Q3 2026 Revenue up 3% year over year to $172M · 15¢ of every $1 of revenue kept as net profit · operating margin 16.7%
Independence Realty Trust made $172M in Q3 2026 (+3% Y/Y). Operating margin 16.7%, net earnings $25.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Revenue$172M
Year over year+3%
Operating margin16.7%
Net earnings$25.1M
Operating cash flow$81.2M
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 $172.1M in Q3 2026, up 3% year over year and up 3% from the previous quarter.
Operating profit was $28.8M, a 16.7% margin (down 1.5 points year over year). Operating profit fell $1.7M even though revenue rose $5.0M versus Q3 2025, so costs grew faster than sales. Total costs grew 5% against revenue growth of 3%. Net earnings were $25.1M, up 265% year over year. The effective tax rate was 0.0%.
Operating cash flow was $81.2M (up 2% year over year), 316% of net income including minority interests. Non-cash charges added back $65.9M of depreciation and amortization. Working capital and other items used $10.4M. Capital expenditures of $1.5M left free cash flow of $79.6M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 3, 2026
$172M
+3%
16.7%
$25.1M
$81.2M
Q2 2026
10-Q
Aug 4, 2026
$167M
+3%
15.5%
$3.4M
$80.9M
Q1 2026
10-Q
Apr 30, 2026
$165M
+2%
13.1%
−$127K
$55.3M
Q4 2025
10-K
Feb 17, 2026
$167M
+4%
20.8%
$33.3M
$60.2M
Q3 2025
10-Q
Oct 30, 2025
$167M
+4%
18.2%
$6.9M
$79.3M
Q2 2025
10-Q
Jul 31, 2025
$162M
+2%
17.0%
$8.0M
$82.2M
Q1 2025
10-Q
May 1, 2025
$161M
+0.4%
16.8%
$8.4M
$60.4M
Charts
Latest (Q3 2026): Y/Y +3%, Q/Q +3%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income $25.7M, Operating cash flow $81.2M.+24.0% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2022.Cash $23.6M, short-term investments —, long-term debt $2.3B at 2025-12-31.Real Estate Investment Trusts; 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
IRT, a Maryland corporation, is a self-administered and self-managed real estate investment trust (“REIT”) that acquires, owns, operates, improves and manages multifamily apartment communities across non-gateway U.S. markets. As of December 31, 2025, we owned and operated 114 multifamily apartment properties (including one owned through a consolidated joint venture) that contain an aggregate of 33,462 units in the following Southeastern and Midwestern states: Alabama, Colorado, Florida, Georgia, Indiana, Kentucky, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, and Texas. In addition, as of December 31, 2025, we owned one investment in real estate under development in Denver, Colorado that will, upon completion, contain 296 units.
In its own words, from its 10-K, filed Feb 17, 2026.
Independence Realty Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +11%. Operating margin: 16.7% against the peers' median 16.7%.