Filing Flows › JBG Smith Properties (JBGS) › Q3 2025
JBG Smith Properties (JBGS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
JBG Smith Properties (JBGS) reported revenue of $124M for the third quarter 2025 (Q3 2025), -9% from a year earlier and -2% from the quarter before. Operating margin was -0.7%, net loss $35.0M (28.3% of revenue).
JBG Smith Properties, Q3 2025: revenue $124M (-9% year over year), operating margin -0.7%, net loss $35.0M, operating cash flow $8.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $124M | -2% | -9% |
| Operating profit | −$908K | — | — |
| Net earnings | −$35.0M | — | — |
| Operating cash flow | $8.9M | -53% | -66% |
What changed
Revenue was $123.9M in Q3 2025, down 9% year over year and down 2% from the previous quarter.
Operating costs exceeded revenue by $908K, an operating margin of -0.7%. Total costs fell 4% while revenue fell 9%. The quarter ended with a net loss of $35.0M, wider than the previous quarter's $23.2M loss. Minority interests bore $6.5M of it: to shareholders the quarter was a loss of $28.6M. Net interest and other expense of $33.2M was the main reason.
Operating cash flow was $8.9M (down 66% year over year). Non-cash charges added back $50.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items used $11.1M.
Questions
What was JBG Smith Properties' revenue in the third quarter 2025?
JBG Smith Properties (JBGS) reported revenue of $124M for the third quarter 2025 (Q3 2025), -9% from a year earlier and -2% from the quarter before.
Was JBG Smith Properties profitable in the third quarter 2025?
Operating loss was $908K (-0.7% of revenue) and net loss $35.0M.