Filing Flows › JBG Smith Properties (JBGS) › Q4 2025
JBG Smith Properties (JBGS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
JBG Smith Properties (JBGS) reported revenue of $128M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and +3% from the quarter before. Operating margin was 0.5%, net loss $56.2M (44.0% of revenue).
JBG Smith Properties, Q4 2025: revenue $128M (-2% year over year), operating margin 0.5%, net loss $56.2M, operating cash flow $32.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $128M | +3% | -2% |
| Operating profit | $663K | — | — |
| Net earnings | −$56.2M | — | — |
| Operating cash flow | $32.6M | +268% | -23% |
What changed
Revenue was $127.6M in Q4 2025, down 2% year over year and up 3% from the previous quarter.
Operating profit was $663K, a 0.5% margin (up 2.1 points year over year). Total costs fell 4% while revenue fell 2%. The quarter ended with a net loss of $56.2M, wider than the previous quarter's $35.0M loss. Minority interests bore $10.6M of it: to shareholders the quarter was a loss of $45.5M. Net interest and other expense of $61.3M was the main reason.
Operating cash flow was $32.6M (down 23% year over year). Non-cash charges added back $48.6M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $35.2M.
Questions
What was JBG Smith Properties' revenue in the fourth quarter 2025?
JBG Smith Properties (JBGS) reported revenue of $128M for the fourth quarter 2025 (Q4 2025), -2% from a year earlier and +3% from the quarter before.
Was JBG Smith Properties profitable in the fourth quarter 2025?
Operating profit was $663K (0.5% of revenue) and net loss $56.2M.