Filing Flows › Empire State Realty Trust (ESRT) › Q3 2025
Empire State Realty Trust (ESRT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Empire State Realty Trust (ESRT) 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 $8.0M (4.0% of revenue).
Empire State Realty Trust, Q3 2025: revenue $198M (-0.9% year over year), operating margin 19.9%, net earnings $8.0M, 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 | $8.0M | +22% | -41% |
| 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 $8.0M, down 41% 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 Trust's revenue in the third quarter 2025?
Empire State Realty Trust (ESRT) reported revenue of $198M for the third quarter 2025 (Q3 2025), -0.9% from a year earlier and +3% from the quarter before.
Was Empire State Realty Trust profitable in the third quarter 2025?
Operating profit was $39.3M (19.9% of revenue) and net earnings $8.0M.