Filing Flows › Equity Lifestyle Properties (ELS) › Q4 2025
Equity Lifestyle Properties (ELS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Equity Lifestyle Properties (ELS) reported revenue of $374M for the fourth quarter 2025 (Q4 2025), +0.4% from a year earlier and -5% from the quarter before. Operating margin was 26.8%, net earnings $100M (26.9% of revenue).
Equity Lifestyle Properties, Q4 2025: revenue $374M (+0.4% year over year), operating margin 26.8%, net earnings $100M, operating cash flow $99.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $374M | -5% | +0.4% |
| Operating profit | $100M | +2% | -1% |
| Net earnings | $100M | +0.1% | +5% |
| Operating cash flow | $99.5M | -32% | -6% |
| Free cash flow | $38.3M | -49% | -3% |
What changed
Revenue was $373.9M in Q4 2025, roughly flat year over year and down 5% from the previous quarter.
Operating profit was $100.2M, a 26.8% margin (down 0.4 points year over year). Operating profit fell $1.2M even though revenue rose $1.5M versus a year earlier, so costs grew faster than sales. Total costs grew 1% against flat revenue. Net earnings were $100.5M, up 5% year over year. The effective tax rate was -2.1%.
Operating cash flow was $99.5M (down 6% year over year), 96% of net income including minority interests. Non-cash charges added back $53.0M of depreciation and amortization. Working capital and other items used $57.3M. Capital expenditures of $61.2M left free cash flow of $38.3M.
Questions
What was Equity Lifestyle Properties' revenue in the fourth quarter 2025?
Equity Lifestyle Properties (ELS) reported revenue of $374M for the fourth quarter 2025 (Q4 2025), +0.4% from a year earlier and -5% from the quarter before.
Was Equity Lifestyle Properties profitable in the fourth quarter 2025?
Operating profit was $100M (26.8% of revenue) and net earnings $100M.