Ares Industrial Real Estate Income Trust earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026
Q2 2026 Revenue up 8% year over year to $158M · 44¢ of every $1 of revenue lost · operating margin 75.6%
Ares Industrial Real Estate Income Trust made $158M in Q2 2026 (+8% Y/Y). Operating margin 75.6%, net loss $69.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Revenue$158M
Year over year+8%
Operating margin75.6%
Net earnings−$69.8M
Operating cash flow$32.0M
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 $158.5M in Q2 2026, up 8% year over year and up 3% from the previous quarter.
Operating profit was $119.8M, a 75.6% margin (down 2.2 points year over year). Of the extra revenue versus Q2 2025, 48% reached operating profit, below the 78% margin then. Total costs grew 18% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+20%). The quarter ended with a net loss of $69.8M, wider than the previous quarter's $63.6M loss. Minority interests bore $18.9M of it: to shareholders the quarter was a loss of $50.9M. Net interest and other expense of $189.6M was the main reason.
Operating cash flow was $32.0M (up 18% year over year). Non-cash charges added back $79.0M of depreciation and amortization. Working capital and other items added $22.8M. Capital expenditures of $15.8M left free cash flow of $16.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 12, 2026
$158M
+8%
75.6%
−$69.8M
$32.0M
Q1 2026
10-Q
May 13, 2026
$154M
+7%
75.6%
−$63.6M
$23.4M
Q4 2025
10-K
Mar 6, 2026
$155M
+13%
77.0%
−$43.5M
$15.8M
Q3 2025
10-Q
Nov 10, 2025
$146M
+10%
77.1%
−$53.6M
$35.3M
Q2 2025
10-Q
Aug 13, 2025
$147M
+13%
77.8%
−$6.3M
$27.2M
Q1 2025
10-Q
May 9, 2025
$144M
+15%
76.3%
−$58.6M
$20.6M
Q4 2024
10-K
Mar 6, 2025
$138M
+13%
77.0%
−$38.2M
$12.8M
Charts
Latest (Q2 2026): Y/Y +8%, Q/Q +3%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$69.8M, Operating cash flow $32.0M.+57.5% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2021.Cash $63.0M, short-term investments —, long-term debt $4.7B at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
AMZN — 8% of its revenue · Stated in 10-K (customer table) · source
About Ares Industrial Real Estate Income Trust
Ares Industrial Real Estate Income Trust Inc. is a Maryland corporation formed on August 12, 2014. As used herein, the terms “Ares Industrial Real Estate Income Trust,” “AIREIT,” the “Company,” “we,” “our,” or “us” refer to Ares Industrial Real Estate Income Trust Inc. and its consolidated subsidiaries, except where otherwise indicated. We were formed to make equity and debt investments in income-producing real estate assets consisting primarily of high-quality distribution warehouses and other industrial properties that are leased to creditworthy corporate customers throughout the U.S. Although we will continue to focus our investment activities primarily on distribution warehouses and other industrial properties, our charter and bylaws do not preclude us from investing in other types of commercial property, real estate debt, or real estate-related equity securities.
In its own words, from its 10-K, filed Mar 6, 2026.
Ares Industrial Real Estate Income Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +11%. Operating margin: 75.6% against the peers' median 20.6%.