Filing Flows › Global Net Lease (GNL) › Q2 2025
Global Net Lease (GNL) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Global Net Lease (GNL) reported revenue of $125M for the second quarter 2025 (Q2 2025), -14% from a year earlier and -6% from the quarter before. Operating margin was 33.9%, net loss $24.1M (19.3% of revenue).
Global Net Lease, Q2 2025: revenue $125M (-14% year over year), operating margin 33.9%, net loss $24.1M, operating cash flow $52.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $125M | -6% | -14% |
| Operating profit | $42.3M | — | — |
| Net earnings | −$24.1M | — | — |
| Operating cash flow | $52.0M | -12% | -26% |
| Free cash flow | $42.2M | -15% | -29% |
What changed
Revenue was $124.9M in Q2 2025, down 14% year over year and down 6% from the previous quarter. Industrial & Distribution was the largest line at 44% of revenue. Industrial & Distribution lost $6.4M year over year (down 10%), 31% of the total change.
Operating profit was $42.3M, a 33.9% margin (down 8.7 points year over year). Total costs fell 1% while revenue fell 14%. The quarter ended with a net loss of $24.1M, narrower than the previous quarter's $189.4M loss. Net interest and other expense of $63.4M was the main reason.
Operating cash flow was $52.0M (down 26% year over year). Non-cash charges added back $45.6M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items added $27.2M. Capital expenditures of $9.8M left free cash flow of $42.2M.
Questions
What was Global Net Lease's revenue in the second quarter 2025?
Global Net Lease (GNL) reported revenue of $125M for the second quarter 2025 (Q2 2025), -14% from a year earlier and -6% from the quarter before.
Was Global Net Lease profitable in the second quarter 2025?
Operating profit was $42.3M (33.9% of revenue) and net loss $24.1M.
Source: Global Net Lease 10-Q on SEC EDGAR.