Filing Flows › Broadstone Net Lease (BNL) › Q3 2025
Broadstone Net Lease (BNL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Broadstone Net Lease (BNL) reported revenue of $114M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before. Operating margin was 44.5%, net earnings $26.5M (23.2% of revenue).
Broadstone Net Lease, Q3 2025: revenue $114M (+5% year over year), operating margin 44.5%, net earnings $26.5M, operating cash flow $64.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $114M | +1% | +5% |
| Operating profit | $50.8M | +16% | -5% |
| Net earnings | $26.5M | +31% | -26% |
| Operating cash flow | $64.2M | -19% | -5% |
| Free cash flow | $58.0M | -24% | -4% |
What changed
Revenue was $114.2M in Q3 2025, up 5% year over year and up 1% from the previous quarter.
Operating profit was $50.8M, a 44.5% margin (down 5.0 points year over year). Operating profit fell $2.8M even though revenue rose $5.8M versus a year earlier, so costs grew faster than sales. Total costs grew 16% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $26.5M, down 26% year over year. The effective tax rate was 0.8%.
Operating cash flow was $64.2M (down 5% year over year), 237% of net income including minority interests. Non-cash charges added back $39.0M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items used $4.4M. Capital expenditures of $6.2M left free cash flow of $58.0M.
Questions
What was Broadstone Net Lease's revenue in the third quarter 2025?
Broadstone Net Lease (BNL) reported revenue of $114M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before.
Was Broadstone Net Lease profitable in the third quarter 2025?
Operating profit was $50.8M (44.5% of revenue) and net earnings $26.5M.