Filing Flows › Tanger (SKT) › Q1 2025
Tanger (SKT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 2, 2025
Tanger (SKT) reported revenue of $135M for the first quarter 2025 (Q1 2025), +10% from a year earlier. Operating margin was 13.0%, net earnings $19.2M (14.2% of revenue).
Tanger, Q1 2025: revenue $135M (+10% year over year), operating margin 13.0%, net earnings $19.2M, operating cash flow $41.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $135M | — | +10% |
| Operating profit | $17.6M | — | -15% |
| Net earnings | $19.2M | — | -14% |
| Operating cash flow | $41.4M | — | +33% |
| Free cash flow | $31.1M | — | +397% |
What changed
Revenue was $135.4M in Q1 2025, up 10% year over year.
Operating profit was $17.6M, a 13.0% margin (down 3.8 points year over year). Operating profit fell $3.2M even though revenue rose $12.0M versus a year earlier, so costs grew faster than sales. Total costs grew 15% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $19.2M, down 14% year over year. The effective tax rate was -13.6%.
Operating cash flow was $41.4M (up 33% year over year), 207% of net income including minority interests. Non-cash charges added back $37.1M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items used $18.6M. Capital expenditures of $10.3M left free cash flow of $31.1M.
Questions
What was Tanger's revenue in the first quarter 2025?
Tanger (SKT) reported revenue of $135M for the first quarter 2025 (Q1 2025), +10% from a year earlier.
Was Tanger profitable in the first quarter 2025?
Operating profit was $17.6M (13.0% of revenue) and net earnings $19.2M.
Source: Tanger 10-Q on SEC EDGAR.