Filing Flows › Broadstone Net Lease (BNL) › Q4 2025
Broadstone Net Lease (BNL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Broadstone Net Lease (BNL) reported revenue of $118M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +4% from the quarter before. Operating margin was 47.3%, net earnings $33.1M (28.0% of revenue).
Broadstone Net Lease, Q4 2025: revenue $118M (+6% year over year), operating margin 47.3%, net earnings $33.1M, operating cash flow $84.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $118M | +4% | +5% |
| Operating profit | $55.9M | +10% | +61% |
| Net earnings | $33.1M | +25% | +26% |
| Operating cash flow | $84.6M | +32% | +32% |
| Free cash flow | $78.0M | +34% | +36% |
What changed
Revenue was $118.3M in Q4 2025, up 5% year over year and up 4% from the previous quarter.
Operating profit was $55.9M, a 47.3% margin (up 16.3 points year over year). Of the extra revenue versus a year earlier, 343% reached operating profit, above the 31% margin then. Total costs fell 19% while revenue rose 5%. Net earnings were $33.1M, up 26% year over year. The effective tax rate was 1.1%.
Operating cash flow was $84.6M (up 32% year over year), 241% of net income including minority interests. Non-cash charges added back $40.8M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $6.3M. Capital expenditures of $6.6M left free cash flow of $78.0M.
Questions
What was Broadstone Net Lease's revenue in the fourth quarter 2025?
Broadstone Net Lease (BNL) reported revenue of $118M for the fourth quarter 2025 (Q4 2025), +5% from a year earlier and +4% from the quarter before.
Was Broadstone Net Lease profitable in the fourth quarter 2025?
Operating profit was $55.9M (47.3% of revenue) and net earnings $33.1M.