Filing Flows › Douglas Emmett (DEI) › Q4 2025
Douglas Emmett (DEI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Douglas Emmett (DEI) reported revenue of $249M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -0.5% from the quarter before. Operating margin was 17.9%, net loss $19.8M (7.9% of revenue).
Douglas Emmett, Q4 2025: revenue $249M (+2% year over year), operating margin 17.9%, net loss $19.8M, operating cash flow $63.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $249M | -0.5% | +2% |
| Operating profit | $44.8M | -6% | — |
| Net earnings | −$19.8M | — | — |
| Operating cash flow | $63.2M | -42% | -15% |
| Free cash flow | $12.0M | -81% | -66% |
What changed
Revenue was $249.4M in Q4 2025, up 2% year over year and roughly flat from the previous quarter. Office rental was the largest line at 80% of revenue.
Gross margin was 62.2%, down 1.4 points from a year earlier. Operating profit was $44.8M, a 17.9% margin (down 1.6 points year over year). Operating profit fell $3.1M even though revenue rose $4.5M versus a year earlier, so costs grew faster than sales. Operating expenses grew 2% against revenue growth of 2%. The quarter ended with a net loss of $19.8M, narrower than the previous quarter's $21.2M loss. Minority interests bore $12.9M of it: to shareholders the quarter was a loss of $6.8M. Net interest and other expense of $64.5M was the main reason.
Operating cash flow was $63.2M (down 15% year over year). Non-cash charges added back $98.2M of depreciation and amortization and $13.7M of share-based compensation. Working capital and other items used $28.9M. Capital expenditures of $51.1M left free cash flow of $12.0M.
Questions
What was Douglas Emmett's revenue in the fourth quarter 2025?
Douglas Emmett (DEI) reported revenue of $249M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -0.5% from the quarter before.
Was Douglas Emmett profitable in the fourth quarter 2025?
Operating profit was $44.8M (17.9% of revenue) and net loss $19.8M.
Source: Douglas Emmett 10-K on SEC EDGAR.