Safehold (SAFE) Financial Statements & Analysis

Safehold (SAFE) Income Statement

Safehold reported revenue of $385.55M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 5.4% from $365.69M a year earlier. Net income was $114.47M, up 8.2% year over year, a net margin of 29.7%. Gross margin was 98.8% and operating margin 79.8%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $114.65M, up 22.2% from the same quarter a year earlier.

Safehold Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Safehold Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	385.55	365.69	352.58	270.31	187.01	158.73	93.40	49.72	679.20
Cost of Revenue	21.85	4.22	4.65	3.11	2.66	2.48	2.67	1.60	523.22
Gross Profit	380.79	361.46	347.93	267.20	184.35	156.25	90.72	48.12	155.98
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-
Selling, General & Administrative	54.34	54.92	68.57	38.61	28.75	22.73	14.44	10.66	98.88
Operating Expenses	56.12	74.35	78.08	131.57	118.89	100.07	54.58	19.80	142.09
Operating Income	307.58	285.13	103.49	208.79	65.46	56.18	36.14	11.94	6.62
Other Income/Expense
Interest Income	30.12	32.46	31.37	9.06	0.00	0.00	0.00	0.00	0.00
Interest Expense	206.69	198.04	181.01	128.97	79.71	64.35	29.87	15.39	194.69
Other Income/Expense	-178.79	-165.58	-149.19	-64.10	7.90	3.30	-2.41	0.00	53.23
Income
Income Before Tax	117.56	110.06	-52.85	144.68	73.36	59.49	33.73	11.94	50.90
Income Tax Expense	2.93	3.45	1.72	0.00	0.00	0.00	0.00	0.00	-0.95
Net Income	114.47	105.76	-54.97	135.42	73.12	59.29	27.69	11.74	175.68
Net Income - Continuous Operations	114.47	106.62	-54.57	135.42	73.12	59.29	27.69	11.74	175.68
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	339.23	320.36	270.13	239.56	165.05	135.92	75.48	38.99	16.57
EBIT	328.37	308.10	257.89	227.64	151.45	-	-	-	-
Depreciation & Amortization	10.86	12.26	12.24	11.92	11.99	12.08	11.89	663.28	491.57
Earnings Per Share
Basic EPS	2.00	1.00	-1.00	2.00	1.00	1.00	28.00	1.00	10.00
Diluted EPS	2.00	1.00	-1.00	2.00	1.00	1.00	23.00	1.00	10.00
Basic Shares Outstanding	71.69	71.37	66.69	62.39	56.15	51.96	10.35	18.22	11.36
Diluted Shares Outstanding	71.79	71.45	66.69	62.39	56.15	51.97	12.91	18.22	11.36

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Safehold Financial Statements

What was Safehold's revenue in fiscal 2025?

Safehold reported revenue of $385.55M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 5.4% from $365.69M a year earlier.

Is Safehold profitable?

Yes. Safehold earned net income of $114.47M in fiscal 2025, a net margin of 29.7%. In fiscal 2024 it earned $105.76M.

What is Safehold's operating margin?

Safehold's operating income was $307.58M on revenue of $385.55M in fiscal 2025, an operating margin of 79.8%, compared with 78.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition