Q3 2026 Revenue down 17% year over year to $59.5M · 207¢ of every $1 of revenue kept as net profit · operating margin 254.5%
Centerspace made $59.5M in Q3 2026 (-17% Y/Y). Operating margin 254.5%, net earnings $123M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Revenue$59.5M
Year over year-17%
Operating margin254.5%
Net earnings$123M
Operating cash flow$20.6M
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 $59.5M in Q3 2026, down 17% year over year and down 10% from the previous quarter.
Operating profit was $151.5M, a 254.5% margin (up 146.4 points year over year). Net earnings were $123.3M, up 129% year over year. The effective tax rate was 0.0%.
Operating cash flow was $20.6M (down 41% year over year), 14% of net income including minority interests. Non-cash charges added back $23.4M of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items used $147.5M. Capital expenditures of $5.9M left free cash flow of $14.8M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 2, 2026
$59.5M
-17%
254.5%
$123M
$20.6M
Q2 2026
10-Q
Aug 3, 2026
$65.8M
-4%
13.4%
−$1.1M
$22.7M
Q1 2026
10-Q
May 4, 2026
$65.1M
-3%
-8.3%
−$15.0M
$21.4M
Q4 2025
10-K
Feb 17, 2026
$66.6M
+0.3%
-15.9%
−$21.5M
$12.7M
Q3 2025
10-Q
Nov 3, 2025
$71.4M
+10%
108.1%
$53.8M
$35.1M
Q2 2025
10-Q
Aug 4, 2025
$68.5M
+5%
-9.9%
−$16.8M
$25.3M
Q1 2025
10-Q
May 1, 2025
$67.1M
+4%
7.1%
−$4.2M
$25.4M
Charts
Latest (Q3 2026): Y/Y -17%, Q/Q -10%.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 $144M, Operating cash flow $20.6M.+33.5% since FY2020: more shares outstanding (issuance, stock pay).Cash $12.8M, short-term investments —, long-term debt $1.0B 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
FMCC · Stated in 10-K (named, share not stated) · source
About Centerspace
Centerspace (“we,” “us,” “our,” “Centerspace,” or the “Company”) is a real estate investment trust (“REIT”) organized under the laws of North Dakota that is focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. Our current emphasis is on making operational enhancements that will improve our residents’ experience, redeveloping some of our existing apartment communities to meet current market demands, and acquiring new apartment communities in large, attractive markets, including the Minneapolis/St. Paul, Denver, Boulder/Fort Collins, and Salt Lake City metropolitan areas.
In its own words, from its 10-K, filed Feb 17, 2026.
Centerspace against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -17% against the peers' median +11%. Operating margin: 254.5% against the peers' median 20.6%.