Filing Flows › LTC Properties (LTC) › Q4 2025
LTC Properties (LTC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
LTC Properties (LTC) reported revenue of $84.3M for the fourth quarter 2025 (Q4 2025), +60% from a year earlier and +22% from the quarter before. Operating margin was 67.5%, net earnings $102M (121.2% of revenue).
LTC Properties, Q4 2025: revenue $84.3M (+60% year over year), operating margin 67.5%, net earnings $102M, operating cash flow $37.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $84.3M | +22% | +60% |
| Operating profit | $56.9M | +14% | +13% |
| Net earnings | $102M | — | +465% |
| Operating cash flow | $37.9M | -1% | +12% |
| Free cash flow | $37.3M | +9% | +24% |
What changed
Revenue was $84.3M in Q4 2025, up 60% year over year and up 22% from the previous quarter.
Operating profit was $56.9M, a 67.5% margin (down 27.9 points year over year). Of the extra revenue versus a year earlier, 21% reached operating profit, below the 95% margin then. Total costs grew 1037% against revenue growth of 60%. Net earnings were $102.2M, up 465% year over year. The effective tax rate was 0.2%. Non-operating items added $47.0M, 45% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $37.9M (up 12% year over year), 37% of net earnings. Non-cash charges added back $10.9M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $78.8M. Capital expenditures of $597K left free cash flow of $37.3M.
Questions
What was LTC Properties' revenue in the fourth quarter 2025?
LTC Properties (LTC) reported revenue of $84.3M for the fourth quarter 2025 (Q4 2025), +60% from a year earlier and +22% from the quarter before.
Was LTC Properties profitable in the fourth quarter 2025?
Operating profit was $56.9M (67.5% of revenue) and net earnings $102M.
Source: LTC Properties 10-K on SEC EDGAR.