Orion Office REIT Inc. (ONL) Income Statement
ONL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsONL revenue and net income
Where ONL's revenue goes
2025Each bar shows an amount and its share of revenue. ONL kept −94.4% of revenue as net income.
ONL profit margins
ONL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −10.4% | −10.8% | +22.5% | — |
| Gross profit | −16.9% | −17.3% | +11.7% | — |
| Operating income | — | — | — | — |
| 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.
ONL quarterly EPS vs estimates
Orion Office REIT beat the analyst EPS estimate in 3 of the last 5 quarters. Next report: November 5, 2026 (estimate $-0.08).
ONL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $147.6M | $164.9M | $195.0M | $208.1M | $79.7M | $53.5M | $53.5M | $54.7M |
| Cost of revenue | $64.8M | $65.2M | $60.8M | $61.5M | $13.4M | $5.8M | $5.9M | $5.4M |
| Gross profit | $82.8M | $99.7M | $134.3M | $146.6M | $66.3M | $47.7M | $47.6M | $49.3M |
| Research & development | — | — | $0 | $0 | $1 | — | — | — |
| Sales, general & admin | $20.3M | $20.1M | $18.7M | $15.9M | $3.8M | $2.1M | $2.0M | $3.1M |
| Total operating expenses | $85.0M | $120.9M | $127.8M | $147.3M | $47.8M | $28.0M | $29.0M | $31.1M |
| Operating income | −$2.2M | −$21.2M | $6.4M | −$676,000 | $18.6M | $19.7M | $18.6M | $18.1M |
| Interest income | $48.5M | $32.6M | $29.3M | $29.9M | $4.1M | $2.9M | $3.3M | $3.4M |
| Interest expense | $31.5M | $32.6M | $29.7M | $30.2M | $4.3M | $2.9M | $3.3M | $3.4M |
| Income before taxes | −$139.0M | −$102.8M | −$56.9M | −$97.3M | −$47.3M | −$1.9M | $15.3M | $14.8M |
| Income taxes | $259,000 | $214,000 | $456,000 | $212,000 | $157,000 | $2.9M | $3.3M | $27.9M |
| Net income | −$139.3M | −$103.0M | −$57.3M | −$97.5M | −$47.5M | −$1.9M | $15.3M | $14.8M |
| EBITDA | −$48.8M | $30.7M | $81.9M | $64.3M | $882,000 | $27.0M | $45.5M | $46.2M |
| EPS (diluted) | −$1.91 | −$1.84 | −$0.41 | −$1.52 | $72.37 | −$0.04 | $0.27 | — |
| Gross margin | 56.1% | 60.5% | 68.8% | 70.4% | 83.2% | 89.2% | 89.0% | 90.1% |
| Operating margin | −1.5% | −12.9% | 3.3% | −0.3% | 23.3% | 36.8% | 34.8% | 33.2% |
| Net margin | −94.4% | −62.5% | −29.4% | −46.8% | −59.6% | −3.6% | 28.6% | 27.0% |
| 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 | $34.3M | $36.3M | $35.2M | $37.1M | $37.3M | $38.0M | $38.4M | $39.2M | $40.1M | $47.2M | $43.8M | $49.1M |
| Cost of revenue | $12.5M | $15.1M | $15.2M | $17.3M | $15.9M | $16.4M | $16.8M | $16.6M | $15.8M | $16.0M | $14.4M | $15.5M |
| Gross profit | $21.8M | $21.2M | $20.0M | $19.8M | $21.4M | $21.6M | $21.6M | $22.5M | $24.4M | $31.2M | $29.3M | $33.6M |
| Sales, general & admin | $4.6M | $4.8M | $6.0M | $4.6M | $4.8M | $4.9M | $6.1M | $4.5M | $4.5M | $4.9M | $5.5M | $4.4M |
| Total operating expenses | $18.4M | $24.5M | $25.0M | $83.1M | $19.8M | $21.0M | $23.9M | $24.4M | $43.2M | $29.6M | $31.5M | $31.4M |
| Operating income | $3.4M | −$3.3M | −$5.0M | −$63.3M | $1.6M | $569,000 | −$2.3M | −$1.8M | −$18.8M | $1.6M | −$2.2M | $2.2M |
