Filing Flows › Innovative Industrial Properties (IIPR) › Q3 2026
Innovative Industrial Properties (IIPR) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 3, 2026
Innovative Industrial Properties (IIPR) reported revenue of $64.9M for the third quarter 2026 (Q3 2026), +0.4% from a year earlier and +3% from the quarter before. Operating margin was 45.3%, net earnings $31.9M (49.1% of revenue).
Innovative Industrial Properties, Q3 2026: revenue $64.9M (+0.4% year over year), operating margin 45.3%, net earnings $31.9M, operating cash flow $49.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $64.9M | +3% | +0.4% |
| Operating profit | $29.4M | -29% | -0.1% |
| Net earnings | $31.9M | -27% | +9% |
| Operating cash flow | $49.5M | +10% | +8% |
What changed
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.
Questions
What was Innovative Industrial Properties' revenue in the third quarter 2026?
Innovative Industrial Properties (IIPR) reported revenue of $64.9M for the third quarter 2026 (Q3 2026), +0.4% from a year earlier and +3% from the quarter before.
Was Innovative Industrial Properties profitable in the third quarter 2026?
Operating profit was $29.4M (45.3% of revenue) and net earnings $31.9M.