Q3 2026 Revenue up 16% year over year to $821M · 2¢ of every $1 of revenue kept as net profit · operating margin 3.1%
Healthpeak Properties made $821M in Q3 2026 (+16% Y/Y). Operating margin 3.1%, net earnings $17.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Revenue$821M
Year over year+16%
Operating margin3.1%
Net earnings$17.3M
Operating cash flow$354M
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 $820.9M in Q3 2026, up 16% year over year and up 6% from the previous quarter.
Operating profit was $25.6M, a 3.1% margin (down 4.3 points year over year). Operating profit fell $27.0M even though revenue rose $115.0M versus Q3 2025, so costs grew faster than sales. Total costs grew 22% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+126%). Net earnings were $17.3M. The effective tax rate was 3.4%. Non-operating items added $12.4M, 33% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $354.5M (up 13% year over year), 966% of net income including minority interests. Non-cash charges added back $298.9M of depreciation and amortization and $4.9M of share-based compensation. Capital expenditures of $144.9M left free cash flow of $209.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 3, 2026
$821M
+16%
3.1%
$17.3M
$354M
Q2 2026
10-Q
Aug 5, 2026
$772M
+11%
4.2%
$52.8M
$361M
Q1 2026
10-Q
May 6, 2026
$753M
+7%
0.7%
$194M
$261M
Q4 2025
10-K
Feb 3, 2026
$719M
+3%
8.1%
$114M
$294M
Q3 2025
10-Q
Oct 24, 2025
$706M
+0.8%
7.4%
−$110M
$315M
Q2 2025
10-Q
Jul 25, 2025
$694M
-0.2%
6.2%
$31.7M
$363M
Q1 2025
10-Q
Apr 25, 2025
$703M
+16%
8.6%
$42.8M
$279M
Charts
Latest (Q3 2026): Y/Y +16%, Q/Q +6%.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 $36.7M, Operating cash flow $354M.+31.1% since FY2020: more shares outstanding (issuance, stock pay).Cash $467M, short-term investments —, long-term debt $9.8B 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
HCA — 7% of its revenue · Stated in 10-K (sentence) · source
Medicare & Medicaid — 3% of its revenue · Stated in 10-K (sentence) · source
About Healthpeak Properties
Healthpeak Properties, Inc. is a Standard & Poor’s (“S&P”) 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”). Our company was originally founded in 1985. We are organized as an umbrella partnership REIT (“UPREIT”). We hold substantially all of our assets and conduct our operations through our operating subsidiary, Healthpeak OP, a consolidated subsidiary of which we are the managing member. We are a Maryland corporation and qualify as a self-administered REIT. We are headquartered in Denver, Colorado, with additional corporate offices in California, Tennessee, Wisconsin, and Massachusetts and property management offices in several locations throughout the U.S.
In its own words, from its 10-K, filed Feb 3, 2026.
Healthpeak Properties against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +16% against the peers' median +14%. Operating margin: 3.1% against the peers' median 15.9%.