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Innovative Industrial Properties (IIPR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Innovative Industrial Properties (IIPR) Q3 2026 earnings results →

Q3 2026 Revenue up 0% year over year to $64.9M · 49¢ of every $1 of revenue kept as net profit · operating margin 45.3%

Innovative Industrial Properties made $64.9M in Q3 2026 (+0.4% Y/Y). Operating margin 45.3%, net earnings $31.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.

Revenue$64.9M
Year over year+0.4%
Operating margin45.3%
Net earnings$31.9M
Operating cash flow$49.5M

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 $64.9M in Q3 2026, roughly flat year over year and up 3% from the previous quarter.

Operating profit was $29.4M, a 45.3% margin (down 0.2 points year over year). Operating profit fell $30K even though revenue rose $235K versus Q3 2025, so costs grew faster than sales. Total costs grew 1% against flat revenue. Net earnings were $31.9M, up 9% year over year. The effective tax rate was 0.0%.

Operating cash flow was $49.5M (up 8% year over year), 155% of net earnings. Non-cash charges added back $19.6M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $5.3M.

Quarterly history

Innovative Industrial Properties revenue by quarterInnovative Industrial Properties revenue by quarter$71.7MQ1 2025$62.9MQ2 2025$64.7MQ3 2025$66.7MQ4 2025$69.0MQ1 2026$63.3MQ2 2026$64.9MQ3 2026
Innovative Industrial Properties net earnings by quarterInnovative Industrial Properties net earnings by quarter$31.1MQ1 2025$26.0MQ2 2025$29.3MQ3 2025$31.8MQ4 2025$32.8MQ1 2026$43.9MQ2 2026$31.9MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 3, 2026$64.9M+0.4%45.3%$31.9M$49.5M
Q2 202610-QAug 4, 2026$63.3M+0.7%65.5%$43.9M$44.9M
Q1 202610-QMay 5, 2026$69.0M-4%47.7%$32.8M$56.0M
Q4 202510-KFeb 24, 2026$66.7M-13%47.8%$31.8M$49.9M
Q3 202510-QNov 4, 2025$64.7M-16%45.5%$29.3M$45.6M
Q2 202510-QAug 7, 2025$62.9M-21%45.9%$26.0M$48.4M
Q1 202510-QMay 8, 2025$71.7M-5%47.4%$31.1M$54.2M

Charts

Innovative Industrial Properties: revenue growth, year over year and quarter over quarterInnovative Industrial Properties: revenue growth, year over year and quarter over quarterY/YQ/Q-5%Q1 2025-21%-12%Q2 2025-16%+3%Q3 2025-13%+3%Q4 2025-4%+4%Q1 2026+1%-8%Q2 2026+0%+3%Q3 2026
Latest (Q3 2026): Y/Y +0%, Q/Q +3%.
Innovative Industrial Properties: where the cash came from (+) and went (−), TTM to Q3 2026Innovative Industrial Properties: where the cash came from (+) and went (−), TTM to Q3 2026Other financing$525MOther investing−$307MDividends−$215MOperating cash flow$200MNet borrowing (+) / repaid (−)−$181MShares issued$130MCash drawn (+) / kept (−)−$109MBuybacks−$89.0MAsset & business sales$45.7MTaxes on employees’ shares−$1.3M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Innovative Industrial Properties: profit against cash, quarter by quarterInnovative Industrial Properties: profit against cash, quarter by quarterNet incomeOperating cash flow$40.0M$57.8MQ4 2024$31.1M$54.2MQ1 2025$26.0M$48.4MQ2 2025$29.3M$45.6MQ3 2025$31.8M$49.9MQ4 2025$32.8M$56.0MQ1 2026$43.9M$44.9MQ2 2026$31.9M$49.5MQ3 2026
Latest (Q3 2026): Net income $31.9M, Operating cash flow $49.5M.
Innovative Industrial Properties: diluted shares by fiscal yearInnovative Industrial Properties: diluted shares by fiscal year20MFY202026MFY202128MFY202228MFY202329MFY202428MFY2025
+45.1% since FY2020: more shares outstanding (issuance, stock pay).
Innovative Industrial Properties: long-term debt falling due (FY2025)Innovative Industrial Properties: long-term debt falling due (FY2025)$319M2026$75.0M2028
Cash $47.6M, short-term investments $0, long-term debt $393M at 2025-12-31.
Innovative Industrial Properties in its industry: growth against margin (35 companies, SIC 6500)Innovative Industrial Properties in its industry: growth against margin (35 companies, SIC 6500)revenue growth, year over year →↑ operating marginmedian +8%median 10%CBRECWKPrologis, L.P.Digital Realty Trust, L.P.FORRegency Centers LPTiaa Real Estate AccountMRPHPPHudson Pacific Properties, L.P.TRNOUEUrban Edge Properties LPEFCOPICURBGTYAHRTCMTGTRCCHCIFPHFRPHSKYHSealy Industrial Partners IV, LPBEEPOZCWDMLPSRG-PARWDMUAIREAEIAOXYIIPR (+0%, 45%)
Real Estate; 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

