Filing Flows › Douglas Emmett (DEI) › Q1 2025
Douglas Emmett (DEI) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Douglas Emmett (DEI) reported revenue of $252M for the first quarter 2025 (Q1 2025), +3% from a year earlier and +3% from the quarter before. Operating margin was 20.9%, net earnings $39.8M (15.8% of revenue).
Douglas Emmett, Q1 2025: revenue $252M (+3% year over year), operating margin 20.9%, net earnings $39.8M, operating cash flow $133M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $252M | +3% | +3% |
| Gross profit | $162M | +4% | 0% |
| Operating profit | $52.6M | +10% | -4% |
| Net earnings | $39.8M | — | +347% |
| Operating cash flow | $133M | +79% | -5% |
| Free cash flow | $90.3M | +158% | -0.6% |
What changed
Revenue was $251.5M in Q1 2025, up 3% year over year and up 3% from the previous quarter. Office rental was the largest line at 80% of revenue. Office rental added $4.2M year over year (up 2%), 63% of the total change.
Gross margin was 64.4%, down 1.7 points from a year earlier. Operating profit was $52.6M, a 20.9% margin (down 1.3 points year over year). Operating profit fell $1.9M even though revenue rose $6.6M versus a year earlier, so costs grew faster than sales. Operating expenses grew 2% against revenue growth of 3%. Net earnings were $39.8M, up 347% year over year. The effective tax rate was 0.0%.
Operating cash flow was $132.6M (down 5% year over year), 298% of net income including minority interests. Non-cash charges added back $97.8M of depreciation and amortization and $2.7M of share-based compensation. Working capital and other items used $12.5M. Capital expenditures of $42.3M left free cash flow of $90.3M.
Questions
What was Douglas Emmett's revenue in the first quarter 2025?
Douglas Emmett (DEI) reported revenue of $252M for the first quarter 2025 (Q1 2025), +3% from a year earlier and +3% from the quarter before.
Was Douglas Emmett profitable in the first quarter 2025?
Operating profit was $52.6M (20.9% of revenue) and net earnings $39.8M.
Source: Douglas Emmett 10-Q on SEC EDGAR.