Filing Flows › W. P. Carey (WPC) › Q3 2025
W. P. Carey (WPC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
W. P. Carey (WPC) reported revenue of $431M for the third quarter 2025 (Q3 2025), +9% from a year earlier and +0.1% from the quarter before. Operating margin was 47.8%, net earnings $141M (32.7% of revenue).
W. P. Carey, Q3 2025: revenue $431M (+8% year over year), operating margin 47.8%, net earnings $141M, operating cash flow $300M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $431M | +0.1% | +9% |
| Operating profit | $206M | -7% | +1% |
| Net earnings | $141M | +175% | +26% |
| Operating cash flow | $300M | -26% | +7% |
What changed
Revenue was $431.3M in Q3 2025, up 9% year over year and roughly flat from the previous quarter. Owned Real Estate Segment was the largest line at 99% of revenue. Owned Real Estate Segment added $34.2M year over year (up 9%), 101% of the total change. Asset management revenue declined 22%.
Operating profit was $206.2M, a 47.8% margin (down 3.3 points year over year). Of the extra revenue versus a year earlier, 9% reached operating profit, below the 51% margin then. Total costs grew 16% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $141.0M, up 26% year over year. The effective tax rate was 5.7%.
Operating cash flow was $300.5M (up 7% year over year), 213% of net earnings. Non-cash charges added back $129.2M of depreciation and amortization and $11.2M of share-based compensation. Working capital and other items added $18.9M.
Questions
What was W. P. Carey's revenue in the third quarter 2025?
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Was W. P. Carey profitable in the third quarter 2025?
Operating profit was $206M (47.8% of revenue) and net earnings $141M.
Source: W. P. Carey 10-Q on SEC EDGAR.