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Innovative Industrial Properties

As used herein, the terms “we”, “us”, “our” or the “Company” refer to Innovative Industrial Properties, Inc., a Maryland corporation, and any of our subsidiaries, including IIP Operating Partnership, LP, a Delaware limited partnership (our “Operating Partnership”). We are an internally-managed REIT focused on the acquisition, ownership and management of specialized industrial and commercial properties in the United States. Our properties are primarily leased to experienced, state-licensed operators for their regulated cannabis facilities. We have acquired and expect to continue to acquire our cannabis properties through sale-leaseback transactions and third-party purchases.

In its own words, from its 10-K, filed Feb 24, 2026.

Innovative Industrial Properties against its Real Estate peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +0.4% against the peers' median +8%. Operating margin: 45.3% against the peers' median 43.8%.

CompanyQuarterRevenueY/YOp. margin
IIPR Innovative Industrial PropertiesQ3 2026$64.9M+0.4%45.3%
CBRE CBRE GroupQ3 2026$11.5B+13%4.9%
CWK Cushman & WakefieldQ3 2026$2.8B+8%4.6%
Prologis, L.P.Q3 2026$2.4B+8%43.8%
Digital Realty Trust, L.P.Q3 2026$1.9B+21%15.9%
FOR Forestar GroupQ4 FY26$581M-13%13.5%
Regency Centers LPQ3 2026$419M+8%72.3%
Tiaa Real Estate AccountQ3 2026$303M-0.8%298.8%
MRP Millrose PropertiesQ3 2026$211M+18%85.5%

Source: Innovative Industrial Properties 10-Q on SEC EDGAR · CIK 1677576 · Real Estate

Guidance and outlook

Innovative Industrial Properties: what its forward-looking statements are about (10-Q filed 2026-11-03)Innovative Industrial Properties: what its forward-looking statements are about (10-Q filed 2026-11-03)Other6Financing3Deals2Costs2Buybacks & dividends2Supply chain1Demand1
17 statements; tone +0.06 (−1 all cautious, +1 all confident); 4 hedged.
Innovative Industrial Properties: outlook statements against the filing beforeInnovative Industrial Properties: outlook statements against the filing beforeConfident2Cautious1

13F: who owns IIPR and who is buying

Largest holders of IIPR (13F)Largest holders of IIPR (13F)BlackRock$310MVanguard Group$202MVanguard Portfolio Management LLC$175MState Street$104MVanguard Capital Management LLC$80.1MCharles Schwab Investment Managem…$40.2MArrowstreet Capital, Limited Part…$35.0MMirae Asset Global ETFS Holdings$32.5MInvesco$30.8MNorthern Trust$24.5M
Funds' net buying of IIPR by quarter (13F)Funds' net buying of IIPR by quarter (13F)−$50.0M2024-09−$18.8M2024-12−$9.5M2025-03−$13.8M2025-06−$34.2M2025-09$34.4M2025-12$32.3M2026-03$45.2M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on IIPR

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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