Filing Flows › Global Net Lease (GNL) › Q1 2025
Global Net Lease (GNL) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Global Net Lease (GNL) reported revenue of $132M for the first quarter 2025 (Q1 2025), -10% from a year earlier and -33% from the quarter before. Operating margin was -21.1%, net loss $189M (143.0% of revenue).
Global Net Lease, Q1 2025: revenue $132M (-10% year over year), operating margin -21.1%, net loss $189M, operating cash flow $59.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $132M | -33% | -10% |
| Operating profit | −$27.9M | — | — |
| Net earnings | −$189M | — | — |
| Operating cash flow | $59.2M | -21% | -36% |
| Free cash flow | $49.4M | -20% | -41% |
What changed
Revenue was $132.4M in Q1 2025, down 10% year over year and down 33% from the previous quarter. Industrial & Distribution was the largest line at 44% of revenue. Retail lost $5.6M year over year (down 13%), 36% of the total change.
Operating costs exceeded revenue by $27.9M, an operating margin of -21.1%. Total costs grew 76% against a revenue fall of 10%. The fastest-growing cost line was Other operating costs (+89%). The quarter ended with a net loss of $189.4M, wider than the previous quarter's $6.5M loss. Net interest and other expense of $158.2M was the main reason.
Operating cash flow was $59.2M (down 36% year over year). Non-cash charges added back $56.3M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $189.1M. Capital expenditures of $9.8M left free cash flow of $49.4M.
Questions
What was Global Net Lease's revenue in the first quarter 2025?
Global Net Lease (GNL) reported revenue of $132M for the first quarter 2025 (Q1 2025), -10% from a year earlier and -33% from the quarter before.
Was Global Net Lease profitable in the first quarter 2025?
Operating loss was $27.9M (-21.1% of revenue) and net loss $189M.
Source: Global Net Lease 10-Q on SEC EDGAR.