Filing Flows › Equity Lifestyle Properties (ELS) › Q2 2025
Equity Lifestyle Properties (ELS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 29, 2025
Equity Lifestyle Properties (ELS) reported revenue of $377M for the second quarter 2025 (Q2 2025), -0.8% from a year earlier and -3% from the quarter before. Operating margin was 22.3%, net earnings $83.5M (22.2% of revenue).
Equity Lifestyle Properties, Q2 2025: revenue $377M (-0.8% year over year), operating margin 22.3%, net earnings $83.5M, operating cash flow $131M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $377M | -3% | -0.8% |
| Operating profit | $84.2M | -23% | +3% |
| Net earnings | $83.5M | -27% | +2% |
| Operating cash flow | $131M | -32% | -8% |
| Free cash flow | $71.8M | -52% | -11% |
What changed
Revenue was $376.9M in Q2 2025, down 1% year over year and down 3% from the previous quarter.
Operating profit was $84.2M, a 22.3% margin (up 0.9 points year over year). Total costs fell 2% while revenue fell 1%. The fastest-growing cost line was General & admin (+16%). Net earnings were $83.5M, up 2% year over year. The effective tax rate was 0.0%.
Operating cash flow was $131.3M (down 8% year over year), 157% of net earnings. Non-cash charges added back $52.6M of depreciation and amortization and $2.7M of share-based compensation. Working capital and other items used $7.5M. Capital expenditures of $59.5M left free cash flow of $71.8M.
Questions
What was Equity Lifestyle Properties' revenue in the second quarter 2025?
Equity Lifestyle Properties (ELS) reported revenue of $377M for the second quarter 2025 (Q2 2025), -0.8% from a year earlier and -3% from the quarter before.
Was Equity Lifestyle Properties profitable in the second quarter 2025?
Operating profit was $84.2M (22.3% of revenue) and net earnings $83.5M.