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  3. Gladstone Commercial Corporation
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  5. Income Statement
Gladstone Commercial Corporation logo
Gladstone Commercial Corporation GOOD
$ 11.63 -3.0%
report update icon

Quarterly report 2026-Q2
added 08-05-2026

Gladstone Commercial Corporation Income Statement 2025-2008 | GOOD

Brief overview of financial results at Gladstone Commercial Corporation

The conclusions below are based on five years of reported results. Gladstone Commercial Corporation reported revenue of $133 million in 2020 and $161 million by 2025. Overall revenue changed by +21.2%, equal to an annualized rate of about 3.9%. The scale of the core business was largely unchanged.

The operating result measured by EBITDA moved from 55.4 million dollars to 58.2 million dollars, or +5.1%. Changes in revenue did not translate into comparable EBITDA performance. The EBITDA share of revenue changed from 41.6% to 36.1%. Cost pressure reduced operating profitability.

The five-year change in net income was +29.1%: from 14.9 million dollars to 19.3 million dollars. There was no meaningful strengthening in net profitability.

The market value of the business moved from 1 billion dollars to 532 million dollars, or −47.3%. The market is not yet fully reflecting the fundamental progress.

Conclusion

Signs of deterioration dominate the five-year picture. The financial profile benefits from net-income growth. Caution is warranted because of weak sales momentum, pressure on operating profitability and a weaker market valuation. Investors should continue to monitor margins, costs, and earnings quality.

Annual Income Statement Gladstone Commercial Corporation

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Market Cap

 532 M 669 M 496 M 606 M 847 M 1.01 B 662 M 585 M 516 M 473 M 316 M 309 M 245 M 202 M 186 M 136 M 102 M -

Shares

 46.5 M 41.8 M 39.9 M 39 M 36.5 M 60.3 M 30.7 M 29.6 M 27.3 M 24.2 M 22.1 M 17.8 M 13.2 M 11 M 10.2 M 8.58 M 8.56 M -

Historical Prices

 11.4 16 12.4 15.6 23.2 16.7 18.4 16 14.1 13.6 9.01 10 9.88 9.05 8.14 15.9 11.9 17.8

Net Income

 19.3 M 24 M 4.98 M 10.8 M 10.9 M 14.9 M 9.63 M 12.3 M 5.94 M 3.96 M 3.6 M -5.9 M 1.53 M 3.76 M 5.71 M 4.93 M 4.6 M -

Revenue

 161 M 149 M 148 M 149 M 138 M 133 M 114 M 107 M 94.8 M 86.4 M 83.8 M 73.8 M 61.3 M 51.3 M 44 M - - -

Gross Profit

 - - - - - - 102 M 95.3 M 87.1 M 80.5 M 78.5 M 69 M 58 M 49.7 M 43 M - - -

Interest Expense

 892 K 326 K 37.3 M 32.5 M 26.9 M 26.8 M 28.3 M 26.2 M 24.6 M 25.9 M 28 M 26.2 M 24.4 M 20.2 M 17.1 M 17.1 M 17.9 M -

EBITDA

 58.2 M 55.8 M 57.9 M 60.2 M 59.1 M 55.4 M 88 M 83.3 M 76.1 M 70.6 M 69.3 M 60.9 M 52.1 M 43.2 M 36.9 M 13.3 M 13.2 M -

Operating Expenses

 101 M 103 M 116 M 116 M 102 M 99.9 M 65.8 M 59.7 M 53.8 M 47.4 M 44.4 M 37 M 28.7 M 23.3 M 20.3 M 23.4 M 20.5 M -

General and Administrative Expenses

 4.04 M 3.88 M 4.36 M 3.7 M 3.22 M 3.26 M 13.8 M 12.1 M 11 M 9.91 M 9.14 M 8.16 M 5.88 M 6.48 M - 3.41 M 1.49 M -

All numbers in USD currency

Quarterly Income Statement Gladstone Commercial Corporation

2026-Q2 2026-Q1 2025-Q4 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

Shares

 48.4 M 48.4 M 48.4 M 46.9 M 46.2 M 44.6 M 44 M 42.8 M 40.3 M 40 M 40 M 39.9 M 40 M 39.9 M 39.7 M 39.5 M 38.7 M 37.9 M 37.5 M 36.8 M 36.4 M 35.7 M 35.3 M 60.3 M 33.9 M 33.6 M 32.6 M 31 M 30.4 M 29.5 M 29.3 M 28.7 M 28.4 M 28.4 M 28.4 M 27.2 M 25.3 M 25 M 24.9 M 23.5 M 22.7 M 22.5 M 22.5 M 21.4 M 20.8 M 20.2 M 19.6 M 17.7 M 16.5 M 15.7 M 14.8 M 14.2 M 12.4 M 11.2 M 11 M 10.9 M 10.9 M 10.9 M 10.9 M 10.9 M 9.78 M 9.26 M

