Filing Flows › Equity Lifestyle Properties (ELS) › Q1 2025
Equity Lifestyle Properties (ELS) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Equity Lifestyle Properties (ELS) reported revenue of $387M for the first quarter 2025 (Q1 2025), +0.2% from a year earlier and +4% from the quarter before. Operating margin was 28.3%, net earnings $114M (29.5% of revenue).
Equity Lifestyle Properties, Q1 2025: revenue $387M (+0.2% year over year), operating margin 28.3%, net earnings $114M, operating cash flow $193M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $387M | +4% | +0.2% |
| Operating profit | $109M | +8% | -5% |
| Net earnings | $114M | +14% | -0.8% |
| Operating cash flow | $193M | +84% | -3% |
| Free cash flow | $148M | +274% | +3% |
What changed
Revenue was $387.3M in Q1 2025, roughly flat year over year and up 4% from the previous quarter.
Operating profit was $109.5M, a 28.3% margin (down 1.5 points year over year). Operating profit fell $5.5M even though revenue rose $766K versus a year earlier, so costs grew faster than sales. Total costs grew 2% against flat revenue. Net earnings were $114.4M, down 1% year over year. The effective tax rate was 0.0%.
Operating cash flow was $193.4M (down 3% year over year), 169% of net earnings. Non-cash charges added back $50.9M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $25.7M. Capital expenditures of $45.2M left free cash flow of $148.2M.
Questions
What was Equity Lifestyle Properties' revenue in the first quarter 2025?
Equity Lifestyle Properties (ELS) reported revenue of $387M for the first quarter 2025 (Q1 2025), +0.2% from a year earlier and +4% from the quarter before.
Was Equity Lifestyle Properties profitable in the first quarter 2025?
Operating profit was $109M (28.3% of revenue) and net earnings $114M.