Filing Flows › Diversified Healthcare Trust (DHC) › Q3 2025
Diversified Healthcare Trust (DHC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Diversified Healthcare Trust (DHC) reported revenue of $389M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +2% from the quarter before. Operating margin was -28.1%, net loss $164M (42.2% of revenue).
Diversified Healthcare Trust, Q3 2025: revenue $389M (+4% year over year), operating margin -28.1%, net loss $164M, operating cash flow −$49.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $389M | +2% | +4% |
| Operating profit | −$109M | — | — |
| Net earnings | −$164M | — | — |
| Operating cash flow | −$49.3M | -193% | — |
What changed
Revenue was $388.7M in Q3 2025, up 4% year over year and up 2% from the previous quarter. Residents fees and services was the largest line at 86% of revenue. Residents fees and services added $21.4M year over year (up 7%), 142% of the total change. Rental income declined 10%.
Operating costs exceeded revenue by $109.2M, an operating margin of -28.1%. Total costs grew 20% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+21%). The quarter ended with a net loss of $164.0M, wider than the previous quarter's $91.6M loss.
Operating cash flow was −$49.3M. Non-cash charges added back $65.3M of depreciation. Working capital and other items added $49.4M. Capital expenditures of $40.6M exceeded it, leaving free cash flow of −$89.8M.
Questions
What was Diversified Healthcare Trust's revenue in the third quarter 2025?
Diversified Healthcare Trust (DHC) reported revenue of $389M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +2% from the quarter before.
Was Diversified Healthcare Trust profitable in the third quarter 2025?
Operating loss was $109M (-28.1% of revenue) and net loss $164M.