Filing Flows › Orion Properties (ONL) › Q4 2025
Orion Properties (ONL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 5, 2026
Orion Properties (ONL) reported revenue of $35.2M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -5% from the quarter before. Operating margin was -40.2%, net loss $35.8M (101.7% of revenue).
Orion Properties, Q4 2025: revenue $35.2M (-8% year over year), operating margin -40.2%, net loss $35.8M, operating cash flow $8.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $35.2M | -5% | -8% |
| Operating profit | −$14.2M | — | — |
| Net earnings | −$35.8M | — | — |
| Operating cash flow | $8.5M | +48% | -32% |
What changed
Revenue was $35.2M in Q4 2025, down 8% year over year and down 5% from the previous quarter. Rental Revenue was the largest line at 99% of revenue.
Operating costs exceeded revenue by $14.2M, an operating margin of -40.2%. Total costs fell 22% while revenue fell 8%. The quarter ended with a net loss of $35.8M, narrower than the previous quarter's $69.0M loss. Net interest and other expense of $21.6M was the main reason.
Operating cash flow was $8.5M (down 32% year over year). Non-cash charges added back $13.1M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $29.8M. Capital expenditures of $19.1M exceeded it, leaving free cash flow of −$10.6M.
Questions
What was Orion Properties' revenue in the fourth quarter 2025?
Orion Properties (ONL) reported revenue of $35.2M for the fourth quarter 2025 (Q4 2025), -8% from a year earlier and -5% from the quarter before.
Was Orion Properties profitable in the fourth quarter 2025?
Operating loss was $14.2M (-40.2% of revenue) and net loss $35.8M.
Source: Orion Properties 10-K on SEC EDGAR.