Safehold Inc (SAFE) financials
Safehold revenue and earnings by year
Safehold's revenue was $386 million in the fiscal year to December 31, 2025, up 5.4% from the year before. Net income was $114 million, 29.7% of revenue. Since the fiscal year to December 31, 2016, revenue has shrunk 1.8% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 386 | 366 | 353 | 270 | 187 | 324 | 274 | 798 | 679 | 455 |
| Revenue growth | 5.4% | 3.7% | 30.4% | 44.5% | -42.3% | 18.4% | -65.7% | 17.5% | 49.2% | — |
| Operating income | 107 | 97 | -75 | 80 | 65 | -141 | -175 | -196 | -45 | -122 |
| Operating margin | 27.9% | 26.4% | -21.2% | 29.5% | 35.0% | -43.5% | -64.1% | -24.6% | -6.7% | -26.8% |
| Net income | 114 | 106 | -55 | 135 | 73 | -42 | 324 | -32 | 176 | 95 |
| Net margin | 29.7% | 28.9% | -15.6% | 50.1% | 39.1% | -13.1% | 118.4% | -4.0% | 25.9% | 20.9% |
| Diluted EPS | $1.59 | $1.48 | -$0.82 | — | — | — | — | -$5.31 | — | — |
| Free cash flow | 44 | 30 | 5 | 63 | 25 | -131 | -333 | -470 | -248 | -288 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open SAFE in Markets.
How Safehold makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Ground Leases | $98.7M | 86.1% |
| Hotel Operations | $15.9M | 13.9% |
See also: SAFE valuation and P/E history · SAFE returns
No forecast, no recommendation. This page describes Safehold Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.