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Side-by-side financial comparison of JBG SMITH Properties (JBGS) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Terreno Realty Corp is the larger business by last-quarter revenue ($137.5M vs $127.6M, roughly 1.1× JBG SMITH Properties). Terreno Realty Corp runs the higher net margin — 115.1% vs -35.7%, a 150.8% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs -2.5%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% CAGR vs -6.3%).
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
JBGS vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.6M | $137.5M |
| Net Profit | $-45.5M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | -47.5% | — |
| Net Margin | -35.7% | 115.1% |
| Revenue YoY | -2.5% | 32.6% |
| Net Profit YoY | 24.0% | 107.9% |
| EPS (diluted) | $-0.76 | $1.54 |
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 | $127.6M | $137.5M | ||
| Q3 25 | $123.9M | $116.2M | ||
| Q2 25 | $126.5M | $112.2M | ||
| Q1 25 | $120.7M | $110.4M | ||
| Q4 24 | $130.8M | $103.7M | ||
| Q3 24 | $136.0M | $99.6M | ||
| Q2 24 | $135.3M | $94.2M | ||
| Q1 24 | $145.2M | $85.0M |
| Q4 25 | $-45.5M | $158.2M | ||
| Q3 25 | $-28.6M | $103.4M | ||
| Q2 25 | $-19.2M | $93.3M | ||
| Q1 25 | $-45.7M | $48.1M | ||
| Q4 24 | $-59.9M | $76.1M | ||
| Q3 24 | $-27.0M | $36.6M | ||
| Q2 24 | $-24.4M | $35.7M | ||
| Q1 24 | $-32.3M | $36.1M |
| Q4 25 | -47.5% | — | ||
| Q3 25 | -27.5% | — | ||
| Q2 25 | -18.4% | — | ||
| Q1 25 | -44.7% | — | ||
| Q4 24 | -53.6% | — | ||
| Q3 24 | -22.4% | — | ||
| Q2 24 | -24.3% | — | ||
| Q1 24 | -30.1% | — |
| Q4 25 | -35.7% | 115.1% | ||
| Q3 25 | -23.1% | 88.9% | ||
| Q2 25 | -15.2% | 83.1% | ||
| Q1 25 | -37.9% | 43.6% | ||
| Q4 24 | -45.8% | 73.4% | ||
| Q3 24 | -19.8% | 36.8% | ||
| Q2 24 | -18.0% | 37.9% | ||
| Q1 24 | -22.2% | 42.4% |
| Q4 25 | $-0.76 | $1.54 | ||
| Q3 25 | $-0.48 | $1.00 | ||
| Q2 25 | $-0.29 | $0.90 | ||
| Q1 25 | $-0.56 | $0.47 | ||
| Q4 24 | $-0.70 | $0.78 | ||
| Q3 24 | $-0.32 | $0.37 | ||
| Q2 24 | $-0.27 | $0.37 | ||
| Q1 24 | $-0.36 | $0.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $75.3M | $25.0M |
| Total DebtLower is stronger | — | $943.3M |
| Stockholders' EquityBook value | $1.2B | $4.1B |
| Total Assets | $4.4B | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.3M | $25.0M | ||
| Q3 25 | $64.4M | $26.2M | ||
| Q2 25 | $61.4M | $128.4M | ||
| Q1 25 | $81.3M | $156.5M | ||
| Q4 24 | $145.8M | $18.1M | ||
| Q3 24 | $137.0M | $243.7M | ||
| Q2 24 | $163.5M | $182.0M | ||
| Q1 24 | $220.5M | $649.6M |
| Q4 25 | — | $943.3M | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $742.4M | ||
| Q1 25 | — | $741.9M | ||
| Q4 24 | — | $823.4M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | — | $772.0M | ||
| Q1 24 | — | $771.8M |
| Q4 25 | $1.2B | $4.1B | ||
| Q3 25 | $1.2B | $4.0B | ||
| Q2 25 | $1.3B | $3.9B | ||
| Q1 25 | $1.6B | $3.9B | ||
| Q4 24 | $1.8B | $3.7B | ||
| Q3 24 | $1.9B | $3.6B | ||
| Q2 24 | $2.0B | $3.4B | ||
| Q1 24 | $2.1B | $3.4B |
| Q4 25 | $4.4B | $5.4B | ||
| Q3 25 | $4.4B | $5.3B | ||
| Q2 25 | $4.5B | $5.0B | ||
| Q1 25 | $4.7B | $4.9B | ||
| Q4 24 | $5.0B | $4.8B | ||
| Q3 24 | $5.2B | $4.6B | ||
| Q2 24 | $5.3B | $4.5B | ||
| Q1 24 | $5.4B | $4.4B |
| Q4 25 | — | 0.23× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.19× | ||
| Q1 25 | — | 0.19× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.19× | ||
| Q2 24 | — | 0.22× | ||
| Q1 24 | — | 0.22× |
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 | $73.3M | $271.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $73.3M | $271.9M | ||
| Q3 25 | $8.9M | $79.5M | ||
| Q2 25 | $18.8M | $60.6M | ||
| Q1 25 | $12.9M | $61.4M | ||
| Q4 24 | $129.4M | $232.7M | ||
| Q3 24 | $26.4M | $70.0M | ||
| Q2 24 | $23.8M | $64.3M | ||
| Q1 24 | $37.0M | $47.0M |
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.06× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | 1.80× | ||
| Q1 24 | — | 1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JBGS
Segment breakdown not available.
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
