Seritage Growth Properties (SRG) Income Statement
SRG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSRG revenue and net income
Where SRG's revenue goes
2025Each bar shows an amount and its share of revenue. SRG kept −374.7% of revenue as net income.
SRG profit margins
SRG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.3% | −44.6% | −31.0% | −16.7% |
| Gross profit | — | −65.0% | −46.0% | −21.1% |
| 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.
SRG quarterly EPS vs estimates
Seritage Growth Properties beat the analyst EPS estimate in 0 of the last 2 quarters. Next report: November 13, 2026.
SRG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $18.2M | $17.6M | $20.8M | $107.1M | $116.7M | $116.5M | $168.6M | $214.8M | $241.0M | $248.7M |
| Cost of revenue | $16.4M | $20.3M | $27.4M | $65.7M | $80.3M | $77.9M | $80.7M | $71.2M | $65.4M | $65.2M |
| Gross profit | $1.8M | −$2.7M | −$6.6M | $41.3M | $36.4M | $38.6M | $87.9M | $143.6M | $175.7M | $183.5M |
| Research & development | — | — | $8 | $1 | $0 | $1 | $1 | $1 | $0 | $0 |
| Sales, general & admin | $31.9M | $30.0M | $47.1M | $47.6M | $41.9M | $28.8M | $39.2M | $34.8M | $27.9M | $17.5M |
| Total operating expenses | $38.2M | $43.1M | $60.5M | $88.7M | $93.1M | $124.8M | $143.7M | $261.7M | $290.2M | $194.9M |
| Operating income | −$36.5M | −$45.8M | −$67.1M | −$47.4M | −$56.7M | −$86.3M | −$55.8M | −$118.1M | −$114.6M | −$30.4M |
| Interest income | $1.6M | $2.5M | $17.1M | $121.1M | $9.3M | $3.4M | $6.8M | $7.9M | $877,000 | $266,000 |
| Interest expense | $20.3M | $25.0M | $44.6M | $86.7M | $108.0M | $91.3M | $94.5M | $90.0M | $70.1M | $63.6M |
| Income before taxes | −$68.2M | −$152.0M | −$154.9M | −$119.6M | −$38.8M | −$152.7M | −$90.4M | −$114.6M | −$120.5M | −$90.5M |
| Income taxes | $4.9M | $1.6M | $38,000 | $466,000 | $196,000 | $252,000 | $196,000 | $321,000 | $271,000 | $505,000 |
| Net income | −$68.2M | −$153.5M | −$154.9M | −$73.9M | −$28.1M | −$105.0M | −$59.4M | −$73.5M | −$73.8M | −$51.6M |
| EBITDA | −$41.7M | −$113.7M | −$95.7M | $8.4M | $120.6M | $32.8M | $108.2M | $201.4M | $211.7M | $149.5M |
| EPS (diluted) | −$1.21 | −$2.42 | −$2.86 | −$2.23 | −$0.82 | −$2.87 | −$1.76 | −$2.20 | −$2.18 | −$0.39 |
| Gross margin | 9.7% | −15.0% | −31.9% | 38.6% | 31.2% | 33.1% | 52.1% | 66.9% | 72.9% | 73.8% |
| Operating margin | −200.3% | −259.9% | −322.9% | −44.3% | −48.6% | −74.1% | −33.1% | −55.0% | −47.5% | −12.2% |
| Net margin | −374.7% | −871.3% | −745.5% | −69.1% | −24.1% | −90.2% | −35.2% | −34.2% | −30.6% | −20.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7M | $2.0M | $4.2M | $4.8M | $4.7M | $4.6M | $4.4M | $3.3M | $4.2M | $5.8M | $5.0M | $5.9M |
| Cost of revenue | $1.9M | $2.5M | $4.4M | $4.2M | $3.9M | $3.9M | $4.6M | $5.2M | $6.6M | $5.1M | $5.8M | $7.4M |
| Gross profit | −$129,000 | −$544,000 | −$250,000 | $553,000 | $724,000 | $738,000 | −$199,000 | −$2.0M | −$2.4M | $707,000 | −$720,000 | −$1.5M |
| Sales, general & admin | $5.1M | $4.9M | $5.2M | $4.9M | $6.2M | $15.7M | $6.8M | $7.2M | $6.9M | $9.5M | $8.0M | $10.1M |
| Total operating expenses | $4.7M | $4.9M | $5.6M | $6.6M | $6.2M | $17.8M | $9.0M | $11.6M | $6.9M | $14.5M | $10.9M | $14.2M |
