Income Statement

Revenue

+53%

+145%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	170	165	171	177	185	192	194	193	194	197	207	220	232	249	272	293	313	338	357	392	410	465	503	561	610	669	694	691	618	612	558	485	413	387	359	338	314	297	310	324	342	358	357	358	355	341	316	288	266	252	239	231	224	222	221	222	225	227	227	225	221	216	208	202	195	189	183	182	184	185	186	185	142	139	137	101	127	112	99	117	80	80	78	85	129	141	160	171	181	189	192	195	198	200	202	205
Revenue	464 N/A	475 +2%	486 +2%	503 +3%	494 -2%	546 +10%	556 +2%	558 +0%	551 -1%	592 +7%	625 +6%	662 +6%	673 +2%	710 +5%	733 +3%	780 +6%	749 -4%	832 +11%	866 +4%	897 +4%	806 -10%	1 019 +26%	1 103 +8%	1 261 +14%	1 271 +1%	1 545 +22%	1 548 +0%	1 477 -5%	1 222 -17%	1 169 -4%	1 044 -11%	886 -15%	759 -14%	708 -7%	648 -8%	602 -7%	602 0%	509 -15%	501 -2%	463 -8%	463 0%	459 -1%	440 -4%	439 0%	398 -9%	391 -2%	384 -2%	386 +1%	391 +1%	405 +4%	435 +7%	453 +4%	462 +2%	466 +1%	446 -4%	453 +2%	496 +10%	512 +3%	525 +3%	529 +1%	455 -14%	453 0%	679 +50%	675 -1%	679 +1%	935 +38%	759 -19%	761 +0%	798 +5%	541 -32%	468 -14%	491 +5%	480 -2%	340 -29%	338 -1%	155 -54%	531 +243%	211 -60%	169 -20%	350 +108%	187 -47%	281 +50%	320 +14%	248 -22%	270 +9%	274 +1%	266 -3%	280 +5%	353 +26%	368 +4%	372 +1%	377 +1%	366 -3%	370 +1%	374 +1%	380 +1%
Gross Profit
Cost of Revenue	(12)	(13)	(12)	(13)	(7)	(14)	(15)	(12)	(10)	(13)	(13)	(17)	(21)	(23)	(24)	(25)	(21)	(22)	(27)	(28)	(13)	(30)	(26)	(27)	(18)	(28)	(25)	(23)	(24)	(23)	(22)	(46)	(57)	(69)	(81)	(76)	(121)	(85)	(92)	(92)	(139)	(152)	(168)	(181)	(152)	(154)	(153)	(153)	(157)	(166)	(173)	(180)	(176)	(176)	(174)	(176)	(214)	(213)	(224)	(236)	(200)	(205)	(310)	(316)	(329)	(537)	(500)	(481)	(490)	(269)	(180)	(206)	(199)	(237)	(236)	(186)	(247)	(163)	(175)	(255)	(3)	(204)	(139)	(39)	(3)	1	(23)	(23)	(5)	(5)	(5)	(5)	(4)	(4)	(4)	(4)
Gross Profit	452 N/A	462 +2%	474 +3%	490 +3%	487 -1%	531 +9%	541 +2%	546 +1%	541 -1%	579 +7%	612 +6%	644 +5%	652 +1%	687 +5%	709 +3%	755 +6%	729 -3%	810 +11%	839 +4%	868 +4%	793 -9%	989 +25%	1 077 +9%	1 234 +15%	1 253 +1%	1 518 +21%	1 523 +0%	1 455 -5%	1 197 -18%	1 146 -4%	1 023 -11%	840 -18%	702 -16%	639 -9%	567 -11%	526 -7%	480 -9%	424 -12%	409 -3%	371 -9%	324 -13%	307 -5%	272 -11%	258 -5%	246 -5%	236 -4%	231 -2%	233 +1%	233 N/A	239 +3%	262 +10%	273 +4%	286 +5%	290 +1%	272 -6%	277 +2%	282 +2%	299 +6%	301 +1%	293 -3%	256 -13%	248 -3%	369 +49%	358 -3%	351 -2%	399 +14%	259 -35%	281 +8%	309 +10%	272 -12%	288 +6%	285 -1%	281 -2%	104 -63%	103 -1%	(31) N/A	284 N/A	48 -83%	(7) N/A	95 N/A	184 +94%	77 -59%	181 +136%	208 +15%	267 +28%	274 +3%	243 -12%	256 +6%	348 +36%	363 +4%	367 +1%	372 +1%	361 -3%	366 +1%	370 +1%	375 +1%
Operating Income
Operating Expenses	(69)	(73)	(83)	(98)	(99)	(108)	(103)	(96)	(97)	(215)	(222)	(227)	(228)	(128)	(129)	(133)	(128)	(186)	(195)	(165)	(146)	(209)	(233)	(323)	(392)	(535)	(817)	(1 150)	(1 241)	(1 464)	(1 663)	(1 569)	(1 504)	(1 327)	(936)	(680)	(514)	(435)	(331)	(264)	(221)	(225)	(241)	(241)	(249)	(247)	(223)	(203)	(177)	(157)	(161)	(166)	(167)	(177)	(186)	(194)	(186)	(183)	(164)	(134)	(129)	(124)	(143)	(158)	(163)	(169)	(169)	(178)	(174)	(172)	(169)	(162)	(180)	(143)	(126)	(81)	(174)	(83)	(78)	(105)	(39)	(123)	(113)	(113)	(58)	(91)	(92)	(97)	(79)	(229)	(222)	(78)	(76)	(76)	(80)	(74)
Selling, General & Administrative	(28)	(28)	(36)	(47)	(48)	(49)	(44)	(39)	(42)	(154)	(157)	(157)	(158)	(53)	(54)	(59)	(62)	(67)	(73)	(84)	(95)	(115)	(134)	(158)	(147)	(170)	(175)	(152)	(138)	(137)	(126)	(127)	(124)	(116)	(107)	(103)	(110)	(107)	(107)	(110)	(105)	(104)	(98)	(90)	(81)	(80)	(81)	(86)	(92)	(90)	(96)	(95)	(88)	(90)	(84)	(82)	(81)	(84)	(83)	(81)	(84)	(86)	(94)	(95)	(99)	(103)	(99)	(99)	(92)	(86)	(90)	(94)	(102)	(114)	(106)	(99)	(104)	(87)	(98)	(96)	(29)	(111)	(99)	(92)	(39)	(49)	(50)	(58)	(64)	(69)	(63)	(58)	(55)	(53)	(54)	(54)
Depreciation & Amortization	(35)	(37)	(40)	(44)	(43)	(50)	(51)	(49)	(48)	(52)	(56)	(61)	(61)	(66)	(69)	(70)	(62)	(72)	(73)	(75)	(36)	(76)	(79)	(82)	(49)	(91)	(94)	(95)	(59)	(86)	(78)	(71)	(62)	(64)	(64)	(63)	(57)	(61)	(60)	(59)	(58)	(60)	(62)	(64)	(69)	(70)	(71)	(73)	(71)	(73)	(74)	(73)	(74)	(73)	(70)	(68)	(62)	(61)	(59)	(55)	(52)	(50)	(50)	(49)	(49)	(48)	(45)	(54)	(59)	(63)	(66)	(60)	(58)	(42)	(43)	(6)	(58)	5	17	(9)	(10)	(7)	(9)	(9)	(10)	(10)	(9)	(9)	(10)	(10)	(10)	(10)	(10)	(10)	(9)	(9)
Other Operating Expenses	(7)	(7)	(7)	(8)	(8)	(8)	(8)	(8)	(8)	(9)	(9)	(9)	(9)	(8)	(6)	(4)	(4)	(47)	(49)	(5)	(16)	(18)	(21)	(84)	(196)	(274)	(549)	(904)	(1 044)	(1 242)	(1 459)	(1 371)	(1 318)	(1 147)	(765)	(514)	(348)	(268)	(164)	(95)	(58)	(62)	(82)	(88)	(99)	(97)	(72)	(44)	(14)	5	9	1	(5)	(14)	(32)	(44)	(43)	(39)	(23)	2	7	12	0	(14)	(15)	(19)	(25)	(26)	(23)	(23)	(13)	(9)	(20)	14	23	24	(11)	(1)	3	0	(1)	(5)	(5)	(12)	(10)	(32)	(33)	(30)	(6)	(150)	(150)	(10)	(11)	(13)	(15)	(9)
