Filing Flows › Empire State Realty Trust (ESRT) › Q4 2025
Empire State Realty Trust (ESRT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Empire State Realty Trust (ESRT) 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 $19.7M (9.9% of revenue).
Empire State Realty Trust, Q4 2025: revenue $199M (+0.8% year over year), operating margin 17.8%, net earnings $19.7M, 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 | $19.7M | +146% | +76% |
| 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 Q4 2024, so costs grew faster than sales. Total costs grew 6% against revenue growth of 1%. Net earnings were $19.7M, up 76% 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 Trust's revenue in the fourth quarter 2025?
Empire State Realty Trust (ESRT) reported revenue of $199M for the fourth quarter 2025 (Q4 2025), +0.8% from a year earlier and +0.8% from the quarter before.
Was Empire State Realty Trust profitable in the fourth quarter 2025?
Operating profit was $35.4M (17.8% of revenue) and net earnings $19.7M.