Filing Flows › Safehold (SAFE) › Q4 2025
Safehold (SAFE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 12, 2026
Safehold (SAFE) reported revenue of $97.9M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before. Operating margin was 27.4%, net earnings $27.9M (28.5% of revenue).
Safehold, Q4 2025: revenue $97.9M (+6% year over year), operating margin 27.4%, net earnings $27.9M, operating cash flow $12.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $97.9M | +2% | +7% |
| Operating profit | $26.8M | +8% | +18% |
| Net earnings | $27.9M | -5% | +7% |
| Operating cash flow | $12.3M | — | +56% |
What changed
Revenue was $97.9M in Q4 2025, up 7% year over year and up 2% from the previous quarter.
Operating profit was $26.8M, a 27.4% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 70% reached operating profit, above the 25% margin then. Total costs grew 3% against revenue growth of 7%. The fastest-growing cost line was Cost of revenue (+25%). Net earnings were $27.9M, up 7% year over year. The effective tax rate was 3.4%.
Operating cash flow was $12.3M (up 56% year over year), 44% of net earnings. Non-cash charges added back $2.1M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $20.6M.
Questions
What was Safehold's revenue in the fourth quarter 2025?
Safehold (SAFE) reported revenue of $97.9M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +2% from the quarter before.
Was Safehold profitable in the fourth quarter 2025?
Operating profit was $26.8M (27.4% of revenue) and net earnings $27.9M.
Source: Safehold 10-K on SEC EDGAR.