Filing Flows › Broadstone Net Lease (BNL) › Q2 2025
Broadstone Net Lease (BNL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Broadstone Net Lease (BNL) reported revenue of $113M for the second quarter 2025 (Q2 2025), +7% from a year earlier and +4% from the quarter before. Operating margin was 38.9%, net earnings $20.2M (17.8% of revenue).
Broadstone Net Lease, Q2 2025: revenue $113M (+7% year over year), operating margin 38.9%, net earnings $20.2M, operating cash flow $79.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $113M | +4% | +7% |
| Operating profit | $43.9M | +16% | -11% |
| Net earnings | $20.2M | +20% | -43% |
| Operating cash flow | $79.3M | +11% | +7% |
| Free cash flow | $76.7M | +34% | +4% |
What changed
Revenue was $113.0M in Q2 2025, up 7% year over year and up 4% from the previous quarter.
Operating profit was $43.9M, a 38.9% margin (down 7.8 points year over year). Operating profit fell $5.5M even though revenue rose $7.1M versus a year earlier, so costs grew faster than sales. Total costs grew 22% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+28%). Net earnings were $20.2M, down 43% year over year ($19.8M including minority interests, which bore $330K of losses). The effective tax rate was 1.0%.
Operating cash flow was $79.3M (up 7% year over year), 400% of net earnings. Non-cash charges added back $41.4M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $15.6M. Capital expenditures of $2.6M left free cash flow of $76.7M.
Questions
What was Broadstone Net Lease's revenue in the second quarter 2025?
Broadstone Net Lease (BNL) reported revenue of $113M for the second quarter 2025 (Q2 2025), +7% from a year earlier and +4% from the quarter before.
Was Broadstone Net Lease profitable in the second quarter 2025?
Operating profit was $43.9M (38.9% of revenue) and net earnings $20.2M.