Q2 2026 Revenue down 1% year over year to $11.7M · 46¢ of every $1 of revenue kept as net profit · operating margin 85.3%
Modiv Industrial made $11.7M in Q2 2026 (-1% Y/Y). Operating margin 85.3%, net earnings $5.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Revenue$11.7M
Year over year-1%
Operating margin85.3%
Net earnings$5.4M
Operating cash flow$3.5M
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 $11.7M in Q2 2026, down 1% year over year and roughly flat from the previous quarter.
Operating profit was $10.0M, a 85.3% margin (up 75.5 points year over year). Total costs fell 84% while revenue fell 1%. Net earnings were $5.4M. The effective tax rate was 0.0%.
Operating cash flow was $3.5M (down 12% year over year), 54% of net income including minority interests. Non-cash charges added back $3.6M of depreciation and amortization and $744K of share-based compensation. Working capital and other items used $7.4M. Capital expenditures of $393K left free cash flow of $3.1M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 11, 2026
$11.7M
-1%
85.3%
$5.4M
$3.5M
Q1 2026
10-Q
May 8, 2026
$11.7M
-0.8%
35.9%
−$295K
$4.1M
Q4 2025
10-K
Mar 25, 2026
$11.1M
-6%
45.8%
$1.2M
$3.8M
Q3 2025
10-Q
Nov 14, 2025
$11.7M
+0.3%
41.4%
$1.0M
$4.1M
Q2 2025
10-Q
Aug 7, 2025
$11.8M
+4%
9.8%
−$2.6M
$3.9M
Q1 2025
10-Q
May 7, 2025
$11.8M
-2%
40.2%
$829K
$3.0M
Q4 2024
10-K
Mar 4, 2025
$11.7M
-5%
45.4%
$1.6M
$5.4M
Charts
Latest (Q2 2026): Y/Y -1%, 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 (Q2 2026): Net income $6.5M, Operating cash flow $3.5M.+45.8% since FY2020: more shares outstanding (issuance, stock pay).Cash $14.4M, short-term investments —, long-term debt $261M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Modiv Industrial, Inc. (“Modiv”) is an internally-managed Maryland corporation that acquires, owns and manages a portfolio of single-tenant net-lease properties throughout the United States, with a focus on critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. Modiv also owns three non-core, legacy retail and office real estate properties, and is gradually reducing its non-core exposure, subject to market conditions, as it furthers its focus as a pure-play industrial manufacturing real estate investment trust (“REIT”). Modiv seeks to provide investors access to MOnthly DIVidends through a durable portfolio of real estate investments designed to generate both current income and long-term growth. Modiv has operated as a REIT for U.S.
In its own words, from its 10-K, filed Mar 25, 2026.
Modiv Industrial against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -1% against the peers' median +11%. Operating margin: 85.3% against the peers' median 20.6%.