Fortress Net Lease REIT earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 11, 2026
Q2 2026 Revenue up 102% year over year to $79.3M · 11¢ of every $1 of revenue kept as net profit · operating margin 11.0%
Fortress Net Lease REIT made $79.3M in Q2 2026 (+102% Y/Y). Operating margin 11.0%, net earnings $8.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 11, 2026.
Revenue$79.3M
Year over year+102%
Operating margin11.0%
Net earnings$8.5M
Operating cash flow$22.9M
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 $79.3M in Q2 2026, up 102% year over year and up 14% from the previous quarter.
Operating profit was $8.7M, a 11.0% margin (down 5.1 points year over year). Of the extra revenue versus Q2 2025, 6% reached operating profit, below the 16% margin then. Total costs grew 114% against revenue growth of 102%. The fastest-growing cost line was Other operating costs (+117%). Net earnings were $8.5M, up 36% year over year. The effective tax rate was 0.0%.
Operating cash flow was $22.9M (up 17% year over year), 262% of net income including minority interests. Non-cash charges added back $29.3M of depreciation and amortization and $100K of share-based compensation. Working capital and other items used $15.2M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 11, 2026
$79.3M
+102%
11.0%
$8.5M
$22.9M
Q1 2026
10-Q
May 14, 2026
$69.9M
+114%
8.3%
$5.7M
$37.0M
Q4 2025
10-K
Mar 26, 2026
$61.9M
+210%
9.4%
$5.7M
$26.7M
Q3 2025
10-Q
Nov 14, 2025
$50.5M
+350%
17.4%
$8.7M
$25.4M
Q2 2025
10-Q
Aug 13, 2025
$39.4M
+427%
16.1%
$6.3M
$19.5M
Q1 2025
10-Q
May 13, 2025
$32.6M
12×
18.5%
$6.0M
$13.4M
Q4 2024
10-K
Mar 28, 2025
$20.0M
235×
20.9%
$4.2M
$13.8M
Charts
Latest (Q2 2026): Y/Y +102%, Q/Q +14%.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 $8.7M, Operating cash flow $22.9M.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
investors an ability to access net lease real estate. We are a privately-placed, non-listed, perpetual life REIT. We own all or substantially all of our assets through the Operating Partnership. We are externally managed by our Adviser, an affiliate of
In its own words, from its 10-K, filed Mar 28, 2025.
Fortress Net Lease REIT against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +102% against the peers' median +14%. Operating margin: 11.0% against the peers' median 15.9%.