Filing Flows › Safehold (SAFE) › Q2 2025
Safehold (SAFE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Safehold (SAFE) reported revenue of $93.8M for the second quarter 2025 (Q2 2025), +4% from a year earlier and -4% from the quarter before. Operating margin was 25.5%, net earnings $27.9M (29.8% of revenue).
Safehold, Q2 2025: revenue $93.8M (+4% year over year), operating margin 25.5%, net earnings $27.9M, operating cash flow $28.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $93.8M | -4% | +4% |
| Operating profit | $23.9M | -5% | -0.3% |
| Net earnings | $27.9M | -5% | -6% |
| Operating cash flow | $28.0M | +215% | +13% |
What changed
Revenue was $93.8M in Q2 2025, up 4% year over year and down 4% from the previous quarter.
Operating profit was $23.9M, a 25.5% margin (down 1.2 points year over year). Operating profit fell $77K even though revenue rose $3.9M versus a year earlier, so costs grew faster than sales. Total costs grew 6% against revenue growth of 4%. Net earnings were $27.9M, down 6% year over year. The effective tax rate was 3.0%.
Operating cash flow was $28.0M (up 13% year over year), 100% of net earnings. Non-cash charges added back $2.1M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items used $5.2M.
Questions
What was Safehold's revenue in the second quarter 2025?
Safehold (SAFE) reported revenue of $93.8M for the second quarter 2025 (Q2 2025), +4% from a year earlier and -4% from the quarter before.
Was Safehold profitable in the second quarter 2025?
Operating profit was $23.9M (25.5% of revenue) and net earnings $27.9M.
Source: Safehold 10-Q on SEC EDGAR.