Filing Flows › Empire State Realty Trust (ESRT) › Q1 2026 › vs Q4 2025
Empire State Realty Trust (ESRT) Q1 2026 vs Q4 2025 (quarter over quarter)
Empire State Realty Trust's revenue fell $8.9M (-4%) from $199M in Q4 2025 to $190M in Q1 2026. Operating margin 15.5% against 17.8% (-2.3 pts).
Empire State Realty Trust, Q1 2026: revenue $190M (+6% year over year), operating margin 15.5%, net earnings $1.2M, operating cash flow $68.9M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 15.5% | 17.8% | -2.3 pts |
| Net margin | 0.6% | 9.9% | -9.2 pts |
| Free cash flow margin | 26.7% | -4.1% | +30.8 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $190M | $199M | −$8.9M | -4% |
| Operating profit | $29.5M | $35.4M | −$5.9M | -17% |
| Costs & expenses | $161M | $164M | −$3.0M | -2% |
| Pre-tax earnings | $1.9M | $33.2M | −$31.3M | -94% |
| Other expense, net | $27.5M | $2.2M | $25.3M | 13× |
| General & admin | $18.1M | $18.5M | −$381K | -2% |
| Other operating costs | $143M | $145M | −$2.6M | -2% |
| Income tax benefit | $1.1M | −$1.1M | $2.1M | — |
| Net earnings | $1.2M | $19.7M | −$18.4M | -94% |
| Minority interests | $1.8M | $12.5M | −$10.7M | -86% |
| Depreciation & amortization | $50.2M | $50.6M | −$347K | -0.7% |
| Share-based compensation | $5.9M | $6.8M | −$935K | -14% |
| Working capital & other | $11.6M | −$43.2M | $54.7M | — |
| Operating cash flow | $68.9M | $33.9M | $35.0M | +103% |
| Free cash flow (OCF − capex) | $50.7M | −$8.2M | $58.9M | — |
| Capital expenditures | $18.2M | $42.1M | −$23.9M | -57% |
Questions
How much did Empire State Realty Trust's revenue grow quarter over quarter in Q1 2026?
Empire State Realty Trust's revenue fell $8.9M (-4%) from $199M in Q4 2025 to $190M in Q1 2026. Operating margin 15.5% against 17.8% (-2.3 pts).