Filing Flows › CaliberCos (CWD) › Q3 2025
CaliberCos (CWD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
CaliberCos (CWD) reported revenue of $3.6M for the third quarter 2025 (Q3 2025), -68% from a year earlier and -28% from the quarter before. Operating margin was -129.6%, net loss $4.7M (129.6% of revenue).
CaliberCos, Q3 2025: revenue $3.6M (-68% year over year), operating margin -129.6%, net loss $4.7M, operating cash flow −$4.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6M | -28% | -68% |
| Operating profit | −$4.7M | — | — |
| Net earnings | −$4.7M | — | — |
| Operating cash flow | −$4.6M | — | — |
What changed
Revenue was $3.6M in Q3 2025, down 68% year over year and down 28% from the previous quarter. Asset management revenues was the largest line at 96% of revenue. Asset management revenues lost $3.0M year over year (down 47%), 40% of the total change.
Operating costs exceeded revenue by $4.7M, an operating margin of -129.6%. Total costs fell 26% while revenue fell 68%. The quarter ended with a net loss of $4.7M, narrower than the previous quarter's $5.7M loss. Minority interests bore $342K of it: to shareholders the quarter was a loss of $4.4M.
Operating cash flow was −$4.6M. Non-cash charges added back $160K of depreciation and amortization.
Questions
What was CaliberCos' revenue in the third quarter 2025?
CaliberCos (CWD) reported revenue of $3.6M for the third quarter 2025 (Q3 2025), -68% from a year earlier and -28% from the quarter before.
Was CaliberCos profitable in the third quarter 2025?
Operating loss was $4.7M (-129.6% of revenue) and net loss $4.7M.
Source: CaliberCos 10-Q on SEC EDGAR.