| Operating income | −$4.8M | −$5.4M | −$5.9M | −$6.1M | −$5.4M | −$17.0M | −$9.2M | −$13.5M | −$9.3M | −$13.8M | −$11.7M | −$15.7M |
| Interest income | $1.0M | $371,000 | $612,000 | $5.5M | $930,000 | $860,000 | $1.2M | $6.8M | $717,000 | $1.4M | $2.0M | $9.9M |
| Interest expense | $2.9M | $2.9M | $4.6M | $834,000 | $5.1M | $5.2M | $5.6M | $6.9M | $6.3M | $7.0M | $9.8M | $12.5M |
| Income before taxes | −$6.1M | −$30.3M | −$5.1M | −$12.3M | −$28.4M | −$22.4M | −$11.3M | −$21.9M | −$99.8M | −$19.0M | −$813,000 | −$95.7M |
| Income taxes | $1.2M | $1.2M | $4.9M | $75,000 | $115,000 | −$190,000 | $12,000 | $87,000 | $1.5M | $11,000 | $89,000 | −$38,000 |
| Net income | −$7.4M | −$31.5M | −$5.1M | −$12.4M | −$28.5M | −$22.2M | −$11.4M | −$22.0M | −$101.2M | −$19.0M | −$902,000 | −$95.7M |
| EBITDA | −$2.8M | −$27.0M | $34,000 | −$9.8M | −$5.4M | −$15.0M | −$3.4M | −$10.5M | −$92.2M | −$6.7M | $11.9M | −$79.0M |
| EPS (diluted) | −$0.13 | −$0.11 | — | −$0.24 | −$0.53 | −$0.42 | −$0.23 | −$0.41 | −$1.82 | $0.04 | −$0.04 | −$1.73 |
| Gross margin | −7.4% | −27.2% | −6.0% | 11.6% | 15.6% | 16.0% | −4.5% | −60.8% | −57.5% | 12.2% | −14.3% | −25.2% |
| Operating margin | −277.0% | −271.9% | −141.1% | −126.8% | −117.1% | −370.3% | −210.7% | −416.3% | −222.5% | −238.3% | −231.0% | −267.4% |
| Net margin | −421.3% | −1,577.7% | −122.0% | −259.6% | −612.6% | −482.8% | −259.0% | −675.9% | −2,430.2% | −328.9% | −17.9% | −1,626.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SRG's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SRG financial results
In fiscal year 2025 (ended December 31, 2025), Seritage Growth Properties reported revenue of $18.2 million, up 3.3% from the year before. It had a net loss of $68.2 million, a net profit margin of −374.7%. Diluted earnings per share came to −$1.21. Over five years revenue grew at an average rate of −31.0% a year.
See the SRG stock overview for the latest quote and news, or the SRG chart for price history and technical indicators.
SRG income statement FAQ
What is Seritage Growth Properties's annual revenue?
Seritage Growth Properties reported total revenue of $18.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 3.3% from $17.6 million the previous year.
Is Seritage Growth Properties profitable?
No. Seritage Growth Properties reported a net loss of $68.2 million in fiscal 2025, a net profit margin of −374.7%; its operating margin was −200.3%.
What is Seritage Growth Properties's gross margin?
Seritage Growth Properties's gross margin was 9.7% in fiscal 2025: for every $100 of revenue, Seritage Growth Properties kept $10 after the direct cost of its products and services.
How fast is Seritage Growth Properties growing?
Revenue grew −31.0% a year on average over the last five fiscal years, from $116.5 million to $18.2 million.
What are Seritage Growth Properties's earnings per share?
Seritage Growth Properties earned $-1.21 per diluted share in fiscal 2025, compared with $-2.42 a year earlier.
When will Seritage Growth Properties report its next earnings?
Seritage Growth Properties is expected to report results for the quarter ending September 30, 2026 on November 13, 2026.
When does Seritage Growth Properties's fiscal year end?
Seritage Growth Properties's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.