Filing Flows › Global Net Lease (GNL) › Q2 2026 › vs Q2 2025
Global Net Lease (GNL) Q2 2026 vs Q2 2025 (year over year)
Global Net Lease's revenue fell $12.4M (-10%) from $125M in Q2 2025 to $112M in Q2 2026. The biggest changes: Retail −$5.4M (-15%); Office −$3.8M (-11%); Industrial & Distribution −$3.3M (-6%). Operating margin 48.7% against 33.9% (+14.8 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 48.7% | 33.9% | +14.8 pts |
| Net margin | 3.1% | -19.3% | +22.4 pts |
| Free cash flow margin | 58.1% | 33.8% | +24.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Industrial & Distribution | $51.7M | $55.0M | −$3.3M | -6% |
| Office | $30.8M | $34.6M | −$3.8M | -11% |
| Retail | $30.0M | $35.4M | −$5.4M | -15% |
| Revenue | $112M | $125M | −$12.4M | -10% |
| Operating profit | $54.7M | $42.3M | $12.4M | +29% |
| Costs & expenses | $57.7M | $82.6M | −$24.9M | -30% |
| Pre-tax earnings | $8.3M | −$21.1M | $29.4M | — |
| Other expense, net | $46.5M | $63.4M | −$17.0M | -27% |
| General & admin | $11.9M | $11.3M | $545K | +5% |
| Other operating costs | $45.9M | $71.3M | −$25.4M | -36% |
| Net earnings | $3.5M | −$24.1M | $27.6M | — |
| Income tax | $4.8M | $3.0M | $1.8M | +59% |
| Depreciation & amortization | $41.5M | $45.6M | −$4.1M | -9% |
| Share-based compensation | $3.9M | $3.3M | $604K | +18% |
| Working capital & other | $18.2M | $27.2M | −$9.0M | -33% |
| Operating cash flow | $67.1M | $52.0M | $15.1M | +29% |
| Free cash flow (OCF − capex) | $65.3M | $42.2M | $23.1M | +55% |
| Capital expenditures | $1.8M | $9.8M | −$8.0M | -81% |
Questions
How much did Global Net Lease's revenue grow year over year in Q2 2026?
Global Net Lease's revenue fell $12.4M (-10%) from $125M in Q2 2025 to $112M in Q2 2026.
What drove Global Net Lease's revenue change in Q2 2026?
Retail −$5.4M (-15%); Office −$3.8M (-11%); Industrial & Distribution −$3.3M (-6%).