Operating Income	383 N/A	389 +2%	391 +1%	392 +0%	388 -1%	424 +9%	438 +3%	450 +3%	444 -1%	364 -18%	389 +7%	418 +7%	424 +2%	559 +32%	580 +4%	622 +7%	601 -3%	624 +4%	644 +3%	703 +9%	647 -8%	779 +20%	844 +8%	911 +8%	860 -6%	982 +14%	706 -28%	304 -57%	(44) N/A	(318) -627%	(640) -101%	(729) -14%	(801) -10%	(687) +14%	(369) +46%	(154) +58%	(34) +78%	(11) +67%	78 N/A	108 +38%	103 -4%	82 -21%	31 -61%	17 -47%	(3) N/A	(10) -312%	8 N/A	30 +287%	57 +87%	82 +46%	101 +23%	107 +6%	119 +11%	113 -6%	86 -24%	83 -3%	96 +15%	115 +20%	137 +18%	159 +16%	127 -20%	124 -2%	226 +82%	200 -12%	188 -6%	230 +22%	90 -61%	102 +14%	135 +32%	100 -26%	119 +20%	123 +3%	101 -18%	(39) N/A	(23) +40%	(112) -385%	110 N/A	(36) N/A	(84) -135%	(10) +89%	145 N/A	(47) N/A	68 N/A	95 +41%	209 +119%	184 -12%	151 -18%	160 +6%	269 +68%	134 -50%	145 +8%	295 +103%	285 -3%	290 +2%	290 +0%	301 +4%
Pre-Tax Income
Interest Income Expense	(163)	(162)	(168)	(176)	(184)	(191)	(194)	(192)	(199)	(195)	(206)	(221)	(230)	(253)	(275)	(294)	(310)	(334)	(353)	(387)	(398)	(454)	(493)	(544)	(580)	(641)	(380)	(382)	(331)	(343)	(573)	(495)	(408)	(350)	(309)	(290)	(262)	(231)	(240)	(249)	(247)	(254)	(253)	(242)	(252)	(252)	(236)	(227)	(225)	(229)	(201)	(147)	(130)	(123)	(138)	(178)	(192)	(193)	(163)	(145)	(144)	(141)	(167)	(185)	(182)	(178)	(117)	(119)	(121)	(120)	(178)	(169)	(142)	(85)	(84)	(51)	(128)	(78)	(56)	9	(73)	52	23	(70)	(120)	(184)	(177)	(183)	(157)	(160)	(163)	(169)	(175)	(179)	(182)	(185)
Non-Reccuring Items	(2)	0	(12)	(12)	(12)	0	12	12	0	(12)	(13)	(13)	(13)	0	0	(44)	(46)	0	0	0	(5)	0	0	0	(144)	(144)	(239)	(259)	58	187	461	555	421	329	209	144	96	160	98	75	88	(16)	(23)	(15)	(52)	(62)	(66)	(71)	(53)	(48)	(60)	(65)	(60)	(56)	(31)	(19)	(11)	(11)	(14)	(18)	(16)	(21)	(30)	(22)	(47)	(30)	32	37	(32)	(86)	85	85	196	(38)	(262)	(265)	(14)	(5)	(0)	25	(0)	24	25	56	56	49	48	(153)	(165)	0	0	0	0	(2)	0	0
