Q3 2026 Revenue up 7% year over year to $40.5M · 15¢ of every $1 of revenue lost · operating margin 24.4%
Clipper Realty made $40.5M in Q3 2026 (+7% Y/Y): Residential Rental $34.0M, Commercial Real Estate $6.5M. Operating margin 24.4%, net loss $5.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$40.5M
Year over year+7%
Operating margin24.4%
Net earnings−$5.9M
Operating cash flow−$431K
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 $40.5M in Q3 2026, up 7% year over year and up 5% from the previous quarter. Residential Rental was the largest line at 84% of revenue. Residential Rental added $4.2M year over year (up 14%), 150% of the total change. Commercial Real Estate declined 18%.
Operating profit was $9.9M, a 24.4% margin (up 0.8 points year over year). Of the extra revenue versus Q3 2025, 36% reached operating profit, above the 24% margin then. Total costs grew 6% against revenue growth of 7%. The quarter ended with a net loss of $5.9M, narrower than the previous quarter's $6.3M loss. Minority interests bore $3.7M of it: to shareholders the quarter was a loss of $2.2M. Net interest and other expense of $15.8M was the main reason.
Operating cash flow was −$431K. Non-cash charges added back $8.1M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items used $3.7M. Capital expenditures of $2.8M exceeded it, leaving free cash flow of −$3.3M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$40.5M
+7%
24.4%
−$5.9M
−$431K
Q2 2026
10-Q
Aug 6, 2026
$38.6M
-1%
24.3%
−$6.3M
$14.4M
Q1 2026
10-Q
May 14, 2026
$38.1M
-3%
11.5%
−$11.1M
$3.6M
Q4 2025
10-K
Feb 26, 2026
$37.1M
-3%
21.8%
−$11.3M
$6.1M
Q3 2025
10-Q
Nov 14, 2025
$37.7M
+0.2%
23.6%
−$4.6M
$1.4M
Q2 2025
10-Q
Aug 8, 2025
$39.0M
+4%
27.7%
−$1.4M
$8.4M
Q1 2025
10-Q
May 12, 2025
$39.4M
+10%
-59.9%
−$35.1M
$6.7M
Charts
Latest (Q3 2026): Y/Y +7%, Q/Q +5%.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 −$5.9M, Operating cash flow −$431K.Cash $30.8M, short-term investments —, long-term debt — at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
In this Annual Report on Form 10-K, when we use the terms the “ Company, ” “ Clipper Realty, ” “ we, ” “ us, ” or “ our, ” unless the context otherwise requires, we are referring to Clipper Realty Inc. and its consolidated subsidiaries. Certain disclosures included in this Annual Report on Form 10-K constitute forward-looking statements that are subject to risks and uncertainties. See Item 1A, "Risk Factors," and “ Cautionary Note Concerning Forward-Looking Statements." Clipper Realty Inc. is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.
In its own words, from its 10-K, filed Feb 26, 2026.
Clipper Realty 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: 24.4% against the peers' median 20.6%.