Filing Flows › American Assets Trust (AAT) › Q1 2026 › vs Q4 2025
American Assets Trust (AAT) Q1 2026 vs Q4 2025 (quarter over quarter)
American Assets Trust's revenue rose $506K (+0.5%) from $110M in Q4 2025 to $111M in Q1 2026. The biggest changes: Retail −$991K (-4%); Multifamily +$898K (+5%); Office +$312K (+0.6%). Gross margin 60.5% against 59.4% (+1.1 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 60.5% | 59.4% | +1.1 pts |
| Operating margin | 23.4% | 21.1% | +2.3 pts |
| Net margin | 4.6% | 2.9% | +1.8 pts |
| Free cash flow margin | 16.4% | 20.9% | -4.5 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Office | $52.4M | $52.0M | $312K | +0.6% |
| Retail | $23.3M | $24.3M | −$991K | -4% |
| Multifamily | $18.2M | $17.3M | $898K | +5% |
| Mixed-use | $16.7M | $16.4M | $287K | +2% |
| Revenue | $111M | $110M | $506K | +0.5% |
| Gross profit | $66.9M | $65.4M | $1.5M | +2% |
| Cost of revenue | $43.7M | $44.7M | −$1.0M | -2% |
| Operating profit | $25.8M | $23.2M | $2.6M | +11% |
| Operating expenses | $41.1M | $42.2M | −$1.1M | -3% |
| Pre-tax earnings | $6.8M | $4.3M | $2.5M | +59% |
| Other expense, net | $19.0M | $18.9M | $77K | +0.4% |
| General & admin | $8.8M | $10.2M | −$1.4M | -14% |
| Other operating costs | $32.3M | $32.0M | $289K | +0.9% |
| Net earnings | $5.1M | $3.1M | $2.0M | +63% |
| Minority interests | $1.6M | $1.1M | $532K | +50% |
| Income tax | $101K | $79K | $22K | +28% |
| Depreciation & amortization | $32.3M | $32.0M | $289K | +0.9% |
| Share-based compensation | $1.7M | $2.2M | −$559K | -25% |
| Working capital & other | $534K | −$3.2M | $3.7M | — |
| Operating cash flow | $38.6M | $40.6M | −$2.0M | -5% |
| Free cash flow (OCF − capex) | $18.2M | $23.0M | −$4.8M | -21% |
| Capital expenditures | $20.4M | $17.6M | $2.9M | +16% |
Questions
How much did American Assets Trust's revenue grow quarter over quarter in Q1 2026?
American Assets Trust's revenue rose $506K (+0.5%) from $110M in Q4 2025 to $111M in Q1 2026.
What drove American Assets Trust's revenue change in Q1 2026?
Retail −$991K (-4%); Multifamily +$898K (+5%); Office +$312K (+0.6%).