Filing Flows › Global Net Lease (GNL) › Q4 2025
Global Net Lease (GNL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Global Net Lease (GNL) reported revenue of $117M for the fourth quarter 2025 (Q4 2025), -15% from a year earlier and -3% from the quarter before. Operating margin was 94.7%, net earnings $37.2M (31.8% of revenue).
Global Net Lease, Q4 2025: revenue $117M (-15% year over year), operating margin 94.7%, net earnings $37.2M, operating cash flow $55.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $117M | -3% | -15% |
| Operating profit | $111M | — | +97% |
| Net earnings | $37.2M | — | — |
| Operating cash flow | $55.6M | -0.8% | -26% |
| Free cash flow | $48.4M | -2% | -22% |
What changed
Revenue was $117.0M in Q4 2025, down 15% year over year and down 3% from the previous quarter. Industrial & Distribution was the largest line at 48% of revenue.
Operating profit was $110.7M, a 94.7% margin (up 53.8 points year over year). Total costs fell 92% while revenue fell 15%. Net earnings were $37.2M. The effective tax rate was 20.5%.
Operating cash flow was $55.6M (down 26% year over year), 115% of net income including minority interests. Non-cash charges added back $44.4M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items used $40.1M. Capital expenditures of $7.2M left free cash flow of $48.4M.
Questions
What was Global Net Lease's revenue in the fourth quarter 2025?
Global Net Lease (GNL) reported revenue of $117M for the fourth quarter 2025 (Q4 2025), -15% from a year earlier and -3% from the quarter before.
Was Global Net Lease profitable in the fourth quarter 2025?
Operating profit was $111M (94.7% of revenue) and net earnings $37.2M.
Source: Global Net Lease 10-K on SEC EDGAR.