Filing Flows › Innovative Industrial Properties (IIPR) › Q1 2026
Innovative Industrial Properties (IIPR) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Innovative Industrial Properties (IIPR) reported revenue of $69.0M for the first quarter 2026 (Q1 2026), -4% from a year earlier and +4% from the quarter before. Operating margin was 47.7%, net earnings $32.8M (47.6% of revenue).
Innovative Industrial Properties, Q1 2026: revenue $69.0M (-4% year over year), operating margin 47.7%, net earnings $32.8M, operating cash flow $56.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $69.0M | +4% | -4% |
| Operating profit | $32.9M | +3% | -3% |
| Net earnings | $32.8M | +3% | +6% |
| Operating cash flow | $56.0M | +12% | +3% |
What changed
Revenue was $69.0M in Q1 2026, down 4% year over year and up 4% from the previous quarter.
Operating profit was $32.9M, a 47.7% margin (up 0.3 points year over year). Total costs fell 4% while revenue fell 4%. The fastest-growing cost line was General & admin (+22%). Net earnings were $32.8M, up 6% year over year. The effective tax rate was 0.0%.
Operating cash flow was $56.0M (up 3% year over year), 171% of net earnings. Non-cash charges added back $18.6M of depreciation and amortization and $2.6M of share-based compensation.
Questions
What was Innovative Industrial Properties' revenue in the first quarter 2026?
Innovative Industrial Properties (IIPR) reported revenue of $69.0M for the first quarter 2026 (Q1 2026), -4% from a year earlier and +4% from the quarter before.
Was Innovative Industrial Properties profitable in the first quarter 2026?
Operating profit was $32.9M (47.7% of revenue) and net earnings $32.8M.