Filing Flows › American Assets Trust (AAT) › Q4 2025 › vs Q4 2024
American Assets Trust (AAT) Q4 2025 vs Q4 2024 (year over year)
American Assets Trust's revenue fell $3.4M (-3%) from $113M in Q4 2024 to $110M in Q4 2025. Gross margin 59.4% against 61.3% (-1.9 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 Q4 2024, the increases inside each band.
Margins
| Q4 2025 | Q4 2024 | Change | |
|---|---|---|---|
| Gross margin | 59.4% | 61.3% | -1.9 pts |
| Operating margin | 21.1% | 26.5% | -5.4 pts |
| Net margin | 2.9% | 7.9% | -5.1 pts |
| Free cash flow margin | 20.9% | 18.9% | +2.0 pts |
Every line
| Line | Q4 2025 | Q4 2024 | Change | % |
|---|---|---|---|---|
| Revenue | $110M | $113M | −$3.4M | -3% |
| Gross profit | $65.4M | $69.6M | −$4.2M | -6% |
| Cost of revenue | $44.7M | $43.9M | $783K | +2% |
| Operating profit | $23.2M | $30.0M | −$6.8M | -23% |
| Operating expenses | $42.2M | $39.5M | $2.7M | +7% |
| Pre-tax earnings | $4.3M | $11.8M | −$7.5M | -63% |
| Other expense, net | $18.9M | $18.3M | $641K | +4% |
| General & admin | $10.2M | $8.8M | $1.4M | +15% |
| Other operating costs | $32.0M | $30.7M | $1.3M | +4% |
| Net earnings | $3.1M | $9.0M | −$5.8M | -65% |
| Minority interests | $1.1M | $2.6M | −$1.5M | -59% |
| Income tax | $79K | $190K | −$111K | -58% |
| Depreciation & amortization | $32.0M | $30.7M | $1.3M | +4% |
| Share-based compensation | $2.2M | $1.8M | $479K | +27% |
| Working capital & other | $3.2M | −$801K | $4.0M | — |
| Operating cash flow | $40.6M | $40.6M | −$72K | -0.2% |
| Free cash flow (OCF − capex) | $23.0M | $21.5M | $1.5M | +7% |
| Capital expenditures | $17.6M | $19.2M | −$1.6M | -8% |
Questions
How much did American Assets Trust's revenue grow year over year in Q4 2025?
American Assets Trust's revenue fell $3.4M (-3%) from $113M in Q4 2024 to $110M in Q4 2025. Gross margin 59.4% against 61.3% (-1.9 pts).