Filing Flows › Empire State Realty OP, L.P. (ESBA) › Q3 2025
Empire State Realty OP, L.P. (ESBA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Empire State Realty OP, L.P. (ESBA) reported revenue of $198M for the third quarter 2025 (Q3 2025), -0.9% from a year earlier and +3% from the quarter before. Operating margin was 19.9%, net earnings $12.6M (6.4% of revenue).
Empire State Realty OP, L.P., Q3 2025: revenue $198M (-0.9% year over year), operating margin 19.9%, net earnings $12.6M, operating cash flow $105M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $198M | +3% | -0.9% |
| Operating profit | $39.3M | +12% | -13% |
| Net earnings | $12.6M | +22% | -42% |
| Operating cash flow | $105M | +294% | +2% |
| Free cash flow | $72.8M | — | — |
What changed
Revenue was $197.7M in Q3 2025, down 1% year over year and up 3% from the previous quarter.
Operating profit was $39.3M, a 19.9% margin (down 2.8 points year over year). Total costs grew 3% against a revenue fall of 1%. Net earnings were $12.6M, down 42% year over year. The effective tax rate was 10.8%.
Operating cash flow was $105.3M (up 2% year over year), 772% of net income including minority interests. Non-cash charges added back $47.6M of depreciation and amortization and $6.5M of share-based compensation. Working capital and other items added $37.5M. Capital expenditures of $32.5M left free cash flow of $72.8M.
Questions
What was Empire State Realty OP, L.P.'s revenue in the third quarter 2025?
Empire State Realty OP, L.P.
Was Empire State Realty OP, L.P. profitable in the third quarter 2025?
Operating profit was $39.3M (19.9% of revenue) and net earnings $12.6M.