Filing Flows › W. P. Carey (WPC) › Q4 2025
W. P. Carey (WPC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
W. P. Carey (WPC) reported revenue of $445M for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +3% from the quarter before. Operating margin was 40.4%, net earnings $148M (33.4% of revenue).
W. P. Carey, Q4 2025: revenue $445M (+9% year over year), operating margin 40.4%, net earnings $148M, operating cash flow $305M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $445M | +3% | +9% |
| Operating profit | $179M | -13% | -3% |
| Net earnings | $148M | +5% | +215% |
| Operating cash flow | $305M | +1% | +3% |
What changed
Revenue was $444.5M in Q4 2025, up 9% year over year and up 3% from the previous quarter. Owned Real Estate was the largest line at 100% of revenue.
Operating profit was $179.4M, a 40.4% margin (down 5.0 points year over year). Operating profit fell $4.9M even though revenue rose $38.4M versus a year earlier, so costs grew faster than sales. Total costs grew 20% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+21%). Net earnings were $148.3M, up 215% year over year. The effective tax rate was -0.9%.
Operating cash flow was $304.6M (up 3% year over year), 197% of net income including minority interests. Non-cash charges added back $148.9M of depreciation and amortization and $8.7M of share-based compensation.
Questions
What was W. P. Carey's revenue in the fourth quarter 2025?
W.
Was W. P. Carey profitable in the fourth quarter 2025?
Operating profit was $179M (40.4% of revenue) and net earnings $148M.
Source: W. P. Carey 10-K on SEC EDGAR.