Filing Flows › Equity Lifestyle Properties (ELS) › Q3 2025
Equity Lifestyle Properties (ELS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Equity Lifestyle Properties (ELS) reported revenue of $393M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +4% from the quarter before. Operating margin was 24.9%, net earnings $100M (25.5% of revenue).
Equity Lifestyle Properties, Q3 2025: revenue $393M (+2% year over year), operating margin 24.9%, net earnings $100M, operating cash flow $147M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $393M | +4% | +2% |
| Operating profit | $98.1M | +16% | +19% |
| Net earnings | $100M | +20% | +16% |
| Operating cash flow | $147M | +12% | -2% |
| Free cash flow | $75.7M | +5% | -17% |
What changed
Revenue was $393.3M in Q3 2025, up 2% year over year and up 4% from the previous quarter.
Operating profit was $98.1M, a 24.9% margin (up 3.6 points year over year). Of the extra revenue versus a year earlier, 253% reached operating profit, above the 21% margin then. Total costs fell 3% while revenue rose 2%. Net earnings were $100.4M, up 16% year over year. The effective tax rate was -0.5%.
Operating cash flow was $147.0M (down 2% year over year), 146% of net earnings. Non-cash charges added back $52.3M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items used $8.2M. Capital expenditures of $71.3M left free cash flow of $75.7M.
Questions
What was Equity Lifestyle Properties' revenue in the third quarter 2025?
Equity Lifestyle Properties (ELS) reported revenue of $393M for the third quarter 2025 (Q3 2025), +2% from a year earlier and +4% from the quarter before.
Was Equity Lifestyle Properties profitable in the third quarter 2025?
Operating profit was $98.1M (24.9% of revenue) and net earnings $100M.