Filing Flows › UDR (UDR) › Q1 2025
UDR (UDR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
UDR (UDR) reported revenue of $422M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -0.2% from the quarter before. Operating margin was 29.0%, net earnings $76.7M (18.2% of revenue).
UDR, Q1 2025: revenue $422M (+2% year over year), operating margin 29.0%, net earnings $76.7M, operating cash flow $156M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $422M | -0.2% | +2% |
| Operating profit | $122M | +84% | +53% |
| Net earnings | $76.7M | — | +78% |
| Operating cash flow | $156M | -35% | -7% |
| Free cash flow | $103M | -42% | -10% |
What changed
Revenue was $421.9M in Q1 2025, up 2% year over year and roughly flat from the previous quarter.
Operating profit was $122.2M, a 29.0% margin (up 9.7 points year over year). Of the extra revenue versus a year earlier, 510% reached operating profit, above the 19% margin then. Total costs fell 10% while revenue rose 2%. The fastest-growing cost line was SG&A (+14%). Net earnings were $76.7M, up 78% year over year. The effective tax rate was 0.2%.
Operating cash flow was $156.2M (down 7% year over year), 190% of net income including minority interests. Non-cash charges added back $168.5M of depreciation and amortization and $7.5M of share-based compensation. Working capital and other items used $101.8M. Capital expenditures of $53.0M left free cash flow of $103.2M.
Questions
What was UDR's revenue in the first quarter 2025?
UDR (UDR) reported revenue of $422M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -0.2% from the quarter before.
Was UDR profitable in the first quarter 2025?
Operating profit was $122M (29.0% of revenue) and net earnings $76.7M.
Source: UDR 10-Q on SEC EDGAR.