Filing Flows › Copt Defense Properties (CDP) › Q4 2025
Copt Defense Properties (CDP) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Copt Defense Properties (CDP) reported revenue of $197M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was 29.5%, net earnings $37.4M (18.9% of revenue).
Copt Defense Properties, Q4 2025: revenue $197M (+8% year over year), operating margin 29.5%, net earnings $37.4M, operating cash flow $81.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $197M | +5% | +8% |
| Operating profit | $58.3M | +0.8% | +7% |
| Net earnings | $37.4M | -10% | +7% |
| Operating cash flow | $81.3M | +18% | -20% |
| Free cash flow | $36.0M | +16% | -46% |
What changed
Revenue was $197.4M in Q4 2025, up 8% year over year and up 5% from the previous quarter.
Operating profit was $58.3M, a 29.5% margin (down 0.1 points year over year). Of the extra revenue versus a year earlier, 29% reached operating profit, below the 30% margin then. Total costs grew 8% against revenue growth of 8%. Net earnings were $37.4M, up 7% year over year. The effective tax rate was 0.3%.
Operating cash flow was $81.3M (down 20% year over year), 206% of net income including minority interests. Non-cash charges added back $42.7M of depreciation and amortization and $3.0M of share-based compensation. Capital expenditures of $45.4M left free cash flow of $36.0M.
Questions
What was Copt Defense Properties' revenue in the fourth quarter 2025?
Copt Defense Properties (CDP) reported revenue of $197M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +5% from the quarter before.
Was Copt Defense Properties profitable in the fourth quarter 2025?
Operating profit was $58.3M (29.5% of revenue) and net earnings $37.4M.