Filing Flows › American Assets Trust (AAT) › Q3 2025
American Assets Trust (AAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 31, 2025
American Assets Trust (AAT) reported revenue of $110M for the third quarter 2025 (Q3 2025), -11% from a year earlier and +2% from the quarter before. Operating margin was 22.6%, net earnings $4.5M (4.1% of revenue).
American Assets Trust, Q3 2025: revenue $110M (-11% year over year), operating margin 22.6%, net earnings $4.5M, operating cash flow $40.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $110M | +2% | -11% |
| Gross profit | $66.3M | -2% | -18% |
| Operating profit | $24.8M | -5% | -34% |
| Net earnings | $4.5M | -17% | -73% |
| Operating cash flow | $40.5M | -18% | -23% |
| Free cash flow | $23.1M | -19% | -17% |
What changed
Revenue was $109.6M in Q3 2025, down 11% year over year and up 2% from the previous quarter. Office was the largest line at 48% of revenue. Office lost $8.8M year over year (down 14%), 66% of the total change.
Gross margin was 60.5%, down 5.0 points from a year earlier. Operating profit was $24.8M, a 22.6% margin (down 8.2 points year over year). Operating expenses fell 3% while revenue fell 11%. Net earnings were $4.5M, down 73% year over year. The effective tax rate was 2.6%.
Operating cash flow was $40.5M (down 23% year over year), 684% of net income including minority interests. Non-cash charges added back $32.0M of depreciation and amortization and $1.8M of share-based compensation. Capital expenditures of $17.4M left free cash flow of $23.1M.
Questions
What was American Assets Trust's revenue in the third quarter 2025?
American Assets Trust (AAT) reported revenue of $110M for the third quarter 2025 (Q3 2025), -11% from a year earlier and +2% from the quarter before.
Was American Assets Trust profitable in the third quarter 2025?
Operating profit was $24.8M (22.6% of revenue) and net earnings $4.5M.