Safehold Inc. (SAFE) Income Statement
SAFE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSAFE revenue and net income
Where SAFE's revenue goes
2025Each bar shows an amount and its share of revenue. SAFE kept 29.7% of revenue as net income.
SAFE profit margins
SAFE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.4% | +12.6% | +19.4% | +35.4% |
| Gross profit | +0.6% | +10.8% | +18.4% | +34.8% |
| Operating income | +253.2% | +31.4% | +40.5% | +49.0% |
| Net income | +8.2% | −5.4% | +14.1% | +35.8% |
| EPS (diluted) | +5.7% | +1.0% | +7.2% | +7.6% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SAFE quarterly EPS vs estimates
Safehold beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.42).
SAFE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $385.6M | $365.7M | $352.6M | $270.3M | $187.0M | $158.7M | $93.4M | $49.7M | $679.2M | $21.7M |
| Cost of revenue | $21.9M | $4.2M | $4.7M | $3.1M | $2.7M | $2.5M | $2.7M | $1.6M | $523.2M | $861,000 |
| Gross profit | $363.7M | $361.5M | $347.9M | $267.2M | $184.4M | $156.3M | $90.7M | $48.1M | $156.0M | $20.9M |
| Research & development | — | — | $0 | $1 | $0 | $0 | $1 | $0 | $0 | $0 |
| Sales, general & admin | $54.3M | $54.9M | $65.6M | $38.6M | $30.6M | $22.7M | $14.4M | $10.7M | $98.9M | $2.9M |
| Total operating expenses | $56.1M | $274.4M | $425.0M | $131.6M | $118.9M | $100.1M | $54.6M | $19.8M | $142.1M | $6.0M |
| Operating income | $307.6M | $87.1M | −$77.1M | $135.6M | $65.5M | $56.2M | $36.1M | $11.9M | $6.6M | $14.9M |
| Interest income | — | — | — | — | — | — | $30.3M | $15.4M | $9.9M | $8.2M |
| Interest expense | $206.7M | $198.0M | $181.0M | $129.0M | $79.7M | $64.4M | $29.9M | $15.4M | $194.7M | $8.2M |
| Income before taxes | $117.6M | $110.1M | −$52.8M | $144.7M | $73.4M | $59.5M | $33.7M | $11.9M | $50.9M | $6.6M |
| Income taxes | $2.9M | $3.4M | $1.7M | $567,000 | −$118,000 | $235,000 | $438,000 | $815,000 | −$948,000 | −$10.2M |
| Net income | $114.5M | $105.8M | −$55.0M | $135.4M | $73.1M | $59.3M | $27.7M | $11.7M | $175.7M | $6.6M |
| EBITDA | $335.1M | $320.4M | $140.4M | $285.6M | $165.1M | $135.9M | $75.5M | $39.0M | $57.9M | $18.4M |
| EPS (diluted) | $1.66 | $1.57 | $1.45 | $1.61 | $1.36 | $1.17 | $1.00 | $0.63 | −$0.36 | $1.11 |
| Gross margin | 94.3% | 98.8% | 98.7% | 98.8% | 98.6% | 98.4% | 97.1% | 96.8% | 23.0% | 96.0% |
| Operating margin | 79.8% | 23.8% | −21.9% | 50.2% | 35.0% | 35.4% | 38.7% | 24.0% | 1.0% | 68.3% |
| Net margin | 29.7% | 28.9% | −15.6% | 50.1% | 39.1% | 37.4% | 29.7% | 23.6% | 25.9% | 30.4% |
| 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 | $114.6M | $104.7M | $97.9M | $96.2M | $93.8M | $97.7M | $91.9M | $90.7M | $89.9M | $93.2M | $103.0M | $85.6M |
| Cost of revenue | $14.7M | $1.8M | $5.5M | $1.4M | $881,000 | $1.2M | $1.1M | $1.0M | $1.0M | $1.1M | $1.4M | $1.0M |
| Gross profit | $99.9M | $102.9M | $92.3M | $94.8M | $93.0M | $96.5M | $90.8M | $89.7M | $88.9M | $92.1M | $101.6M | $84.6M |
| Sales, general & admin | $14.6M | $15.3M | $14.2M | $13.1M | $13.0M | $14.1M | $13.9M | $13.1M | $12.9M | $16.3M | $16.7M | $18.2M |
