Safehold (SAFE) financial statements
Safehold reported revenue of $386M in fiscal 2025, down 1.8% a year over 9 years.
Net income was $114M and the operating margin 26.2%, against -24.0% in 2016.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Safehold's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $455M | $679M | $798M | $274M | $324M | $187M | $270M | $353M | $366M | $386M |
| Cost of revenue | — | — | — | — | — | $3M | $3M | $5M | $4M | $5M |
| Gross profit | — | — | — | — | — | $184M | $267M | $348M | $361M | $381M |
| Selling, general and admin | $84M | $99M | $92M | $99M | $101M | $29M | $39M | $69M | $55M | $54M |
| Operating income | -$109M | -$39M | -$196M | -$182M | -$150M | $65M | $136M | -$77M | $87M | $101M |
| Interest expense | $221M | $195M | $184M | $142M | $127M | $80M | $129M | $181M | — | — |
| Pre-tax income | $72M | $51M | -$18M | -$155M | -$116M | $73M | $145M | -$53M | $110M | $118M |
| Income tax | -$10M | -$948,000 | $815,000 | $369,000 | $89,000 | -$118,000 | $567,000 | $2M | $3M | $3M |
| Net income | $95M | $176M | -$32M | $324M | -$42M | $73M | $135M | -$55M | $106M | $114M |
| EPS (diluted) | $0.60 | $1.56 | -$0.95 | $4.51 | -$0.87 | $1.32 | $2.17 | -$0.82 | $1.48 | $1.59 |
| Diluted shares | 74M | 71M | 68M | 65M | 76M | 55M | 62M | 67M | 71M | 72M |
| Gross margin | — | — | — | — | — | 98.6% | 98.8% | 98.7% | 98.8% | 98.8% |
| Operating margin | -24.0% | -5.8% | -24.6% | -66.4% | -46.3% | 35.0% | 50.2% | -21.9% | 23.8% | 26.2% |
| Net margin | 20.9% | 25.9% | -4.0% | 118.4% | -13.1% | 39.1% | 50.1% | -15.6% | 28.9% | 29.7% |
Balance sheet
Fiscal years, from Safehold's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $329M | $658M | $932M | $307M | $99M | $30M | $20M | $19M | $8M | $22M |
| Property, plant and equipment | — | — | — | — | — | — | — | $979,000 | $647,000 | $461,000 |
| Total assets | $4.8B | $4.7B | $5.0B | $5.1B | $4.9B | $4.8B | $5.9B | $6.5B | $6.9B | $7.2B |
| Total liabilities | $3.8B | $3.8B | $4.0B | $3.8B | $3.8B | $3.8B | $3.7B | $4.3B | $4.5B | $4.8B |
| Shareholders' equity | $1.0B | $880M | $863M | $1.0B | $871M | $851M | $2.1B | $2.2B | $2.3B | $2.4B |
| Net debt | -$329M | -$658M | -$932M | -$307M | -$99M | -$30M | -$20M | -$19M | -$8M | -$22M |
Cash flow
Fiscal years, from Safehold's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $29M | $102M | -$24M | -$46M | $22M | $27M | $65M | $15M | $38M | $48M |
| Capital spending | $70M | $37M | $60M | $118M | $41M | $24M | $22M | — | — | — |
| Free cash flow | -$40M | $64M | -$85M | -$163M | -$19M | $3M | $43M | — | — | — |
| Stock-based compensation | $11M | $19M | $18M | $30M | $39M | $2M | $2M | $23M | $14M | $13M |
| Dividends paid | $0 | $0 | $12M | $25M | $33M | $36M | $42M | $46M | $51M | $51M |
| Share buybacks (net) | -$99M | -$46M | -$8M | -$68M | -$55M | -$123M | — | — | — | — |
| Net borrowing | -$727M | $367M | -$240M | $4M | -$111M | $1.8B | $676M | $577M | $2.3B | $2.0B |
| Free cash flow margin | -8.9% | 9.5% | -10.6% | -59.6% | -5.9% | 1.6% | 15.9% | — | — | — |
| Dividends per share | — | — | $0.18 | $0.39 | $0.43 | $0.65 | $0.68 | $0.69 | $0.71 | $0.71 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for SAFE.
Open SAFE in InvestinglyQuestions
What was Safehold's revenue in 2025?
$386M in fiscal 2025, from its 10-K filing.
From Safehold's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.