Filing Flows › ERP Operating Ltd Partnership (VRMK) › Q3 2025
ERP Operating Ltd Partnership (VRMK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
ERP Operating Ltd Partnership (VRMK) reported revenue of $767M for the third quarter 2025 (Q3 2025). Operating margin was 27.5%, net earnings $289M (37.7% of revenue).
ERP Operating Ltd Partnership, Q3 2025: revenue $767M, operating margin 27.5%, net earnings $289M, operating cash flow $486M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $767M | — | — |
| Operating profit | $211M | — | — |
| Net earnings | $289M | — | — |
| Operating cash flow | $486M | — | — |
| Free cash flow | $463M | — | — |
What changed
Revenue was $766.8M in Q3 2025.
Operating profit was $210.9M, a 27.5% margin. Net earnings were $289.1M. The effective tax rate was 0.1%. Non-operating items added $86.3M, 29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $485.6M, 164% of net income including minority interests. Non-cash charges added back $254.7M of depreciation and $5.4M of share-based compensation. Working capital and other items used $71.3M. Capital expenditures of $22.2M left free cash flow of $463.4M.
Questions
What was ERP Operating Ltd Partnership's revenue in the third quarter 2025?
ERP Operating Ltd Partnership (VRMK) reported revenue of $767M for the third quarter 2025 (Q3 2025).
Was ERP Operating Ltd Partnership profitable in the third quarter 2025?
Operating profit was $211M (27.5% of revenue) and net earnings $289M.