Net Lease Office Properties (NLOP) Income Statement
NLOP 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNLOP revenue and net income
Where NLOP's revenue goes
2025Each bar shows an amount and its share of revenue. NLOP kept −122.2% of revenue as net income.
NLOP profit margins
NLOP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −16.4% | −8.7% | −3.9% | — |
| Gross profit | −15.5% | −12.5% | −6.5% | — |
| Operating income | +2.7% | −6.4% | −6.6% | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NLOP quarterly EPS vs estimates
Next report: November 6, 2026.
NLOP income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $118.9M | $142.2M | $175.0M | $156.2M | $147.9M | $144.8M | $174.5M |
| Cost of revenue | $35.6M | $43.7M | $37.8M | $32.0M | $30.1M | $28.4M | $34.1M |
| Gross profit | $83.3M | $98.6M | $137.1M | $124.2M | $117.8M | $116.3M | $140.4M |
| Research & development | — | — | $1 | — | — | — | — |
| Sales, general & admin | $7.3M | $7.5M | $22.1M | $17.9M | $10.3M | $9.4M | $12.3M |
| Total operating expenses | $48.0M | $64.2M | $97.1M | $81.1M | $68.9M | $116.3M | $81.7M |
| Operating income | $35.3M | $34.4M | $40.1M | $43.1M | $48.9M | $49.8M | $58.6M |
| Interest income | $2.1M | $2.3M | — | — | — | — | — |
| Interest expense | $12.7M | $68.0M | $42.6M | $26.8M | $32.5M | $32.1M | $41.9M |
| Income before taxes | −$145.0M | −$93.8M | −$131.3M | $16.3M | $3.1M | $16.8M | $14.7M |
| Income taxes | $158,000 | −$2.4M | $425,000 | $486,000 | $1.6M | $800,000 | $843,000 |
| Net income | −$145.3M | −$91.5M | −$131.7M | $15.8M | $1.4M | $16.0M | $13.8M |
| EBITDA | −$93.5M | $53.1M | −$7.3M | $109.3M | $92.9M | $108.9M | $132.2M |
| EPS (diluted) | −$9.81 | −$6.19 | −$9.72 | $1.11 | $0.09 | — | — |
| Gross margin | 70.0% | 69.3% | 78.4% | 79.5% | 79.7% | 80.4% | 80.4% |
| Operating margin | 29.7% | 24.2% | 22.9% | 27.6% | 33.1% | 34.4% | 33.6% |
| Net margin | −122.2% | −64.3% | −75.3% | 10.1% | 1.0% | 11.1% | 7.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.4M | $9.4M | $31.8M | $29.8M | $29.2M | $29.2M | $27.7M | $31.5M | $39.0M | $44.0M | $46.4M | $43.1M |
| Cost of revenue | $1.1M | $7.0M | $81.6M | $8.0M | $10.0M | $9.9M | $11.1M | $10.9M | $11.4M | $10.3M | $3.4M | $9.4M |
| Gross profit | $5.3M | $2.4M | −$49.8M | $21.8M | $19.2M | $19.4M | $16.7M | $20.6M | $27.6M | $33.8M | $43.0M | $33.7M |
| Sales, general & admin | $1.9M | $1.9M | $1.7M | $1.7M | $2.1M | $1.8M | $1.9M | $1.8M | $4.5M | $1.9M | $3.6M | $4.8M |
| Total operating expenses | $4.6M | −$679,000 | −$58.7M | $10.6M | $11.8M | $11.5M | $13.1M | $14.2M | $17.0M | $19.9M | $3.6M | $33.7M |
| Operating income | $636,000 | $3.0M | $8.9M | $11.2M | $7.4M | $7.8M | $3.5M | $6.4M | $10.6M | $13.9M | $39.4M | $12.4M |
| Interest expense | $390,000 | $386,000 | $926,000 | $1.7M | $4.4M | $5.7M | $7.6M | $11.7M | $27.8M | $20.8M | $18.0M | $8.1M |
| Income before taxes | −$6.1M | $25.1M | −$71,000 | −$64.1M | −$81.4M | $595,000 | −$39.0M | −$39.8M | $12.6M | −$27.6M | −$142.0M | $3.0M |
| Income taxes | $23,000 | $17,000 | −$54,000 | $30,000 | $100,000 | $82,000 | −$3.2M | $485,000 | $149,000 | $224,000 | $122,000 | $232,000 |
| Net income | −$6.2M | $25.0M | −$53,000 | −$64.2M | −$81.5M | $492,000 | −$35.8M | −$40.3M | $12.5M | −$27.8M | −$142.1M | $2.8M |
| EBITDA | −$3.0M | $28.1M | $8.7M | −$53.4M | −$65.3M | $16.5M | −$18.1M | −$11.3M | $68.6M | $14.0M | $36.7M | $30.3M |
| EPS (diluted) | $0.22 | $1.69 | −$0.00 | −$4.33 | −$5.50 | $0.03 | −$2.42 | −$2.73 | $0.84 | −$1.88 | −$9.72 | — |
| Gross margin | 82.9% | 25.2% | −156.3% | 73.2% | 65.8% | 66.3% | 60.1% | 65.3% | 70.7% | 76.7% | 92.7% | 78.1% |
| Operating margin | 10.0% | 32.4% | 28.1% | 37.5% | 25.2% | 26.8% | 12.8% | 20.2% | 27.1% | 31.5% | 84.9% | 28.9% |
| Net margin | −97.4% | 267.2% | −0.2% | −215.4% | −279.5% | 1.7% | −129.0% | −128.0% | 31.9% | −63.3% | −306.2% | 6.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NLOP's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NLOP financial results
In fiscal year 2025 (ended December 31, 2025), Net Lease Office Properties reported revenue of $118.9 million, down 16.4% from the year before. It had a net loss of $145.3 million, a net profit margin of −122.2%. Diluted earnings per share came to −$9.81. Over five years revenue grew at an average rate of −3.9% a year.
See the NLOP stock overview for the latest quote and news, or the NLOP chart for price history and technical indicators.
NLOP income statement FAQ
What is Net Lease Office Properties's annual revenue?
Net Lease Office Properties reported total revenue of $118.9 million for fiscal year 2025, which ended on December 31, 2025. That was down 16.4% from $142.2 million the previous year.
Is Net Lease Office Properties profitable?
No. Net Lease Office Properties reported a net loss of $145.3 million in fiscal 2025, a net profit margin of −122.2%; its operating margin was 29.7%.
What is Net Lease Office Properties's gross margin?
Net Lease Office Properties's gross margin was 70.0% in fiscal 2025: for every $100 of revenue, Net Lease Office Properties kept $70 after the direct cost of its products and services.
How fast is Net Lease Office Properties growing?
Revenue grew −3.9% a year on average over the last five fiscal years, from $144.8 million to $118.9 million.
What are Net Lease Office Properties's earnings per share?
Net Lease Office Properties earned $-9.81 per diluted share in fiscal 2025, compared with $-6.19 a year earlier.
When will Net Lease Office Properties report its next earnings?
Net Lease Office Properties is expected to report results for the quarter ending September 30, 2026 on November 6, 2026 after the market closes.
When does Net Lease Office Properties's fiscal year end?
Net Lease Office Properties's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.