Filing Flows › Empire State Realty Trust (ESRT) › Q1 2026
Empire State Realty Trust (ESRT) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Empire State Realty Trust (ESRT) 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 $1.2M (0.6% of revenue).
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 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 | $1.2M | -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 $1.2M, 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 Trust's revenue in the first quarter 2026?
Empire State Realty Trust (ESRT) reported revenue of $190M for the first quarter 2026 (Q1 2026), +6% from a year earlier and -4% from the quarter before.
Was Empire State Realty Trust profitable in the first quarter 2026?
Operating profit was $29.5M (15.5% of revenue) and net earnings $1.2M.