Filing Flows › American Assets Trust (AAT) › Q1 2026 › vs Q1 2025
American Assets Trust (AAT) Q1 2026 vs Q1 2025 (year over year)
American Assets Trust's revenue rose $2.0M (+2%) from $109M in Q1 2025 to $111M in Q1 2026. The biggest changes: Office +$1.5M (+3%); Multifamily +$1.4M (+8%); Retail −$1.3M (-5%). Gross margin 60.5% against 62.0% (-1.5 pts).
American Assets Trust, Q1 2026: revenue $111M (+2% year over year), operating margin 23.4%, net earnings $5.1M, operating cash flow $38.6M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Gross margin | 60.5% | 62.0% | -1.5 pts |
| Operating margin | 23.4% | 66.3% | -42.9 pts |
| Net margin | 4.6% | 39.2% | -34.5 pts |
| Free cash flow margin | 16.4% | 18.8% | -2.4 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Office | $52.4M | $50.9M | $1.5M | +3% |
| Retail | $23.3M | $24.6M | −$1.3M | -5% |
| Multifamily | $18.2M | $16.8M | $1.4M | +8% |
| Mixed-use | $16.7M | $16.2M | $448K | +3% |
| Revenue | $111M | $109M | $2.0M | +2% |
| Gross profit | $66.9M | $67.3M | −$376K | -0.6% |
| Cost of revenue | $43.7M | $41.3M | $2.4M | +6% |
| Operating profit | $25.8M | $72.0M | −$46.1M | -64% |
| Operating expenses | $41.1M | $0 | $41.1M | — |
| Pre-tax earnings | $6.8M | $54.5M | −$47.7M | -87% |
| Other expense, net | $19.0M | $17.4M | $1.5M | +9% |
| Net earnings | $5.1M | $42.5M | −$37.4M | -88% |
| Minority interests | $1.6M | $11.6M | −$10.0M | -86% |
| Income tax | $101K | $417K | −$316K | -76% |
| Depreciation & amortization | $32.3M | $30.5M | $1.8M | +6% |
| Share-based compensation | $1.7M | $1.7M | $12K | +0.7% |
| Working capital & other | $534K | $37.8M | −$37.3M | -99% |
| Operating cash flow | $38.6M | $36.9M | $1.7M | +5% |
| Free cash flow (OCF − capex) | $18.2M | $20.4M | −$2.3M | -11% |
| Capital expenditures | $20.4M | $16.4M | $4.0M | +24% |
Questions
How much did American Assets Trust's revenue grow year over year in Q1 2026?
American Assets Trust's revenue rose $2.0M (+2%) from $109M in Q1 2025 to $111M in Q1 2026.
What drove American Assets Trust's revenue change in Q1 2026?
Office +$1.5M (+3%); Multifamily +$1.4M (+8%); Retail −$1.3M (-5%).