| Interest income | — | — | $24.2M | $7.9M | $8.1M | $8.2M | $8.3M | $8.2M | — | — | — | — |
| Interest expense | $7.3M | $10.3M | $7.5M | $7.9M | $8.0M | $8.2M | $8.3M | $8.2M | $8.1M | $8.1M | $7.9M | $7.4M |
| Income before taxes | $24.7M | −$13.6M | −$35.7M | −$69.1M | −$25.0M | −$9.3M | −$32.8M | −$10.1M | −$33.7M | −$26.1M | −$16.3M | −$16.3M |
| Income taxes | $71,000 | — | $59,000 | −$67,000 | $67,000 | $66,000 | −$12,000 | $76,000 | $73,000 | $77,000 | −$49,000 | $160,000 |
| Net income | $24.6M | −$13.6M | −$35.8M | −$69.0M | −$25.1M | −$9.4M | −$32.8M | −$10.2M | −$33.8M | −$26.2M | −$16.2M | −$16.5M |
| EBITDA | $45.5M | $9.8M | −$15.2M | −$46.5M | −$2.1M | $14.9M | −$6.7M | $18.0M | $12.9M | $6.5M | $17.7M | $18.0M |
| EPS (diluted) | $0.20 | −$0.06 | −$0.07 | −$1.23 | −$0.45 | −$0.17 | −$0.59 | −$0.18 | −$0.60 | −$0.47 | −$0.29 | −$0.29 |
| Gross margin | 63.6% | 58.4% | 56.8% | 53.4% | 57.4% | 56.7% | 56.3% | 57.5% | 60.7% | 66.1% | 67.0% | 68.4% |
| Operating margin | 9.9% | −9.2% | −14.1% | −170.5% | 4.4% | 1.5% | −6.0% | −4.7% | −46.8% | 3.5% | −5.1% | 4.5% |
| Net margin | 71.7% | −37.5% | −101.7% | −186.0% | −67.3% | −24.6% | −85.4% | −26.1% | −84.2% | −55.6% | −37.0% | −33.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ONL's financial statements (latest annual report filed March 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ONL financial results
In fiscal year 2025 (ended December 31, 2025), Orion Office REIT reported revenue of $147.6 million, down 10.4% from the year before. It had a net loss of $139.3 million, a net profit margin of −94.4%. Diluted earnings per share came to −$1.91. Over five years revenue grew at an average rate of 22.5% a year.
See the ONL stock overview for the latest quote and news, or the ONL chart for price history and technical indicators.
ONL income statement FAQ
What is Orion Office REIT's annual revenue?
Orion Office REIT reported total revenue of $147.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 10.4% from $164.9 million the previous year.
Is Orion Office REIT profitable?
No. Orion Office REIT reported a net loss of $139.3 million in fiscal 2025, a net profit margin of −94.4%; its operating margin was −1.5%.
What is Orion Office REIT's gross margin?
Orion Office REIT's gross margin was 56.1% in fiscal 2025: for every $100 of revenue, Orion Office REIT kept $56 after the direct cost of its products and services.
How fast is Orion Office REIT growing?
Revenue grew 22.5% a year on average over the last five fiscal years, from $53.5 million to $147.6 million.
What are Orion Office REIT's earnings per share?
Orion Office REIT earned $-1.91 per diluted share in fiscal 2025, compared with $-1.84 a year earlier.
When will Orion Office REIT report its next earnings?
Orion Office REIT is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 after the market closes.
When does Orion Office REIT's fiscal year end?
Orion Office REIT's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 5, 2026.