EQT Exeter Real Estate Income Trust earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 12, 2026
Q2 2026 Revenue up 15% year over year to $10.7M · 3¢ of every $1 of revenue lost · operating margin 36.9%
EQT Exeter Real Estate Income Trust made $10.7M in Q2 2026 (+15% Y/Y). Operating margin 36.9%, net loss $350K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 12, 2026.
Revenue$10.7M
Year over year+15%
Operating margin36.9%
Net earnings−$350K
Operating cash flow$4.2M
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 $10.7M in Q2 2026, up 15% year over year and up 4% from the previous quarter.
Operating profit was $3.9M, a 36.9% margin (down 1.5 points year over year). Of the extra revenue versus Q2 2025, 27% reached operating profit, below the 38% margin then. Total costs grew 18% against revenue growth of 15%. The fastest-growing cost line was Cost of revenue (+62%). The quarter ended with a net loss of $350K, narrower than the previous quarter's $727K loss. Net interest and other expense of $4.3M was the main reason.
Operating cash flow was $4.2M (down 2% year over year). Non-cash charges added back $3.8M of depreciation and amortization and $96K of share-based compensation. Working capital and other items added $717K.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 12, 2026
$10.7M
+15%
36.9%
−$350K
$4.2M
Q1 2026
10-Q
May 11, 2026
$10.2M
+12%
35.3%
−$727K
$3.6M
Q4 2025
10-K
Mar 20, 2026
$9.3M
+7%
38.4%
−$355K
$3.2M
Q3 2025
10-Q
Nov 13, 2025
$9.2M
+157%
37.5%
−$436K
$3.6M
Q2 2025
10-Q
Aug 13, 2025
$9.3M
+824%
38.3%
−$458K
$4.3M
Q1 2025
10-Q
May 14, 2025
$9.1M
73×
37.2%
−$636K
$2.8M
Q4 2024
10-K
Mar 28, 2025
$8.6M
—
39.6%
−$400K
$1.9M
Charts
Latest (Q2 2026): Y/Y +15%, Q/Q +4%.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 −$350K, Operating cash flow $4.2M.+21870.3% since FY2023: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
EQT Exeter Real Estate Income Trust, Inc. was formed on September 2, 2022, as a Maryland corporation. We are an externally advised, perpetual-life REIT. We elected to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2024, and we intend to operate in a manner that will allow us to continue to qualify as a REIT. We were organized to invest primarily in stabilized, income-oriented commercial real estate in the United States. We are the sole general partner of EQT Exeter REIT Operating Partnership LP, a Delaware limited partnership (the “Operating Partnership”). EQRT Special Limited Partner LLC, a Delaware limited liability company (the “Special Limited Partner”) and an affiliate of our Adviser, owns a special limited partner interest in the Operating Partnership.
In its own words, from its 10-K, filed Mar 20, 2026.
EQT Exeter 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: +15% against the peers' median +14%. Operating margin: 36.9% against the peers' median 20.6%.