Filing Flows › American Assets Trust (AAT) › Q1 2026
American Assets Trust (AAT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 1, 2026
American Assets Trust (AAT) reported revenue of $111M for the first quarter 2026 (Q1 2026), +2% from a year earlier and +0.5% from the quarter before. Operating margin was 23.4%, net earnings $5.1M (4.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111M | +0.5% | +2% |
| Gross profit | $66.9M | +2% | -0.6% |
| Operating profit | $25.8M | +11% | -64% |
| Net earnings | $5.1M | +63% | -88% |
| Operating cash flow | $38.6M | -5% | +5% |
| Free cash flow | $18.2M | -21% | -11% |
What changed
Revenue was $110.6M in Q1 2026, up 2% year over year and roughly flat from the previous quarter. Office was the largest line at 47% of revenue. Office added $1.5M year over year (up 3%), 74% of the total change. Retail declined 5%.
Gross margin was 60.5%, down 1.5 points from Q1 2025. Operating profit was $25.8M, a 23.4% margin (down 42.9 points year over year). Operating profit fell $46.1M even though revenue rose $2.0M versus Q1 2025, so costs grew faster than sales. Net earnings were $5.1M, down 88% year over year. The effective tax rate was 1.5%.
Operating cash flow was $38.6M (up 5% year over year), 573% of net income including minority interests. Non-cash charges added back $32.3M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items used $2.1M. Capital expenditures of $20.4M left free cash flow of $18.2M.
Questions
What was American Assets Trust's revenue in the first quarter 2026?
American Assets Trust (AAT) reported revenue of $111M for the first quarter 2026 (Q1 2026), +2% from a year earlier and +0.5% from the quarter before.
Was American Assets Trust profitable in the first quarter 2026?
Operating profit was $25.8M (23.4% of revenue) and net earnings $5.1M.