Morguard Corporation (TSX:MRC)

Morguard Income Statement

Financials in millions CAD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Property Revenue	1,057	1,064	1,068	1,162	1,079	976.61
Service and Other Revenue	40.81	41.24	39.68	43.57	41.34	45.3
Revenue	1,098	1,106	1,108	1,206	1,120	1,022
Revenue Growth (YoY)	-0.92%	-0.18%	-8.14%	7.67%	9.60%	-0.64%
Property Expenses	351.88	351.27	343.87	423.54	412.91	351.62
Total Property Expenses	351.88	351.27	343.87	423.54	412.91	351.62
Property Taxes	147.11	151.55	157.27	143.37	129.14	136.99
Gross Profit	599.23	602.85	606.58	638.99	577.98	533.3
Selling, General & Admin	91.25	91.78	87.87	87.13	77.61	80.2
Depreciation & Amortization Expenses	5.72	6.86	11.01	23.08	26.51	32.5
Other Operating Expenses	-	-	-	11	-	45.29
Operating Income	502.27	504.21	507.7	517.78	473.85	375.31
Net Gains on Disposal of Properties	-	-	150.59	-	-	-
Interest Income	19.3	18.87	18.64	22.45	17.86	46.95
Interest Expense	-256.74	-255.93	-256.74	-264.68	-229.34	-220.31
Other Non-Operating Income (Expense)	-18.19	-26.74	-121.72	-215.97	-126.91	206.15
Total Non-Operating Income (Expense)	-255.63	-263.8	-209.23	-458.2	-338.39	32.79
Pretax Income	246.63	240.42	298.47	81.59	135.46	408.1
Provision for Income Taxes	61.29	61.51	58.84	23.35	23.21	151.48
Net Income	175.21	174.87	261.8	74.18	122.77	249.76
Minority Interest in Earnings	10.13	4.03	-22.17	-15.94	-10.52	6.86
Net Income to Common	175.21	174.87	261.8	74.18	122.77	249.76
Net Income Growth	-7.54%	-33.20%	252.94%	-39.58%	-50.84%	-
Shares Outstanding (Basic)	11	11	11	11	11	11
Shares Outstanding (Diluted)	11	11	11	11	11	11
Shares Change (YoY)	-0.84%	-0.96%	-0.89%	-1.60%	-0.19%	-0.91%
EPS (Basic)	16.40	16.34	24.23	6.80	11.08	22.50
EPS (Diluted)	16.40	16.34	24.23	6.80	11.08	22.50
EPS Growth	-6.77%	-32.56%	256.32%	-38.63%	-50.76%	-
Shares Outstanding	10.68	10.68	10.72	10.81	11.02	11.1
Free Cash Flow	9.35	-9.39	30.72	-39.94	-179.44	86.66
Free Cash Flow Growth	-	-	-	-	-	-27.98%
Free Cash Flow Per Share	0.87	-0.88	2.84	-3.66	-16.19	7.81
Dividends Per Share	0.800	0.800	0.650	0.600	0.600	0.600
Dividend Growth	-	23.08%	8.33%	-	-	-
Gross Margin	54.56%	54.52%	54.76%	52.99%	51.60%	52.19%
Operating Margin	45.73%	45.60%	45.83%	42.94%	42.31%	36.73%
Profit Margin	16.88%	16.18%	21.63%	4.83%	10.02%	25.11%
FCF Margin	0.85%	-0.85%	2.77%	-3.31%	-16.02%	8.48%
EBITDA	503.54	504.21	507.7	517.78	473.85	375.31
EBITDA Margin	45.85%	45.60%	45.83%	42.94%	42.31%	36.73%
EBIT	502.27	504.21	507.7	517.78	473.85	375.31
EBIT Margin	45.73%	45.60%	45.83%	42.94%	42.31%	36.73%
Effective Tax Rate	24.85%	25.59%	19.71%	28.62%	17.13%	37.12%

Updated May 5, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.