Filing Flows › Empire State Realty Trust (ESRT) › Q2 2025
Empire State Realty Trust (ESRT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Empire State Realty Trust (ESRT) reported revenue of $191M for the second quarter 2025 (Q2 2025), +0.9% from a year earlier and +6% from the quarter before. Operating margin was 18.4%, net earnings $6.5M (3.4% of revenue).
Empire State Realty Trust, Q2 2025: revenue $191M (+0.9% year over year), operating margin 18.4%, net earnings $6.5M, operating cash flow $26.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $191M | +6% | +0.9% |
| Operating profit | $35.1M | +36% | -11% |
| Net earnings | $6.5M | -29% | -62% |
| Operating cash flow | $26.7M | -68% | -28% |
What changed
Revenue was $191.2M in Q2 2025, up 1% year over year and up 6% from the previous quarter.
Operating profit was $35.1M, a 18.4% margin (down 2.4 points year over year). Operating profit fell $4.2M even though revenue rose $1.7M versus a year earlier, so costs grew faster than sales. Total costs grew 4% against revenue growth of 1%. Net earnings were $6.5M, down 62% year over year. The effective tax rate was 4.0%.
Operating cash flow was $26.7M (down 28% year over year), 235% of net income including minority interests. Non-cash charges added back $47.8M of depreciation and amortization and $6.9M of share-based compensation. Working capital and other items used $39.4M. Capital expenditures of $81.8M exceeded it, leaving free cash flow of −$55.1M.
Questions
What was Empire State Realty Trust's revenue in the second quarter 2025?
Empire State Realty Trust (ESRT) reported revenue of $191M for the second quarter 2025 (Q2 2025), +0.9% from a year earlier and +6% from the quarter before.
Was Empire State Realty Trust profitable in the second quarter 2025?
Operating profit was $35.1M (18.4% of revenue) and net earnings $6.5M.