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Side-by-side financial comparison of LXP Industrial Trust (LXP) 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 $86.7M, roughly 1.6× LXP Industrial Trust). Terreno Realty Corp runs the higher net margin — 115.1% vs 33.2%, a 81.9% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs -14.0%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% CAGR vs 0.3%).
LXP Industrial Trust is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality industrial real estate assets, primarily distribution centers, logistics facilities, and light industrial properties across key markets in the United States. Its tenant base covers e-commerce, third-party logistics, and advanced manufacturing sectors, delivering stable long-term returns for its investors.
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.
LXP vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.7M | $137.5M |
| Net Profit | $28.8M | $158.2M |
| Gross Margin | 81.5% | — |
| Operating Margin | 34.6% | — |
| Net Margin | 33.2% | 115.1% |
| Revenue YoY | -14.0% | 32.6% |
| Net Profit YoY | — | 107.9% |
| EPS (diluted) | — | $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 | $86.7M | $137.5M | ||
| Q3 25 | $86.9M | $116.2M | ||
| Q2 25 | $87.7M | $112.2M | ||
| Q1 25 | $88.9M | $110.4M | ||
| Q4 24 | $100.9M | $103.7M | ||
| Q3 24 | $85.6M | $99.6M | ||
| Q2 24 | $85.8M | $94.2M | ||
| Q1 24 | $86.3M | $85.0M |
| Q4 25 | $28.8M | $158.2M | ||
| Q3 25 | $36.3M | $103.4M | ||
| Q2 25 | $29.1M | $93.3M | ||
| Q1 25 | $19.0M | $48.1M | ||
| Q4 24 | — | $76.1M | ||
| Q3 24 | $6.3M | $36.6M | ||
| Q2 24 | $5.4M | $35.7M | ||
| Q1 24 | $-269.0K | $36.1M |
| Q4 25 | 81.5% | — | ||
| Q3 25 | 82.3% | — | ||
| Q2 25 | 81.9% | — | ||
| Q1 25 | 80.7% | — | ||
| Q4 24 | 85.3% | — | ||
| Q3 24 | 82.5% | — | ||
| Q2 24 | 82.0% | — | ||
| Q1 24 | 82.4% | — |
| Q4 25 | 34.6% | — | ||
| Q3 25 | 50.4% | — | ||
| Q2 25 | 33.7% | — | ||
| Q1 25 | 21.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 7.9% | — | ||
| Q2 24 | 6.9% | — | ||
| Q1 24 | 1.0% | — |
| Q4 25 | 33.2% | 115.1% | ||
| Q3 25 | 41.7% | 88.9% | ||
| Q2 25 | 33.2% | 83.1% | ||
| Q1 25 | 21.4% | 43.6% | ||
| Q4 24 | — | 73.4% | ||
| Q3 24 | 7.4% | 36.8% | ||
| Q2 24 | 6.3% | 37.9% | ||
| Q1 24 | -0.3% | 42.4% |
| Q4 25 | — | $1.54 | ||
| Q3 25 | $0.12 | $1.00 | ||
| Q2 25 | $0.09 | $0.90 | ||
| Q1 25 | $0.06 | $0.47 | ||
| Q4 24 | — | $0.78 | ||
| Q3 24 | $0.02 | $0.37 | ||
| Q2 24 | $0.01 | $0.37 | ||
| Q1 24 | $-0.01 | $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 | $170.4M | $25.0M |
| Total DebtLower is stronger | $1.4B | $943.3M |
| Stockholders' EquityBook value | $2.0B | $4.1B |
| Total Assets | $3.5B | $5.4B |
| Debt / EquityLower = less leverage | 0.66× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $170.4M | $25.0M | ||
| Q3 25 | $229.7M | $26.2M | ||
| Q2 25 | $71.0M | $128.4M | ||
| Q1 25 | $70.9M | $156.5M | ||
| Q4 24 | $101.8M | $18.1M | ||
| Q3 24 | $55.0M | $243.7M | ||
| Q2 24 | $48.7M | $182.0M | ||
| Q1 24 | $293.8M | $649.6M |
| Q4 25 | $1.4B | $943.3M | ||
| Q3 25 | $1.5B | $1.0B | ||
| Q2 25 | $1.5B | $742.4M | ||
| Q1 25 | $1.5B | $741.9M | ||
| Q4 24 | $1.6B | $823.4M | ||
| Q3 24 | — | $672.2M | ||
| Q2 24 | — | $772.0M | ||
| Q1 24 | — | $771.8M |
| Q4 25 | $2.0B | $4.1B | ||
| Q3 25 | $2.1B | $4.0B | ||
| Q2 25 | $2.1B | $3.9B | ||
| Q1 25 | $2.1B | $3.9B | ||
| Q4 24 | $2.1B | $3.7B | ||
| Q3 24 | $2.1B | $3.6B | ||
| Q2 24 | $2.1B | $3.4B | ||
| Q1 24 | $2.2B | $3.4B |
| Q4 25 | $3.5B | $5.4B | ||
| Q3 25 | $3.7B | $5.3B | ||
| Q2 25 | $3.7B | $5.0B | ||
| Q1 25 | $3.8B | $4.9B | ||
| Q4 24 | $3.8B | $4.8B | ||
| Q3 24 | $3.9B | $4.6B | ||
| Q2 24 | $3.9B | $4.5B | ||
| Q1 24 | $4.2B | $4.4B |
| Q4 25 | 0.66× | 0.23× | ||
| Q3 25 | 0.72× | 0.26× | ||
| Q2 25 | 0.72× | 0.19× | ||
| Q1 25 | 0.73× | 0.19× | ||
| Q4 24 | 0.75× | 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 | $188.7M | $271.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 6.56× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $188.7M | $271.9M | ||
| Q3 25 | $63.5M | $79.5M | ||
| Q2 25 | $44.3M | $60.6M | ||
| Q1 25 | $39.0M | $61.4M | ||
| Q4 24 | $211.2M | $232.7M | ||
| Q3 24 | $64.6M | $70.0M | ||
| Q2 24 | $38.5M | $64.3M | ||
| Q1 24 | $38.9M | $47.0M |
| Q4 25 | 6.56× | 1.72× | ||
| Q3 25 | 1.75× | 0.77× | ||
| Q2 25 | 1.52× | 0.65× | ||
| Q1 25 | 2.05× | 1.28× | ||
| Q4 24 | — | 3.06× | ||
| Q3 24 | 10.18× | 1.91× | ||
| Q2 24 | 7.09× | 1.80× | ||
| Q1 24 | — | 1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LXP
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% |