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	180	180	180	0	(180)	0	0	0	0	0	2	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(180)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Pre-Tax Income	219 N/A	228 +4%	212 -7%	205 -3%	192 -6%	232 +21%	256 +10%	270 +5%	246 -9%	157 -36%	170 +8%	183 +8%	182 -1%	306 +68%	306 0%	284 -7%	245 -14%	290 +18%	291 +0%	316 +9%	244 -23%	326 +34%	351 +8%	367 +4%	137 -63%	198 +45%	87 -56%	(337) N/A	(316) +6%	(473) -50%	(752) -59%	(669) +11%	(789) -18%	(708) +10%	(470) +34%	(300) +36%	(200) +33%	(83) +59%	(63) +24%	(66) -5%	(56) +16%	(188) -238%	(245) -30%	(241) +2%	(306) -27%	(324) -6%	(295) +9%	(267) +9%	(221) +17%	(195) +12%	(159) +18%	(105) +34%	(70) +33%	(67) +5%	(83) -24%	(114) -38%	(107) +6%	(89) +18%	(40) +55%	(5) +88%	(34) -630%	(37) -11%	29 N/A	(7) N/A	(41) -479%	22 N/A	4 -80%	20 +355%	(18) N/A	(106) -507%	207 N/A	219 +6%	335 +53%	(161) N/A	(549) -241%	(608) -11%	(31) +95%	(119) -287%	(140) -18%	24 N/A	73 +208%	30 -60%	115 +288%	81 -29%	145 +78%	49 -66%	22 -55%	(176) N/A	(53) +70%	(26) +51%	(18) +30%	125 N/A	110 -12%	109 -1%	107 -2%	116 +8%
Net Income
Tax Provision	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(7)	0	0	0	(10)	0	0	0	(4)	(1)	(2)	(3)	(7)	(17)	(14)	(14)	5	15	8	8	(8)	(11)	(8)	(3)	1	5	6	2	(4)	(10)	(11)	(8)	(8)	(1)	1	6	10	9	6	(1)	1	2	3	2	(1)	(1)	(1)	(1)	(0)	(0)	(0)	(0)	(0)	(2)	(3)	(3)	0	(1)	(1)	(1)	0	0	(1)	(1)	(2)	(2)	(3)	(3)	(3)	(4)	(4)	(3)
Income from Continuing Operations	219	228	212	205	192	232	256	270	246	157	170	183	182	306	306	284	245	290	291	316	244	326	351	367	130	198	87	(337)	(326)	(473)	(752)	(669)	(793)	(709)	(472)	(302)	(207)	(100)	(76)	(81)	(51)	(174)	(236)	(233)	(315)	(335)	(303)	(270)	(221)	(189)	(153)	(104)	(74)	(77)	(94)	(123)	(115)	(90)	(39)	2	(23)	(28)	35	(8)	(40)	23	8	22	(18)	(107)	206	219	334	(162)	(550)	(608)	(31)	(121)	(143)	21	73	29	115	81	145	49	21	(177)	(55)	(28)	(21)	122	107	105	103	113
Income to Minority Interest	(0)	0	0	0	(0)	0	0	0	(0)	(0)	(0)	(1)	(1)	(1)	(1)	(1)	(1)	(1)	(2)	(2)	(1)	(0)	1	1	1	0	(18)	(17)	(21)	(16)	2	1	1	0	(0)	(1)	(1)	(2)	(1)	1	4	4	5	5	2	2	1	0	(1)	(2)	(2)	(2)	1	3	4	4	4	3	(7)	(6)	(5)	(5)	(2)	(2)	(5)	(6)	(10)	(12)	(14)	(16)	(10)	(11)	(10)	0	0	9	(12)	2	5	(1)	(0)	0	(0)	(9)	(9)	(9)	(9)	(0)	(0)	(1)	(1)	(1)	(1)	(1)	(1)	(0)
