Filing Flows › NNN REIT (NNN) › Q3 2025
NNN REIT (NNN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
NNN REIT (NNN) reported revenue of $230M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before. Operating margin was 64.0%, net earnings $96.8M (42.1% of revenue).
NNN REIT, Q3 2025: revenue $230M (+5% year over year), operating margin 64.0%, net earnings $96.8M, operating cash flow $218M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $230M | +1% | +5% |
| Operating profit | $147M | -2% | +3% |
| Net earnings | $96.8M | -4% | -1% |
| Operating cash flow | $218M | +83% | +6% |
What changed
Revenue was $230.2M in Q3 2025, up 5% year over year and up 1% from the previous quarter.
Operating profit was $147.3M, a 64.0% margin (down 1.7 points year over year). Of the extra revenue versus a year earlier, 32% reached operating profit, below the 66% margin then. Total costs grew 10% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+13%). Net earnings were $96.8M, down 1% year over year. The effective tax rate was 0.0%.
Operating cash flow was $218.3M (up 6% year over year), 225% of net earnings. Non-cash charges added back $67.3M of depreciation and amortization. Working capital and other items added $54.2M.
Questions
What was NNN REIT's revenue in the third quarter 2025?
NNN REIT (NNN) reported revenue of $230M for the third quarter 2025 (Q3 2025), +5% from a year earlier and +1% from the quarter before.
Was NNN REIT profitable in the third quarter 2025?
Operating profit was $147M (64.0% of revenue) and net earnings $96.8M.
Source: NNN REIT 10-Q on SEC EDGAR.