| Total operating expenses | $71.7M | $29.9M | $13.0M | $69.9M | $69.0M | $71.2M | $68.2M | $73.8M | $64.9M | $67.5M | $66.7M | $214.8M |
| Operating income | $28.3M | $73.0M | $79.3M | $24.9M | $23.9M | $25.3M | $22.6M | $15.9M | $24.0M | $24.6M | $34.9M | −$130.2M |
| Interest expense | $55.2M | $53.2M | $52.5M | $52.5M | $51.3M | $50.4M | $50.3M | $50.0M | $49.1M | $48.6M | $47.5M | $46.6M |
| Income before taxes | $32.1M | $29.6M | $28.9M | $29.5M | $28.8M | $30.3M | $27.5M | $20.6M | $30.5M | $31.5M | $42.6M | −$122.8M |
| Income taxes | $1.4M | $685,000 | $973,000 | $215,000 | $862,000 | $883,000 | $1.4M | $660,000 | $910,000 | $471,000 | $1.1M | $55,000 |
| Net income | $30.2M | $28.9M | $27.9M | $29.3M | $27.9M | $29.4M | $26.0M | $19.3M | $29.7M | $30.7M | $41.2M | −$123.0M |
| EBITDA | $85.8M | $84.7M | $84.1M | $84.2M | $82.8M | $83.5M | $80.9M | $73.6M | $82.6M | $83.2M | $93.2M | −$73.1M |
| EPS (diluted) | $0.42 | $0.40 | $0.42 | $0.41 | $0.39 | $0.44 | $0.36 | $0.37 | $0.41 | $0.43 | $0.36 | $0.33 |
| Gross margin | 87.2% | 98.2% | 94.3% | 98.5% | 99.1% | 98.8% | 98.8% | 98.8% | 98.8% | 98.8% | 98.6% | 98.8% |
| Operating margin | 24.6% | 69.6% | 81.0% | 25.9% | 25.5% | 25.9% | 24.6% | 17.5% | 26.7% | 26.4% | 33.9% | −152.2% |
| Net margin | 26.3% | 27.6% | 28.5% | 30.5% | 29.8% | 30.1% | 28.3% | 21.3% | 33.0% | 33.0% | 40.0% | −143.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SAFE's financial statements (latest annual report filed December 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SAFE financial results
In fiscal year 2025 (ended December 31, 2025), Safehold reported revenue of $385.6 million, up 5.4% from the year before. It had net income of $114.5 million (up 8.2%), a net profit margin of 29.7%. Diluted earnings per share came to $1.66. Over five years revenue grew at an average rate of 19.4% a year.
See the SAFE stock overview for the latest quote and news, or the SAFE chart for price history and technical indicators.
SAFE income statement FAQ
What is Safehold's annual revenue?
Safehold reported total revenue of $385.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 5.4% from $365.7 million the previous year.
Is Safehold profitable?
Yes. Safehold reported net income of $114.5 million in fiscal 2025, a net profit margin of 29.7%; its operating margin was 79.8%.
What is Safehold's gross margin?
Safehold's gross margin was 94.3% in fiscal 2025: for every $100 of revenue, Safehold kept $94 after the direct cost of its products and services.
How fast is Safehold growing?
Revenue grew 19.4% a year on average over the last five fiscal years, from $158.7 million to $385.6 million.
What are Safehold's earnings per share?
Safehold earned $1.66 per diluted share in fiscal 2025, compared with $1.57 a year earlier.
When will Safehold report its next earnings?
Safehold is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Safehold's fiscal year end?
Safehold's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on December 31, 2025.