Filing Flows › Orion Properties (ONL) › Q3 2025
Orion Properties (ONL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Orion Properties (ONL) reported revenue of $37.1M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -0.5% from the quarter before. Operating margin was -170.5%, net loss $69.0M (185.9% of revenue).
Orion Properties, Q3 2025: revenue $37.1M (-5% year over year), operating margin -170.5%, net loss $69.0M, operating cash flow $5.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $37.1M | -0.5% | -5% |
| Operating profit | −$63.3M | — | — |
| Net earnings | −$69.0M | — | — |
| Operating cash flow | $5.7M | -50% | -58% |
What changed
Revenue was $37.1M in Q3 2025, down 5% year over year and roughly flat from the previous quarter. Rental Revenue was the largest line at 99% of revenue. Rental Revenue lost $2.1M year over year (down 5%), 100% of the total change.
Operating costs exceeded revenue by $63.3M, an operating margin of -170.5%. Total costs grew 144% against a revenue fall of 5%. The fastest-growing cost line was Other operating costs (+161%). The quarter ended with a net loss of $69.0M, wider than the previous quarter's $25.1M loss.
Operating cash flow was $5.7M (down 58% year over year). Non-cash charges added back $14.7M of depreciation and amortization and $1.0M of share-based compensation. Working capital and other items added $59.1M. Capital expenditures of $17.0M exceeded it, leaving free cash flow of −$11.2M.
Questions
What was Orion Properties' revenue in the third quarter 2025?
Orion Properties (ONL) reported revenue of $37.1M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -0.5% from the quarter before.
Was Orion Properties profitable in the third quarter 2025?
Operating loss was $63.3M (-170.5% of revenue) and net loss $69.0M.
Source: Orion Properties 10-Q on SEC EDGAR.