Filing Flows › Empire State Realty OP, L.P. (ESBA) › Q4 2025
Empire State Realty OP, L.P. (ESBA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Empire State Realty OP, L.P. (ESBA) reported revenue of $199M for the fourth quarter 2025 (Q4 2025), +0.8% from a year earlier and +0.8% from the quarter before. Operating margin was 17.8%, net earnings $31.1M (15.6% of revenue).
Empire State Realty OP, L.P., Q4 2025: revenue $199M (+0.8% year over year), operating margin 17.8%, net earnings $31.1M, operating cash flow $33.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $199M | +0.8% | +0.8% |
| Operating profit | $35.4M | -10% | -18% |
| Net earnings | $31.1M | +147% | +75% |
| Operating cash flow | $33.9M | -68% | -32% |
What changed
Revenue was $199.2M in Q4 2025, up 1% year over year and up 1% from the previous quarter.
Operating profit was $35.4M, a 17.8% margin (down 4.0 points year over year). Operating profit fell $7.5M even though revenue rose $1.6M versus a year earlier, so costs grew faster than sales. Total costs grew 6% against revenue growth of 1%. Net earnings were $31.1M, up 75% year over year. The effective tax rate was 3.2%.
Operating cash flow was $33.9M (down 32% year over year), 105% of net income including minority interests. Non-cash charges added back $50.6M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items used $55.6M. Capital expenditures of $42.1M exceeded it, leaving free cash flow of −$8.2M.
Questions
What was Empire State Realty OP, L.P.'s revenue in the fourth quarter 2025?
Empire State Realty OP, L.P.
Was Empire State Realty OP, L.P. profitable in the fourth quarter 2025?
Operating profit was $35.4M (17.8% of revenue) and net earnings $31.1M.