Q2 2026 Revenue up 3% year over year to $197M · 20¢ of every $1 of revenue lost · operating margin -70.4%
Empire State Realty Trust made $197M in Q2 2026 (+3% Y/Y). Operating margin -70.4%, net loss $39.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 6, 2026.
Revenue$197M
Year over year+3%
Operating margin-70.4%
Net earnings−$39.6M
Operating cash flow$19.5M
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 $196.9M in Q2 2026, up 3% year over year and up 3% from the previous quarter.
Operating costs exceeded revenue by $138.7M, an operating margin of -70.4%. Total costs grew 115% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+126%). The quarter ended with a net loss of $39.6M, after a profit of $3.0M the previous quarter. Minority interests bore $13.7M of it: to shareholders the quarter was a loss of $25.8M. Non-operating items added $98.4M, -244% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $19.5M (down 27% year over year). Non-cash charges added back $50.4M of depreciation and amortization and $11.2M of share-based compensation. Working capital and other items used $2.5M. Capital expenditures of $31.0M exceeded it, leaving free cash flow of −$11.4M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
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%
$1.2M
$68.9M
Q4 2025
10-K
Mar 2, 2026
$199M
+0.8%
17.8%
$19.7M
$33.9M
Q3 2025
10-Q
Nov 5, 2025
$198M
-0.9%
19.9%
$8.0M
$105M
Q2 2025
10-Q
Aug 6, 2025
$191M
+0.9%
18.4%
$6.5M
$26.7M
Q1 2025
10-Q
May 7, 2025
$180M
-0.6%
14.3%
$9.2M
$83.1M
Q4 2024
10-K
Feb 28, 2025
$198M
+2%
21.7%
$11.2M
$50.0M
Charts
Latest (Q2 2026): Y/Y +3%, 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 (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
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
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 Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +11%. Operating margin: -70.4% against the peers' median 15.9%.