Filing Flows › Empire State Realty OP, L.P. (ESBA) › Q1 2026
Empire State Realty OP, L.P. (ESBA) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Empire State Realty OP, L.P. (ESBA) reported revenue of $190M for the first quarter 2026 (Q1 2026), +6% from a year earlier and -4% from the quarter before. Operating margin was 15.5%, net earnings $1.9M (1.0% of revenue).
Empire State Realty OP, L.P., Q1 2026: revenue $190M (+6% year over year), operating margin 15.5%, net earnings $1.9M, operating cash flow $68.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $190M | -4% | +6% |
| Operating profit | $29.5M | -17% | +14% |
| Net earnings | $1.9M | -94% | -87% |
| Operating cash flow | $68.9M | +103% | -17% |
| Free cash flow | $50.7M | — | +23% |
What changed
Revenue was $190.3M in Q1 2026, up 6% year over year and down 4% from the previous quarter.
Operating profit was $29.5M, a 15.5% margin (up 1.2 points year over year). Of the extra revenue versus Q1 2025, 36% reached operating profit, above the 14% margin then. Total costs grew 4% against revenue growth of 6%. Net earnings were $1.9M, down 87% year over year. The effective tax rate was -54.9%.
Operating cash flow was $68.9M (down 17% year over year), 2301% of net income including minority interests. Non-cash charges added back $50.2M of depreciation and amortization and $5.9M of share-based compensation. Working capital and other items added $9.8M. Capital expenditures of $18.2M left free cash flow of $50.7M.
Questions
What was Empire State Realty OP, L.P.'s revenue in the first quarter 2026?
Empire State Realty OP, L.P.
Was Empire State Realty OP, L.P. profitable in the first quarter 2026?
Operating profit was $29.5M (15.5% of revenue) and net earnings $1.9M.