Filing Flows › American Assets Trust (AAT) › Q1 2025
American Assets Trust (AAT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
American Assets Trust (AAT) reported revenue of $109M for the first quarter 2025 (Q1 2025), -2% from a year earlier and -4% from the quarter before. Operating margin was 66.3%, net earnings $42.5M (39.2% of revenue).
American Assets Trust, Q1 2025: revenue $109M (-2% year over year), operating margin 66.3%, net earnings $42.5M, operating cash flow $36.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $109M | -4% | -2% |
| Gross profit | $67.3M | -3% | -3% |
| Operating profit | $72.0M | +140% | +136% |
| Net earnings | $42.5M | +374% | +121% |
| Operating cash flow | $36.9M | -9% | -33% |
| Free cash flow | $20.4M | -5% | -53% |
What changed
Revenue was $108.6M in Q1 2025, down 2% year over year and down 4% from the previous quarter. Office was the largest line at 47% of revenue. Retail lost $1.4M year over year (down 5%), 66% of the total change.
Gross margin was 62.0%, down 0.9 points from a year earlier. Operating profit was $72.0M, a 66.3% margin (up 38.7 points year over year). Net earnings were $42.5M, up 121% year over year. The effective tax rate was 0.8%.
Operating cash flow was $36.9M (down 33% year over year), 68% of net income including minority interests. Non-cash charges added back $30.5M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $49.4M. Capital expenditures of $16.4M left free cash flow of $20.4M.
Questions
What was American Assets Trust's revenue in the first quarter 2025?
American Assets Trust (AAT) reported revenue of $109M for the first quarter 2025 (Q1 2025), -2% from a year earlier and -4% from the quarter before.
Was American Assets Trust profitable in the first quarter 2025?
Operating profit was $72.0M (66.3% of revenue) and net earnings $42.5M.