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Innovative Industrial Properties, Inc. IIPR Q4 2025 Annual earnings

Reported February 23, 2026 · After market close

Revenue$66.7MBeat by $886.4KDiluted EPS$1.88Beat by $0.83
Revenue estimate$65.8M
EPS estimate$1.05

Next report

Aug 5, 2026 (In 2 weeks)
Revenue estimate$67.5M
EPS estimate$1.02

Financials

Q4 2025

Income statement

See full
Revenue$66.7M-13.1%
Operating income$31.8M-24.2%
Net income$31.8M-20.4%
EPS (diluted)$1.06-22.1%

Balance sheet

See full
Cash & equivalents$47.6M-67.5%
Total debt$570.0K-99.8%
Total equity$1.8B-4.5%
Total assets$2.4B-0.3%

Cash flow

See full
Operating cash flow$49.9M-13.7%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$1.33B-29.7%
Enterprise value$1.28B-37.0%
P/E11.2×-0.5×
P/S5×-1.1×

Profitability

See full
Operating margin46.7%-7.9pp
Net margin44.5%-7.9pp

Returns & leverage

See full
Return on equity6.2%-2.1pp
Debt / equity0×-0.1×

Versus estimates

Revenue

Q1 2026$69.0MBeat by $3.3M
Q4 2025$66.7MBeat by $886.4K
Q3 2025$64.7MMiss by $1.5MQ2 2025$62.9MMiss by $2.1MQ1 2025$71.7MBeat by $933.1KQ4 2024$76.7MBeat by $530.2K

Diluted EPS

Q1 2026$1.88Beat by $0.81
Q4 2025$1.88Beat by $0.83
Q3 2025$1.71In lineQ2 2025$1.71Beat by $0.10Q1 2025$1.94Miss by $0.05Q4 2024$2.22In line

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Questions, answered.

When did Innovative Industrial Properties, Inc. report Q4 2025 earnings?
Innovative Industrial Properties, Inc. (IIPR) reported Q4 2025 earnings on February 23, 2026 after market close.
What were Innovative Industrial Properties, Inc.'s Q4 2025 revenue and EPS?
Innovative Industrial Properties, Inc. reported revenue of $66.7M and diluted EPS of $1.88 for Q4 2025.
Did Innovative Industrial Properties, Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $65.8M by $886.4K. EPS beat the consensus estimate of $1.05 by $0.83.
How did Innovative Industrial Properties, Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 13.1% from $76.7M a year earlier and diluted EPS declined 15.3% from $2.22.
Where can I find Innovative Industrial Properties, Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001104659-26-018636) and the 10-K periodic report (0001677576-26-000001) directly on SEC EDGAR. The filing index links above go to sec.gov.