Filing Flows › Saul Centers (BFS) › Q3 2025
Saul Centers (BFS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Saul Centers (BFS) reported revenue of $72.0M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +2% from the quarter before. Operating margin was 69.1%, net earnings $10.5M (14.6% of revenue).
Saul Centers, Q3 2025: revenue $72.0M (+7% year over year), operating margin 69.1%, net earnings $10.5M, operating cash flow $20.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $72.0M | +2% | +7% |
| Operating profit | $49.8M | +2% | +2% |
| Net earnings | $10.5M | -2% | -28% |
| Operating cash flow | $20.6M | -22% | -22% |
| Free cash flow | $3.0M | -60% | — |
What changed
Revenue was $72.0M in Q3 2025, up 7% year over year and up 2% from the previous quarter.
Operating profit was $49.8M, a 69.1% margin (down 3.7 points year over year). Of the extra revenue versus a year earlier, 17% reached operating profit, below the 73% margin then. Net earnings were $10.5M, down 28% year over year. The effective tax rate was 0.0%.
Operating cash flow was $20.6M (down 22% year over year), 147% of net income including minority interests. Non-cash charges added back $14.1M of depreciation and amortization and $521K of share-based compensation. Working capital and other items used $8.0M. Capital expenditures of $17.7M left free cash flow of $3.0M.
Questions
What was Saul Centers' revenue in the third quarter 2025?
Saul Centers (BFS) reported revenue of $72.0M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +2% from the quarter before.
Was Saul Centers profitable in the third quarter 2025?
Operating profit was $49.8M (69.1% of revenue) and net earnings $10.5M.
Source: Saul Centers 10-Q on SEC EDGAR.