Executive Summary
Medical Properties Trust, Inc. (0JZZ.L) reported QQ2 2025 results with revenue of $240.359 million and EBITDA of $203.299 million, underscoring continued operating strength from its portfolio of hospital facilities. However, the quarter delivered a net loss of $98.582 million as non-operating items and interest-related charges more than offset robust operating performance. Operating income remained healthy at $136.582 million and the operating margin stood at 56.8%, while EBITDA margin was 84.6%, illustrating durable earnings before non-cash/non-operating items.
The company generated positive operating cash flow of $51.747 million and free cash flow of the same amount in the quarter, supporting liquidity despite material financing activity. Net debt remained elevated at roughly $9.14 billion with a debt-to-capitalization of 66.6% and an interest coverage ratio near 1.05x, highlighting ongoing leverage risk given current financing costs. Management commentary, guidance, and portfolio execution will be pivotal as the company navigates a high-debt environment and secular shifts in healthcare real estate demand. In sum, QQ2 2025 shows solid core cash generation and portfolio resilience, but the bottom-line impact of large non-operating charges and a heavy debt load warrant close attention to leverage management, refinancing risk, and AFFO/FFO‑aligned guidance going forward.
Key Performance Indicators
QoQ: -24.90% | YoY:-37.13%
Key Insights
| Metric | QQ2 2025 | YoY Change | QoQ Change |
| Revenue | 240.359 million | -9.83% | 7.40% |
| Gross Profit | 162.779 million | -37.13% | -24.90% |
| Operating Income | 136.582 million | 12.57% | 23.85% |
| Net Income | -98.582 million | (positive vs prior-year loss) | -? |
| EPS | -0.16 | 70.37% | 20.00% |
| EBITDA | 203.299 million | – | –
| EBITDAR Margin | 0.846 | – | –
| Net Margin | -41.01% | – | –
| Cash from Ops | 51.747 million | – | –
| Free Cash Flow | 51.747 mi...
Financial Highlights
| Metric | QQ2 2025 | YoY Change | QoQ Change |
| Revenue | 240.359 million | -9.83% | 7.40% |
| Gross Profit | 162.779 million | -37.13% | -24.90% |
| Operating Income | 136.582 million | 12.57% | 23.85% |
| Net Income | -98.582 million | (positive vs prior-year loss) | -? |
| EPS | -0.16 | 70.37% | 20.00% |
| EBITDA | 203.299 million | – | –
| EBITDAR Margin | 0.846 | – | –
| Net Margin | -41.01% | – | –
| Cash from Ops | 51.747 million | – | –
| Free Cash Flow | 51.747 million | – | –
| Dividends Paid | 48.384 million (quarterly) | – | –
| Total Assets | 15.150 billion | – | –
| Total Liabilities | 10.317 billion | – | –
| Total Debt | 9.649 billion | – | –
| Net Debt | 9.140 billion | – | –
| Debt/Equity | 1.997x | – | –
| Current Ratio | 2.63x | – | –
| Occupancy/Portfolio data | 431 facilities in 9 countries | – | –
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
240.36M |
-9.83% |
7.40% |
| Gross Profit |
162.78M |
-37.13% |
-24.90% |
| Operating Income |
136.58M |
12.57% |
23.85% |
| Net Income |
-98.58M |
69.25% |
16.65% |
| EPS |
-0.16 |
70.37% |
20.00% |
Key Financial Ratios
operatingProfitMargin
56.8%
operatingCashFlowPerShare
$0.09
freeCashFlowPerShare
$0.09
dividendPayoutRatio
-49.1%
Management Commentary
Transcript availability: No QQ2 2025 management transcript data provided in the input. As a result, no verbatim quotes or theme-based quotes from executives can be cited. Investors should consult the official earnings call transcript or the investor relations materials for management commentary on portfolio strategy, rent escalators, refinancing plans, and guidance.
Forward Guidance
Formal forward guidance for QQ2 2025 is not embedded in the supplied data. Given the cash flow resilience and a portfolio of 431 hospital facilities, the key drivers for future performance will likely include: (1) stabilization or improvement in occupancy and rent collection across leases, (2) favorable lease escalators and re-leasing tailwinds, (3) ongoing capital allocation toward value-enhancing acquisitions or recapitalizations within a high-leverage framework, and (4) refinancing risk management in a rising interest-rate environment. Investors should monitor AFFO/FFO progression, rent receivable adequacy, debt maturities, and potential covenant headwinds. Given debt/ capitalization around 66.6% and only ~1.05x interest coverage, defense against rising financing costs will be critical. A cautious view would emphasize liquidity management and a prudent pace of capital deployment until occupancy and rent growth provide a stronger earnings cushion.