Q3 2026 Revenue up 37% year over year to $66.3M · 13¢ of every $1 of revenue kept as net profit · operating margin 35.2%
Netstreit made $66.3M in Q3 2026 (+37% Y/Y). Operating margin 35.2%, net earnings $8.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.
Revenue$66.3M
Year over year+37%
Operating margin35.2%
Net earnings$8.5M
Operating cash flow$41.8M
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 $66.3M in Q3 2026, up 37% year over year and up 8% from the previous quarter.
Operating profit was $23.3M, a 35.2% margin (up 10.4 points year over year). Of the extra revenue versus Q3 2025, 63% reached operating profit, above the 25% margin then. Total costs grew 18% against revenue growth of 37%. The fastest-growing cost line was General & admin (+28%). Net earnings were $8.5M, up 1272% year over year. The effective tax rate was 1.0%.
Operating cash flow was $41.8M (up 49% year over year), 491% of net earnings. Non-cash charges added back $28.6M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $2.8M. Capital expenditures of $12.9M left free cash flow of $28.9M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Oct 21, 2026
$66.3M
+37%
35.2%
$8.5M
$41.8M
Q2 2026
10-Q
Jul 22, 2026
$61.3M
+27%
32.2%
$6.3M
$36.7M
Q1 2026
10-Q
Apr 20, 2026
$57.1M
+24%
34.1%
$5.7M
$26.3M
Q4 2025
10-K
Feb 10, 2026
$52.5M
+19%
27.7%
$1.3M
$28.8M
Q3 2025
10-Q
Oct 27, 2025
$48.3M
+17%
24.8%
$621K
$28.0M
Q2 2025
10-Q
Jul 23, 2025
$48.3M
+22%
25.5%
$3.3M
$30.6M
Q1 2025
10-Q
Apr 28, 2025
$45.9M
+22%
24.7%
$1.7M
$22.1M
Charts
Latest (Q3 2026): Y/Y +37%, Q/Q +8%.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 $8.5M, Operating cash flow $41.8M.+99.0% since FY2020: more shares outstanding (issuance, stock pay); earlier years scaled for the 2-for-1 split before FY2021.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
DG — 12% of its revenue · Stated in 10-K (XBRL) · source
About Netstreit
We are an internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. We also invest in property developments and mortgage loans secured by real estate. As of December 31, 2025, we owned or had investments in 761 properties diversified by tenant, industry, and geography, comprising 129 different tenants across 28 retail sectors in 45 states. This includes three property developments where rent has not yet commenced.
In its own words, from its 10-K, filed Feb 10, 2026.
Netstreit against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +37% against the peers' median +14%. Operating margin: 35.2% against the peers' median 20.6%.