Filing Flows › American Assets Trust (AAT) › Q2 2025
American Assets Trust (AAT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
American Assets Trust (AAT) reported revenue of $108M for the second quarter 2025 (Q2 2025), -3% from a year earlier and -0.6% from the quarter before. Operating margin was 24.1%, net earnings $5.5M (5.1% of revenue).
American Assets Trust, Q2 2025: revenue $108M (-3% year over year), operating margin 24.1%, net earnings $5.5M, operating cash flow $49.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $108M | -0.6% | -3% |
| Gross profit | $67.6M | +0.5% | -4% |
| Operating profit | $26.0M | -64% | -16% |
| Net earnings | $5.5M | -87% | -54% |
| Operating cash flow | $49.2M | +33% | -17% |
| Free cash flow | $28.4M | +39% | -35% |
What changed
Revenue was $107.9M in Q2 2025, down 3% year over year and down 1% from the previous quarter. Office was the largest line at 47% of revenue. Retail lost $3.5M year over year (down 13%), 117% of the total change.
Gross margin was 62.6%, down 1.0 points from a year earlier. Operating profit was $26.0M, a 24.1% margin (down 3.7 points year over year). Operating expenses grew 5% against a revenue fall of 3%. Net earnings were $5.5M, down 54% year over year. The effective tax rate was 1.6%.
Operating cash flow was $49.2M (down 17% year over year), 691% of net income including minority interests. Non-cash charges added back $32.8M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $7.6M. Capital expenditures of $20.8M left free cash flow of $28.4M.
Questions
What was American Assets Trust's revenue in the second quarter 2025?
American Assets Trust (AAT) reported revenue of $108M for the second quarter 2025 (Q2 2025), -3% from a year earlier and -0.6% from the quarter before.
Was American Assets Trust profitable in the second quarter 2025?
Operating profit was $26.0M (24.1% of revenue) and net earnings $5.5M.