Cousins Properties Inc

cousins.com

What Do They Do?

Develops, acquires, leases, and manages office properties and mixed-use developments for businesses and other office users in Sun Belt markets.

How Do They Make Money?

Office tenants pay rent under leases across the lease term; some rent depends on tenants’ sales, and tenants reimburse operating expenses as those costs arise.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Rental property revenues Recurring	99% FY2022: 99%	Recurring
Fee income	0.2% FY2022: 0.8%
Other	1.1% FY2022: 0.4%

Who Are Their Customers?

Businesses lease office space in properties Cousins owns and manages, including office users focused on the physical work environment.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 14 cents into free cash flow.

Operating income, FY2025

68% of revenue

▲ +18% vs FY2024 ($570.3M, 67%)

Net income, FY2025

4% of revenue

▼ −12% vs FY2024 ($46M, 5%)

Free cash flow, FY2025

14% of revenue

▼ −8% vs FY2024 ($147.5M, 17%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +12%; vs $240.1M in Q2 FY2025
Net income: ▲ +81%; vs $14.5M in Q2 FY2025

Rental property revenues share of revenue vs 99.0% in Q2 FY2025

Jul 30, 2026 Raised earnings guidance midpoint

Growing. Revenue grew 32% in 4 years, from $755.1M in FY2021 to $993.8M in FY2025, about 7% a year.

Revenue over time

Rental property revenues Fee income Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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