Safehold Inc. income statement
In fiscal 2025, Safehold Inc. reported revenue of $386m, up 5.4% on the year before, operating income of $101m (a 26.2% margin) and net income of $114m, or $1.59 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 759 | 601 | 462 | 398 | 391 | 462 | 496 | 455 | 679 | 798 | 274 | 324 | 187 | 270 | 353 | 366 | 386 | 420 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — | 3 | 3 | 5 | 4 | 5 | 5 |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — | 184 | 267 | 348 | 361 | 381 | 415 |
| General and administrative | 124 | 110 | 105 | 81 | 92 | 88 | 81 | 84 | 99 | 92 | 99 | 101 | 29 | 39 | 69 | 55 | 54 | 57 |
| Operating income | — | — | — | — | — | — | — | — | — | — | — | — | 65 | 136 | −77 | 87 | 101 | 105 |
| Interest expense | 413 | 314 | 342 | 355 | 266 | 224 | 225 | 221 | 195 | 184 | 142 | 127 | 80 | 129 | 181 | — | — | — |
| Provision for credit losses | 1,255 | 331 | 46 | 82 | 5 | −2 | 37 | −13 | −6 | 17 | 6 | 9 | −8 | 45 | 3 | 9 | 7 | 3 |
| Income before tax | −788 | −200 | −56 | −306 | −221 | −70 | −107 | 72 | 51 | −18 | −155 | −116 | 73 | 145 | −53 | 110 | 118 | 120 |
| Income tax | 4 | 7 | −5 | 8 | −1 | 4 | 8 | −10 | −1 | 1 | 0 | 0 | −0 | 1 | 2 | 3 | 3 | 3 |
| Net income | −769 | 80 | −22 | −240 | −112 | 16 | −2 | 95 | 176 | −32 | 324 | −42 | 73 | 135 | −55 | 106 | 114 | 116 |
| Diluted EPS | −$6.14 | $0.30 | −$0.70 | −$2.54 | −$1.43 | −$0.31 | −$0.62 | $0.47 | $1.22 | −$0.74 | $3.51 | −$0.87 | $1.32 | $2.17 | −$0.82 | $1.48 | $1.59 | $1.62 |
| Diluted shares (average) | 128m | 120m | 114m | 108m | 109m | 109m | 109m | 95m | 91m | 87m | 83m | 76m | 55m | 62m | 67m | 71m | 72m | 72m |
| EBITDA | — | — | — | — | — | — | — | — | — | — | — | — | 125 | 141 | −67 | 97 | 109 | 113 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 91 | 92 | 98 | 94 | 96 | 98 | 111 | 115 |
| Cost of revenue | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Gross profit | 90 | 91 | 97 | 93 | 95 | 97 | 110 | 114 |
| General and administrative | 13 | 14 | 14 | 13 | 13 | 14 | 15 | 14 |
| Operating income | 16 | 23 | 25 | 24 | 25 | 27 | 26 | 28 |
| Interest expense | 50 | — | — | — | — | — | — | — |
| Provision for credit losses | 7 | 1 | 2 | 2 | 1 | 1 | 0 | 0 |
| Income before tax | 21 | 27 | 30 | 29 | 30 | 29 | 30 | 32 |
| Income tax | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| Net income | 19 | 26 | 29 | 28 | 29 | 28 | 29 | 30 |
| Diluted EPS | $0.27 | $0.36 | $0.41 | $0.39 | $0.41 | $0.38 | $0.40 | $0.42 |
| EBITDA | 18 | 25 | 27 | 26 | 27 | 29 | 27 | 30 |
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