Q3 2026 Revenue down 7% year over year to $113M · 50¢ of every $1 of revenue lost · operating margin -22.3%
Global Net Lease made $113M in Q3 2026 (-7% Y/Y): Industrial & Distribution $53.8M, Retail $30.0M, Office $29.0M. Operating margin -22.3%, net loss $56.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$113M
Year over year-7%
Operating margin-22.3%
Net earnings−$56.9M
Operating cash flow$48.3M
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 $112.9M in Q3 2026, down 7% year over year and roughly flat from the previous quarter. Industrial & Distribution was the largest line at 48% of revenue. Industrial & Distribution lost $4.1M year over year (down 7%), 50% of the total change.
Operating costs exceeded revenue by $25.2M, an operating margin of -22.3%. Total costs grew 2% against a revenue fall of 7%. The quarter ended with a net loss of $56.9M, after a profit of $3.5M the previous quarter. Net interest and other expense of $33.3M was the main reason.
Operating cash flow was $48.3M (down 14% year over year). Non-cash charges added back $43.6M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items added $57.8M. Capital expenditures of $2.3M left free cash flow of $46.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$113M
-7%
-22.3%
−$56.9M
$48.3M
Q2 2026
10-Q
Aug 5, 2026
$112M
-10%
48.7%
$3.5M
$67.1M
Q1 2026
10-Q
May 6, 2026
$109M
-18%
28.3%
−$5.1M
$39.7M
Q4 2025
10-K
Feb 25, 2026
$117M
-15%
94.7%
$37.2M
$55.6M
Q3 2025
10-Q
Nov 6, 2025
$121M
-13%
-11.7%
−$60.1M
$56.0M
Q2 2025
10-Q
Aug 7, 2025
$125M
-14%
33.9%
−$24.1M
$52.0M
Q1 2025
10-Q
May 8, 2025
$132M
-10%
-21.1%
−$189M
$59.2M
Charts
Latest (Q3 2026): Y/Y -7%, Q/Q +0%.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 −$56.9M, Operating cash flow $48.3M.+149.5% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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💵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
We are an internally managed real estate investment trust for United States (“U.S.”) federal income tax purposes (“REIT”) that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S. and Western and Northern Europe. As of December 31, 2025, we owned 820 properties consisting of 40.7 million rentable square feet, which were 97% leased, with a weighted-average remaining lease term of 6.1 years. Based on the percentage of annualized rental income on a straight-line basis as of December 31, 2025, approximately 74% of our properties were located in the U.S. and Canada and approximately 26% were located in Europe. In addition, as of December 31, 2025, our portfolio was comprised of 46% Industrial & Distribution properties, 27% Retail properties and 27% Office properties.
In its own words, from its 10-K, filed Feb 25, 2026.
Global Net Lease against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -7% against the peers' median +11%. Operating margin: -22.3% against the peers' median 15.9%.