Filing Flows › Star (STHO) › Q4 2025
Star (STHO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Star (STHO) reported revenue of $25.4M for the fourth quarter 2025 (Q4 2025), -23% from a year earlier and -10% from the quarter before. Operating margin was 4.3%, net loss $23.3M (91.8% of revenue).
Star, Q4 2025: revenue $25.4M (-23% year over year), operating margin 4.3%, net loss $23.3M, operating cash flow −$8.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $25.4M | -10% | -23% |
| Operating profit | $1.1M | -11% | — |
| Net earnings | −$23.3M | -1394% | — |
| Operating cash flow | −$8.0M | -251% | — |
What changed
Revenue was $25.4M in Q4 2025, down 23% year over year and down 10% from the previous quarter. Land development revenue was the largest line at 51% of revenue.
Operating profit was $1.1M, a 4.3% margin (down 1.6 points year over year). Total costs fell 21% while revenue fell 23%. The quarter ended with a net loss of $23.3M, after a profit of $274K the previous quarter. Minority interests bore $4.1M of it: to shareholders the quarter was a loss of $19.1M. Net interest and other expense of $24.3M was the main reason.
Operating cash flow was −$8.0M. Non-cash charges added back $2.2M of depreciation and amortization. Working capital and other items added $13.1M. Capital expenditures of $4.9M exceeded it, leaving free cash flow of −$12.9M.
Questions
What was Star's revenue in the fourth quarter 2025?
Star (STHO) reported revenue of $25.4M for the fourth quarter 2025 (Q4 2025), -23% from a year earlier and -10% from the quarter before.
Was Star profitable in the fourth quarter 2025?
Operating profit was $1.1M (4.3% of revenue) and net loss $23.3M.
Source: Star 10-K on SEC EDGAR.