Nuveen Global Cities REIT earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026
Q2 2026 Revenue up 7% year over year to $56.8M · 22¢ of every $1 of revenue kept as net profit · operating margin 91.5%
Nuveen Global Cities REIT made $56.8M in Q2 2026 (+7% Y/Y): Industrial $15.7M, Healthcare $12.2M, Multifamily $8.4M. Operating margin 91.5%, net earnings $12.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Revenue$56.8M
Year over year+7%
Operating margin91.5%
Net earnings$12.5M
Operating cash flow$21.9M
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 $56.8M in Q2 2026, up 7% year over year and up 8% from the previous quarter. Industrial was the largest line at 28% of revenue. Industrial added $2.7M year over year (up 21%), 72% of the total change. Commercial Mortgage Loans declined 28%.
Operating profit was $52.0M, a 91.5% margin (up 22.2 points year over year). Of the extra revenue versus Q2 2025, 402% reached operating profit, above the 69% margin then. Total costs fell 70% while revenue rose 7%. The fastest-growing cost line was General & admin (+12%). Net earnings were $12.5M. The effective tax rate was 0.0%.
Operating cash flow was $21.9M (up 2% year over year), 176% of net earnings. Non-cash charges added back $21.2M of depreciation and amortization. Working capital and other items used $11.8M. Capital expenditures of $4.7M left free cash flow of $17.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 13, 2026
$56.8M
+7%
91.5%
$12.5M
$21.9M
Q1 2026
10-Q
May 13, 2026
$52.7M
+2%
75.0%
$1.9M
$18.7M
Q4 2025
10-K
Mar 20, 2026
$53.7M
+8%
52.4%
−$10.1M
$18.8M
Q3 2025
10-Q
Nov 14, 2025
$53.5M
+3%
83.7%
$5.5M
$18.8M
Q2 2025
10-Q
Aug 8, 2025
$53.0M
+2%
69.2%
−$2.1M
$21.4M
Q1 2025
10-Q
May 9, 2025
$51.8M
-0.7%
67.6%
−$2.9M
$15.5M
Q4 2024
10-K
Mar 21, 2025
$49.9M
-3%
68.8%
−$4.6M
$15.1M
Charts
Latest (Q2 2026): Y/Y +7%, Q/Q +8%.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 $12.5M, Operating cash flow $21.9M.+394.3% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
The words “we,” “us” and “our” refer to Nuveen Global Cities REIT, Inc., together with its consolidated subsidiaries, including Nuveen Global Cities REIT OP, LP (the “Operating Partnership”), a Delaware limited partnership of which we are the general partner, unless the context requires otherwise. “Other Nuveen Real Estate Accounts” means investment funds, REITs, vehicles, accounts, products and other similar arrangements sponsored, advised, or managed by Nuveen Real Estate or its affiliates, including the International Affiliated Funds (as defined below), whether currently in existence or subsequently established (in each case, including any related successor funds, alternative vehicles, supplemental capital vehicles, surge funds, overflow funds, co-investment vehicles and other entities formed in connection with Nuveen Real Estate or its affiliates side-by-side or additional general…
In its own words, from its 10-K, filed Mar 20, 2026.
Nuveen Global Cities 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: 91.5% against the peers' median 20.6%.