Filing Flows › Terreno Realty (TRNO) › Q1 2025
Terreno Realty (TRNO) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Terreno Realty (TRNO) reported revenue of $110M for the first quarter 2025 (Q1 2025), +30% from a year earlier and +6% from the quarter before. Operating margin was 38.9%, net earnings $48.1M (43.6% of revenue).
Terreno Realty, Q1 2025: revenue $110M (+30% year over year), operating margin 38.9%, net earnings $48.1M, operating cash flow $61.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $110M | +6% | +30% |
| Operating profit | $43.0M | +10% | +31% |
| Net earnings | $48.1M | -37% | +33% |
| Operating cash flow | $61.4M | +20% | +31% |
| Free cash flow | $32.5M | -2% | +119% |
What changed
Revenue was $110.4M in Q1 2025, up 30% year over year and up 6% from the previous quarter.
Operating profit was $43.0M, a 38.9% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 41% reached operating profit, above the 38% margin then. Total costs grew 29% against revenue growth of 30%. The fastest-growing cost line was Other operating costs (+33%). Net earnings were $48.1M, up 33% year over year. The effective tax rate was 0.0%.
Operating cash flow was $61.4M (up 31% year over year), 128% of net earnings. Non-cash charges added back $26.9M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $17.9M. Capital expenditures of $29.0M left free cash flow of $32.5M.
Questions
What was Terreno Realty's revenue in the first quarter 2025?
Terreno Realty (TRNO) reported revenue of $110M for the first quarter 2025 (Q1 2025), +30% from a year earlier and +6% from the quarter before.
Was Terreno Realty profitable in the first quarter 2025?
Operating profit was $43.0M (38.9% of revenue) and net earnings $48.1M.
Source: Terreno Realty 10-Q on SEC EDGAR.