Q3 2026 Revenue down 80% year over year to $5.9M · 10¢ of every $1 of revenue lost · operating margin -90.0%
Net Lease Office Properties made $5.9M in Q3 2026 (-80% Y/Y). Operating margin -90.0%, net loss $606K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$5.9M
Year over year-80%
Operating margin-90.0%
Net earnings−$606K
Operating cash flow$750K
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 $5.9M in Q3 2026, down 80% year over year and down 7% from the previous quarter.
Operating costs exceeded revenue by $5.3M, an operating margin of -90.0%. Total costs fell 84% while revenue fell 80%. The quarter ended with a net loss of $606K, narrower than the previous quarter's $6.2M loss. Non-operating items added $4.8M, -885% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $750K (down 95% year over year). Non-cash charges added back $2.0M of depreciation and amortization. Working capital and other items used $693K.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$5.9M
-80%
-90.0%
−$606K
$750K
Q2 2026
10-Q
Aug 5, 2026
$6.4M
-78%
-101.6%
−$6.2M
$1.8M
Q1 2026
10-Q
May 7, 2026
$9.0M
-69%
33.6%
$25.0M
$8.1M
Q4 2025
10-K
Feb 25, 2026
$30.7M
+11%
21.4%
−$17K
$22.0M
Q3 2025
10-Q
Nov 7, 2025
$29.8M
-5%
-133.4%
−$64.1M
$16.3M
Q2 2025
10-Q
Aug 6, 2025
$29.2M
-25%
-255.2%
−$81.5M
$11.7M
Q1 2025
10-Q
May 8, 2025
$29.2M
-34%
23.6%
$513K
$14.1M
Charts
Latest (Q3 2026): Y/Y -80%, Q/Q -7%.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 −$606K, Operating cash flow $750K.+1.3% since FY2021: 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
JPM — 13% of its revenue · Stated in 10-K (sentence) · source
About Net Lease Office Properties
Net Lease Office Properties (“NLOP” or the “Company”) is a Maryland real estate investment trust that, together with our consolidated subsidiaries, owns a diversified portfolio of office properties that are primarily leased to corporate tenants on a single-tenant, net-lease basis. Our net leases generally specify a base rent with rent increases and require the tenant to pay substantially all costs associated with operating and maintaining the property. We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code (the “Code”) effective as of November 1, 2023.
In its own words, from its 10-K, filed Feb 25, 2026.
Net Lease Office Properties against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -80% against the peers' median +11%. Operating margin: -90.0% against the peers' median 15.9%.