Q3 2026 Revenue up 7% year over year to $132M · 76¢ of every $1 of revenue lost · operating margin 5.7%
JBG Smith Properties made $132M in Q3 2026 (+7% Y/Y). Operating margin 5.7%, net loss $100M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Revenue$132M
Year over year+7%
Operating margin5.7%
Net earnings−$100M
Operating cash flow$18.7M
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 $132.4M in Q3 2026, up 7% year over year and up 2% from the previous quarter.
Operating profit was $7.6M, a 5.7% margin (up 6.5 points year over year). Total costs grew 0% against revenue growth of 7%. The quarter ended with a net loss of $100.2M, wider than the previous quarter's $72.4M loss. Minority interests bore $18.2M of it: to shareholders the quarter was a loss of $82.0M. Net interest and other expense of $107.8M was the main reason.
Operating cash flow was $18.7M (up 110% year over year). Non-cash charges added back $46.6M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items added $67.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 6, 2026
$132M
+7%
5.7%
−$100M
$18.7M
Q2 2026
10-Q
Aug 10, 2026
$129M
+2%
3.0%
−$72.4M
$15.8M
Q1 2026
10-Q
May 5, 2026
$128M
+6%
-6.3%
−$23.0M
$3.4M
Q4 2025
10-K
Feb 17, 2026
$128M
-2%
0.5%
−$56.2M
$32.6M
Q3 2025
10-Q
Oct 28, 2025
$124M
-9%
-0.7%
−$35.0M
$8.9M
Q2 2025
10-Q
Jul 29, 2025
$126M
-6%
-1.4%
−$23.2M
$18.8M
Q1 2025
10-Q
Apr 29, 2025
$121M
-17%
-5.0%
−$53.7M
$12.9M
Charts
Latest (Q3 2026): Y/Y +7%, Q/Q +2%.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 −$100M, Operating cash flow $18.7M.-49.5% since FY2020: buybacks shrank the count.Cash $75.3M, short-term investments —, long-term debt — 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
U.S. government — 11% of its revenue · Stated in 10-K (sentence) · source
About JBG Smith Properties
JBG SMITH, a Maryland real estate investment trust, owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, D.C., most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods. In addition, our third-party real estate services business provides fee-based real estate services. Substantially all our assets are held by, and our operations are conducted through, JBG SMITH LP. As of December 31, 2025, JBG SMITH, as its sole general partner, controlled JBG SMITH LP and owned 82.0% of its OP Units, after giving effect to the conversion of certain vested LTIP Units that are convertible into OP Units. JBG SMITH is referred to herein as "we," "us," "our" or other similar terms.
In its own words, from its 10-K, filed Feb 17, 2026.
JBG Smith Properties against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +11%. Operating margin: 5.7% against the peers' median 15.9%.