Q3 2026 Revenue up 66% year over year to $115M · 302¢ of every $1 of revenue kept as net profit · operating margin 54.2%
LTC Properties made $115M in Q3 2026 (+66% Y/Y). Operating margin 54.2%, net earnings $348M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Revenue$115M
Year over year+66%
Operating margin54.2%
Net earnings$348M
Operating cash flow$41.3M
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 $115.2M in Q3 2026, up 66% year over year and up 17% from the previous quarter.
Operating profit was $62.5M, a 54.2% margin (down 17.7 points year over year). Of the extra revenue versus Q3 2025, 28% reached operating profit, below the 72% margin then. Total costs grew 171% against revenue growth of 66%. The fastest-growing cost line was Other operating costs (+273%). Net earnings were $348.1M. The effective tax rate was 0.1%. Non-operating items added $287.3M, 82% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $41.3M (up 7% year over year), 12% of net earnings. Non-cash charges added back $13.7M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $324.0M. Capital expenditures of $4.7M left free cash flow of $36.6M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 3, 2026
$115M
+66%
54.2%
$348M
$41.3M
Q2 2026
10-Q
Aug 5, 2026
$98.9M
+64%
55.3%
$29.6M
$34.4M
Q1 2026
10-Q
May 6, 2026
$95.4M
+95%
59.1%
$23.6M
$30.8M
Q4 2025
10-K
Feb 24, 2026
$84.3M
+60%
67.5%
$102M
$37.9M
Q3 2025
10-Q
Nov 4, 2025
$69.3M
+24%
71.9%
−$18.5M
$38.4M
Q2 2025
10-Q
Aug 4, 2025
$60.2M
+20%
80.5%
$15.1M
$30.0M
Q1 2025
10-Q
May 5, 2025
$49.0M
-4%
37.8%
$20.7M
$29.6M
Charts
Latest (Q3 2026): Y/Y +66%, Q/Q +17%.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 $349M, Operating cash flow $41.3M.+18.6% since FY2020: more shares outstanding (issuance, stock pay).Cash $14.4M, short-term investments —, long-term debt $842M 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
LTC Properties, Inc., a real estate investment trust (“REIT”), was incorporated on May 12, 1992 in the State of Maryland and commenced operations on August 25, 1992. Historically we have invested primarily in seniors housing and health care properties primarily through ownership, sale-leasebacks, mortgage financing, joint ventures, construction financing and structured finance solutions including preferred equity, bridge and mezzanine lending. Unless otherwise expressly stated or the context otherwise requires, when we refer to “we,” “our,” “us,” “registrant,” “our company,” “the Company” or similar terms in this Annual Report on Form 10-K, we mean LTC Properties, Inc. and its consolidated subsidiaries.
In its own words, from its 10-K, filed Feb 24, 2026.
LTC Properties against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +66% against the peers' median +14%. Operating margin: 54.2% against the peers' median 20.6%.