Q3 2026 Revenue up 7% year over year to $22.4M · 17¢ of every $1 of revenue kept as net profit · operating margin 52.0%
GTJ REIT made $22.4M in Q3 2026 (+7% Y/Y). Operating margin 52.0%, net earnings $3.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$22.4M
Year over year+7%
Operating margin52.0%
Net earnings$3.8M
Operating cash flow$8.3M
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 $22.4M in Q3 2026, up 7% year over year and up 1% from the previous quarter.
Operating profit was $11.6M, a 52.0% margin (up 1.6 points year over year). Of the extra revenue versus Q3 2025, 75% reached operating profit, above the 50% margin then. Total costs grew 4% against revenue growth of 7%. Net earnings were $3.8M, up 15% year over year. The effective tax rate was 0.0%.
Operating cash flow was $8.3M (up 24% year over year), 181% of net income including minority interests. Non-cash charges added back $3.9M of depreciation and amortization and $342K of share-based compensation. Working capital and other items used $558K. Capital expenditures of $841K left free cash flow of $7.4M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$22.4M
+7%
52.0%
$3.8M
$8.3M
Q2 2026
10-Q
Aug 7, 2026
$22.1M
+6%
38.7%
$1.2M
$5.2M
Q1 2026
10-Q
May 8, 2026
$22.2M
+7%
48.8%
$3.5M
$8.8M
Q4 2025
10-K
Mar 19, 2026
$21.6M
+8%
48.6%
$3.2M
$9.1M
Q3 2025
10-Q
Nov 7, 2025
$20.9M
+7%
50.4%
$3.3M
$6.7M
Q2 2025
10-Q
Aug 8, 2025
$20.8M
+8%
75.4%
$7.5M
$6.0M
Q1 2025
10-Q
May 9, 2025
$20.8M
+4%
48.1%
$2.9M
$6.8M
Charts
Latest (Q3 2026): Y/Y +7%, 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 $4.6M, Operating cash flow $8.3M.-0.6% since FY2020: buybacks shrank the count.Cash $28.8M, short-term investments —, long-term debt $465M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
GTJ REIT, Inc. (the “Company,” “we,” “us,” “our,” or “GTJ REIT”) is a self-administered and self-managed real estate investment trust (“REIT”) which, as of the date of this report, owns and operates, through GTJ Realty, LP, a limited partnership owned and controlled by the Company (the “Operating Partnership”) a total of 51 commercial properties in New York, New Jersey, Connecticut, Delaware, North Carolina and Florida. We focus primarily on the acquisition, ownership, management and operation of commercial real estate. The Company was incorporated on June 26, 2006 in Maryland. On March 29, 2007, the Company completed a merger transaction with Triboro Coach Corp., Jamaica Central Railways, Inc., and Green Bus Lines, Inc., (together collectively referred to as the “Bus Companies”).
In its own words, from its 10-K, filed Mar 19, 2026.
GTJ REIT 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: 52.0% against the peers' median 20.6%.