Filing Flows › Independence Realty Trust (IRT) › Q4 2025
Independence Realty Trust (IRT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Independence Realty Trust (IRT) reported revenue of $167M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and 0% from the quarter before. Operating margin was 20.8%, net earnings $33.3M (19.9% of revenue).
Independence Realty Trust, Q4 2025: revenue $167M (+4% year over year), operating margin 20.8%, net earnings $33.3M, operating cash flow $60.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $167M | 0% | +4% |
| Operating profit | $34.8M | +14% | -6% |
| Net earnings | $33.3M | +383% | — |
| Operating cash flow | $60.2M | -24% | -5% |
| Free cash flow | $58.2M | -23% | +20% |
What changed
Revenue was $167.1M in Q4 2025, up 4% year over year and roughly flat from the previous quarter.
Operating profit was $34.8M, a 20.8% margin (down 2.1 points year over year). Operating profit fell $2.1M even though revenue rose $6.2M versus a year earlier, so costs grew faster than sales. Total costs grew 7% against revenue growth of 4%. Net earnings were $33.3M. The effective tax rate was 0.0%.
Operating cash flow was $60.2M (down 5% year over year), 177% of net income including minority interests. Non-cash charges added back $63.0M of depreciation and amortization and $8.3M of share-based compensation. Working capital and other items used $45.1M. Capital expenditures of $2.0M left free cash flow of $58.2M.
Questions
What was Independence Realty Trust's revenue in the fourth quarter 2025?
Independence Realty Trust (IRT) reported revenue of $167M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and 0% from the quarter before.
Was Independence Realty Trust profitable in the fourth quarter 2025?
Operating profit was $34.8M (20.8% of revenue) and net earnings $33.3M.