Filing Flows › Terreno Realty (TRNO) › Q4 2025
Terreno Realty (TRNO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 4, 2026
Terreno Realty (TRNO) reported revenue of $137M for the fourth quarter 2025 (Q4 2025), +33% from a year earlier and +18% from the quarter before. Operating margin was 41.8%, net earnings $158M (115.1% of revenue).
Terreno Realty, Q4 2025: revenue $137M (+33% year over year), operating margin 41.8%, net earnings $158M, operating cash flow $70.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $137M | +18% | +33% |
| Operating profit | $57.4M | +20% | +47% |
| Net earnings | $158M | +53% | +108% |
| Operating cash flow | $70.3M | -12% | +37% |
| Free cash flow | $49.8M | -22% | +51% |
What changed
Revenue was $137.5M in Q4 2025, up 33% year over year and up 18% from the previous quarter.
Operating profit was $57.4M, a 41.8% margin (up 4.0 points year over year). Of the extra revenue versus a year earlier, 54% reached operating profit, above the 38% margin then. Total costs grew 24% against revenue growth of 33%. The fastest-growing cost line was Other operating costs (+27%). Net earnings were $158.2M, up 108% year over year. The effective tax rate was 0.0%. Non-operating items added $100.8M, 64% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $70.3M (up 37% year over year), 44% of net earnings. Non-cash charges added back $38.3M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $130.5M. Capital expenditures of $20.4M left free cash flow of $49.8M.
Questions
What was Terreno Realty's revenue in the fourth quarter 2025?
Terreno Realty (TRNO) reported revenue of $137M for the fourth quarter 2025 (Q4 2025), +33% from a year earlier and +18% from the quarter before.
Was Terreno Realty profitable in the fourth quarter 2025?
Operating profit was $57.4M (41.8% of revenue) and net earnings $158M.
Source: Terreno Realty 10-K on SEC EDGAR.