Filing Flows › Safehold (SAFE) › Q3 2025
Safehold (SAFE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Safehold (SAFE) reported revenue of $96.2M for the third quarter 2025 (Q3 2025), +6% from a year earlier and +2% from the quarter before. Operating margin was 25.9%, net earnings $29.3M (30.5% of revenue).
Safehold, Q3 2025: revenue $96.2M (+6% year over year), operating margin 25.9%, net earnings $29.3M, operating cash flow −$1.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $96.2M | +2% | +6% |
| Operating profit | $24.9M | +4% | +57% |
| Net earnings | $29.3M | +5% | +51% |
| Operating cash flow | −$1.4M | -105% | — |
What changed
Revenue was $96.2M in Q3 2025, up 6% year over year and up 2% from the previous quarter.
Operating profit was $24.9M, a 25.9% margin (up 8.4 points year over year). Of the extra revenue versus a year earlier, 165% reached operating profit, above the 18% margin then. Total costs fell 5% while revenue rose 6%. The fastest-growing cost line was Cost of revenue (+33%). Net earnings were $29.3M, up 51% year over year. The effective tax rate was 0.7%.
Operating cash flow was −$1.4M. Non-cash charges added back $2.1M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items used $35.9M.
Questions
What was Safehold's revenue in the third quarter 2025?
Safehold (SAFE) reported revenue of $96.2M for the third quarter 2025 (Q3 2025), +6% from a year earlier and +2% from the quarter before.
Was Safehold profitable in the third quarter 2025?
Operating profit was $24.9M (25.9% of revenue) and net earnings $29.3M.
Source: Safehold 10-Q on SEC EDGAR.