Q3 2026 Revenue down 5% year over year to $368M · 14¢ of every $1 of revenue lost · operating margin -4.0%
Diversified Healthcare Trust made $368M in Q3 2026 (-5% Y/Y): Residents fees and services $320M, Rental income $47.7M. Operating margin -4.0%, net loss $50.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
Revenue$368M
Year over year-5%
Operating margin-4.0%
Net earnings−$50.2M
Operating cash flow$27.4M
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 $367.7M in Q3 2026, down 5% year over year and up 1% from the previous quarter. Residents fees and services was the largest line at 87% of revenue. Residents fees and services lost $13.5M year over year (down 4%), 64% of the total change.
Operating costs exceeded revenue by $14.6M, an operating margin of -4.0%. Total costs fell 23% while revenue fell 5%. The fastest-growing cost line was General & admin (+14%). The quarter ended with a net loss of $50.2M, wider than the previous quarter's $37.4M loss. Net interest and other expense of $34.9M was the main reason.
Operating cash flow was $27.4M. Non-cash charges added back $62.9M of depreciation. Working capital and other items added $14.8M. Capital expenditures of $26.9M left free cash flow of $521K.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 2, 2026
$368M
-5%
-4.0%
−$50.2M
$27.4M
Q2 2026
10-Q
Aug 3, 2026
$365M
-4%
-0.1%
−$37.4M
$38.4M
Q1 2026
10-Q
May 4, 2026
$366M
-5%
-1.3%
−$43.3M
$8.3M
Q4 2025
10-K
Feb 24, 2026
$380M
0%
-3.7%
−$21.2M
−$20.1M
Q3 2025
10-Q
Nov 3, 2025
$389M
+4%
-28.1%
−$164M
−$49.3M
Q2 2025
10-Q
Aug 4, 2025
$383M
+3%
-10.0%
−$91.6M
$53.0M
Q1 2025
10-Q
May 5, 2025
$387M
+4%
-11.2%
−$9.0M
−$3.2M
Charts
Latest (Q3 2026): Y/Y -5%, Q/Q +1%.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 −$50.2M, Operating cash flow $27.4M.+1.1% since FY2020: more shares outstanding (issuance, stock pay).Cash $105M, short-term investments —, long-term debt $2.4B 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
We are a real estate investment trust, or REIT, that was organized under Maryland law in 1998. We primarily own senior living communities, medical office and life science properties and other healthcare related properties throughout the United States. As of December 31, 2025, we owned 298 properties, including 13 properties classified as held for sale, located in 33 states and Washington, D.C. As of December 31, 2025, we owned an equity interest in each of two unconsolidated joint ventures that own medical office and life science properties located in five states with an aggregate of approximately 2.2 million rentable square feet that were 99% leased with an average (by annualized rental income) remaining lease term of 14.2 years.
In its own words, from its 10-K, filed Feb 24, 2026.
Diversified Healthcare Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -5% against the peers' median +11%. Operating margin: -4.0% against the peers' median 15.9%.