Filing Flows › NNN REIT (NNN) › Q4 2025
NNN REIT (NNN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
NNN REIT (NNN) reported revenue of $238M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before. Operating margin was 62.3%, net earnings $96.0M (40.2% of revenue).
NNN REIT, Q4 2025: revenue $238M (+9% year over year), operating margin 62.3%, net earnings $96.0M, operating cash flow $126M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $238M | +4% | +9% |
| Operating profit | $149M | +0.9% | +3% |
| Net earnings | $96.0M | -0.9% | -2% |
| Operating cash flow | $126M | -42% | +7% |
What changed
Revenue was $238.4M in Q4 2025, up 9% year over year and up 4% from the previous quarter.
Operating profit was $148.6M, a 62.3% margin (down 3.5 points year over year). Of the extra revenue versus a year earlier, 24% reached operating profit, below the 66% margin then. Total costs grew 20% against revenue growth of 9%. The fastest-growing cost line was General & admin (+34%). Net earnings were $96.0M, down 2% year over year. The effective tax rate was 0.0%.
Operating cash flow was $126.2M (up 7% year over year), 131% of net earnings. Non-cash charges added back $68.2M of depreciation and amortization. Working capital and other items used $38.0M.
Questions
What was NNN REIT's revenue in the fourth quarter 2025?
NNN REIT (NNN) reported revenue of $238M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +4% from the quarter before.
Was NNN REIT profitable in the fourth quarter 2025?
Operating profit was $149M (62.3% of revenue) and net earnings $96.0M.
Source: NNN REIT 10-K on SEC EDGAR.