ExchangeRight Income Fund earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026
Q3 2026 Revenue up 38% year over year to $31.6M · 14¢ of every $1 of revenue lost · operating margin 28.7%
ExchangeRight Income Fund made $31.6M in Q3 2026 (+38% Y/Y). Operating margin 28.7%, net loss $4.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Revenue$31.6M
Year over year+38%
Operating margin28.7%
Net earnings−$4.6M
Operating cash flow$15.3M
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 $31.6M in Q3 2026, up 37% year over year and up 18% from the previous quarter.
Operating profit was $9.1M, a 28.7% margin (down 10.4 points year over year). Of the extra revenue versus Q3 2025, 1% reached operating profit, below the 39% margin then. Total costs grew 61% against revenue growth of 37%. The fastest-growing cost line was Other operating costs (+61%). The quarter ended with a net loss of $4.6M, wider than the previous quarter's $3.6M loss. Minority interests bore $2.2M of it: to shareholders the quarter was a loss of $2.4M. Net interest and other expense of $13.6M was the main reason.
Operating cash flow was $15.3M (up 37% year over year). Non-cash charges added back $16.6M of depreciation and amortization. Working capital and other items added $3.3M. Capital expenditures of $189K left free cash flow of $15.1M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 29, 2026
$31.6M
+38%
28.7%
−$4.6M
$15.3M
Q2 2026
10-Q
Jul 30, 2026
$26.9M
+16%
27.6%
−$3.6M
$14.5M
Q1 2026
10-Q
Apr 30, 2026
$24.6M
+5%
37.2%
−$238K
$10.7M
Q4 2025
10-K
Feb 26, 2026
$23.4M
+6%
37.5%
−$688K
$10.9M
Q3 2025
10-Q
Oct 30, 2025
$23.0M
+7%
39.2%
−$443K
$11.1M
Q2 2025
10-Q
Jul 31, 2025
$23.1M
+9%
60.5%
$3.0M
$10.6M
Q1 2025
10-Q
Apr 30, 2025
$23.4M
+9%
36.7%
−$617K
$11.0M
Charts
Latest (Q3 2026): Y/Y +38%, Q/Q +18%.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 $15.3M.+28.8% since FY2022: more shares outstanding (issuance, stock pay).Cash $10.7M, short-term investments —, long-term debt $672M at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
ExchangeRight Income Fund, doing business as ExchangeRight Essential Income REIT, a Maryland statutory trust, (the “Company”) is a self-administered real estate company, formed on January 11, 2019, focusing on investing in single-tenant, primarily investment-grade net-leased real estate. The Company, through its operating partnership, ExchangeRight Income Fund Operating Partnership, LP, a Delaware limited partnership (the “Operating Partnership”) owned 357 properties in 35 states (collectively, the “Trust Properties”) as of December 31, 2025. The Trust Properties are occupied by 40 different primarily national investment-grade necessity-based tenants as of December 31, 2025 and are additionally diversified by industry, geographic region, and lease term.
In its own words, from its 10-K, filed Feb 26, 2026.
ExchangeRight Income Fund against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +38% against the peers' median +14%. Operating margin: 28.7% against the peers' median 20.6%.