Filing Flows › CBL & Associates Properties (CBL) › Q4 2025
CBL & Associates Properties (CBL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 3, 2026
CBL & Associates Properties (CBL) reported revenue of $156M for the fourth quarter 2025 (Q4 2025), +19% from a year earlier and +12% from the quarter before. Operating margin was 32.4%, net earnings $49.0M (31.3% of revenue).
CBL & Associates Properties, Q4 2025: revenue $156M (+19% year over year), operating margin 32.4%, net earnings $49.0M, operating cash flow $80.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $156M | +12% | +19% |
| Operating profit | $50.7M | +70% | +28% |
| Net earnings | $49.0M | -35% | +29% |
| Operating cash flow | $80.2M | +15% | +74% |
What changed
Revenue was $156.4M in Q4 2025, up 19% year over year and up 12% from the previous quarter.
Operating profit was $50.7M, a 32.4% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 45% reached operating profit, above the 30% margin then. Total costs grew 15% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $49.0M, up 29% year over year. The effective tax rate was 1.1%.
Operating cash flow was $80.2M (up 74% year over year), 164% of net earnings. Non-cash charges added back $40.0M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items used $12.9M.
Questions
What was CBL & Associates Properties' revenue in the fourth quarter 2025?
CBL & Associates Properties (CBL) reported revenue of $156M for the fourth quarter 2025 (Q4 2025), +19% from a year earlier and +12% from the quarter before.
Was CBL & Associates Properties profitable in the fourth quarter 2025?
Operating profit was $50.7M (32.4% of revenue) and net earnings $49.0M.