Q3 2026 Revenue down 4% year over year to $35.4M · 9¢ of every $1 of revenue lost · operating margin 10.7%
Orion Properties made $35.4M in Q3 2026 (-4% Y/Y): Rental Revenue $35.2M, Fee income from Unconsolidated Joint Venture $198K. Operating margin 10.7%, net loss $3.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$35.4M
Year over year-4%
Operating margin10.7%
Net earnings−$3.3M
Operating cash flow$10.0M
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 $35.4M in Q3 2026, down 5% year over year and up 3% from the previous quarter. Rental Revenue was the largest line at 99% of revenue. Rental Revenue lost $1.7M year over year (down 5%), 100% of the total change.
Operating profit was $3.8M, a 10.7% margin (up 181.2 points year over year). Total costs fell 68% while revenue fell 5%. The quarter ended with a net loss of $3.3M, after a profit of $24.6M the previous quarter. Net interest and other expense of $7.0M was the main reason.
Operating cash flow was $10.0M (up 74% year over year). Non-cash charges added back $12.5M of depreciation and amortization and $804K of share-based compensation. Capital expenditures of $8.0M left free cash flow of $2.0M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$35.4M
-4%
10.7%
−$3.3M
$10.0M
Q2 2026
10-Q
Aug 6, 2026
$34.3M
-8%
9.9%
$24.6M
$16.1M
Q1 2026
10-Q
May 7, 2026
$36.3M
-5%
-9.3%
−$13.6M
−$7.7M
Q4 2025
10-K
Mar 5, 2026
$35.2M
-8%
-40.2%
−$35.8M
$8.5M
Q3 2025
10-Q
Nov 6, 2025
$37.1M
-5%
-170.5%
−$69.0M
$5.7M
Q2 2025
10-Q
Aug 6, 2025
$37.3M
-7%
-48.1%
−$25.1M
$11.6M
Q1 2025
10-Q
May 7, 2025
$38.0M
-20%
-3.0%
−$9.4M
−$2.2M
Charts
Latest (Q3 2026): Y/Y -4%, Q/Q +3%.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 −$3.3M, Operating cash flow $10.0M.-0.7% since FY2020: buybacks shrank the count.Cash $15.6M, short-term investments —, long-term debt $492M at 2024-12-31.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
Orion Properties Inc. is an internally managed real estate investment trust (“REIT”) engaged in the ownership, acquisition, and management of a diversified portfolio of office properties located in high-quality suburban markets across the United States and leased primarily on a single-tenant net lease basis to creditworthy tenants. Our portfolio is comprised of traditional office properties, as well as governmental, medical office, flex/laboratory and R&D and flex/industrial properties. As part of our investment strategy, we intend to shift our portfolio concentration over time away from traditional office properties, towards more dedicated use assets with specialized uses that include an office component.
In its own words, from its 10-K, filed Mar 5, 2026.
Orion Properties 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: 10.7% against the peers' median 15.9%.