Q2 2026 Revenue down 8% year over year to $196M · 82¢ of every $1 of revenue kept as net profit · operating margin 23.5%
Kite Realty Group Trust made $196M in Q2 2026 (-8% Y/Y). Operating margin 23.5%, net earnings $161M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Jul 30, 2026.
Revenue$196M
Year over year-8%
Operating margin23.5%
Net earnings$161M
Operating cash flow$127M
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 $196.3M in Q2 2026, down 8% year over year and down 2% from the previous quarter.
Operating profit was $46.2M, a 23.5% margin (up 1.7 points year over year). Total costs fell 10% while revenue fell 8%. Net earnings were $161.3M, up 46% year over year. The effective tax rate was 0.3%. Non-operating items added $119.8M, 72% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $126.8M (down 5% year over year), 77% of net income including minority interests. Non-cash charges added back $83.4M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items used $125.3M. Capital expenditures of $37.8M left free cash flow of $88.9M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q2 2026
10-Q
Jul 30, 2026
$196M
-8%
23.5%
$161M
$127M
Q1 2026
10-Q
Apr 29, 2026
$201M
-9%
21.1%
$11.4M
$49.8M
Q4 2025
10-K
Feb 17, 2026
$205M
-3%
17.4%
$181M
$107M
Q3 2025
10-Q
Oct 30, 2025
$205M
-1%
3.8%
−$16.4M
$116M
Q2 2025
10-Q
Jul 31, 2025
$213M
+0.5%
21.8%
$110M
$133M
Q1 2025
10-Q
Apr 30, 2025
$221M
+7%
24.3%
$23.7M
$74.1M
Q4 2024
10-K
Feb 12, 2025
$212M
+7%
23.2%
$21.8M
$111M
Charts
Latest (Q2 2026): Y/Y -8%, 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 −$13.6M, Operating cash flow $104M.+29.8% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2022.Cash $36.8M, short-term investments $0, long-term debt $3.0B 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
Unless the context suggests otherwise, references to “we,” “us,” “our” or the “Company” refer to Kite Realty Group Trust and our business and operations conducted through our directly or indirectly owned subsidiaries, including Kite Realty Group, L.P., our operating partnership (the “Operating Partnership”). Kite Realty Group Trust is a publicly held REIT that, through its majority-owned subsidiary, Kite Realty Group, L.P., owns interests in various operating subsidiaries and joint ventures engaged in the ownership, operation, acquisition, development, and redevelopment of high-quality, open-air, grocery-anchored shopping centers and vibrant mixed-use assets that are primarily located in high-growth Sun Belt markets and select strategic gateway markets in the United States. Following our merger with Retail Properties of America, Inc.
In its own words, from its 10-K, filed Feb 17, 2026.
Kite Realty Group Trust against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -8% against the peers' median +11%. Operating margin: 23.5% against the peers' median 20.6%.