Filing Flows › American Healthcare REIT (AHR) › Q3 2025
American Healthcare REIT (AHR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
American Healthcare REIT (AHR) reported revenue of $573M for the third quarter 2025 (Q3 2025), +9% from a year earlier and +6% from the quarter before. Operating margin was 18.5%, net earnings $55.9M (9.8% of revenue).
American Healthcare REIT, Q3 2025: revenue $573M (+9% year over year), operating margin 18.5%, net earnings $55.9M, operating cash flow $107M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $573M | +6% | +9% |
| Operating profit | $106M | +3% | +13% |
| Net earnings | $55.9M | +464% | — |
| Operating cash flow | $107M | +50% | +70% |
What changed
Revenue was $572.9M in Q3 2025, up 9% year over year and up 6% from the previous quarter. Integrated Senior Health Campuses was the largest line at 78% of revenue. Integrated Senior Health Campuses added $40.1M year over year (up 10%), 82% of the total change. Triple Net Leased Properties declined 27%.
Operating profit was $105.8M, a 18.5% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 18% margin then. Total costs grew 9% against revenue growth of 9%. Net earnings were $55.9M. The effective tax rate was -59.3%.
Operating cash flow was $107.2M (up 70% year over year), 189% of net earnings. Non-cash charges added back $49.2M of depreciation and amortization and $3.4M of share-based compensation.
Questions
What was American Healthcare REIT's revenue in the third quarter 2025?
American Healthcare REIT (AHR) reported revenue of $573M for the third quarter 2025 (Q3 2025), +9% from a year earlier and +6% from the quarter before.
Was American Healthcare REIT profitable in the third quarter 2025?
Operating profit was $106M (18.5% of revenue) and net earnings $55.9M.