ALEXANDRIA REAL ESTATE EQUITIES, INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$3.0B
Gross margin	— not reported
Operating income	— not reported
Net income	−$1.4B
Diluted EPS	−$8.44
Cash & equivalents	$549.1M
Total assets	$34.1B
Long-term debt	$12.4B

Key takeaway

ARE swung to a net loss of about $1.43B in 2025, driven primarily by a $2.2B impairment charge on real estate.

🔒 4 more takeaways in the full analysis

Beneath the surface

The $2.2B impairment charge (ImpairmentOfRealEstate) is the dominant driver of the net loss and masks otherwise resilient operating cash flow of $1.41B, suggesting the loss is largely a non-cash accounting event rather than a cash operating problem.

🔒 3 more insights a headline reader would miss