Filing Flows › Alexandria Real Estate Equities (ARE) › Q4 2025
Alexandria Real Estate Equities (ARE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Jan 26, 2026
Alexandria Real Estate Equities (ARE) reported revenue of $754M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +0.3% from the quarter before. Operating margin was -213.6%, net loss $995M (131.9% of revenue).
Alexandria Real Estate Equities, Q4 2025: revenue $754M (-4% year over year), operating margin -213.6%, net loss $995M, operating cash flow $312M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $754M | +0.3% | -4% |
| Operating profit | −$1.6B | — | — |
| Net earnings | −$995M | — | — |
| Operating cash flow | $312M | -28% | +14% |
What changed
Revenue was $754.4M in Q4 2025, down 4% year over year and roughly flat from the previous quarter. Income from rentals was the largest line at 97% of revenue.
Operating costs exceeded revenue by $1,611.2M, an operating margin of -213.6%. Total costs grew 180% against a revenue fall of 4%. The fastest-growing cost line was Other operating costs (+188%). The quarter ended with a net loss of $995.4M, wider than the previous quarter's $197.8M loss. Non-operating items added $615.8M, -62% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $312.4M (up 14% year over year). Non-cash charges added back $322.1M of depreciation and amortization and $61.8M of share-based compensation. Working capital and other items added $923.9M. Capital expenditures of $332.3M exceeded it, leaving free cash flow of −$19.9M.
Questions
What was Alexandria Real Estate Equities' revenue in the fourth quarter 2025?
Alexandria Real Estate Equities (ARE) reported revenue of $754M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +0.3% from the quarter before.
Was Alexandria Real Estate Equities profitable in the fourth quarter 2025?
Operating loss was $1.6B (-213.6% of revenue) and net loss $995M.