Q3 2026 Revenue up 4% year over year to $261M · 8¢ of every $1 of revenue lost · operating margin 18.2%
Douglas Emmett made $261M in Q3 2026 (+4% Y/Y): Office rental $210M, Multifamily rental $50.6M. Operating margin 18.2%, net loss $21.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$261M
Year over year+4%
Operating margin18.2%
Net earnings−$21.7M
Operating cash flow$90.8M
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 $260.9M in Q3 2026, up 4% year over year and up 2% from the previous quarter. Office rental was the largest line at 81% of revenue. Office rental added $9.2M year over year (up 5%), 90% of the total change.
Gross margin was 61.4%, down 2.2 points from Q3 2025. Operating profit was $47.3M, a 18.2% margin (down 0.8 points year over year). Operating profit fell $75K even though revenue rose $10.3M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 1% against revenue growth of 4%. The fastest-growing cost line was General & admin (+11%). The quarter ended with a net loss of $21.7M, wider than the previous quarter's $14.9M loss. Minority interests bore $12.9M of it: to shareholders the quarter was a loss of $8.8M. Net interest and other expense of $69.0M was the main reason.
Operating cash flow was $90.8M (down 17% year over year). Non-cash charges added back $100.9M of depreciation and amortization and $2.5M of share-based compensation. Working capital and other items added $9.1M. Capital expenditures of $56.0M left free cash flow of $34.8M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$261M
+4%
18.2%
−$21.7M
$90.8M
Q2 2026
10-Q
Aug 7, 2026
$257M
+2%
19.6%
−$14.9M
$96.1M
Q1 2026
10-Q
May 8, 2026
$251M
-0.2%
19.5%
−$12.6M
$117M
Q4 2025
10-K
Feb 20, 2026
$249M
+2%
17.9%
−$19.8M
$63.2M
Q3 2025
10-Q
Nov 7, 2025
$251M
-0.1%
18.9%
−$21.2M
$110M
Q2 2025
10-Q
Aug 8, 2025
$252M
+3%
18.1%
−$15.1M
$81.3M
Q1 2025
10-Q
May 9, 2025
$252M
+3%
20.9%
$39.8M
$133M
Charts
Latest (Q3 2026): Y/Y +4%, Q/Q +2%.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 −$21.7M, Operating cash flow $90.8M.-4.5% since FY2020: buybacks shrank the count.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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🔄Rotation against the market and its industry (RRG)interactive
Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT. We are one of the largest owners and operators of high-quality office and multifamily properties located in premier coastal submarkets in Los Angeles and Honolulu. Through our interest in our Operating Partnership, its subsidiaries, and our consolidated JVs, we focus on owning, acquiring, developing and managing a substantial market share of top-tier office properties and premier multifamily communities in neighborhoods with significant supply constraints, high-end executive housing and key lifestyle amenities. Our properties are located in the Beverly Hills, Brentwood, Burbank, Century City, Olympic Corridor, Santa Monica, Sherman Oaks/Encino, Warner Center/Woodland Hills and Westwood submarkets of Los Angeles County, California, and in Honolulu, Hawaii.
In its own words, from its 10-K, filed Feb 20, 2026.
Douglas Emmett against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +11%. Operating margin: 18.2% against the peers' median 18.2%.