Filing Flows › Empire State Realty Trust (ESRT) › Q1 2025
Empire State Realty Trust (ESRT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Empire State Realty Trust (ESRT) reported revenue of $180M for the first quarter 2025 (Q1 2025), -0.6% from a year earlier and -9% from the quarter before. Operating margin was 14.3%, net earnings $9.2M (5.1% of revenue).
Empire State Realty Trust, Q1 2025: revenue $180M (-0.6% year over year), operating margin 14.3%, net earnings $9.2M, operating cash flow $83.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $180M | -9% | -0.6% |
| Operating profit | $25.8M | -40% | -17% |
| Net earnings | $9.2M | -17% | +63% |
| Operating cash flow | $83.1M | +66% | +17% |
| Free cash flow | $41.1M | +95% | +129% |
What changed
Revenue was $180.1M in Q1 2025, down 1% year over year and down 9% from the previous quarter.
Operating profit was $25.8M, a 14.3% margin (down 2.8 points year over year). Total costs grew 3% against a revenue fall of 1%. Net earnings were $9.2M, up 63% year over year. The effective tax rate was -4.1%.
Operating cash flow was $83.1M (up 17% year over year), 527% of net income including minority interests. Non-cash charges added back $48.8M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $13.6M. Capital expenditures of $42.1M left free cash flow of $41.1M.
Questions
What was Empire State Realty Trust's revenue in the first quarter 2025?
Empire State Realty Trust (ESRT) reported revenue of $180M for the first quarter 2025 (Q1 2025), -0.6% from a year earlier and -9% from the quarter before.
Was Empire State Realty Trust profitable in the first quarter 2025?
Operating profit was $25.8M (14.3% of revenue) and net earnings $9.2M.