Filing Flows › Terreno Realty (TRNO) › Q2 2025
Terreno Realty (TRNO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Terreno Realty (TRNO) reported revenue of $112M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +2% from the quarter before. Operating margin was 39.0%, net earnings $93.3M (83.1% of revenue).
Terreno Realty, Q2 2025: revenue $112M (+19% year over year), operating margin 39.0%, net earnings $93.3M, operating cash flow $60.6M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $112M | +2% | +19% |
| Operating profit | $43.7M | +2% | +19% |
| Net earnings | $93.3M | +94% | +161% |
| Operating cash flow | $60.6M | -1% | -6% |
| Free cash flow | $46.9M | +44% | +87% |
What changed
Revenue was $112.2M in Q2 2025, up 19% year over year and up 2% from the previous quarter.
Operating profit was $43.7M, a 39.0% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 38% reached operating profit, below the 39% margin then. Total costs grew 19% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $93.3M, up 161% year over year. The effective tax rate was 0.0%. Non-operating items added $49.5M, 53% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $60.6M (down 6% year over year), 65% of net earnings. Non-cash charges added back $28.0M of depreciation and amortization and $4.9M of share-based compensation. Working capital and other items used $65.5M. Capital expenditures of $13.8M left free cash flow of $46.9M.
Questions
What was Terreno Realty's revenue in the second quarter 2025?
Terreno Realty (TRNO) reported revenue of $112M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +2% from the quarter before.
Was Terreno Realty profitable in the second quarter 2025?
Operating profit was $43.7M (39.0% of revenue) and net earnings $93.3M.
Source: Terreno Realty 10-Q on SEC EDGAR.