018 2018-01-01 – 2018-12-31 | USD 6.99 million Exact valueExact value: 6985000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 15.69 million Exact valueExact value: 15693000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2023 2023-01-01 – 2023-12-31 | USD 165.59 million Exact valueExact value: 165588000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 255.54 million Exact valueExact value: 255543000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2024 2024-01-01 – 2024-12-31 | USD 161.66 million Exact valueExact value: 161661000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 258.45 million Exact valueExact value: 258446000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
| 2025 2025-01-01 – 2025-12-31 | USD 118.25 million Exact valueExact value: 118247000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | USD 198.19 million Exact valueExact value: 198189000 USD Share or citeThe citation records this snapshot. The page link may show a newer release later. | Unavailable Not reported for this period. | Unavailable Free cash flow cannot be calculated because Capital expenditure is unavailable for this period. |
Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.
Dataset coverage and company identifiers
Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.
98 filings · 3,522 latest values · 3,522 originally reported values
Dataset published . Source filing dates and reporting periods are shown separately.
Identifiers: 0001677576, 1677576, IIPR, IIPR-PA, edgar:1677576
Also known as INNOVATIVE INDUSTRIAL PROPERTIES INC, Innovative Industrial Properties, Inc., Innovative Industrial Properties, Inc.