Filing Flows › Saul Centers (BFS) › Q4 2025
Saul Centers (BFS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Saul Centers (BFS) reported revenue of $75.1M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +4% from the quarter before. Operating margin was 65.4%, net earnings $6.5M (8.7% of revenue).
Saul Centers, Q4 2025: revenue $75.1M (+11% year over year), operating margin 65.4%, net earnings $6.5M, operating cash flow $22.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $75.1M | +4% | +11% |
| Operating profit | $49.1M | -1% | -13% |
| Net earnings | $6.5M | -38% | -20% |
| Operating cash flow | $22.2M | +8% | -23% |
| Free cash flow | $22.0M | +646% | 15× |
What changed
Revenue was $75.1M in Q4 2025, up 11% year over year and up 4% from the previous quarter.
Operating profit was $49.1M, a 65.4% margin (down 17.5 points year over year). Operating profit fell $7.2M even though revenue rose $7.2M versus a year earlier, so costs grew faster than sales. Total costs grew 124% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+342%). Net earnings were $6.5M, down 20% year over year. The effective tax rate was 0.0%.
Operating cash flow was $22.2M (down 23% year over year), 271% of net income including minority interests. Non-cash charges added back $16.1M of depreciation and amortization and $554K of share-based compensation. Working capital and other items used $2.6M. Capital expenditures of $165K left free cash flow of $22.0M.
Questions
What was Saul Centers' revenue in the fourth quarter 2025?
Saul Centers (BFS) reported revenue of $75.1M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +4% from the quarter before.
Was Saul Centers profitable in the fourth quarter 2025?
Operating profit was $49.1M (65.4% of revenue) and net earnings $6.5M.
Source: Saul Centers 10-K on SEC EDGAR.