Filing Flows › Equity Lifestyle Properties (ELS) › Q1 2026
Equity Lifestyle Properties (ELS) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
Equity Lifestyle Properties (ELS) reported revenue of $398M for the first quarter 2026 (Q1 2026), +3% from a year earlier and +6% from the quarter before. Operating margin was 28.3%, net earnings $111M (28.0% of revenue).
Equity Lifestyle Properties, Q1 2026: revenue $398M (+3% year over year), operating margin 28.3%, net earnings $111M, operating cash flow $194M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $398M | +6% | +3% |
| Operating profit | $112M | +12% | +3% |
| Net earnings | $111M | +7% | -3% |
| Operating cash flow | $194M | +95% | +0.4% |
| Free cash flow | $149M | +289% | +0.5% |
What changed
Revenue was $397.6M in Q1 2026, up 3% year over year and up 6% from the previous quarter.
Operating profit was $112.4M, a 28.3% margin (unchanged year over year). Of the extra revenue versus Q1 2025, 28% reached operating profit, below the 28% margin then. Total costs grew 3% against revenue growth of 3%. The fastest-growing cost line was General & admin (+20%). Net earnings were $111.5M, down 3% year over year. The effective tax rate was 0.0%.
Operating cash flow was $194.2M (roughly flat year over year), 174% of net earnings. Non-cash charges added back $53.1M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items added $27.5M. Capital expenditures of $45.3M left free cash flow of $148.9M.
Questions
What was Equity Lifestyle Properties' revenue in the first quarter 2026?
Equity Lifestyle Properties (ELS) reported revenue of $398M for the first quarter 2026 (Q1 2026), +3% from a year earlier and +6% from the quarter before.
Was Equity Lifestyle Properties profitable in the first quarter 2026?
Operating profit was $112M (28.3% of revenue) and net earnings $111M.