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Tiaa Real Estate Account earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026
Q3 2026 Revenue down 1% year over year to $303M · 299¢ of every $1 of revenue kept as net profit · operating margin 298.8%
Tiaa Real Estate Account made $303M in Q3 2026 (-0.8% Y/Y). Operating margin 298.8%, net earnings $906M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $303.2M in Q3 2026, down 1% year over year and down 4% from the previous quarter.
Operating profit was $905.9M, a 298.8% margin (up 216.9 points year over year). Net earnings were $905.9M, up 262% year over year. The effective tax rate was 0.0%.
Operating cash flow was $111.0M, 12% of net earnings. Working capital and other items used $794.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $303M | -0.8% | 298.8% | $906M | $111M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $314M | -0.1% | 106.5% | $335M | $158M |
| Q1 2026 | 10-Q | May 6, 2026 | $304M | -6% | 45.8% | $139M | $144M |
| Q4 2025 | 10-K | Mar 12, 2026 | $309M | -4% | 73.9% | $228M | −$127M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $306M | -13% | 81.9% | $250M | −$32.5M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $315M | -6% | 58.5% | $184M | $11.7M |
| Q1 2025 | 10-Q | May 7, 2025 | $322M | -8% | 68.3% | $220M | $246M |
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About Tiaa Real Estate Account
General . The TIAA Real Estate Account (the “Real Estate Account”, the “Account” or the “Registrant”) was established on February 22, 1995, as an insurance company separate account of Teachers Insurance and Annuity Association of America (“TIAA”), a New York insurance company, by resolution of TIAA’s Board of Trustees (the “Board”). The Account, which invests mainly in real estate and real estate-related investments, is a variable annuity investment option offered through individual, group and tax-deferred annuity contracts available to employees in the academic, medical, cultural and research fields. The Account commenced operations on July 3, 1995, and interests in the Account were first offered to eligible participants (or “contract owners”) on October 2, 1995.
In its own words, from its 10-K, filed Mar 12, 2026.
Tiaa Real Estate Account against its Real Estate peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -0.8% against the peers' median +8%. Operating margin: 298.8% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Tiaa Real Estate Account | Q3 2026 | $303M | -0.8% | 298.8% |
| CBRE CBRE Group | Q3 2026 | $11.5B | +13% | 4.9% |
| CWK Cushman & Wakefield | Q3 2026 | $2.8B | +8% | 4.6% |
| Prologis, L.P. | Q3 2026 | $2.4B | +8% | 43.8% |
| Digital Realty Trust, L.P. | Q3 2026 | $1.9B | +21% | 15.9% |
| FOR Forestar Group | Q4 FY26 | $581M | -13% | 13.5% |
| Regency Centers LP | Q3 2026 | $419M | +8% | 72.3% |
| MRP Millrose Properties | Q3 2026 | $211M | +18% | 85.5% |
| HPP Hudson Pacific Properties | Q2 2026 | $188M | -0.9% | -55.4% |
Source: Tiaa Real Estate Account 10-Q on SEC EDGAR · CIK 946155 · Real Estate