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Side-by-side financial comparison of Fat Brands, Inc (FAT) and KILROY REALTY CORP (KRC). Click either name above to swap in a different company.
KILROY REALTY CORP is the larger business by last-quarter revenue ($272.2M vs $140.0M, roughly 1.9× Fat Brands, Inc). KILROY REALTY CORP runs the higher net margin — 6.3% vs -41.6%, a 47.9% gap on every dollar of revenue. On growth, Fat Brands, Inc posted the faster year-over-year revenue change (-2.3% vs -5.0%). KILROY REALTY CORP produced more free cash flow last quarter ($450.3M vs $-16.9M). Over the past eight quarters, KILROY REALTY CORP's revenue compounded faster (-1.2% CAGR vs -6.1%).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
Kilroy Realty Corp is a leading U.S. real estate investment trust that develops, owns, and operates premium office, life science, and mixed-use properties primarily across high-growth West Coast markets including Los Angeles, San Francisco, Seattle, and San Diego. It serves tenants across the technology, life sciences, media, and creative sectors, with a core focus on delivering sustainable, future-ready workspaces tailored to modern business needs.
FAT vs KRC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $272.2M |
| Net Profit | $-58.2M | $17.1M |
| Gross Margin | — | — |
| Operating Margin | -12.4% | — |
| Net Margin | -41.6% | 6.3% |
| Revenue YoY | -2.3% | -5.0% |
| Net Profit YoY | -30.1% | -73.7% |
| EPS (diluted) | $-3.39 | $0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $272.2M | ||
| Q3 25 | $140.0M | $279.7M | ||
| Q2 25 | $146.8M | $289.9M | ||
| Q1 25 | $142.0M | $270.8M | ||
| Q4 24 | $145.3M | $286.4M | ||
| Q3 24 | $143.4M | $289.9M | ||
| Q2 24 | $152.0M | $280.7M | ||
| Q1 24 | $152.0M | $278.6M |
| Q4 25 | — | $17.1M | ||
| Q3 25 | $-58.2M | $162.3M | ||
| Q2 25 | $-54.2M | $79.6M | ||
| Q1 25 | $-46.0M | $43.7M | ||
| Q4 24 | $-67.4M | $65.0M | ||
| Q3 24 | $-44.8M | $57.7M | ||
| Q2 24 | $-39.4M | $54.5M | ||
| Q1 24 | $-38.3M | $55.7M |
| Q4 25 | — | — | ||
| Q3 25 | -12.4% | — | ||
| Q2 25 | -10.6% | — | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | -27.1% | — | ||
| Q3 24 | -6.2% | — | ||
| Q2 24 | -1.8% | — | ||
| Q1 24 | -0.9% | — |
| Q4 25 | — | 6.3% | ||
| Q3 25 | -41.6% | 58.0% | ||
| Q2 25 | -36.9% | 27.4% | ||
| Q1 25 | -32.4% | 16.1% | ||
| Q4 24 | -46.4% | 22.7% | ||
| Q3 24 | -31.2% | 19.9% | ||
| Q2 24 | -25.9% | 19.4% | ||
| Q1 24 | -25.2% | 20.0% |
| Q4 25 | — | $0.11 | ||
| Q3 25 | $-3.39 | $1.31 | ||
| Q2 25 | $-3.17 | $0.57 | ||
| Q1 25 | $-2.73 | $0.33 | ||
| Q4 24 | $-4.06 | $0.50 | ||
| Q3 24 | $-2.74 | $0.44 | ||
| Q2 24 | $-2.43 | $0.41 | ||
| Q1 24 | $-2.37 | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $179.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $5.4B |
| Total Assets | $1.2B | $10.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $179.3M | ||
| Q3 25 | — | $372.4M | ||
| Q2 25 | — | $193.1M | ||
| Q1 25 | — | $146.7M | ||
| Q4 24 | — | $165.7M | ||
| Q3 24 | — | $625.4M | ||
| Q2 24 | — | $835.9M | ||
| Q1 24 | — | $855.0M |
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $5.4B | ||
| Q3 25 | $-585.8M | $5.5B | ||
| Q2 25 | $-536.5M | $5.4B | ||
| Q1 25 | $-493.9M | $5.4B | ||
| Q4 24 | $-455.7M | $5.4B | ||
| Q3 24 | $-386.1M | $5.4B | ||
| Q2 24 | $-338.6M | $5.4B | ||
| Q1 24 | $-296.8M | $5.4B |
| Q4 25 | — | $10.9B | ||
| Q3 25 | $1.2B | $11.0B | ||
| Q2 25 | $1.2B | $10.9B | ||
| Q1 25 | $1.3B | $10.9B | ||
| Q4 24 | $1.3B | $10.9B | ||
| Q3 24 | $1.3B | $11.4B | ||
| Q2 24 | $1.4B | $11.5B | ||
| Q1 24 | $1.4B | $11.6B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-14.5M | $566.3M |
| Free Cash FlowOCF − Capex | $-16.9M | $450.3M |
| FCF MarginFCF / Revenue | -12.1% | 165.4% |
| Capex IntensityCapex / Revenue | 1.7% | 42.6% |
| Cash ConversionOCF / Net Profit | — | 33.10× |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $833.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $566.3M | ||
| Q3 25 | $-14.5M | $176.6M | ||
| Q2 25 | $-26.9M | $143.7M | ||
| Q1 25 | $-13.2M | $136.9M | ||
| Q4 24 | $-10.4M | $541.1M | ||
| Q3 24 | $-3.2M | $176.3M | ||
| Q2 24 | $-14.2M | $88.7M | ||
| Q1 24 | $-28.4M | $167.9M |
| Q4 25 | — | $450.3M | ||
| Q3 25 | $-16.9M | $148.7M | ||
| Q2 25 | $-29.3M | $118.4M | ||
| Q1 25 | $-17.8M | $115.6M | ||
| Q4 24 | $-11.0M | $440.8M | ||
| Q3 24 | $-11.1M | $147.2M | ||
| Q2 24 | $-24.4M | $69.5M | ||
| Q1 24 | $-32.5M | $151.9M |
| Q4 25 | — | 165.4% | ||
| Q3 25 | -12.1% | 53.1% | ||
| Q2 25 | -20.0% | 40.9% | ||
| Q1 25 | -12.5% | 42.7% | ||
| Q4 24 | -7.6% | 153.9% | ||
| Q3 24 | -7.7% | 50.8% | ||
| Q2 24 | -16.1% | 24.7% | ||
| Q1 24 | -21.4% | 54.5% |
| Q4 25 | — | 42.6% | ||
| Q3 25 | 1.7% | 10.0% | ||
| Q2 25 | 1.6% | 8.7% | ||
| Q1 25 | 3.2% | 7.9% | ||
| Q4 24 | 0.4% | 35.0% | ||
| Q3 24 | 5.5% | 10.1% | ||
| Q2 24 | 6.7% | 6.8% | ||
| Q1 24 | 2.7% | 5.7% |
| Q4 25 | — | 33.10× | ||
| Q3 25 | — | 1.09× | ||
| Q2 25 | — | 1.81× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 8.32× | ||
| Q3 24 | — | 3.06× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 3.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
KRC
Segment breakdown not available.
