Q3 2026 Revenue up 16% year over year to $169M · 36¢ of every $1 of revenue kept as net profit · operating margin 56.0%
Essential Properties Realty Trust made $169M in Q3 2026 (+16% Y/Y). Operating margin 56.0%, net earnings $60.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.
Revenue$169M
Year over year+16%
Operating margin56.0%
Net earnings$60.2M
Operating cash flow$118M
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 $168.7M in Q3 2026, up 16% year over year and up 4% from the previous quarter.
Operating profit was $94.5M, a 56.0% margin (down 8.6 points year over year). Of the extra revenue versus Q3 2025, 3% reached operating profit, below the 65% margin then. Total costs grew 45% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+47%). Net earnings were $60.2M, down 8% year over year. The effective tax rate was 0.4%.
Operating cash flow was $118.1M (up 19% year over year), 195% of net earnings. Non-cash charges added back $44.6M of depreciation and amortization and $5.2M of share-based compensation. Working capital and other items added $7.7M. Capital expenditures of $284.2M exceeded it, leaving free cash flow of −$166.1M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 21, 2026
$169M
+16%
56.0%
$60.2M
$118M
Q2 2026
10-Q
Jul 22, 2026
$162M
+18%
64.5%
$74.3M
$110M
Q1 2026
10-Q
Apr 22, 2026
$159M
+23%
56.5%
$59.8M
$99.8M
Q4 2025
10-K
Feb 11, 2026
$150M
+25%
65.9%
$68.1M
$105M
Q3 2025
10-Q
Oct 22, 2025
$145M
+24%
64.7%
$65.6M
$99.0M
Q2 2025
10-Q
Jul 23, 2025
$137M
+25%
64.1%
$63.2M
$99.8M
Q1 2025
10-Q
Apr 23, 2025
$129M
+25%
61.6%
$56.1M
$77.2M
Charts
Latest (Q3 2026): Y/Y +16%, Q/Q +4%.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 $60.7M, Operating cash flow $118M.+105.9% since FY2020: more shares outstanding (issuance, stock pay).Cash $60.2M, short-term investments —, long-term debt $2.5B 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 an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. We have assembled a diversified portfolio using a disciplined strategy that focuses on properties leased to tenants in businesses including, but not limited to: We believe that, in general, properties leased to tenants in these industries and similar businesses are essential to the generation of the tenants' sales and profits. We also believe that these businesses have favorable growth potential and, because of their nature, they are more insulated from the competitive pressures presented by e-commerce than many other businesses.
In its own words, from its 10-K, filed Feb 11, 2026.
Essential Properties Realty Trust 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: 56.0% against the peers' median 20.6%.