Q3 2026 Revenue down 11% year over year to $671M · 89¢ of every $1 of revenue lost · operating margin -92.3%
Alexandria Real Estate Equities made $671M in Q3 2026 (-11% Y/Y): Income from rentals $654M, Other income $17.6M. Operating margin -92.3%, net loss $599M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 2026.
Revenue$671M
Year over year-11%
Operating margin-92.3%
Net earnings−$599M
Operating cash flow$342M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $671.2M in Q3 2026, down 11% year over year and up 1% from the previous quarter. Income from rentals was the largest line at 97% of revenue. Income from rentals lost $82.2M year over year (down 11%), 102% of the total change.
Operating costs exceeded revenue by $619.7M, an operating margin of -92.3%. Total costs grew 31% against a revenue fall of 11%. The fastest-growing cost line was General & admin (+40%). The quarter ended with a net loss of $598.9M, wider than the previous quarter's $39.0M loss.
Operating cash flow was $341.8M (down 21% year over year). Non-cash charges added back $304.4M of depreciation and amortization and $12.0M of share-based compensation. Working capital and other items added $624.4M. Capital expenditures of $378.8M exceeded it, leaving free cash flow of −$37.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 26, 2026
$671M
-11%
-92.3%
−$599M
$342M
Q2 2026
10-Q
Aug 3, 2026
$663M
-13%
-26.0%
−$39.0M
$337M
Q1 2026
10-Q
Apr 27, 2026
$671M
-12%
5.5%
$362M
$197M
Q4 2025
10-K
Jan 26, 2026
$754M
-4%
-213.6%
−$995M
$312M
Q3 2025
10-Q
Oct 27, 2025
$752M
-5%
-31.3%
−$198M
$433M
Q2 2025
10-Q
Jul 21, 2025
$762M
-0.6%
-3.0%
−$62.2M
$460M
Q1 2025
10-Q
Apr 28, 2025
$758M
-1%
10.0%
$38.7M
$208M
Charts
Latest (Q3 2026): Y/Y -11%, Q/Q +1%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$599M, Operating cash flow $342M.+34.6% since FY2020: more shares outstanding (issuance, stock pay).Cash $552M, short-term investments —, long-term debt $12.2B at 2024-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
PCG · Stated in 10-K (named, share not stated) · source
About Alexandria Real Estate Equities
purposes. Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 ® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate
In its own words, from its 10-K, filed Jan 26, 2026.
Alexandria Real Estate Equities against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -11% against the peers' median +11%. Operating margin: -92.3% against the peers' median 15.9%.