Filing Flows › Safehold (SAFE) › Q1 2025
Safehold (SAFE) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Safehold (SAFE) reported revenue of $97.7M for the first quarter 2025 (Q1 2025), +5% from a year earlier and +6% from the quarter before. Operating margin was 25.9%, net earnings $29.4M (30.1% of revenue).
Safehold, Q1 2025: revenue $97.7M (+5% year over year), operating margin 25.9%, net earnings $29.4M, operating cash flow $8.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $97.7M | +6% | +5% |
| Operating profit | $25.3M | +12% | +3% |
| Net earnings | $29.4M | +13% | -4% |
| Operating cash flow | $8.9M | +13% | — |
What changed
Revenue was $97.7M in Q1 2025, up 5% year over year and up 6% from the previous quarter.
Operating profit was $25.3M, a 25.9% margin (down 0.5 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, below the 26% margin then. Total costs grew 5% against revenue growth of 5%. Net earnings were $29.4M, down 4% year over year. The effective tax rate was 2.9%.
Operating cash flow was $8.9M, 30% of net earnings. Non-cash charges added back $2.2M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $26.2M.
Questions
What was Safehold's revenue in the first quarter 2025?
Safehold (SAFE) reported revenue of $97.7M for the first quarter 2025 (Q1 2025), +5% from a year earlier and +6% from the quarter before.
Was Safehold profitable in the first quarter 2025?
Operating profit was $25.3M (25.9% of revenue) and net earnings $29.4M.
Source: Safehold 10-Q on SEC EDGAR.