Filing Flows › Real Estate › Federal Realty Investment Trust (FRT)
Federal Realty Investment Trust (FRT) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Jul 31, 2026 · Federal Realty Investment Trust (FRT) Q2 2026 earnings results →
Q2 2026 Revenue up 8% year over year to $336M · 26¢ of every $1 of revenue kept as net profit · operating margin 41.3%
Federal Realty Investment Trust made $336M in Q2 2026 (+8% Y/Y). Operating margin 41.3%, net earnings $85.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 31, 2026.
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 $335.7M in Q2 2026, up 8% year over year and down 2% from the previous quarter.
Operating profit was $138.7M, a 41.3% margin (down 23.8 points year over year). Operating profit fell $64.1M even though revenue rose $24.2M versus Q2 2025, so costs grew faster than sales. Total costs grew 81% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+90%). Net earnings were $85.7M, down 45% year over year. The effective tax rate was 0.0%.
Operating cash flow was $153.7M (up 2% year over year), 174% of net income including minority interests. Non-cash charges added back $100.6M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items used $39.0M. Capital expenditures of $39.8M left free cash flow of $113.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Jul 31, 2026 | $336M | +8% | 41.3% | $85.7M | $154M |
| Q1 2026 | 10-Q | May 1, 2026 | $341M | +10% | 61.3% | $159M | $185M |
| Q4 2025 | 10-K | Feb 12, 2026 | $336M | +8% | 53.8% | $130M | $145M |
| Q3 2025 | 10-Q | Oct 31, 2025 | $322M | +6% | 34.3% | $61.6M | $148M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $312M | +5% | 65.1% | $156M | $151M |
| Q1 2025 | 10-Q | May 8, 2025 | $309M | +6% | 35.0% | $63.8M | $179M |
| Q4 2024 | 10-K | Feb 13, 2025 | $311M | +7% | 35.1% | $65.5M | $120M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Federal Realty Investment Trust
Federal Realty Investment Trust (the "Parent Company" or the "Trust") is an equity real estate investment trust ("REIT"). Federal Realty OP LP (the "Operating Partnership") is the entity through which the Trust conducts substantially all of its operations and owns substantially all of its assets. The Trust owns 100% of the limited liability company interest of, is sole member of, and exercises exclusive control over Federal Realty GP LLC (the "General Partner"), which in turn, is the sole general partner of the Operating Partnership. Unless stated otherwise or the context otherwise requires, "we," "our," and "us" means the Trust and its business and operations conducted through its directly and indirectly owned subsidiaries, including the Operating Partnership. We specialize in the ownership, management, and redevelopment of high quality retail and mixed-use properties.
In its own words, from its 10-K, filed Feb 12, 2026.
Federal Realty Investment Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +11%. Operating margin: 41.3% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FRT Federal Realty Investment Trust | Q2 2026 | $336M | +8% | 41.3% |
| WELL Welltower | Q3 2026 | $3.7B | +38% | 9.1% |
| AMT American Tower | Q3 2026 | $2.8B | +2% | 45.6% |
| EQIX Equinix | Q3 2026 | $2.6B | +11% | 23.3% |
| PLD Prologis | Q1 2026 | $2.3B | +7% | 52.7% |
| IRM Iron Mountain | Q3 2026 | $2.0B | +14% | 20.6% |
| DLR Digital Realty Trust | Q3 2026 | $1.9B | +21% | 15.9% |
| WY Weyerhaeuser | Q3 2026 | $1.9B | +8% | 5.4% |
| VTR Ventas | Q3 2026 | $1.8B | +23% | 2.9% |
Source: Federal Realty Investment Trust 10-Q on SEC EDGAR · CIK 34903 · Real Estate Investment Trusts
Guidance and outlook
13F: who owns FRT and who is buying
More on FRT
- How Federal Realty Investment Trust makes money: revenue by segment
- Federal Realty Investment Trust next earnings date and what analysts expect
- Federal Realty Investment Trust stock forecast, price target and fair value
- Who owns Federal Realty Investment Trust stock: holders, funds and Congress trades
- Federal Realty Investment Trust guidance and outlook
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results
- Federal Realty Investment Trust guidance history: guided vs reported
- Federal Realty Investment Trust operating margin by quarter
- Federal Realty Investment Trust net income by quarter
- Federal Realty Investment Trust free cash flow by quarter
- Federal Realty Investment Trust capital expenditures by quarter