Q3 2026 Revenue up 4% year over year to $410M · 22¢ of every $1 of revenue kept as net profit · operating margin 24.6%
Equity Lifestyle Properties made $410M in Q3 2026 (+4% Y/Y). Operating margin 24.6%, net earnings $89.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Revenue$410M
Year over year+4%
Operating margin24.6%
Net earnings$89.2M
Operating cash flow$152M
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 $409.9M in Q3 2026, up 4% year over year and up 3% from the previous quarter.
Operating profit was $100.7M, a 24.6% margin (down 0.4 points year over year). Of the extra revenue versus Q3 2025, 15% reached operating profit, below the 25% margin then. Total costs grew 5% against revenue growth of 4%. The fastest-growing cost line was Sales & marketing (+15%). Net earnings were $89.2M, down 11% year over year. The effective tax rate was 11.9%.
Operating cash flow was $151.8M (up 3% year over year), 170% of net earnings. Non-cash charges added back $54.9M of depreciation and amortization and $2.2M of share-based compensation. Capital expenditures of $50.7M left free cash flow of $101.1M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 27, 2026
$410M
+4%
24.6%
$89.2M
$152M
Q2 2026
10-Q
Jul 28, 2026
$398M
+6%
25.0%
$99.5M
$148M
Q1 2026
10-Q
Apr 28, 2026
$398M
+3%
28.3%
$111M
$194M
Q4 2025
10-K
Feb 18, 2026
$374M
+0.4%
26.8%
$100M
$99.5M
Q3 2025
10-Q
Oct 29, 2025
$393M
+2%
24.9%
$100M
$147M
Q2 2025
10-Q
Jul 29, 2025
$377M
-0.8%
22.3%
$83.5M
$131M
Q1 2025
10-Q
Apr 30, 2025
$387M
+0.2%
28.3%
$114M
$193M
Charts
Latest (Q3 2026): Y/Y +4%, Q/Q +3%.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 $89.2M, Operating cash flow $152M.+3.9% since FY2020: more shares outstanding (issuance, stock pay).Cash $26.1M, short-term investments —, long-term debt $3.3B 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
Equity LifeStyle Properties, Inc. (“ELS” or the “Company”), a Maryland corporation, together with MHC Operating Limited Partnership (the “Operating Partnership”) and its other consolidated subsidiaries (the “Subsidiaries”), are referred to herein as “we,” “us,” and “our”. We are a fully integrated owner of lifestyle-oriented properties (“Properties”) consisting of property operations and home sales and rental operations primarily within manufactured home (“MH”) and recreational vehicle (“RV”) communities and marinas. We were formed in December 1992 to continue the property operations, business objectives and acquisition strategies of an entity that had owned and operated Properties since 1969. Mr. Samuel Zell served as Chairman of our Board of Directors (the “Board”) from the Company’s initial public offering until his passing in May 2023. Mr.
In its own words, from its 10-K, filed Feb 18, 2026.
Equity Lifestyle Properties 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: 24.6% against the peers' median 20.6%.