Filing Flows › NNN REIT (NNN) › Q2 2025
NNN REIT (NNN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
NNN REIT (NNN) reported revenue of $227M for the second quarter 2025 (Q2 2025), +5% from a year earlier and -2% from the quarter before. Operating margin was 66.0%, net earnings $101M (44.3% of revenue).
NNN REIT, Q2 2025: revenue $227M (+5% year over year), operating margin 66.0%, net earnings $101M, operating cash flow $119M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $227M | -2% | +5% |
| Operating profit | $150M | +4% | -2% |
| Net earnings | $101M | +4% | -6% |
| Operating cash flow | $119M | -41% | -0.9% |
What changed
Revenue was $226.8M in Q2 2025, up 5% year over year and down 2% from the previous quarter.
Operating profit was $149.8M, a 66.0% margin (down 4.2 points year over year). Operating profit fell $2.5M even though revenue rose $10.0M versus a year earlier, so costs grew faster than sales. Total costs grew 19% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were $100.5M, down 6% year over year. The effective tax rate was 0.0%.
Operating cash flow was $119.4M (down 1% year over year), 119% of net earnings. Non-cash charges added back $68.3M of depreciation and amortization. Working capital and other items used $49.5M.
Questions
What was NNN REIT's revenue in the second quarter 2025?
NNN REIT (NNN) reported revenue of $227M for the second quarter 2025 (Q2 2025), +5% from a year earlier and -2% from the quarter before.
Was NNN REIT profitable in the second quarter 2025?
Operating profit was $150M (66.0% of revenue) and net earnings $101M.
Source: NNN REIT 10-Q on SEC EDGAR.