Abstract

Cousins Properties will release its fourth-quarter 2025 results on February 05, 2026 Post Market, and this preview aggregates the latest financial estimates and institutional commentary from October 21, 2025 to January 29, 2026 to frame expectations.

Market Forecast

Consensus modeling for Cousins Properties’ current quarter points to revenue of $246.97 million, a gross profit margin of 67.42%, a net profit margin of 3.50%, and adjusted EPS of $0.06, with year-over-year changes of 15.07% for revenue and -36.67% for EPS, and an EBIT estimate of $41.21 million reflecting an expected year-over-year change of 13.82%. The main business remains leasing properties, expected to drive results through stabilized Sunbelt office occupancy and measured rent growth; fee income and other lines are comparatively small and less impactful. The most promising segment is leasing properties, with last quarter’s revenue at $246.46 million and year-over-year growth of 17.80%, where continued leasing momentum and occupancy gains are the central watchpoints.

Last Quarter Review

Cousins Properties reported quarterly revenue of $246.46 million, a gross profit margin of 67.42%, GAAP net profit attributable to the parent company of $8.59 million, a net profit margin of 3.50%, and adjusted EPS of $0.05, with revenue growing 17.80% year-over-year and EPS down 28.57% year-over-year. A notable highlight was the revenue outperformance versus estimates, as reported revenue exceeded consensus by $5.84 million despite EBIT coming in below forecasts. The main business was driven by leasing properties at $246.46 million in revenue, while fee income was $0.53 million and other revenue was $1.34 million, underscoring the dominant contribution from core office leasing.

Current Quarter Outlook

Leasing Properties: Core Performance Driver

Leasing properties is the principal engine of Cousins Properties’ financial profile, accounting for the vast majority of revenue last quarter at $246.46 million, and the current-quarter forecast implies similar scale given the revenue estimate of $246.97 million. The year-over-year growth trajectory embedded in the quarterly estimates at 15.07% aligns with continued Sunbelt demand recovery, supporting stable occupancy and incremental rent mark-to-market. Margin dynamics are pivotal: last quarter’s gross profit margin stood at 67.42%, and the current outlook suggests maintaining broadly similar levels, but earnings translation is being tempered by higher operating and interest expenses, as reflected in the EPS estimate of $0.06 and EBIT forecast of $41.21 million. The key operational swing factors are lease commencements timing and retention rates; leasing that begins late in the quarter may support run-rate revenue without fully flowing through to period EPS, while robust renewals can reduce downtime and bolster net effective rent.

Most Promising Business: Sunbelt Office Leasing Momentum

The most promising area in the portfolio remains Sunbelt office leasing, where the recent pace of deal execution has been the primary source of revenue resilience. Last quarter’s 17.80% year-over-year revenue increase highlights that leasing velocity and occupancy trends are improving off prior troughs, and management’s focus on high-quality, urban Sunbelt assets underpins demand from tenants seeking amenities and location advantages. With a current-quarter revenue estimate at $246.97 million and EBIT forecast at $41.21 million, the set-up suggests modest operating leverage as occupancy gains stabilize, though the negative year-over-year EPS estimate of -36.67% points to expense structure and financing costs limiting bottom-line flow-through. The watchlist for investors this quarter includes the cadence of signed leases converting to commenced leases, the spread between expiring rents and new rents, and sublease availability tightening, all of which can influence effective rent growth and portfolio cash NOI.

Stock Price Drivers: Revenue Mix, Margins, and Earnings Translation

The stock’s performance this quarter is likely to hinge on three interrelated elements: the revenue mix dominated by leasing properties, margin integrity at the property level, and the degree of earnings translation into EPS. With leasing properties driving nearly all revenue, any deviation from expected commencements or occupancy gains can quickly alter topline results. Margins will be scrutinized in light of last quarter’s 67.42% gross margin and 3.50% net margin; maintaining property margins while managing operating overhead and interest expense will determine whether the revenue growth translates sufficiently to EBIT and EPS. Finally, the EPS estimate at $0.06, down year over year, frames the sensitivity to financing costs and corporate expenses; an upside surprise here would likely require stronger-than-anticipated leasing commencements paired with disciplined cost control to offset the expense headwinds.

Analyst Opinions

Recent institutional commentary within the specified period skews bullish, led by Buy ratings and positive outlooks centered on Sunbelt leasing progress and occupancy improvements. Barclays reaffirmed a Buy rating with a $35.00 price target, citing the company’s improving fundamentals and portfolio positioning. BMO Capital upgraded Cousins Properties to Buy with a $31.00 price target, pointing to accelerating Sunbelt leasing, rising occupancy, and a conservative balance sheet as support for a constructive near-term setup. Evercore ISI maintained a Hold with a $32.00 target, which is a more neutral stance, but the overall mix of opinions is weighted toward the bullish side. The majority view emphasizes that stabilized leasing momentum should support revenue near the $246.97 million estimate, while prudent financial management can mitigate volatility in EPS around the $0.06 forecast, with upside potential if leasing commencements advance faster than modeled and costs remain contained.