Filing Flows › American Assets Trust (AAT) › Q4 2025
American Assets Trust (AAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 6, 2026
American Assets Trust (AAT) reported revenue of $110M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +0.5% from the quarter before. Operating margin was 21.1%, net earnings $3.1M (2.9% of revenue).
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 follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $110M | +0.5% | -3% |
| Gross profit | $65.4M | -1% | -6% |
| Operating profit | $23.2M | -6% | -23% |
| Net earnings | $3.1M | -30% | -65% |
| Operating cash flow | $40.6M | +0.2% | -0.2% |
| Free cash flow | $23.0M | -0.3% | +7% |
What changed
Revenue was $110.1M in Q4 2025, down 3% year over year and roughly flat from the previous quarter. Office was the largest line at 47% of revenue.
Gross margin was 59.4%, down 1.9 points from a year earlier. Operating profit was $23.2M, a 21.1% margin (down 5.4 points year over year). Operating expenses grew 7% against a revenue fall of 3%. The fastest-growing cost line was General & admin (+15%). Net earnings were $3.1M, down 65% year over year. The effective tax rate was 1.8%.
Operating cash flow was $40.6M (roughly flat year over year), 961% of net income including minority interests. Non-cash charges added back $32.0M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $2.1M. Capital expenditures of $17.6M left free cash flow of $23.0M.
Questions
What was American Assets Trust's revenue in the fourth quarter 2025?
American Assets Trust (AAT) reported revenue of $110M for the fourth quarter 2025 (Q4 2025), -3% from a year earlier and +0.5% from the quarter before.
Was American Assets Trust profitable in the fourth quarter 2025?
Operating profit was $23.2M (21.1% of revenue) and net earnings $3.1M.