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Essex Portfolio LP earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026
Q3 2026 Revenue up 4% year over year to $493M · 20¢ of every $1 of revenue kept as net profit · operating margin 31.8%
Essex Portfolio LP made $493M in Q3 2026 (+4% Y/Y). Operating margin 31.8%, net earnings $98.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
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What changed this quarter
Revenue was $492.7M in Q3 2026, up 4% year over year.
Gross margin was 69.2%, unchanged from Q3 2025. Operating profit was $156.8M, a 31.8% margin (down 12.6 points year over year). Operating profit fell $53.6M even though revenue rose $19.4M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 57% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+69%). Net earnings were $98.1M, down 40% year over year. The effective tax rate was 0.0%.
Operating cash flow was $333.4M (down 3% year over year), 321% of net income including minority interests. Non-cash charges added back $152.6M of depreciation and $3.6M of share-based compensation. Working capital and other items added $73.5M. Capital expenditures of $35.8M left free cash flow of $297.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $493M | +4% | 31.8% | $98.1M | $333M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $489M | +4% | 22.4% | $62.5M | $254M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $485M | +4% | 32.0% | $106M | $287M |
| Q4 2025 | 10-K | Feb 20, 2026 | $480M | +6% | 31.7% | $80.6M | $234M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $473M | +5% | 44.5% | $165M | $343M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $470M | +6% | 59.5% | $221M | $216M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $465M | +9% | 55.3% | $203M | $282M |
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About Essex Portfolio LP
Essex Property Trust, Inc. (“Essex”), a Maryland corporation, is an S&P 500 company that operates as a self-administered and self-managed real estate investment trust (“REIT”). Essex owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the “Operating Partnership” or “EPLP”). Essex is the sole general partner of the Operating Partnership and as of December 31, 2025, had an approximately 96.6% general partner interest in the Operating Partnership. In this report, the terms “Company,” “we,” “us,” and “our” also refer to Essex Property Trust, Inc., the Operating Partnership and those entities/subsidiaries owned or controlled by Essex and/or the Operating Partnership.
In its own words, from its 10-K, filed Feb 20, 2026.
Essex Portfolio LP against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +11%. Operating margin: 31.8% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Essex Portfolio LP | Q3 2026 | $493M | +4% | 31.8% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Essex Portfolio LP 10-Q on SEC EDGAR · CIK 1053059 · Real Estate Investment Trusts