Q3 2026 Revenue up 9% year over year to $78.4M · 12¢ of every $1 of revenue kept as net profit · operating margin 67.6%
Saul Centers made $78.4M in Q3 2026 (+9% Y/Y). Operating margin 67.6%, net earnings $9.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$78.4M
Year over year+9%
Operating margin67.6%
Net earnings$9.5M
Operating cash flow$14.0M
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 $78.4M in Q3 2026, up 9% year over year and up 2% from the previous quarter.
Operating profit was $53.0M, a 67.6% margin (down 1.5 points year over year). Of the extra revenue versus Q3 2025, 51% reached operating profit, below the 69% margin then. Total costs grew 14% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+19%). Net earnings were $9.5M, down 10% year over year. The effective tax rate was 0.0%.
Operating cash flow was $14.0M (down 32% year over year), 111% of net income including minority interests. Non-cash charges added back $16.1M of depreciation and amortization and $690K of share-based compensation. Working capital and other items used $15.5M. Capital expenditures of $5.4M left free cash flow of $8.6M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$78.4M
+9%
67.6%
$9.5M
$14.0M
Q2 2026
10-Q
Aug 6, 2026
$76.8M
+8%
67.7%
$8.8M
$30.8M
Q1 2026
10-Q
May 7, 2026
$78.3M
+9%
66.0%
$9.1M
$29.3M
Q4 2025
10-K
Feb 27, 2026
$75.1M
+11%
65.4%
$6.5M
$22.2M
Q3 2025
10-Q
Nov 6, 2025
$72.0M
+7%
69.1%
$10.5M
$20.6M
Q2 2025
10-Q
Aug 7, 2025
$70.8M
+6%
68.7%
$10.7M
$26.6M
Q1 2025
10-Q
May 8, 2025
$71.9M
+8%
66.5%
$9.8M
$30.4M
Charts
Latest (Q3 2026): Y/Y +9%, Q/Q +2%.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 $12.6M, Operating cash flow $14.0M.+3.8% since FY2020: more shares outstanding (issuance, stock pay).Cash $8.7M, short-term investments —, long-term debt $468M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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💵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
Saul Centers, Inc. (“Saul Centers”) was incorporated under the Maryland General Corporation Law in 1993, and operates as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to annually distribute at least 90% of its REIT taxable income (excluding net capital gains) to its stockholders and meet certain organizational and other requirements. Saul Centers has made and intends to continue to make regular quarterly distributions to its stockholders. Saul Centers, together with its wholly-owned subsidiaries and the limited partnerships of which Saul Centers or one of its subsidiaries is the sole general partner, are referred to collectively as the “Company.” B. Francis Saul II serves as Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of Saul Centers.
In its own words, from its 10-K, filed Feb 27, 2026.
Saul Centers against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +11%. Operating margin: 67.6% against the peers' median 20.6%.