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Side-by-side financial comparison of Global Net Lease, Inc. (GNL) and JBG SMITH Properties (JBGS). Click either name above to swap in a different company.
JBG SMITH Properties is the larger business by last-quarter revenue ($127.6M vs $117.0M, roughly 1.1× Global Net Lease, Inc.). Global Net Lease, Inc. runs the higher net margin — 41.2% vs -35.7%, a 76.9% gap on every dollar of revenue. On growth, JBG SMITH Properties posted the faster year-over-year revenue change (-2.5% vs -15.1%). Over the past eight quarters, JBG SMITH Properties's revenue compounded faster (-6.3% CAGR vs -11.1%).
Global Net Lease, Inc. is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of commercial real estate assets under long-term net lease contracts. Its property portfolio spans North America and Europe, covering industrial, office, retail and other key sectors, serving tenants across multiple industries to deliver consistent long-term returns for shareholders.
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
GNL vs JBGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $117.0M | $127.6M |
| Net Profit | $48.2M | $-45.5M |
| Gross Margin | — | — |
| Operating Margin | 94.7% | -47.5% |
| Net Margin | 41.2% | -35.7% |
| Revenue YoY | -15.1% | -2.5% |
| Net Profit YoY | 838.7% | 24.0% |
| EPS (diluted) | $0.14 | $-0.76 |
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 | $117.0M | $127.6M | ||
| Q3 25 | $121.0M | $123.9M | ||
| Q2 25 | $124.9M | $126.5M | ||
| Q1 25 | $132.4M | $120.7M | ||
| Q4 24 | $137.8M | $130.8M | ||
| Q3 24 | $138.7M | $136.0M | ||
| Q2 24 | $145.5M | $135.3M | ||
| Q1 24 | $147.9M | $145.2M |
| Q4 25 | $48.2M | $-45.5M | ||
| Q3 25 | $-60.1M | $-28.6M | ||
| Q2 25 | $-24.1M | $-19.2M | ||
| Q1 25 | $-189.4M | $-45.7M | ||
| Q4 24 | $-6.5M | $-59.9M | ||
| Q3 24 | $-65.6M | $-27.0M | ||
| Q2 24 | $-35.7M | $-24.4M | ||
| Q1 24 | $-23.8M | $-32.3M |
| Q4 25 | 94.7% | -47.5% | ||
| Q3 25 | -11.7% | -27.5% | ||
| Q2 25 | 33.9% | -18.4% | ||
| Q1 25 | -21.1% | -44.7% | ||
| Q4 24 | 40.8% | -53.6% | ||
| Q3 24 | 9.3% | -22.4% | ||
| Q2 24 | 42.6% | -24.3% | ||
| Q1 24 | 38.6% | -30.1% |
| Q4 25 | 41.2% | -35.7% | ||
| Q3 25 | -49.7% | -23.1% | ||
| Q2 25 | -19.3% | -15.2% | ||
| Q1 25 | -143.0% | -37.9% | ||
| Q4 24 | -4.7% | -45.8% | ||
| Q3 24 | -47.3% | -19.8% | ||
| Q2 24 | -24.5% | -18.0% | ||
| Q1 24 | -16.1% | -22.2% |
| Q4 25 | $0.14 | $-0.76 | ||
| Q3 25 | $-0.32 | $-0.48 | ||
| Q2 25 | $-0.16 | $-0.29 | ||
| Q1 25 | $-0.87 | $-0.56 | ||
| Q4 24 | $-0.08 | $-0.70 | ||
| Q3 24 | $-0.33 | $-0.32 | ||
| Q2 24 | $-0.20 | $-0.27 | ||
| Q1 24 | $-0.15 | $-0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $180.1M | $75.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.7B | $1.2B |
| Total Assets | $4.3B | $4.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $180.1M | $75.3M | ||
| Q3 25 | $165.1M | $64.4M | ||
| Q2 25 | $144.8M | $61.4M | ||
| Q1 25 | $147.0M | $81.3M | ||
| Q4 24 | $159.7M | $145.8M | ||
| Q3 24 | $127.2M | $137.0M | ||
| Q2 24 | $122.2M | $163.5M | ||
| Q1 24 | $131.9M | $220.5M |
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $1.2B | ||
| Q2 25 | $1.8B | $1.3B | ||
| Q1 25 | $1.9B | $1.6B | ||
| Q4 24 | $2.2B | $1.8B | ||
| Q3 24 | $2.3B | $1.9B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.5B | $2.1B |
| Q4 25 | $4.3B | $4.4B | ||
| Q3 25 | $4.8B | $4.4B | ||
| Q2 25 | $5.0B | $4.5B | ||
| Q1 25 | $5.8B | $4.7B | ||
| Q4 24 | $7.0B | $5.0B | ||
| Q3 24 | $7.3B | $5.2B | ||
| Q2 24 | $7.6B | $5.3B | ||
| Q1 24 | $8.0B | $5.4B |
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 | $222.8M | $73.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $222.8M | $73.3M | ||
| Q3 25 | $56.0M | $8.9M | ||
| Q2 25 | $52.0M | $18.8M | ||
| Q1 25 | $59.2M | $12.9M | ||
| Q4 24 | $299.5M | $129.4M | ||
| Q3 24 | $62.1M | $26.4M | ||
| Q2 24 | $70.4M | $23.8M | ||
| Q1 24 | $92.2M | $37.0M |
| Q4 25 | 4.62× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GNL
| Industrial And Distribution Segment | $56.0M | 48% |
| Office Segment | $30.8M | 26% |
| Single Tenant Retail Segment | $30.2M | 26% |
JBGS
Segment breakdown not available.