Net Income (Common)	193 N/A	195 +1%	179 -8%	174 -3%	178 +2%	189 +6%	216 +14%	240 +11%	255 +7%	142 -44%	154 +8%	162 +5%	209 +29%	324 +55%	316 -2%	293 -7%	246 -16%	263 +7%	278 +6%	321 +16%	333 +4%	339 +2%	357 +5%	358 +0%	187 -48%	187 N/A	107 -43%	(301) N/A	(243) +19%	(416) -72%	(726) -75%	(672) +7%	(789) -17%	(740) +6%	(236) +68%	(61) +74%	36 N/A	131 +261%	(116) N/A	(94) +18%	(62) +34%	(186) -199%	(211) -13%	(221) -5%	(273) -24%	(260) +5%	(227) +13%	(185) +18%	(156) +16%	(141) +9%	(131) +7%	(78) +40%	(34) +57%	(30) +12%	(45) -50%	(73) -63%	(53) +28%	(51) +2%	18 N/A	70 +293%	44 -37%	38 -13%	178 +366%	97 -46%	111 +15%	165 +49%	30 -82%	46 +51%	(65) N/A	(109) -69%	211 N/A	222 +6%	292 +31%	288 -1%	(98) N/A	(93) +5%	(66) +29%	(45) +32%	(41) +8%	83 N/A	73 -12%	720 +885%	177 -75%	121 -32%	135 +12%	(579) N/A	6 N/A	(183) N/A	(55) +70%	(29) +47%	(21) +26%	121 N/A	106 -13%	104 -1%	103 -2%	113 +10%
EPS (Diluted)	2.18 N/A	13.56 +522%	11.69 -14%	11.76 +1%	1.92 -84%	11.67 +508%	12.95 +11%	15.45 +19%	2.45 -84%	8.24 +236%	8.58 +4%	8.64 +1%	1.85 -79%	17.97 +871%	17.27 -4%	16.08 -7%	2.16 -87%	14.38 +566%	15.02 +4%	16.72 +11%	2.86 -83%	16.51 +477%	17.25 +4%	17.38 +1%	1.46 -92%	8.67 +494%	4.93 -43%	-12.55 N/A	-1.84 +85%	-24.6 -1 237%	-43.73 -78%	-40.7 +7%	-7.87 +81%	-49.34 -527%	-15.59 +68%	-4.06 +74%	0.38 N/A	8.44 +2 121%	-7.8 N/A	-6.68 +14%	-0.7 +90%	-13.91 -1 887%	-15.53 -12%	-16.48 -6%	-3.26 +80%	-19.08 -485%	-16.41 +14%	-13.52 +18%	-1.83 +86%	-10.37 -467%	-9.58 +8%	-5.76 +40%	-0.4 +93%	-2.17 -443%	-3.22 -48%	-5.34 -66%	-0.62 +88%	-4.28 -590%	0.69 N/A	3.8 +451%	0.59 -84%	3.31 +461%	12.58 +280%	8.4 -33%	1.56 -81%	12.3 +688%	2.26 -82%	4.2 +86%	-0.95 N/A	-10.11 -964%	16.45 N/A	22.45 +36%	3.61 -84%	23.19 +542%	-8.06 N/A	-8.1 0%	-0.87 +89%	-3.8 -337%	-3.51 +8%	6.42 N/A	1.32 -79%	65.49 +4 861%	19.4 -70%	11.96 -38%	2.17 -82%	-9.09 N/A	0.09 N/A	-2.68 N/A	-0.82 +69%	-0.4 +51%	-0.29 +28%	1.7 N/A	1.48 -13%	1.46 -1%	1.43 -2%	1.57 +10%

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Safehold Inc
NYSE:SAFE

Income Statement

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Safehold Inc

Income Statement
Safehold Inc

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Safehold Inc NYSE:SAFE

Income Statement

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Income Statement Safehold Inc

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Safehold Inc
NYSE:SAFE

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Safehold Inc

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Safehold Inc