Filing Flows › Global Net Lease (GNL) › Q3 2026 › vs Q3 2025
Global Net Lease (GNL) Q3 2026 vs Q3 2025 (year over year)
Global Net Lease's revenue fell $8.1M (-7%) from $121M in Q3 2025 to $113M in Q3 2026. The biggest changes: Industrial & Distribution −$4.1M (-7%); Office −$3.8M (-12%); Retail −$248K (-0.8%).
Global Net Lease, Q3 2026: revenue $113M (-7% year over year), operating margin -22.3%, net loss $56.9M, operating cash flow $48.3M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 40.7% | 40.8% | -0.1 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Industrial & Distribution | $53.8M | $57.9M | −$4.1M | -7% |
| Retail | $30.0M | $30.3M | −$248K | -0.8% |
| Office | $29.0M | $32.8M | −$3.8M | -12% |
| Revenue | $113M | $121M | −$8.1M | -7% |
| Income tax benefit | $1.6M | −$3.1M | $4.7M | — |
| Net loss | $56.9M | $60.1M | −$3.2M | -5% |
| Costs & expenses | $171M | $181M | −$9.8M | -5% |
| Operating costs | $138M | $135M | $2.9M | +2% |
| Interest & other, net | $33.3M | $42.8M | −$9.6M | -22% |
| General & admin | $11.2M | $11.8M | −$641K | -5% |
| Other operating costs | $127M | $123M | $3.5M | +3% |
| Operating cash sources | $105M | $116M | −$11.0M | -9% |
| Depreciation & amortization | $43.6M | $44.8M | −$1.2M | -3% |
| Share-based compensation | $3.8M | $3.1M | $761K | +25% |
| Working capital & other | $57.8M | $68.3M | −$10.5M | -15% |
| Net loss absorbed | $56.9M | $60.1M | −$3.2M | -5% |
| Operating cash flow | $48.3M | $56.0M | −$7.8M | -14% |
| Free cash flow (OCF − capex) | $46.0M | $49.4M | −$3.4M | -7% |
| Capital expenditures | $2.3M | $6.6M | −$4.3M | -66% |
Questions
How much did Global Net Lease's revenue grow year over year in Q3 2026?
Global Net Lease's revenue fell $8.1M (-7%) from $121M in Q3 2025 to $113M in Q3 2026.
What drove Global Net Lease's revenue change in Q3 2026?
Industrial & Distribution −$4.1M (-7%); Office −$3.8M (-12%); Retail −$248K (-0.8%).