Empire State Realty OP, L.P. (ESBA) earnings and revenue breakdown
Latest: Q3 2026 · 8-K filed Nov 2, 2026
Q3 2026 Revenue down 2% year over year to $193M · 2¢ of every $1 of revenue kept as net profit · operating margin 18.5%
Empire State Realty OP, L.P. made $193M in Q3 2026 (-2% Y/Y): Rental revenue $162M, Observatory revenue $26.8M, Other revenue and fees $4.0M. Operating margin 18.5%, net earnings $3.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 2, 2026 (preliminary, from the earnings release).
Revenue$193M
Year over year-2%
Operating margin18.5%
Net earnings$3.1M
Operating cash flow—
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 $193.1M in Q3 2026, down 2% year over year and down 2% from the previous quarter. Rental revenue was the largest line at 84% of revenue. Other revenue and fees lost $3.2M year over year (down 45%), 69% of the total change.
Operating profit was $35.8M, a 18.5% margin (down 1.3 points year over year). Total costs fell 1% while revenue fell 2%. Net earnings were $3.1M, down 76% year over year. The effective tax rate was 24.1%.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
8-K
Nov 2, 2026
$193M
-2%
18.5%
$3.1M
—
Q2 2026
10-Q
Aug 6, 2026
$197M
+3%
-70.4%
−$39.6M
$19.5M
Q1 2026
10-Q
May 7, 2026
$190M
+6%
15.5%
$1.9M
$68.9M
Q4 2025
10-K
Mar 2, 2026
$199M
+0.8%
17.8%
$31.1M
$33.9M
Q3 2025
10-Q
Nov 5, 2025
$198M
-0.9%
19.9%
$12.6M
$105M
Q2 2025
10-Q
Aug 6, 2025
$191M
+0.9%
18.4%
$10.3M
$26.7M
Q1 2025
10-Q
May 7, 2025
$180M
-0.6%
14.3%
$14.7M
$83.1M
Charts
Latest (Q3 2026): Y/Y -2%, Q/Q -2%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$39.6M, Operating cash flow $19.5M.-4.9% since FY2020: buybacks shrank the count.Cash $133M, short-term investments —, long-term debt — at 2025-12-31.Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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💵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
Empire State Realty OP, L.P. (the "Operating Partnership") is the entity through which Empire State Realty Trust, Inc. (NYSE: ESRT), is a NYC-focused real estate investment trust ("REIT") that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets. ESRT’s flagship Empire State Building, the “World's Most Famous Building,” features its iconic Observatory, ranked the #1 Top Attraction in New York City for the fourth consecutive year in Tripadvisor’s 2025 Travelers’ Choice Awards: Best of the Best Things to Do. The Company is a recognized leader in energy efficiency and indoor environmental quality.
In its own words, from its 10-K, filed Mar 2, 2026.
Empire State Realty OP, L.P. against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -2% against the peers' median +11%. Operating margin: 18.5% against the peers' median 18.5%.