Q3 2026 Revenue up 7% year over year to $122M · 22¢ of every $1 of revenue kept as net profit · operating margin 42.3%
Broadstone Net Lease made $122M in Q3 2026 (+7% Y/Y). Operating margin 42.3%, net earnings $27.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Revenue$122M
Year over year+7%
Operating margin42.3%
Net earnings$27.1M
Operating cash flow$87.6M
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 $121.9M in Q3 2026, up 7% year over year and roughly flat from the previous quarter.
Operating profit was $51.5M, a 42.3% margin (down 2.2 points year over year). Of the extra revenue versus Q3 2025, 10% reached operating profit, below the 44% margin then. Total costs grew 11% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $27.1M, up 2% year over year. The effective tax rate was 0.9%.
Operating cash flow was $87.6M (up 37% year over year), 311% of net income including minority interests. Non-cash charges added back $49.8M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items added $6.5M. Capital expenditures of $23.8M left free cash flow of $63.9M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 28, 2026
$122M
+7%
42.3%
$27.1M
$87.6M
Q2 2026
10-Q
Jul 29, 2026
$122M
+8%
42.5%
$39.8M
$58.2M
Q1 2026
10-Q
Apr 30, 2026
$121M
+12%
52.2%
$46.4M
$76.1M
Q4 2025
10-K
Feb 19, 2026
$118M
+6%
47.3%
$33.1M
$84.6M
Q3 2025
10-Q
Oct 29, 2025
$114M
+5%
44.5%
$26.5M
$64.2M
Q2 2025
10-Q
Jul 31, 2025
$113M
+7%
38.9%
$20.2M
$79.3M
Q1 2025
10-Q
May 1, 2025
$109M
+3%
34.9%
$16.7M
$71.5M
Charts
Latest (Q3 2026): Y/Y +7%, Q/Q 0%.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 $28.1M, Operating cash flow $87.6M.+53.4% since FY2020: more shares outstanding (issuance, stock pay).Cash $30.5M, short-term investments —, long-term debt $2.5B at 2025-12-31.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
We are an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. As of December 31, 2025, our portfolio includes 771 properties, with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces. We expect to achieve growth in revenues and earnings through our three core building blocks, which are (1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, accretive recycling, and revenue generating capital expenditures with existing tenants, (2) build-to-suit developments, and (3) a diversified acquisition pipeline.
In its own words, from its 10-K, filed Feb 19, 2026.
Broadstone Net Lease against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +11%. Operating margin: 42.3% against the peers' median 20.6%.