Net Income

 8.27 M 6.97 M - 4.14 M 4.63 M 5.13 M - 11.7 M 1.61 M 3.52 M - 1.79 M -4.52 M 3.17 M - 2.79 M 1.63 M 3.44 M - 4.52 M 2.18 M 79 K - 2.85 M 993 K 2.27 M 472 K 2.21 M 2.22 M 4.63 M 2.52 M 2.68 M 2.52 M 4.6 M -1.46 M 2.38 M 661 K 4.36 M 2.3 M -73 K 883 K 853 K 2.57 M -96 K 431 K 694 K 6.16 M 229 K 1.22 M -13.5 M 334 K 309 K 451 K 433 K 614 K 992 K 854 K 1.3 M 1.12 M 1.75 M 1.37 M 1.48 M

Revenue

 44 M 41.9 M - 40.8 M 39.5 M 37.5 M - 39.2 M 37.1 M 35.7 M - 36.5 M 38.7 M 36.6 M - 39.8 M 36.4 M 35.5 M - 34.3 M 33.4 M 34.7 M - 33.1 M 33.5 M 33.6 M 29.4 M 28.7 M 28.2 M 28.1 M 27.3 M 26.6 M 26.6 M 26.4 M 25.3 M 24.4 M 22.9 M 22.3 M - - - - - - - - - - - - - - - - - - - - - - - -

Interest Expense

 21 K -24 K - 31 K -72 K 631 K - 12 K 26 K 34 K - 155 K 2 K 8.83 M - 9.11 M 7.12 M 6.59 M - 6.69 M 6.49 M 7.16 M - 6.44 M 6.72 M 7.25 M - 7.17 M 7 M 7.23 M - 6.53 M 6.53 M 6.21 M - 6.12 M 5.94 M 6.16 M - 6.34 M 6.58 M 6.73 M - 7.14 M 7 M 6.77 M - 6.68 M 6.51 M 6.28 M - 6.57 M 5.76 M 5.66 M - 5.23 M 4.88 M 4.57 M - 4.25 M 4.2 M 4.16 M

EBITDA

 15 M 14.8 M - 15.3 M 14.2 M 13.2 M - 13.3 M 16 M 13.3 M - 12.5 M 16.9 M 14.7 M - 15.5 M 15.2 M 14.6 M - 14.7 M 14.1 M 16.7 M - 13.8 M 14.2 M 14.1 M - 13 M 12.6 M 13 M - 11.8 M 11.8 M 11.6 M - 10.8 M 9.93 M 9.92 M - 9.46 M 9.2 M 9.13 M - 9.01 M 8.95 M 8.21 M - 7.52 M 6.87 M 6.72 M - 6.25 M 5.22 M 4.9 M - 4.28 M 3.99 M 3.9 M - 10.5 M 6.84 M 3.37 M

Operating Expenses

 26.2 M 25.2 M - 26 M 25.1 M 23.9 M - 28.5 M 26 M 23.3 M - 29.6 M 33.7 M 24.7 M - 37.2 M 27.8 M 25.6 M - 25.5 M 24.9 M 26.9 M - 25.3 M 25.9 M 24.1 M 22.5 M 19.4 M 19.1 M 19.3 M 18.8 M 17.4 M 17.5 M 17.4 M 20.4 M 15.9 M 14.4 M 17.7 M 13.7 M 15.2 M 13.4 M 13.3 M 13 M 13.6 M 12.6 M 11.8 M 11 M 11.5 M 11.2 M 23.7 M 9.54 M 8.64 M 7.37 M 7.27 M 6.97 M 6.1 M 6.03 M 5.8 M 5.9 M 5.18 M 5.26 M 4.94 M

General and Administrative Expenses

 1.18 M 1.01 M - 920 K 1.4 M 885 K - 970 K 1.05 M 1.05 M - 1.31 M 1.07 M 1.06 M - 833 K 958 K 997 K - 811 K 1.07 M 656 K - 775 K 752 K 878 K - 596 K 782 K 657 K - 510 K 600 K 646 K - 650 K 575 K 551 K - 570 K 726 K 588 K - 446 K 539 K 690 K - 538 K 490 K 466 K - 377 K 477 K 389 K - 343 K 404 K 383 K - 381 K 357 K 454 K

All numbers in USD currency

The income statement is one of the three key financial reports of a company Gladstone Commercial Corporation (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

  • How much revenue the company earned
  • How much it spent on production, personnel, marketing, taxes, etc.
  • What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features
  • The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
  • Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
  • A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

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