Filing Flows › Wheeler Real Estate Investment Trust (WHLR) › Q3 2025
Wheeler Real Estate Investment Trust (WHLR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Wheeler Real Estate Investment Trust (WHLR) reported revenue of $23.8M for the third quarter 2025 (Q3 2025), -4% from a year earlier and -9% from the quarter before. Operating margin was 23.1%, net earnings $11.5M (48.4% of revenue).
Wheeler Real Estate Investment Trust, Q3 2025: revenue $23.8M (-4% year over year), operating margin 23.1%, net earnings $11.5M, operating cash flow $5.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.8M | -9% | -4% |
| Operating profit | $5.5M | -63% | -60% |
| Net earnings | $11.5M | — | — |
| Operating cash flow | $5.4M | -39% | -27% |
| Free cash flow | $966K | -67% | +35% |
What changed
Revenue was $23.8M in Q3 2025, down 4% year over year and down 9% from the previous quarter.
Operating profit was $5.5M, a 23.1% margin (down 33.0 points year over year). Total costs grew 68% against a revenue fall of 4%. The fastest-growing cost line was Other operating costs (+80%). Net earnings were $11.5M. The effective tax rate was 0.0%. Non-operating items added $7.5M, 58% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $5.4M (down 27% year over year), 42% of net income including minority interests. Non-cash charges added back $5.6M of depreciation and amortization. Working capital and other items used $13.2M. Capital expenditures of $4.5M left free cash flow of $1.0M.
Questions
What was Wheeler Real Estate Investment Trust's revenue in the third quarter 2025?
Wheeler Real Estate Investment Trust (WHLR) reported revenue of $23.8M for the third quarter 2025 (Q3 2025), -4% from a year earlier and -9% from the quarter before.
Was Wheeler Real Estate Investment Trust profitable in the third quarter 2025?
Operating profit was $5.5M (23.1% of revenue) and net earnings $11.5M.
Source: Wheeler Real Estate Investment Trust 10-Q on SEC EDGAR.