Filing Flows › Terreno Realty (TRNO) › Q3 2025
Terreno Realty (TRNO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Terreno Realty (TRNO) reported revenue of $116M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +4% from the quarter before. Operating margin was 41.3%, net earnings $103M (88.9% of revenue).
Terreno Realty, Q3 2025: revenue $116M (+17% year over year), operating margin 41.3%, net earnings $103M, operating cash flow $79.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $116M | +4% | +17% |
| Operating profit | $48.0M | +10% | +22% |
| Net earnings | $103M | +11% | +182% |
| Operating cash flow | $79.5M | +31% | +14% |
| Free cash flow | $63.6M | +36% | +91% |
What changed
Revenue was $116.2M in Q3 2025, up 17% year over year and up 4% from the previous quarter.
Operating profit was $48.0M, a 41.3% margin (up 1.9 points year over year). Of the extra revenue versus a year earlier, 53% reached operating profit, above the 39% margin then. Total costs grew 13% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $103.4M, up 182% year over year. The effective tax rate was 0.0%. Non-operating items added $55.4M, 54% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $79.5M (up 14% year over year), 77% of net earnings. Non-cash charges added back $28.4M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $56.5M. Capital expenditures of $15.9M left free cash flow of $63.6M.
Questions
What was Terreno Realty's revenue in the third quarter 2025?
Terreno Realty (TRNO) reported revenue of $116M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +4% from the quarter before.
Was Terreno Realty profitable in the third quarter 2025?
Operating profit was $48.0M (41.3% of revenue) and net earnings $103M.
Source: Terreno Realty 10-Q on SEC EDGAR.