Filing Flows › Orion Properties (ONL) › Q2 2026 › vs Q2 2025
Orion Properties (ONL) Q2 2026 vs Q2 2025 (year over year)
Orion Properties's revenue fell $3.0M (-8%) from $37.3M in Q2 2025 to $34.3M in Q2 2026. The biggest changes: Rental Revenue −$3.0M (-8%); Fee income from unconsolidated joint venture +$3K (+1%). Operating margin 9.9% against -48.1% (+57.9 pts).
Orion Properties, Q2 2026: revenue $34.3M (-8% year over year), operating margin 9.9%, net earnings $24.6M, operating cash flow $16.1M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 9.9% | -48.1% | +57.9 pts |
| Net margin | 71.7% | -67.3% | +138.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Rental Revenue | $34.1M | $37.1M | −$3.0M | -8% |
| Fee income from unconsolidated joint venture | $206K | $203K | $3K | +1% |
| Revenue | $34.3M | $37.3M | −$3.0M | -8% |
| Other income, net | $21.3M | −$7.1M | $28.4M | — |
| Operating profit | $3.4M | −$17.9M | $21.3M | — |
| Costs & expenses | $30.9M | $55.2M | −$24.3M | -44% |
| Pre-tax earnings | $24.7M | −$25.0M | $49.7M | — |
| General & admin | $4.6M | $4.8M | −$227K | -5% |
| Other operating costs | $26.3M | $50.4M | −$24.1M | -48% |
| Net earnings | $24.6M | −$25.1M | $49.7M | — |
| Income tax | $71K | $67K | $4K | +6% |
| Depreciation & amortization | $13.5M | $14.9M | −$1.4M | -9% |
| Share-based compensation | $814K | $822K | −$8K | -1% |
| Working capital & other | $22.8M | −$20.9M | $43.8M | — |
| Operating cash flow | $16.1M | $11.6M | $4.5M | +39% |
| Capital expenditures | $16.8M | $10.0M | $6.8M | +68% |
| Negative free cash flow (OCF − capex) | $766K | −$1.6M | $2.3M | — |
Questions
How much did Orion Properties's revenue grow year over year in Q2 2026?
Orion Properties's revenue fell $3.0M (-8%) from $37.3M in Q2 2025 to $34.3M in Q2 2026.
What drove Orion Properties's revenue change in Q2 2026?
Rental Revenue −$3.0M (-8%); Fee income from unconsolidated joint venture +$3K (+1%).