Filing Flows › Southland Holdings (SLND) › Q3 2025
Southland Holdings (SLND) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Southland Holdings (SLND) reported revenue of $213M for the third quarter 2025 (Q3 2025), +23% from a year earlier and -0.9% from the quarter before. Operating margin was -5.3%, net loss $77.0M (36.1% of revenue).
Southland Holdings, Q3 2025: revenue $213M (+23% year over year), operating margin -5.3%, net loss $77.0M, operating cash flow $5.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $213M | -0.9% | +23% |
| Operating profit | −$11.3M | — | — |
| Net earnings | −$77.0M | — | — |
| Operating cash flow | $5.9M | — | — |
| Free cash flow | $5.3M | — | — |
What changed
Revenue was $213.3M in Q3 2025, up 23% year over year and down 1% from the previous quarter. Transportation was the largest line at 53% of revenue. Civil added $43.6M year over year (up 78%), 109% of the total change. Transportation declined 3%.
Gross margin was 1.5%. Operating costs exceeded revenue by $11.3M, an operating margin of -5.3%. The quarter ended with a net loss of $77.0M, wider than the previous quarter's $9.9M loss. Minority interests bore $1.7M of it: to shareholders the quarter was a loss of $75.3M.
Operating cash flow was $5.9M. Non-cash charges added back $5.6M of depreciation. Working capital and other items added $77.3M. Capital expenditures of $561K left free cash flow of $5.3M.
Questions
What was Southland Holdings' revenue in the third quarter 2025?
Southland Holdings (SLND) reported revenue of $213M for the third quarter 2025 (Q3 2025), +23% from a year earlier and -0.9% from the quarter before.
Was Southland Holdings profitable in the third quarter 2025?
Operating loss was $11.3M (-5.3% of revenue) and net loss $77.0M.
Source: Southland Holdings 10-Q on SEC EDGAR.