Filing Flows › American Assets Trust (AAT) › Q4 2025 › vs Q3 2025
American Assets Trust (AAT) Q4 2025 vs Q3 2025 (quarter over quarter)
American Assets Trust's revenue rose $508K (+0.5%) from $110M in Q3 2025 to $110M in Q4 2025. The biggest changes: Retail +$1.2M (+5%); Mixed-Use −$342K (-2%); Office −$248K (-0.5%). Gross margin 59.4% against 60.5% (-1.1 pts).
American Assets Trust, Q4 2025: revenue $110M (-3% year over year), operating margin 21.1%, net earnings $3.1M, operating cash flow $40.6M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q4 2025 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 59.4% | 60.5% | -1.1 pts |
| Operating margin | 21.1% | 22.6% | -1.5 pts |
| Net margin | 2.9% | 4.1% | -1.3 pts |
| Free cash flow margin | 20.9% | 21.1% | -0.2 pts |
Every line
| Line | Q4 2025 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Office | $52.0M | $52.3M | −$248K | -0.5% |
| Retail | $24.3M | $23.1M | $1.2M | +5% |
| Multifamily | $17.3M | $17.4M | −$106K | -0.6% |
| Mixed-Use | $16.4M | $16.8M | −$342K | -2% |
| Revenue | $110M | $110M | $508K | +0.5% |
| Gross profit | $65.4M | $66.3M | −$865K | -1% |
| Cost of revenue | $44.7M | $43.3M | $1.4M | +3% |
| Operating profit | $23.2M | $24.8M | −$1.6M | -6% |
| Operating expenses | $42.2M | $41.5M | $687K | +2% |
| Pre-tax earnings | $4.3M | $6.1M | −$1.8M | -29% |
| Other expense, net | $18.9M | $18.7M | $225K | +1% |
| General & admin | $10.2M | $9.5M | $679K | +7% |
| Other operating costs | $32.0M | $32.0M | $8K | 0% |
| Net earnings | $3.1M | $4.5M | −$1.4M | -30% |
| Minority interests | $1.1M | $1.4M | −$339K | -24% |
| Income tax | $79K | $156K | −$77K | -49% |
| Depreciation & amortization | $32.0M | $32.0M | $8K | 0% |
| Share-based compensation | $2.2M | $1.8M | $438K | +24% |
| Working capital & other | $3.2M | $2.2M | $980K | +45% |
| Operating cash flow | $40.6M | $40.5M | $65K | +0.2% |
| Free cash flow (OCF − capex) | $23.0M | $23.1M | −$75K | -0.3% |
| Capital expenditures | $17.6M | $17.4M | $140K | +0.8% |
Questions
How much did American Assets Trust's revenue grow quarter over quarter in Q4 2025?
American Assets Trust's revenue rose $508K (+0.5%) from $110M in Q3 2025 to $110M in Q4 2025.
What drove American Assets Trust's revenue change in Q4 2025?
Retail +$1.2M (+5%); Mixed-Use −$342K (-2%); Office −$248K (-0.5%).