Q3 2026 Revenue up 11% year over year to $209M · 23¢ of every $1 of revenue kept as net profit · operating margin 30.3%
Copt Defense Properties made $209M in Q3 2026 (+11% Y/Y). Operating margin 30.3%, net earnings $47.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$209M
Year over year+11%
Operating margin30.3%
Net earnings$47.5M
Operating cash flow$86.4M
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 $208.8M in Q3 2026, up 11% year over year and up 6% from the previous quarter.
Operating profit was $63.3M, a 30.3% margin (down 0.3 points year over year). Of the extra revenue versus Q3 2025, 27% reached operating profit, below the 31% margin then. Total costs grew 11% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $47.5M, up 14% year over year. The effective tax rate was 0.2%.
Operating cash flow was $86.4M (up 26% year over year), 173% of net income including minority interests. Non-cash charges added back $43.4M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $10.3M. Capital expenditures of $38.5M left free cash flow of $47.8M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$209M
+11%
30.3%
$47.5M
$86.4M
Q2 2026
10-Q
Aug 3, 2026
$197M
+4%
32.0%
$46.2M
$91.1M
Q1 2026
10-Q
May 6, 2026
$201M
+7%
29.1%
$38.4M
$96.4M
Q4 2025
10-K
Feb 20, 2026
$197M
+8%
29.5%
$37.4M
$81.3M
Q3 2025
10-Q
Nov 4, 2025
$189M
-0.2%
30.6%
$41.6M
$68.6M
Q2 2025
10-Q
Jul 31, 2025
$190M
+1%
31.4%
$38.2M
$87.9M
Q1 2025
10-Q
May 1, 2025
$188M
-3%
29.1%
$34.6M
$72.1M
Charts
Latest (Q3 2026): Y/Y +11%, Q/Q +6%.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 $49.8M, Operating cash flow $86.4M.+1.1% since FY2020: more shares outstanding (issuance, stock pay).Cash $275M, short-term investments —, long-term debt $2.8B 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
U.S. government — 26% of its revenue · Stated in 10-K (sentence) · source
About Copt Defense Properties
COPT Defense Properties (“COPT Defense”) and subsidiaries (collectively, the “Company”, “we” or “us”) is a fully-integrated and self-managed real estate investment trust (“REIT”) focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S. Government (“USG”) defense installations and missions (which we refer to herein as our Defense/IT Portfolio). Our tenants include the USG and its defense contractors, who are primarily engaged in priority national security activities, and who generally require mission-critical and high security property enhancements. Our property portfolio is predominantly comprised of office properties and single-tenant data center shells. As of December 31, 2025, our Defense/IT Portfolio included:
In its own words, from its 10-K, filed Feb 20, 2026.
Copt Defense Properties 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: 30.3% against the peers' median 20.6%.