Q3 2026 Revenue up 8% year over year to $250M · 44¢ of every $1 of revenue kept as net profit · operating margin 66.1%
NNN REIT made $250M in Q3 2026 (+8% Y/Y). Operating margin 66.1%, net earnings $110M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Revenue$250M
Year over year+8%
Operating margin66.1%
Net earnings$110M
Operating cash flow$220M
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 $249.7M in Q3 2026, up 8% year over year and up 2% from the previous quarter.
Operating profit was $165.0M, a 66.1% margin (up 2.1 points year over year). Of the extra revenue versus Q3 2025, 91% reached operating profit, above the 64% margin then. Total costs grew 2% against revenue growth of 8%. The fastest-growing cost line was General & admin (+23%). Net earnings were $109.9M, up 14% year over year. The effective tax rate was 0.0%.
Operating cash flow was $220.1M (up 1% year over year), 200% of net earnings. Non-cash charges added back $74.2M of depreciation and amortization. Working capital and other items added $36.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 4, 2026
$250M
+8%
66.1%
$110M
$220M
Q2 2026
10-Q
Aug 5, 2026
$244M
+8%
62.0%
$97.9M
$142M
Q1 2026
10-Q
Apr 30, 2026
$240M
+4%
61.0%
$94.0M
$187M
Q4 2025
10-K
Feb 11, 2026
$238M
+9%
62.3%
$96.0M
$126M
Q3 2025
10-Q
Nov 4, 2025
$230M
+5%
64.0%
$96.8M
$218M
Q2 2025
10-Q
Aug 5, 2025
$227M
+5%
66.0%
$101M
$119M
Q1 2025
10-Q
May 1, 2025
$231M
+7%
62.3%
$96.5M
$203M
Charts
Latest (Q3 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 $110M, Operating cash flow $220M.+9.2% 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
NNN is a REIT that invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of June 30, 2026, the Company owned 3,774 properties across 50 states, the District of Columbia and Puerto Rico, encompassing approximately 40.4 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 years. For more information on the Company, visit www.nnnreit.com .
In its own words, from its 8-K, filed Aug 5, 2026.
NNN REIT 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: 66.1% against the peers' median 20.6%.