KIMMEDIUM SIGNALFINANCIAL10-K

KIM dramatically reduced capital expenditures by 93% while growing operating income 23% and net income 42%, though cash reserves declined significantly by 69%.

The massive reduction in capital spending suggests either completion of a major investment cycle or potential underinvestment in property improvements that could impact future competitiveness. The strong earnings growth combined with depleted cash reserves indicates KIM may be prioritizing short-term profitability over capital allocation flexibility.

Comparing 2026-02-20 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

KIM delivered strong operational performance with operating income growing 23% to $771M and net income surging 42% to $585M, while operating cash flow increased 11% to $1.1B. However, the company dramatically reduced capital expenditures by 93% from $251M to just $18M and saw cash reserves plummet 69% to $212M. This financial profile suggests either the completion of a major investment phase or potential underinvestment in assets, while the depleted cash position may limit financial flexibility despite strong earnings growth.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-92.7%
$251.3M→$18.4M

Capex reduced 92.7% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
-69.3%
$688.6M→$211.6M

Cash declined 69.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
+42.3%
$410.8M→$584.7M

Net income grew 42.3% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+22.5%
$629.1M→$770.8M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Operating Cash Flow
Cash Flow
+11.4%
$1.0B→$1.1B

Operating cash flow grew 11.4% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-02-20
PRIOR — 2025-02-21
ADDED
As of February 10, 2026, Kimco Realty Corporation had 674,066,654 shares of common stock outstanding.
KIMCO REALTY CORPORATION KIMCO REALTY OP, LLC ANNUAL REPORT ON FORM 10-K FISCAL YEAR ENDED DECEMBER 31, 2025 EXPLANATORY NOTE This report combines the Annual Reports on Form 10-K for the year ended December 31, 2025, of Kimco Realty Corporation (the "Parent Company") and Kimco Realty OP, LLC ("Kimco OP").
Unless stated otherwise or the context requires, references to "Kimco Realty Corporation" or the "Parent Company" mean Kimco Realty Corporation and its subsidiaries, and references to "Kimco Realty OP, LLC" or "Kimco OP" mean Kimco Realty OP, LLC and its subsidiaries.
The terms the "Company", "we", "our" or "us" refer to the Parent Company and its business and operations conducted through its directly or indirectly owned subsidiaries, including Kimco OP; and in statements regarding qualification as a Real Estate Investment Trust ("REIT") for U.S.
federal income tax purposes, such terms refer solely to the Parent Company.
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REMOVED
As of February 10, 2025, Kimco Realty Corporation had 679,482,034 shares of common stock outstanding.
KIMCO REALTY CORPORATION KIMCO REALTY OP, LLC ANNUAL REPORT ON FORM 10-K FISCAL YEAR ENDED DECEMBER 31, 2024 EXPLANATORY NOTE Prior to January 1, 2023, the business of Kimco Realty Corporation (the Company ) was conducted through a predecessor entity also known as Kimco Realty Corporation (the Predecessor ).
On December 14, 2022, the Predecessor s Board of Directors approved the entry into an Agreement and Plan of Merger (the UPREIT Merger ) with the company formerly known as New KRC Corp., which was a Maryland corporation and wholly owned subsidiary of the Predecessor (the Parent Company ), and KRC Merger Sub Corp., which was a Maryland corporation and wholly owned subsidiary of the Parent Company ( Merger Sub ), to effect the reorganization (the Reorganization ) of the Predecessor s business into an umbrella partnership real estate investment trust, or UPREIT .
On January 1, 2023, pursuant to the UPREIT Merger, Merger Sub merged with and into the Predecessor, with the Predecessor continuing as the surviving entity and a wholly-owned subsidiary of the Parent Company, and each outstanding share of capital stock of the Predecessor was converted into one equivalent share of capital stock of the Parent Company (each share of which has continued to trade under their respective existing ticker symbol with the same rights, powers and limitations that existed immediately prior to the Reorganization).
In connection with the Reorganization, the Parent Company changed its name to Kimco Realty Corporation, and replaced the Predecessor as the New York Stock Exchange-listed public company.
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