Filing Flows › Global Net Lease (GNL) › Q3 2025
Global Net Lease (GNL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Global Net Lease (GNL) reported revenue of $121M for the third quarter 2025 (Q3 2025), -13% from a year earlier and -3% from the quarter before. Operating margin was -11.7%, net loss $60.1M (49.7% of revenue).
Global Net Lease, Q3 2025: revenue $121M (-13% year over year), operating margin -11.7%, net loss $60.1M, operating cash flow $56.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $121M | -3% | -13% |
| Operating profit | −$14.2M | -134% | — |
| Net earnings | −$60.1M | — | — |
| Operating cash flow | $56.0M | +8% | -10% |
| Free cash flow | $49.4M | +17% | +3% |
What changed
Revenue was $121.0M in Q3 2025, down 13% year over year and down 3% from the previous quarter. Industrial & Distribution was the largest line at 47% of revenue. Retail lost $9.3M year over year (down 24%), 53% of the total change.
Operating costs exceeded revenue by $14.2M, an operating margin of -11.7%. Total costs grew 7% against a revenue fall of 13%. The quarter ended with a net loss of $60.1M, wider than the previous quarter's $24.1M loss. Net interest and other expense of $42.8M was the main reason.
Operating cash flow was $56.0M (down 10% year over year). Non-cash charges added back $44.8M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $68.3M. Capital expenditures of $6.6M left free cash flow of $49.4M.
Questions
What was Global Net Lease's revenue in the third quarter 2025?
Global Net Lease (GNL) reported revenue of $121M for the third quarter 2025 (Q3 2025), -13% from a year earlier and -3% from the quarter before.
Was Global Net Lease profitable in the third quarter 2025?
Operating loss was $14.2M (-11.7% of revenue) and net loss $60.1M.
Source: Global Net Lease 10-Q on SEC EDGAR.