Filing Flows › Innovative Industrial Properties (IIPR) › Q3 2025
Innovative Industrial Properties (IIPR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Innovative Industrial Properties (IIPR) reported revenue of $64.7M for the third quarter 2025 (Q3 2025), -15% from a year earlier and +3% from the quarter before. Operating margin was 45.5%, net earnings $29.3M (45.3% of revenue).
Innovative Industrial Properties, Q3 2025: revenue $64.7M (-16% year over year), operating margin 45.5%, net earnings $29.3M, operating cash flow $45.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $64.7M | +3% | -15% |
| Operating profit | $29.4M | +2% | -30% |
| Net earnings | $29.3M | +13% | -27% |
| Operating cash flow | $45.6M | -6% | -30% |
What changed
Revenue was $64.7M in Q3 2025, down 15% year over year and up 3% from the previous quarter.
Operating profit was $29.4M, a 45.5% margin (down 9.4 points year over year). Total costs grew 2% against a revenue fall of 15%. Net earnings were $29.3M, down 27% year over year. The effective tax rate was 0.0%.
Operating cash flow was $45.6M (down 30% year over year), 156% of net earnings. Non-cash charges added back $18.6M of depreciation and amortization and $2.7M of share-based compensation. Working capital and other items used $5.0M.
Questions
What was Innovative Industrial Properties' revenue in the third quarter 2025?
Innovative Industrial Properties (IIPR) reported revenue of $64.7M for the third quarter 2025 (Q3 2025), -15% from a year earlier and +3% from the quarter before.
Was Innovative Industrial Properties profitable in the third quarter 2025?
Operating profit was $29.4M (45.5% of revenue) and net earnings $29.3M.