Q3 2026 Revenue down 9% year over year to $24.9M · 37¢ of every $1 of revenue lost · operating margin -33.2%
Franklin Street Properties made $24.9M in Q3 2026 (-9% Y/Y). Operating margin -33.2%, net loss $9.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.
Revenue$24.9M
Year over year-9%
Operating margin-33.2%
Net earnings−$9.1M
Operating cash flow$6.8M
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 $24.9M in Q3 2026, down 9% year over year and down 5% from the previous quarter.
Operating costs exceeded revenue by $8.3M, an operating margin of -33.2%. Total costs fell 7% while revenue fell 9%. The quarter ended with a net loss of $9.1M, narrower than the previous quarter's $16.6M loss.
Operating cash flow was $6.8M (down 17% year over year). Non-cash charges added back $12.2M of depreciation and amortization. Working capital and other items added $3.8M. Capital expenditures of $3.9M left free cash flow of $2.9M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 27, 2026
$24.9M
-9%
-33.2%
−$9.1M
$6.8M
Q2 2026
10-Q
Jul 28, 2026
$26.4M
-1%
-34.2%
−$16.6M
$3.0M
Q1 2026
10-Q
Apr 28, 2026
$26.2M
-3%
-31.9%
−$9.5M
−$5.2M
Q4 2025
10-K
Mar 9, 2026
$26.0M
-8%
-28.8%
−$7.3M
$3.8M
Q3 2025
10-Q
Oct 28, 2025
$27.3M
-8%
-31.4%
−$8.3M
$8.3M
Q2 2025
10-Q
Jul 29, 2025
$26.7M
-13%
-31.5%
−$7.9M
−$2.9M
Q1 2025
10-Q
Apr 29, 2025
$27.1M
-13%
-30.8%
−$21.4M
−$5.5M
Charts
Latest (Q3 2026): Y/Y -9%, Q/Q -5%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$9.1M, Operating cash flow $6.8M.-3.4% since FY2020: buybacks shrank the count.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
Our company, Franklin Street Properties Corp., which we refer to as FSP Corp., the Company, we or our, is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust, or REIT, for federal income tax purposes. Our common stock is traded on the NYSE American under the symbol “FSP”. FSP Corp. is the successor to Franklin Street Partners Limited Partnership, or the FSP Partnership, which was originally formed as a Massachusetts general partnership in January 1997 as the successor to a Massachusetts general partnership that was formed in 1981. On January 1, 2002, the FSP Partnership converted into FSP Corp., which we refer to as the conversion. As a result of this conversion, the FSP Partnership ceased to exist and we succeeded to the business of the FSP Partnership.
In its own words, from its 10-K, filed Mar 9, 2026.
Franklin Street Properties against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -9% against the peers' median +11%. Operating margin: -33.2% against the peers' median 15.9%.