Q3 2026 Revenue down 4% year over year to $12.0M · 35¢ of every $1 of revenue kept as net profit · operating margin 36.1%
NewLake Capital Partners made $12.0M in Q3 2026 (-4% Y/Y). Operating margin 36.1%, net earnings $4.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$12.0M
Year over year-4%
Operating margin36.1%
Net earnings$4.2M
Operating cash flow$9.6M
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 $12.0M in Q3 2026, down 4% year over year and down 1% from the previous quarter.
Operating profit was $4.3M, a 36.1% margin (down 18.9 points year over year). Total costs grew 36% against a revenue fall of 4%. The fastest-growing cost line was Other operating costs (+49%). Net earnings were $4.2M, down 37% year over year. The effective tax rate was 0.0%.
Operating cash flow was $9.6M (down 11% year over year), 226% of net earnings. Non-cash charges added back $5.7M of depreciation and amortization and $324K of share-based compensation. Working capital and other items used $704K.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$12.0M
-4%
36.1%
$4.2M
$9.6M
Q2 2026
10-Q
Aug 6, 2026
$12.1M
-6%
50.8%
$5.9M
$10.5M
Q1 2026
10-Q
May 8, 2026
$12.3M
-7%
48.9%
$5.8M
$10.4M
Q4 2025
10-K
Mar 6, 2026
$12.3M
-1%
50.9%
$6.0M
$10.1M
Q3 2025
10-Q
Nov 6, 2025
$12.6M
+0.3%
54.9%
$6.7M
$10.7M
Q2 2025
10-Q
Aug 7, 2025
$12.9M
+4%
58.5%
$7.3M
$11.5M
Q1 2025
10-Q
May 8, 2025
$13.2M
+5%
49.2%
$6.3M
$10.2M
Charts
Latest (Q3 2026): Y/Y -4%, Q/Q -1%.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 $4.2M, Operating cash flow $9.6M.+194.7% since FY2020: more shares outstanding (issuance, stock pay).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
CRLBF — 14% of its revenue · Stated in 10-K (XBRL) · source
Ayr Wellness, Inc — 5% of its revenue · Stated in 10-K (XBRL) · source
About NewLake Capital Partners
NewLake Capital Partners, Inc., (the “Company” “we,” “our,” “us,”), a Maryland corporation, was formed on April 9, 2019 under the Maryland General Corporation Law, as GreenAcreage Real Estate Corp. (“GARE”) and subsequently changed our name to NewLake Capital Partners, Inc. We are an internally managed real estate investment trust (“REIT”) focused on providing real estate capital to state-licensed cannabis operators through sale-leaseback transactions, third-party purchases and funding for build-to-suit projects. We elected to be taxed as a REIT beginning with our short taxable year ended December 31, 2019 and intend to continue to operate our business so as to continue to qualify as a REIT.
In its own words, from its 10-K, filed Mar 6, 2026.
NewLake Capital Partners against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -4% against the peers' median +11%. Operating margin: 36.1% against the peers' median 20.6%.