Filing Flows › CBL & Associates Properties (CBL) › Q3 2025
CBL & Associates Properties (CBL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
CBL & Associates Properties (CBL) reported revenue of $139M for the third quarter 2025 (Q3 2025), +11% from a year earlier and -1% from the quarter before. Operating margin was 21.4%, net earnings $75.4M (54.2% of revenue).
CBL & Associates Properties, Q3 2025: revenue $139M (+11% year over year), operating margin 21.4%, net earnings $75.4M, operating cash flow $69.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $139M | -1% | +11% |
| Operating profit | $29.9M | -16% | -6% |
| Net earnings | $75.4M | 27× | +366% |
| Operating cash flow | $69.6M | +2% | +14% |
What changed
Revenue was $139.3M in Q3 2025, up 11% year over year and down 1% from the previous quarter.
Operating profit was $29.9M, a 21.4% margin (down 4.0 points year over year). Operating profit fell $2.0M even though revenue rose $14.2M versus a year earlier, so costs grew faster than sales. Total costs grew 17% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+18%). Net earnings were $75.4M, up 366% year over year ($75.1M including minority interests, which bore $368K of losses). The effective tax rate was 0.1%. Non-operating items added $45.2M, 60% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $69.6M (up 14% year over year), 93% of net earnings. Non-cash charges added back $39.9M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $49.7M.
Questions
What was CBL & Associates Properties' revenue in the third quarter 2025?
CBL & Associates Properties (CBL) reported revenue of $139M for the third quarter 2025 (Q3 2025), +11% from a year earlier and -1% from the quarter before.
Was CBL & Associates Properties profitable in the third quarter 2025?
Operating profit was $29.9M (21.4% of revenue) and net earnings $75.4M.