Filing Flows › NNN REIT (NNN) › Q1 2025
NNN REIT (NNN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
NNN REIT (NNN) reported revenue of $231M for the first quarter 2025 (Q1 2025), +7% from a year earlier and +6% from the quarter before. Operating margin was 62.3%, net earnings $96.5M (41.8% of revenue).
NNN REIT, Q1 2025: revenue $231M (+7% year over year), operating margin 62.3%, net earnings $96.5M, operating cash flow $203M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $231M | +6% | +7% |
| Operating profit | $144M | +0.1% | +4% |
| Net earnings | $96.5M | -1% | +2% |
| Operating cash flow | $203M | +73% | +7% |
What changed
Revenue was $230.9M in Q1 2025, up 7% year over year and up 6% from the previous quarter.
Operating profit was $143.9M, a 62.3% margin (down 1.9 points year over year). Of the extra revenue versus a year earlier, 36% reached operating profit, below the 64% margin then. Total costs grew 13% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $96.5M, up 2% year over year. The effective tax rate was 0.0%.
Operating cash flow was $203.3M (up 7% year over year), 211% of net earnings. Non-cash charges added back $64.6M of depreciation and amortization. Working capital and other items added $42.2M.
Questions
What was NNN REIT's revenue in the first quarter 2025?
NNN REIT (NNN) reported revenue of $231M for the first quarter 2025 (Q1 2025), +7% from a year earlier and +6% from the quarter before.
Was NNN REIT profitable in the first quarter 2025?
Operating profit was $144M (62.3% of revenue) and net earnings $96.5M.
Source: NNN REIT 10-Q on SEC EDGAR.