Filing Flows › Innovative Industrial Properties (IIPR) › Q4 2025
Innovative Industrial Properties (IIPR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
Innovative Industrial Properties (IIPR) reported revenue of $66.7M for the fourth quarter 2025 (Q4 2025), -13% from a year earlier and +3% from the quarter before. Operating margin was 47.8%, net earnings $31.8M (47.8% of revenue).
Innovative Industrial Properties, Q4 2025: revenue $66.7M (-13% year over year), operating margin 47.8%, net earnings $31.8M, operating cash flow $49.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $66.7M | +3% | -13% |
| Operating profit | $31.8M | +8% | -24% |
| Net earnings | $31.8M | +9% | -20% |
| Operating cash flow | $49.9M | +9% | -14% |
What changed
Revenue was $66.7M in Q4 2025, down 13% year over year and up 3% from the previous quarter.
Operating profit was $31.8M, a 47.8% margin (down 7.0 points year over year). Total costs grew 0% against a revenue fall of 13%. Net earnings were $31.8M, down 20% year over year. The effective tax rate was 0.0%.
Operating cash flow was $49.9M (down 14% year over year), 157% of net earnings. Non-cash charges added back $18.5M of depreciation and amortization and $2.7M of share-based compensation. Working capital and other items used $3.2M.
Questions
What was Innovative Industrial Properties' revenue in the fourth quarter 2025?
Innovative Industrial Properties (IIPR) reported revenue of $66.7M for the fourth quarter 2025 (Q4 2025), -13% from a year earlier and +3% from the quarter before.
Was Innovative Industrial Properties profitable in the fourth quarter 2025?
Operating profit was $31.8M (47.8% of revenue) and net earnings $31.8M.