Q2 2026 Revenue down 14% year over year to $56.0M · 71¢ of every $1 of revenue lost · operating margin -66.4%
KBS Real Estate Investment Trust III made $56.0M in Q2 2026 (-14% Y/Y). Operating margin -66.4%, net loss $39.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Revenue$56.0M
Year over year-14%
Operating margin-66.4%
Net earnings−$39.5M
Operating cash flow$190K
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 $56.0M in Q2 2026, down 14% year over year and down 4% from the previous quarter.
Operating costs exceeded revenue by $37.2M, an operating margin of -66.4%. Total costs grew 3% against a revenue fall of 14%. The quarter ended with a net loss of $39.5M, wider than the previous quarter's $12.0M loss.
Operating cash flow was $190K (down 97% year over year). Non-cash charges added back $20.5M of depreciation and amortization. Working capital and other items added $19.1M. Capital expenditures of $7.7M exceeded it, leaving free cash flow of −$7.5M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Aug 13, 2026
$56.0M
-14%
-66.4%
−$39.5M
$190K
Q1 2026
10-Q
May 14, 2026
$58.4M
-9%
-49.2%
−$12.0M
$16.7M
Q4 2025
10-K
Mar 27, 2026
$58.6M
-16%
-32.4%
−$18.9M
−$9.6M
Q3 2025
10-Q
Nov 14, 2025
$61.6M
-10%
-146.4%
−$4.2M
$2.8M
Q2 2025
10-Q
Aug 14, 2025
$65.4M
-6%
-38.9%
−$22.4M
$6.4M
Q1 2025
10-Q
May 12, 2025
$64.4M
-8%
-43.8%
−$33.3M
−$5.7M
Q4 2024
10-K
Mar 14, 2025
$69.4M
-6%
-23.0%
$18.7M
$825K
Charts
Latest (Q2 2026): Y/Y -14%, Q/Q -4%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q2 2026): Net income −$39.5M, Operating cash flow $190K.-18.8% since FY2020: buybacks shrank the count.Cash $23.7M, short-term investments —, long-term debt $1.3B 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
KBS Real Estate Investment Trust III, Inc. (the “Company”) is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”) and it intends to continue to operate in such a manner. As used herein, the terms “we,” “our” and “us” refer to the Company and as required by context, KBS Limited Partnership III, a Delaware limited partnership, which we refer to as our “Operating Partnership,” and to their subsidiaries. We conduct our business primarily through our Operating Partnership, of which we are the sole general partner.
In its own words, from its 10-K, filed Mar 27, 2026.
KBS Real Estate Investment Trust III against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -14% against the peers' median +11%. Operating margin: -66.4% against the peers' median 15.9%.