Filing Flows › Essential Properties Realty Trust (EPRT) › Q4 2025
Essential Properties Realty Trust (EPRT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Essential Properties Realty Trust (EPRT) reported revenue of $150M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +3% from the quarter before. Operating margin was 65.9%, net earnings $68.1M (45.4% of revenue).
Essential Properties Realty Trust, Q4 2025: revenue $150M (+25% year over year), operating margin 65.9%, net earnings $68.1M, operating cash flow $105M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $150M | +3% | +25% |
| Operating profit | $98.8M | +5% | +25% |
| Net earnings | $68.1M | +4% | +23% |
| Operating cash flow | $105M | +6% | +21% |
What changed
Revenue was $149.9M in Q4 2025, up 25% year over year and up 3% from the previous quarter.
Operating profit was $98.8M, a 65.9% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 65% reached operating profit, below the 66% margin then. Total costs grew 26% against revenue growth of 25%. The fastest-growing cost line was Other operating costs (+33%). Net earnings were $68.1M, up 23% year over year. The effective tax rate was 0.2%.
Operating cash flow was $105.1M (up 21% year over year), 154% of net earnings. Non-cash charges added back $39.5M of depreciation and amortization and $2.2M of share-based compensation. Capital expenditures of $270.5M exceeded it, leaving free cash flow of −$165.4M.
Questions
What was Essential Properties Realty Trust's revenue in the fourth quarter 2025?
Essential Properties Realty Trust (EPRT) reported revenue of $150M for the fourth quarter 2025 (Q4 2025), +25% from a year earlier and +3% from the quarter before.
Was Essential Properties Realty Trust profitable in the fourth quarter 2025?
Operating profit was $98.8M (65.9% of revenue) and net earnings $68.1M.
Source: Essential Properties Realty Trust 10-K on SEC EDGAR.