Chicago Atlantic Real Estate Finance, Inc. (REFI) Income Statement
REFI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsREFI revenue and net income
Where REFI's revenue goes
2025Each bar shows an amount and its share of revenue. REFI kept 57.1% of revenue as net income.
REFI profit margins
REFI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.2% | +8.9% | — | — |
| Gross profit | +0.1% | — | — | — |
| Operating income | −18.5% | +1.0% | — | — |
| Net income | −2.8% | +3.7% | — | — |
| EPS (diluted) | −8.9% | −1.5% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
REFI quarterly EPS vs estimates
Chicago Atlantic Real Estate Finance beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.46).
REFI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $63.1M | $54.8M | $57.3M | $48.9M | $11.08B |
| Cost of revenue | $8.3M | $8.1M | $8.8M | $3.89B | $905,123 |
| Gross profit | $54.8M | $54.8M | $57.3M | −$3.84B | $11.08B |
| Research & development | — | — | $1 | $1 | $1 |
| Sales, general & admin | $8.7M | $8.4M | $8.2M | $10.5M | $252.6M |
| Total operating expenses | $18.8M | $54.8M | $57.3M | $16.57B | $252.5M |
| Operating income | $36.0M | $44.2M | $44.5M | $34.9M | $9.50B |
| Interest income | $62.9M | $62.1M | $62.4M | $51.5M | — |
| Interest expense | $7.5M | $7.2M | $5.8M | $2.6M | $75,861 |
| Income before taxes | $36.0M | $37.0M | $38.7M | $32.3M | $9.50B |
| Income taxes | — | $37.05B | $38.5M | $34.87B | $12.7M |
| Net income | $36.0M | $37.0M | $38.7M | $32.3M | $9.50B |
| EBITDA | $36.0M | $44.2M | $44.5M | $34.91B | $9.50B |
| EPS (diluted) | $1.74 | $1.91 | $2.12 | $1.82 | $0.93 |
| Gross margin | 86.9% | 100.0% | 100.0% | −7,856.6% | 100.0% |
| Operating margin | 57.1% | 80.7% | 77.6% | 71.4% | 85.7% |
| Net margin | 57.1% | 67.6% | 67.5% | 66.1% | 85.7% |
| 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 | $15.2M | $15.2M | $16.1M | $13.7M | $14.6M | $13.0M | $13.9M | $14.5M | $13.2M | $13.2M | $15.1M | $13.8M |
| Cost of revenue | $1.6M | $1.7M | $1.9M | $1.4M | $1.9M | $1.7M | $2.9M | $1.7M | $1.8M | $1.8M | $3.2M | $41.4M |
| Gross profit | $13.6M | $13.4M | $14.1M | $13.7M | $14.6M | $13.0M | $13.9M | $14.5M | $13.2M | $13.2M | $15.1M | $13.8M |
| Sales, general & admin | $2.0M | $1.66B | $2.4M | $2.2M | $2.2M | $1.8M | $3.2M | $2.1M | $2.9M | $1.9M | $5.8M | $3.4M |
| Total operating expenses | $3.8M | $6.6M | $6.0M | $13.7M | $14.6M | $13.0M | $13.9M | $14.5M | $13.2M | $13.2M | $5.8M | $3.9M |
| Operating income | $9.9M | $6.9M | $8.2M | $10.5M | $11.0M | $12.1M | $9.3M | $13.0M | $11.0M | $10.8M | $9.3M | −$1.78B |
| Interest income | $15.2M | $15.2M | $16.1M | $15.3M | $16.5M | $15.1M | $15.5M | $16.3M | $15.0M | $15.3M | $16.5M | $15.2M |
| Interest expense | $2.4M | $2.0M | $1.8M | $1.6M | $2.1M | $2.1M | $1.4M | $1.8M | $1.8M | $2.1M | $1.7M | $1.4M |
| Income before taxes | $7.5M | $4.8M | $8.2M | $8.9M | $8.9M | $10.0M | $7.9M | $11.2M | $9.2M | $8.7M | $9.4M | $10.0M |
| Income taxes | — | — | — | — | — | — | — | — | $9.2M | $8.7M | $9.3M | $9.98B |
| Net income | $7.5M | $4.8M | $8.2M | $8.9M | $8.9M | $10.0M | $7.9M | $11.2M | $9.2M | $8.7M | $9.4M | $10.0M |
| EBITDA | $9.9M | $6.9M | $8.2M | $9.26B | $11.0M | $12.1M | $9.3M | $79,768 | $91,678 | $90,915 | $11.1M | −$1.64B |
| EPS (diluted) | $0.38 | $0.23 | $0.38 | $0.42 | $0.47 | $0.47 | $0.42 | $0.56 | $0.46 | $0.47 | $0.51 | $0.54 |
| Gross margin | 89.5% | 88.7% | 87.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 99.7% |
| Operating margin | 64.8% | 45.4% | 50.7% | 76.7% | 75.1% | 92.8% | 67.1% | 90.0% | 83.6% | 81.9% | 61.8% | −12,907.2% |
| Net margin | 49.1% | 31.9% | 50.7% | 65.3% | 60.8% | 77.0% | 57.0% | 77.5% | 69.7% | 66.0% | 62.3% | 72.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in REFI's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
REFI financial results
In fiscal year 2025 (ended December 31, 2025), Chicago Atlantic Real Estate Finance reported revenue of $63.1 million, up 15.2% from the year before. It had net income of $36.0 million (down 2.8%), a net profit margin of 57.1%. Diluted earnings per share came to $1.74.
See the REFI stock overview for the latest quote and news, or the REFI chart for price history and technical indicators.
REFI income statement FAQ
What is Chicago Atlantic Real Estate Finance's annual revenue?
Chicago Atlantic Real Estate Finance reported total revenue of $63.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 15.2% from $54.8 million the previous year.
Is Chicago Atlantic Real Estate Finance profitable?
Yes. Chicago Atlantic Real Estate Finance reported net income of $36.0 million in fiscal 2025, a net profit margin of 57.1%; its operating margin was 57.1%.
What is Chicago Atlantic Real Estate Finance's gross margin?
Chicago Atlantic Real Estate Finance's gross margin was 86.9% in fiscal 2025: for every $100 of revenue, Chicago Atlantic Real Estate Finance kept $87 after the direct cost of its products and services.
What are Chicago Atlantic Real Estate Finance's earnings per share?
Chicago Atlantic Real Estate Finance earned $1.74 per diluted share in fiscal 2025, compared with $1.91 a year earlier.
When will Chicago Atlantic Real Estate Finance report its next earnings?
Chicago Atlantic Real Estate Finance is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Chicago Atlantic Real Estate Finance's fiscal year end?
Chicago Atlantic Real Estate Finance's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.