Filing Flows › Federal Realty Investment Trust (FRT) › Q4 2025
Federal Realty Investment Trust (FRT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Federal Realty Investment Trust (FRT) reported revenue of $336M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +4% from the quarter before. Operating margin was 53.8%, net earnings $130M (38.6% of revenue).
Federal Realty Investment Trust, Q4 2025: revenue $336M (+8% year over year), operating margin 53.8%, net earnings $130M, operating cash flow $145M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $336M | +4% | +8% |
| Operating profit | $181M | +63% | +65% |
| Net earnings | $130M | +110% | +98% |
| Operating cash flow | $145M | -2% | +21% |
| Free cash flow | $81.2M | — | -4% |
What changed
Revenue was $336.0M in Q4 2025, up 8% year over year and up 4% from the previous quarter.
Operating profit was $180.7M, a 53.8% margin (up 18.7 points year over year). Of the extra revenue versus Q4 2024, 290% reached operating profit, above the 35% margin then. Total costs fell 23% while revenue rose 8%. Net earnings were $129.7M, up 98% year over year. The effective tax rate was 0.0%.
Operating cash flow was $144.8M (up 21% year over year), 109% of net income including minority interests. Non-cash charges added back $97.4M of depreciation and amortization and $3.7M of share-based compensation. Working capital and other items used $88.8M. Capital expenditures of $63.6M left free cash flow of $81.2M.
Questions
What was Federal Realty Investment Trust's revenue in the fourth quarter 2025?
Federal Realty Investment Trust (FRT) reported revenue of $336M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +4% from the quarter before.
Was Federal Realty Investment Trust profitable in the fourth quarter 2025?
Operating profit was $181M (53.8% of revenue) and net earnings $130M.