Filing Flows › Global Net Lease (GNL) › Q2 2026 › vs Q1 2026
Global Net Lease (GNL) Q2 2026 vs Q1 2026 (quarter over quarter)
Global Net Lease's revenue rose $3.2M (+3%) from $109M in Q1 2026 to $112M in Q2 2026. The biggest changes: Industrial & Distribution +$2.5M (+5%); Retail +$449K (+2%); Office +$232K (+0.8%). Operating margin 48.7% against 28.3% (+20.3 pts).
Global Net Lease, Q2 2026: revenue $112M (-10% year over year), operating margin 48.7%, net earnings $3.5M, operating cash flow $67.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 48.7% | 28.3% | +20.3 pts |
| Net margin | 3.1% | -4.6% | +7.7 pts |
| Free cash flow margin | 58.1% | 34.9% | +23.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Industrial & Distribution | $51.7M | $49.2M | $2.5M | +5% |
| Office | $30.8M | $30.6M | $232K | +0.8% |
| Retail | $30.0M | $29.5M | $449K | +2% |
| Revenue | $112M | $109M | $3.2M | +3% |
| Operating profit | $54.7M | $30.9M | $23.8M | +77% |
| Costs & expenses | $57.7M | $78.3M | −$20.6M | -26% |
| Pre-tax earnings | $8.3M | −$3.4M | $11.7M | — |
| Other expense, net | $46.5M | $34.4M | $12.1M | +35% |
| General & admin | $11.9M | $12.1M | −$260K | -2% |
| Other operating costs | $45.9M | $66.2M | −$20.3M | -31% |
| Net earnings | $3.5M | −$5.1M | $8.6M | — |
| Income tax | $4.8M | $1.6M | $3.1M | +191% |
| Depreciation & amortization | $41.5M | $41.6M | −$100K | -0.2% |
| Share-based compensation | $3.9M | $4.0M | −$100K | -2% |
| Working capital & other | $18.2M | −$900K | $19.1M | — |
| Operating cash flow | $67.1M | $39.7M | $27.4M | +69% |
| Free cash flow (OCF − capex) | $65.3M | $38.1M | $27.2M | +71% |
| Capital expenditures | $1.8M | $1.6M | $246K | +16% |
Questions
How much did Global Net Lease's revenue grow quarter over quarter in Q2 2026?
Global Net Lease's revenue rose $3.2M (+3%) from $109M in Q1 2026 to $112M in Q2 2026.
What drove Global Net Lease's revenue change in Q2 2026?
Industrial & Distribution +$2.5M (+5%); Retail +$449K (+2%); Office +$232K (+0.8%).