Filing Flows › American Healthcare REIT (AHR) › Q2 2025
American Healthcare REIT (AHR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
American Healthcare REIT (AHR) reported revenue of $543M for the second quarter 2025 (Q2 2025), +8% from a year earlier and +0.4% from the quarter before. Operating margin was 19.0%, net earnings $9.9M (1.8% of revenue).
American Healthcare REIT, Q2 2025: revenue $543M (+8% year over year), operating margin 19.0%, net earnings $9.9M, operating cash flow $71.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $543M | +0.4% | +8% |
| Operating profit | $103M | +9% | +16% |
| Net earnings | $9.9M | — | +401% |
| Operating cash flow | $71.5M | +18% | +20% |
| Free cash flow | $48.6M | +22% | — |
What changed
Revenue was $542.5M in Q2 2025, up 8% year over year and roughly flat from the previous quarter. ISHC was the largest line at 78% of revenue. ISHC added $30.1M year over year (up 8%), 79% of the total change. Triple-net leased properties declined 23%.
Operating profit was $103.2M, a 19.0% margin (up 1.5 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, above the 18% margin then. Total costs grew 6% against revenue growth of 8%. Net earnings were $9.9M, up 401% year over year. The effective tax rate was 6.8%.
Operating cash flow was $71.5M (up 20% year over year), 709% of net earnings. Non-cash charges added back $41.9M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items added $16.3M. Capital expenditures of $22.8M left free cash flow of $48.6M.
Questions
What was American Healthcare REIT's revenue in the second quarter 2025?
American Healthcare REIT (AHR) reported revenue of $543M for the second quarter 2025 (Q2 2025), +8% from a year earlier and +0.4% from the quarter before.
Was American Healthcare REIT profitable in the second quarter 2025?
Operating profit was $103M (19.0% of revenue) and net earnings $9.9M.