Filing Flows › Southland Holdings (SLND) › Q4 2025
Southland Holdings (SLND) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 26, 2026
Southland Holdings (SLND) reported revenue of $104M for the fourth quarter 2025 (Q4 2025), -61% from a year earlier and -51% from the quarter before. Operating margin was -202.4%, net loss $219M (210.4% of revenue).
Southland Holdings, Q4 2025: revenue $104M (-61% year over year), operating margin -202.4%, net loss $219M, operating cash flow $9.7M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $104M | -51% | -61% |
| Operating profit | −$210M | — | — |
| Net earnings | −$219M | — | — |
| Operating cash flow | $9.7M | +64% | — |
| Free cash flow | $9.3M | +74% | — |
What changed
Revenue was $104.0M in Q4 2025, down 61% year over year and down 51% from the previous quarter. Civil was the largest line at 56% of revenue.
Operating costs exceeded revenue by $210.4M, an operating margin of -202.4%. The quarter ended with a net loss of $218.7M, wider than the previous quarter's $77.0M loss. Minority interests bore $2.3M of it: to shareholders the quarter was a loss of $216.4M.
Operating cash flow was $9.7M. Non-cash charges added back $5.7M of depreciation. Working capital and other items added $222.7M. Capital expenditures of $400K left free cash flow of $9.3M.
Questions
What was Southland Holdings' revenue in the fourth quarter 2025?
Southland Holdings (SLND) reported revenue of $104M for the fourth quarter 2025 (Q4 2025), -61% from a year earlier and -51% from the quarter before.
Was Southland Holdings profitable in the fourth quarter 2025?
Operating loss was $210M (-202.4% of revenue) and net loss $219M.
Source: Southland Holdings 10-K on SEC EDGAR.